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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			21

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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, 8 and 9 to the condensed consolidated financial statements included in AHL’s Form 10-Q for the quarter ended March 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 and net reserve liabilities. 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

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Financial Highlights Unaudited (in millions, except percentages)
			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’22						2Q’22						3Q’22						4Q’22						1Q’23						Q/Q						Y/Y						2022						2023						Y/Y
SELECTED INCOME STATEMENT DATA
GAAP
Net income (loss) available to AHL common shareholder			$	(1,050)					$	(1,740)					$	(622)					$	361					$	721					100		%				NM						$	(1,050)					$	721					NM
Return on assets (ROA)			(1.72)		%				(2.92)		%				(1.07)		%				0.60		%				1.15		%				55bps						NM						(1.72)		%				1.15		%				NM
NON-GAAP
Spread related earnings			$	674					$	455					$	640					$	697					$	687					(1)		%				2		%				$	674					$	687					2		%
Net spread			1.49		%				0.97		%				1.33		%				1.42		%				1.36		%				(6)bps						(13)bps						1.49		%				1.36		%				(13)bps
Net investment spread			1.87		%				1.34		%				1.73		%				1.85		%				1.83		%				(2)bps						(4)bps						1.87		%				1.83		%				(4)bps
Spread related earnings - normalized1			$	523					$	574					$	680					$	746					$	810					9		%				55		%				$	523					$	810					55		%
Net spread - normalized1			1.16		%				1.23		%				1.41		%				1.52		%				1.61		%				9bps						45bps						1.16		%				1.61		%				45bps
Net investment spread - normalized1			1.54		%				1.60		%				1.81		%				1.95		%				2.08		%				13bps						54bps						1.54		%				2.08		%				54bps
SELECTED BALANCE SHEET DATA
GAAP
Total assets			$	244,673					$	232,420					$	234,554					$	243,931					$	257,654					6		%				5		%				$	244,673					$	257,654					5		%
Goodwill			4,150						4,155						4,062						4,058						4,061						—		%				(2)		%				4,150						4,061						(2)		%
Total liabilities			227,380						222,662						227,917						233,382						244,604						5		%				8		%				227,380						244,604						8		%
Debt			3,287						3,279						3,271						3,658						3,650						—		%				11		%				3,287						3,650						11		%
Total AHL shareholders' equity			13,973						8,697						5,133						7,158						8,698						22		%				(38)		%				13,973						8,698						(38)		%
Debt-to-capital ratio			19.0		%				27.4		%				38.9		%				33.8		%				29.6		%				NM						NM						19.0		%				29.6		%				NM
NON-GAAP
Gross invested assets			$	221,720					$	229,545					$	236,720					$	238,310					$	247,673					4		%				12		%				$	221,720					$	247,673					12		%
Invested assets – ACRA noncontrolling interests			(37,449)						(40,240)						(41,563)						(41,859)						(40,924)						(2)		%				9		%				(37,449)						(40,924)						9		%
Net invested assets			184,271						189,305						195,157						196,451						206,749						5		%				12		%				184,271						206,749						12		%
Net reserve liabilities			169,750						170,703						173,539						175,970						184,891						5		%				9		%				169,750						184,891						9		%
Notional debt			3,000						3,000						3,000						3,400						3,400						—		%				13		%				3,000						3,400						13		%
Adjusted AHL common shareholder’s equity			15,524						15,589						16,428						16,653						16,505						(1)		%				6		%				15,524						16,505						6		%
Adjusted debt-to-capital ratio			14.2		%				14.1		%				13.6		%				14.7		%				14.7		%				0bps						50bps						14.2		%				14.7		%				50bps
INFLOWS DATA
Gross organic inflows			$	11,556					$	12,049					$	12,955					$	11,290					$	11,927					6		%				3		%				$	11,556					$	11,927					3		%
Gross inorganic inflows			—						—						—						—						—						NM						NM						—						—						NM
Total gross inflows			$	11,556					$	12,049					$	12,955					$	11,290					$	11,927					6		%				3		%				$	11,556					$	11,927					3		%
Note: “NM” represents changes that are not meaningful. Please refer to Notes to the Financial Supplement section and the Non-GAAP Measure Reconciliations for discussion of non-GAAP metrics. 1 Spread related earnings – normalized, net spread - normalized and net investment spread - normalized reflect adjustments to exclude notable items and normalize alternative income to an 11% long-term return. See further discussion over this non-GAAP metric in the Notes to the Financial Supplement section.

4

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Condensed Consolidated Statements of Income (Loss) (GAAP view) Unaudited (in millions, except percentages)
			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’22						2Q’22						3Q’22						4Q’22						1Q’23						Q/Q						Y/Y						2022						2023						Y/Y
REVENUES
Premiums			$	2,110					$	5,614					$	3,045					$	869					$	96					(89)		%				(95)		%				$	2,110					$	96					(95)		%
Product charges			166						175						184						193						198						3		%				19		%				166						198						19		%
Net investment income			1,683						1,726						1,843						2,319						2,407						4		%				43		%				1,683						2,407						43		%
Investment related gains (losses)			(4,212)						(5,751)						(2,848)						105						1,065						NM						NM						(4,212)						1,065						NM
Other revenues			(3)						(9)						(26)						10						13						30		%				NM						(3)						13						NM
Revenues of consolidated variable interest entities
Net investment income			17						30						33						31						80						158		%				NM						17						80						NM
Investment related gains (losses)			(42)						22						79						260						201						(23)		%				NM						(42)						201						NM
Total revenues			(281)						1,807						2,310						3,787						4,060						7		%				NM						(281)						4,060						NM
BENEFITS AND EXPENSES
Interest sensitive contract benefits			(99)						(653)						171						1,119						1,289						15		%				NM						(99)						1,289						NM
Future policy and other policy benefits			2,184						5,776						3,270						1,235						466						(62)		%				(79)		%				2,184						466						(79)		%
Market risk benefits remeasurement (gains) losses			(622)						(609)						(458)						32						346						NM						NM						(622)						346						NM
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired			98						108						112						126						138						10		%				41		%				98						138						41		%
Policy and other operating expenses			338						357						388						412						435						6		%				29		%				338						435						29		%
Total benefits and expenses			1,899						4,979						3,483						2,924						2,674						(9)		%				41		%				1,899						2,674						41		%
Income (loss) before income taxes			(2,180)						(3,172)						(1,173)						863						1,386						61		%				NM						(2,180)						1,386						NM
Income tax expense (benefit)			(284)						(378)						(121)						137						163						19		%				NM						(284)						163						NM
Net income (loss)			(1,896)						(2,794)						(1,052)						726						1,223						68		%				NM						(1,896)						1,223						NM
Less: Net income (loss) attributable to noncontrolling interests			(881)						(1,089)						(465)						329						455						38		%				NM						(881)						455						NM
Net income (loss) attributable to Athene Holding Ltd. shareholders			(1,015)						(1,705)						(587)						397						768						93		%				NM						(1,015)						768						NM
Less: Preferred stock dividends			35						35						35						36						47						31		%				34		%				35						47						34		%
Net income (loss) available to Athene Holding Ltd. common shareholder			$	(1,050)					$	(1,740)					$	(622)					$	361					$	721					100		%				NM						$	(1,050)					$	721					NM

5

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Spread Related Earnings (Management view) Unaudited (in millions, except percentages)
			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’22						2Q’22						3Q’22						4Q’22						1Q’23						Q/Q						Y/Y						2022						2023						Y/Y
SPREAD RELATED EARNINGS
Fixed income and other investment income			$	1,207					$	1,302					$	1,471					$	1,727					$	1,958					13		%				62		%				$	1,207					$	1,958					62		%
Alternative investment income			448						186						250						322						185						(43)		%				(59)		%				448						185						(59)		%
Net investment earnings			1,655						1,488						1,721						2,049						2,143						5		%				29		%				1,655						2,143						29		%
Strategic capital management fees			12						13						14						14						14						—		%				17		%				12						14						17		%
Cost of funds			(822)						(873)						(902)						(1,158)						(1,235)						7		%				50		%				(822)						(1,235)						50		%
Net investment spread			845						628						833						905						922						2		%				9		%				845						922						9		%
Other operating expenses			(109)						(109)						(120)						(128)						(126)						(2)		%				16		%				(109)						(126)						16		%
Interest and other financing costs			(62)						(64)						(73)						(80)						(109)						36		%				76		%				(62)						(109)						76		%
Spread related earnings			$	674					$	455					$	640					$	697					$	687					(1)		%				2		%				$	674					$	687					2		%
Fixed income and other investment income			2.83		%				2.97		%				3.27		%				3.76		%				4.13		%				37bps						130bps						2.83		%				4.13		%				130bps
Alternative investment income			16.61		%				6.38		%				8.26		%				10.55		%				6.12		%				NM						NM						16.61		%				6.12		%				NM
Net investment earnings			3.65		%				3.19		%				3.58		%				4.19		%				4.25		%				6bps						60bps						3.65		%				4.25		%				60bps
Strategic capital management fees			0.03		%				0.03		%				0.03		%				0.03		%				0.03		%				0bps						0bps						0.03		%				0.03		%				0bps
Cost of funds			(1.81)		%				(1.88)		%				(1.88)		%				(2.37)		%				(2.45)		%				8bps						64bps						(1.81)		%				(2.45)		%				64bps
Net investment spread			1.87		%				1.34		%				1.73		%				1.85		%				1.83		%				(2)bps						(4)bps						1.87		%				1.83		%				(4)bps
Other operating expenses			(0.24)		%				(0.23)		%				(0.25)		%				(0.26)		%				(0.25)		%				(1)bp						1bp						(0.24)		%				(0.25)		%				1bp
Interest and other financing costs			(0.14)		%				(0.14)		%				(0.15)		%				(0.17)		%				(0.22)		%				5bps						8bps						(0.14)		%				(0.22)		%				8bps
Spread related earnings			1.49		%				0.97		%				1.33		%				1.42		%				1.36		%				(6)bps						(13)bps						1.49		%				1.36		%				(13)bps
Average net invested assets - fixed income			$	170,616					$	175,115					$	180,143					$	183,597					$	189,509					3		%				11		%				$	170,616					$	189,509					11		%
Average net invested assets - alternatives			10,782						11,673						12,088						12,207						12,091						(1)		%				12		%				10,782						12,091						12		%
Average net invested assets			$	181,398					$	186,788					$	192,231					$	195,804					$	201,600					3		%				11		%				$	181,398					$	201,600					11		%
Please refer to Notes to the Financial Supplement section and the Non-GAAP Measure Reconciliations for discussion on spread related earnings.

6

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Reconciliation of Earnings Measures Unaudited (in millions, except percentages)
			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’22						2Q’22						3Q’22						4Q’22						1Q’23						Q/Q						Y/Y						2022						2023						Y/Y
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON SHAREHOLDER TO SPREAD RELATED EARNINGS
Net income (loss) available to Athene Holding Ltd. common shareholder			$	(1,050)					$	(1,740)					$	(622)					$	361					$	721					100		%				NM						$	(1,050)					$	721					NM
Preferred stock dividends			35						35						35						36						47						31		%				34		%				35						47						34		%
Net income (loss) attributable to noncontrolling interests			(881)						(1,089)						(465)						329						455						38		%				NM						(881)						455						NM
Net income (loss)			(1,896)						(2,794)						(1,052)						726						1,223						68		%				NM						(1,896)						1,223						NM
Income tax expense (benefit)			(284)						(378)						(121)						137						163						19		%				NM						(284)						163						NM
Income (loss) before income taxes			(2,180)						(3,172)						(1,173)						863						1,386						61		%				NM						(2,180)						1,386						NM
Realized losses on sale of AFS securities			(64)						(39)						(41)						(32)						(59)						(84)		%				8		%				(64)						(59)						8		%
Unrealized, allowances and other investment gains (losses)			(879)						(1,195)						(671)						(442)						92						NM						NM						(879)						92						NM
Change in fair value of reinsurance assets			(1,657)						(1,612)						(1,146)						331						357						8		%				NM						(1,657)						357						NM
Offsets to investment gains (losses)			(3)						5						5						6						7						17		%				NM						(3)						7						NM
Investment gains (losses), net of offsets			(2,603)						(2,841)						(1,853)						(137)						397						NM						NM						(2,603)						397						NM
Change in fair values of derivatives and embedded derivatives - FIAs			(37)						(367)						90						(24)						143						NM						NM						(37)						143						NM
Non-operating change in funding agreements			—						—						(80)						(26)						(6)						77		%				NM						—						(6)						NM
Change in fair value of market risk benefits			688						665						511						30						(271)						NM						NM						688						(271)						NM
Non-operating change in liability for future policy benefits			(2)						(8)						(3)						(4)						(1)						75		%				50		%				(2)						(1)						50		%
Non-operating change in insurance liabilities and related derivatives			649						290						518						(24)						(135)						NM						NM						649						(135)						NM
Integration, restructuring and other non-operating expenses			(34)						(33)						(37)						(29)						(29)						—		%				(15)		%				(34)						(29)						(15)		%
Stock compensation expense			(12)						(13)						(15)						(16)						(16)						—		%				33		%				(12)						(16)						33		%
Preferred stock dividends			35						35						35						36						47						31		%				34		%				35						47						34		%
Noncontrolling interests - pre-tax income (loss) and VIE adjustments			(889)						(1,065)						(461)						336						435						29		%				NM						(889)						435						NM
Less: Total adjustments to income (loss) before income taxes			(2,854)						(3,627)						(1,813)						166						699						NM						NM						(2,854)						699						NM
Spread related earnings			$	674					$	455					$	640					$	697					$	687					(1)		%				2		%				$	674					$	687					2		%
Note: Please refer to Notes to the Financial Supplement section for discussion on spread related earnings.

7

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Net Flows & Outflows Attributable to Athene by Type Unaudited (in millions, except percentages)
			Quarterly Trends																																																						Δ												LTM												Δ
			1Q’21						2Q’21						3Q’21						4Q’21						1Q’22						2Q’22						3Q’22						4Q’22						1Q’23						Q/Q						Y/Y						1Q’22						1Q’23						Y/Y
NET FLOWS
Retail			$	1,757					$	1,749					$	2,372					$	2,903					$	2,865					$	3,748					$	6,132					$	7,662					$	8,578					12		%				199		%				$	9,889					$	26,120					164		%
Flow reinsurance			299						279						635						1,351						1,001						1,038						2,291						1,856						1,793						(3)		%				79		%				3,266						6,978						114		%
Funding agreements1			3,226						4,074						2,337						2,215						5,696						1,755						1,588						1,000						1,500						50		%				(74)		%				14,322						5,843						(59)		%
Pension group annuities			2,893						1,474						6,593						2,877						1,994						5,508						2,944						772						56						(93)		%				(97)		%				12,938						9,280						(28)		%
Gross organic inflows			8,175						7,576						11,937						9,346						11,556						12,049						12,955						11,290						11,927						6		%				3		%				40,415						48,221						19		%
Gross inorganic inflows2			—						—						—						—						—						—						—						—						—						NM						NM						—						—						NM
Total gross inflows			8,175						7,576						11,937						9,346						11,556						12,049						12,955						11,290						11,927						6		%				3		%				40,415						48,221						19		%
Gross outflows3			(4,122)						(4,635)						(4,433)						(4,344)						(4,883)						(4,925)						(7,000)						(11,064)						(6,879)						(38)		%				41		%				(18,295)						(29,868)						63		%
Net flows			$	4,053					$	2,941					$	7,504					$	5,002					$	6,673					$	7,124					$	5,955					$	226					$	5,048					NM						(24)		%				$	22,120					$	18,353					(17)		%
Inflows attributable to Athene			$	6,705					$	5,895					$	7,180					$	7,015					$	9,333					$	8,889					$	11,000					$	10,022					$	11,896					19		%				27		%				$	29,423					$	41,807					42		%
Inflows attributable to ADIP4			1,470						1,681						4,757						2,331						2,223						3,160						1,955						1,268						31						(98)		%				(99)		%				10,992						6,414						(42)		%
Total gross inflows			$	8,175					$	7,576					$	11,937					$	9,346					$	11,556					$	12,049					$	12,955					$	11,290					$	11,927					6		%				3		%				$	40,415					$	48,221					19		%
Outflows attributable to Athene			$	(3,481)					$	(3,941)					$	(3,746)					$	(3,593)					$	(4,072)					$	(4,062)					$	(5,803)					$	(9,787)					$	(5,531)					(43)		%				36		%				$	(15,352)					$	(25,183)					64		%
Outflows attributable to ADIP4			(641)						(694)						(687)						(751)						(811)						(863)						(1,197)						(1,277)						(1,348)						6		%				66		%				(2,943)						(4,685)						59		%
Total gross outflows3			$	(4,122)					$	(4,635)					$	(4,433)					$	(4,344)					$	(4,883)					$	(4,925)					$	(7,000)					$	(11,064)					$	(6,879)					(38)		%				41		%				$	(18,295)					$	(29,868)					63		%
OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE5
Maturity-driven, contractual-based outflows6			$	(323)					$	(479)					$	(579)					$	(796)					$	(1,384)					$	(1,305)					$	(2,834)					$	(1,472)					$	(1,717)					17		%				24		%				$	(3,238)					$	(7,328)					126		%
Policyholder-driven outflows7			(3,158)						(3,462)						(3,167)						(2,797)						(2,688)						(2,757)						(2,969)						(3,453)						(3,814)						10		%				42		%				(12,114)						(12,993)						7		%
Income oriented withdrawals (planned)8			(1,506)						(1,451)						(1,363)						(1,585)						(1,529)						(1,413)						(1,516)						(1,813)						(1,766)						(3)		%				16		%				(5,928)						(6,508)						10		%
From policies out-of-surrender-charge (planned)9			(1,179)						(1,577)						(1,374)						(867)						(865)						(1,075)						(1,131)						(1,188)						(1,480)						25		%				71		%				(4,683)						(4,874)						4		%
From policies in-surrender-charge (unplanned)10			(473)						(434)						(430)						(345)						(294)						(269)						(322)						(452)						(568)						26		%				93		%				(1,503)						(1,611)						7		%
Core outflows			(3,481)						(3,941)						(3,746)						(3,593)						(4,072)						(4,062)						(5,803)						(4,925)						(5,531)						12		%				36		%				(15,352)						(20,321)						32		%
Strategic reinsurance transaction			—						—						—						—						—						—						—						(4,862)						—						NM						NM						—						(4,862)						NM
Outflows attributable to Athene			$	(3,481)					$	(3,941)					$	(3,746)					$	(3,593)					$	(4,072)					$	(4,062)					$	(5,803)					$	(9,787)					$	(5,531)					(43)		%				36		%				$	(15,352)					$	(25,183)					64		%
Annualized rate11
Maturity-driven, contractual-based outflows6			(0.9)		%				(1.3)		%				(1.4)		%				(1.9)		%				(3.1)		%				(2.8)		%				(5.9)		%				(3.0)		%				(3.4)		%				40bps						30bps						(1.9)		%				(3.8)		%				190bps
Policyholder-driven outflows7			(8.3)		%				(8.8)		%				(7.9)		%				(6.6)		%				(5.9)		%				(5.9)		%				(6.2)		%				(7.1)		%				(7.6)		%				50bps						170bps						(7.1)		%				(6.7)		%				(40)bps
Income oriented withdrawals (planned)8			(4.0)		%				(3.7)		%				(3.4)		%				(3.8)		%				(3.4)		%				(3.0)		%				(3.2)		%				(3.7)		%				(3.5)		%				(20)bps						10bps						(3.5)		%				(3.4)		%				(10)bps
From policies out-of-surrender-charge (planned)9			(3.1)		%				(4.0)		%				(3.4)		%				(2.0)		%				(1.9)		%				(2.3)		%				(2.3)		%				(2.5)		%				(3.0)		%				50bps						110bps						(2.7)		%				(2.5)		%				(20)bps
From policies in-surrender-charge (unplanned)10			(1.2)		%				(1.1)		%				(1.1)		%				(0.8)		%				(0.6)		%				(0.6)		%				(0.7)		%				(0.9)		%				(1.1)		%				20bps						50bps						(0.9)		%				(0.8)		%				(10)bps
Core outflows			(9.2)		%				(10.1)		%				(9.3)		%				(8.5)		%				(9.0)		%				(8.7)		%				(12.1)		%				(10.1)		%				(11.0)		%				90bps						200bps						(9.0)		%				(10.5)		%				150bps
Strategic reinsurance transaction			—		%				—		%				—		%				—		%				—		%				—		%				—		%				(9.9)		%				—		%				NM						NM						—		%				(2.5)		%				NM
Outflows attributable to Athene			(9.2)		%				(10.1)		%				(9.3)		%				(8.5)		%				(9.0)		%				(8.7)		%				(12.1)		%				(20.0)		%				(11.0)		%				NM						200bps						(9.0)		%				(13.0)		%				NM
Note: The above data includes the financial results of AHL and its subsidiaries as a standalone entity for the periods prior to the completion of the merger transaction, and AHL and its subsidiaries as a subsidiary of AGM for periods from and after the merger effective date of January 1, 2022. The financial results reflect the impacts of pushdown accounting in which we used AGM’s basis of accounting, which reflects the fair market value of our assets and liabilities at the time of the merger. 1 Funding agreements are comprised of funding agreements issued under our funding agreement backed notes (FABN) and 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 include acquisitions and block reinsurance transactions. 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 ceded reinsurance. 4 ADIP refers to Apollo/Athene Dedicated Investment Program and represents the noncontrolling interest in business ceded to ACRA. 5 The format and methodology of this table was updated to provide additional information. 6 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. 7 Represents outflows from fixed index annuities and other applicable products, which have varying degrees of predictability due to policyholder actions. 8 Represents partial annuity withdrawals to meet retirement income needs within contractual annual limits. 9 Represents outflows from policies that no longer have an active surrender charge in force. 10 Represents outflows from policies with an active surrender charge in force. 11 The outflow rate is calculated as outflows 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						March 31, 2023						Δ
ASSETS
Investments
Available-for-sale securities, at fair value			$	102,404					$	106,713					4		%
Trading securities, at fair value			1,595						1,652						4		%
Equity securities			1,487						1,368						(8)		%
Mortgage loans, at fair value			27,454						29,949						9		%
Investment funds			79						77						(3)		%
Policy loans			347						339						(2)		%
Funds withheld at interest			32,880						31,084						(5)		%
Derivative assets			3,309						3,956						20		%
Short-term investments			2,160						627						(71)		%
Other investments			773						701						(9)		%
Total investments			172,488						176,466						2		%
Cash and cash equivalents			7,779						13,844						78		%
Restricted cash			628						1,148						83		%
Investments in related parties
Available-for-sale securities, at fair value			9,821						11,866						21		%
Trading securities, at fair value			878						885						1		%
Equity securities, at fair value			279						251						(10)		%
Mortgage loans, at fair value			1,302						1,324						2		%
Investment funds			1,569						1,595						2		%
Funds withheld at interest			9,808						9,462						(4)		%
Short-term investments			—						1,043						NM
Other investments, at fair value			303						338						12		%
Accrued investment income			1,328						1,458						10		%
Reinsurance recoverable			4,358						4,229						(3)		%
Deferred acquisition costs, deferred sales inducements and value of business acquired			4,466						4,836						8		%
Goodwill			4,058						4,061						—		%
Other assets			8,693						7,916						(9)		%
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value			1,063						1,069						1		%
Mortgage loans, at fair value			2,055						2,119						3		%
Investment funds, at fair value			12,480						12,880						3		%
Other investments, at fair value			101						99						(2)		%
Cash and cash equivalents			362						654						81		%
Other assets			112						111						(1)		%
Total assets			$	243,931					$	257,654					6		%

9

---

Condensed Consolidated Balance Sheets, continued Unaudited (in millions, except percentages)
			December 31, 2022						March 31, 2023						Δ
LIABILITIES
Interest sensitive contract liabilities			$	173,616					$	181,100					4		%
Future policy benefits			42,110						42,490						1		%
Market risk benefits			2,970						3,203						8		%
Debt			3,658						3,650						—		%
Derivative liabilities			1,646						1,518						(8)		%
Payables for collateral on derivatives and securities to repurchase			6,707						10,196						52		%
Other liabilities			1,860						1,600						(14)		%
Liabilities of consolidated variable interest entities			815						847						4		%
Total liabilities			233,382						244,604						5		%
EQUITY
Preferred stock			—						—						NM
Common stock			—						—						NM
Additional paid-in capital			18,119						18,139						—		%
Retained deficit			(3,640)						(3,293)						10		%
Accumulated other comprehensive loss			(7,321)						(6,148)						16		%
Total Athene Holding Ltd. shareholders' equity			7,158						8,698						22		%
Noncontrolling interests			3,391						4,352						28		%
Total equity			10,549						13,050						24		%
Total liabilities and equity			$	243,931					$	257,654					6		%

10

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Net Invested Assets (Management view) & Agency Ratings Unaudited (in millions, except percentages)
			December 31, 2022												March 31, 2023
			Invested Asset Value1						Percent of Total						Invested Asset Value1						Percent of Total
NET INVESTED ASSETS
Corporate			$	80,800					41.1		%				$	80,701					39.0		%
CLO			19,881						10.1		%				20,563						9.9		%
Credit			100,681						51.2		%				101,264						48.9		%
CML			23,750						12.1		%				24,306						11.8		%
RML			11,147						5.7		%				12,306						6.0		%
RMBS			7,363						3.7		%				7,550						3.7		%
CMBS			4,495						2.3		%				4,463						2.2		%
Real estate			46,755						23.8		%				48,625						23.7		%
ABS			20,680						10.5		%				21,566						10.4		%
Alternative investments			12,079						6.1		%				12,103						5.9		%
State, municipal, political subdivisions and foreign government			2,715						1.4		%				2,703						1.3		%
Equity securities			1,737						0.9		%				1,708						0.8		%
Short-term investments			1,930						1.0		%				1,608						0.8		%
U.S. government and agencies			2,691						1.4		%				2,685						1.3		%
Other investments			41,832						21.3		%				42,373						20.5		%
Cash and equivalents			5,481						2.8		%				12,672						6.1		%
Policy loans and other			1,702						0.9		%				1,815						0.8		%
Net invested assets			$	196,451					100.0		%				$	206,749					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 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 Notes to the Financial Supplement section for discussion on net invested assets including net alternative investments and Non-GAAP Measure Reconciliations for the reconciliation of investments, including related parties, to net invested assets. Net invested assets includes our economic ownership of ACRA investments but does not include the investments associated with the noncontrolling interest.

11

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Net Alternative Investments (Management view) Unaudited (in millions, except percentages)
			December 31, 2022												March 31, 2023
			Invested Asset Value1						Percent of Total						Invested Asset Value1						Percent of Total
NET ALTERNATIVE INVESTMENTS
Strategic origination platforms
Wheels Donlen			$	662					5.5		%				$	647					5.3		%
Redding Ridge			624						5.2		%				610						5.0		%
NNN Lease			579						4.8		%				552						4.6		%
MidCap Financial			604						5.0		%				612						5.1		%
Foundation Home Loans			302						2.5		%				288						2.4		%
PK AirFinance			251						2.1		%				247						2.0		%
Aqua Finance			267						2.2		%				269						2.2		%
Other			308						2.5		%				249						2.1		%
Total strategic origination platforms			3,597						29.8		%				3,474						28.7		%
Strategic retirement services platforms
Athora			1,012						8.4		%				1,076						8.9		%
Catalina			417						3.4		%				407						3.4		%
FWD			400						3.3		%				400						3.3		%
Challenger			294						2.4		%				260						2.2		%
Venerable			241						2.0		%				235						1.9		%
Other			20						0.2		%				—						—		%
Total strategic retirement services platforms			2,384						19.7		%				2,378						19.7		%
Apollo and other fund investments
Equity
Real estate			1,212						10.0		%				1,154						9.5		%
Traditional private equity			947						7.8		%				1,054						8.7		%
Other			189						1.6		%				165						1.4		%
Total equity			2,348						19.4		%				2,373						19.6		%
Hybrid
Real estate			1,289						10.7		%				1,216						10.0		%
Other			1,315						10.9		%				1,315						10.9		%
Total hybrid			2,604						21.6		%				2,531						20.9		%
Yield			885						7.3		%				883						7.3		%
Total Apollo and other fund investments			5,837						48.3		%				5,787						47.8		%
Other			261						2.2		%				464						3.8		%
Net alternative investments2			$	12,079					100.0		%				$	12,103					100.0		%
1 Please refer to Notes to the Financial Supplement for discussion on net invested assets including net alternative investments and Non-GAAP Measure Reconciliations 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 includes our economic ownership of ACRA investments but does not include the investments associated with the noncontrolling interest. 2 Net alternative investments does 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 CLO and ABS equity tranche securities that are included in trading securities in the GAAP view, a nonredeemable preferred stock viewed as an alternative investment for management view but included in equity securities for GAAP view, investment funds included in our funds withheld at interest and modco reinsurance portfolios, royalties and other investments.

12

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Credit Quality of Securities Unaudited (in millions, except percentages)
			December 31, 2022												March 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		%				$	62,241					52.5		%
2 A-C			49,067						43.7		%				51,589						43.5		%
Total investment grade			107,537						95.8		%				113,830						96.0		%
3 A-C			3,302						3.0		%				3,292						2.8		%
4 A-C			925						0.8		%				913						0.7		%
5 A-C			190						0.2		%				203						0.2		%
6			271						0.2		%				341						0.3		%
Total below investment grade			4,688						4.2		%				4,749						4.0		%
Total AFS securities including related parties			$	112,225					100.0		%				$	118,579					100.0		%
NRSRO designation
AAA/AA/A			$	51,926					46.3		%				$	54,853					46.3		%
BBB			44,783						39.9		%				47,215						39.8		%
Non-rated1			8,985						8.0		%				9,675						8.1		%
Total investment grade2			105,694						94.2		%				111,743						94.2		%
BB			3,176						2.8		%				3,271						2.8		%
B			749						0.7		%				814						0.7		%
CCC			1,055						0.9		%				1,068						0.9		%
CC and lower			584						0.5		%				774						0.6		%
Non-rated1			967						0.9		%				909						0.8		%
Total below investment grade			6,531						5.8		%				6,836						5.8		%
Total AFS securities including related parties			$	112,225					100.0		%				$	118,579					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 LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 2 We view the NAIC designation methodology as the most appropriate way to view our AFS portfolio when evaluating credit risk since a large portion of our holdings were purchased at a significant discount to par. With respect to loan-backed and structured securities, the NAIC designation methodology differs in significant respects from the NRSRO rating 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 our investment at amortized cost, and the likelihood of recovery of that book value as opposed to the likelihood of the recovery of all contractual payments.

13

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Credit Quality of Net Invested Assets (Management view) Unaudited (In millions, except percentages)
			December 31, 2022												March 31, 2023															December 31, 2022												March 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		%				$	72,532					51.1		%				AAA/AA/A			$	60,869					43.3		%				$	61,969					43.7		%
2 A-C			62,115						44.2		%				62,671						44.2		%				BBB			56,029						39.9		%				56,439						39.8		%
Non-rated			506						0.4		%				330						0.2		%				Non-rated2			14,686						10.5		%				14,519						10.2		%
Total investment grade			134,092						95.4		%				135,533						95.5		%				Total investment grade			131,584						93.7		%				132,927						93.7		%
3 A-C			4,471						3.2		%				4,267						3.0		%				BB			4,217						3.0		%				4,039						2.9		%
4 A-C			1,259						0.9		%				1,201						0.9		%				B			990						0.7		%				1,023						0.7		%
5 A-C			407						0.3		%				434						0.3		%				CCC			1,431						1.0		%				1,418						1.0		%
6			326						0.2		%				404						0.3		%				CC and lower			906						0.6		%				1,032						0.7		%
Non-rated			—						—		%				—						—		%				Non-rated2			1,427						1.0		%				1,400						1.0		%
Total below investment grade			6,463						4.6		%				6,306						4.5		%				Total below investment grade			8,971						6.3		%				8,912						6.3		%
Total NAIC designated assets3			140,555						100.0		%				141,839						100.0		%				Total NRSRO designated assets3			140,555						100.0		%				141,839						100.0		%
Assets without NAIC designation																											Assets without NRSRO designation
Commercial mortgage loans																											Commercial mortgage loans
CM1			3,998						16.8		%				3,693						15.2		%				CM1			3,998						16.8		%				3,693						15.2		%
CM2			14,008						59.0		%				14,826						61.0		%				CM2			14,008						59.0		%				14,826						61.0		%
CM3			5,216						22.0		%				5,258						21.6		%				CM3			5,216						22.0		%				5,258						21.6		%
CM4			447						1.9		%				447						1.8		%				CM4			447						1.9		%				447						1.8		%
CM5			81						0.3		%				82						0.4		%				CM5			81						0.3		%				82						0.4		%
CM6			—						—		%				—						—		%				CM6			—						—		%				—						—		%
CM7			—						—		%				—						—		%				CM7			—						—		%				—						—		%
Total CMLs			23,750						100.0		%				24,306						100.0		%				Total CMLs			23,750						100.0		%				24,306						100.0		%
Residential mortgage loans																											Residential mortgage loans
In good standing			10,636						95.4		%				11,753						95.5		%				In good standing			10,636						95.4		%				11,753						95.5		%
90 days late			422						3.8		%				467						3.8		%				90 days late			422						3.8		%				467						3.8		%
In foreclosure			89						0.8		%				86						0.7		%				In foreclosure			89						0.8		%				86						0.7		%
Total RMLs			11,147						100.0		%				12,306						100.0		%				Total RMLs			11,147						100.0		%				12,306						100.0		%
Alternative investments			12,079												12,103												Alternative investments			12,079												12,103
Cash and equivalents			5,481												12,672												Cash and equivalents			5,481												12,672
Equity securities			1,737												1,708												Equity securities			1,737												1,708
Other4			1,702												1,815												Other4			1,702												1,815
Net invested assets			$	196,451											$	206,749											Net invested assets			$	196,451											$	206,749
1 Please refer to Notes to the Financial Supplement section for discussion on net invested assets and 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 U.S. government and agencies securities. 4 Other includes policy loans, accrued interest, and other net invested assets.

14

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Credit Quality of Net Invested Assets - ABS and CLOs (Management view) Unaudited (In millions, except percentages)
			December 31, 2022												March 31, 2023															December 31, 2022												March 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		%				$	12,599					58.4		%				AAA/AA/A			$	11,780					57.0		%				$	11,946					55.4		%
2 A-C			7,301						35.3		%				7,859						36.5		%				BBB			7,248						35.0		%				7,973						37.0		%
Non-rated			—						—		%				—						—		%				Non-rated2			535						2.6		%				538						2.5		%
Total investment grade			19,562						94.6		%				20,458						94.9		%				Total investment grade			19,563						94.6		%				20,457						94.9		%
3 A-C			710						3.4		%				698						3.2		%				BB			709						3.4		%				698						3.2		%
4 A-C			229						1.1		%				228						1.1		%				B			229						1.1		%				228						1.0		%
5 A-C			157						0.8		%				159						0.7		%				CCC			33						0.2		%				34						0.2		%
6			22						0.1		%				23						0.1		%				CC and lower			22						0.1		%				23						0.1		%
Non-rated			—						—		%				—						—		%				Non-rated2			124						0.6		%				126						0.6		%
Total below investment grade			1,118						5.4		%				1,108						5.1		%				Total below investment grade			1,117						5.4		%				1,109						5.1		%
ABS net invested assets			$	20,680					100.0		%				$	21,566					100.0		%				ABS net invested assets			$	20,680					100.0		%				$	21,566					100.0		%
CREDIT QUALITY OF CLOs – NAIC DESIGNATION																											CREDIT QUALITY OF CLOs – NRSRO DESIGNATION
1 A-G			$	12,455					62.7		%				$	12,964					63.1		%				AAA/AA/A			$	12,455					62.7		%				$	12,964					63.1		%
2 A-C			7,278						36.6		%				7,452						36.2		%				BBB			7,278						36.6		%				7,452						36.2		%
Non-rated			—						—		%				—						—		%				Non-rated2			—						—		%				—						—		%
Total investment grade			19,733						99.3		%				20,416						99.3		%				Total investment grade			19,733						99.3		%				20,416						99.3		%
3 A-C			128						0.6		%				128						0.6		%				BB			128						0.6		%				128						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		%				147						0.7		%				Total below investment grade			148						0.7		%				147						0.7		%
CLO net invested assets			$	19,881					100.0		%				$	20,563					100.0		%				CLO net invested assets			$	19,881					100.0		%				$	20,563					100.0		%
1 Please refer to Notes to the Financial Supplement section for discussion on net invested assets and 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.

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Credit Quality of Net Invested Assets - RMBS and CMBS (Management view) Unaudited (In millions, except percentages)
			December 31, 2022												March 31, 2023															December 31, 2022												March 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		%				$	6,344					84.0		%				AAA/AA/A			$	2,026					27.5		%				$	2,235					29.6		%
2 A-C			347						4.7		%				296						3.9		%				BBB			735						10.0		%				496						6.6		%
Non-rated			—						—		%				—						—		%				Non-rated2			1,647						22.4		%				1,752						23.2		%
Total investment grade			6,472						87.9		%				6,640						87.9		%				Total investment grade			4,408						59.9		%				4,483						59.4		%
3 A-C			455						6.2		%				428						5.7		%				BB			140						1.9		%				139						1.8		%
4 A-C			309						4.2		%				318						4.2		%				B			141						1.9		%				137						1.8		%
5 A-C			102						1.4		%				113						1.5		%				CCC			1,333						18.1		%				1,317						17.4		%
6			25						0.3		%				51						0.7		%				CC and lower			834						11.3		%				964						12.8		%
Non-rated			—						—		%				—						—		%				Non-rated2			507						6.9		%				510						6.8		%
Total below investment grade			891						12.1		%				910						12.1		%				Total below investment grade			2,955						40.1		%				3,067						40.6		%
RMBS net invested assets			$	7,363					100.0		%				$	7,550					100.0		%				RMBS net invested assets			$	7,363					100.0		%				$	7,550					100.0		%
CREDIT QUALITY OF CMBS – NAIC DESIGNATION																											CREDIT QUALITY OF CMBS – NRSRO DESIGNATION
1 A-G			$	3,191					71.0		%				$	3,143					70.4		%				AAA/AA/A			$	2,262					50.3		%				$	2,218					49.7		%
2 A-C			811						18.0		%				822						18.4		%				BBB			675						15.0		%				682						15.3		%
Non-rated			—						—		%				—						—		%				Non-rated2			610						13.6		%				610						13.7		%
Total investment grade			4,002						89.0		%				3,965						88.8		%				Total investment grade			3,547						78.9		%				3,510						78.7		%
3 A-C			295						6.6		%				294						6.6		%				BB			700						15.6		%				684						15.3		%
4 A-C			80						1.8		%				81						1.8		%				B			167						3.7		%				183						4.1		%
5 A-C			78						1.7		%				79						1.8		%				CCC			64						1.4		%				67						1.5		%
6			40						0.9		%				44						1.0		%				CC and lower			17						0.4		%				19						0.4		%
Non-rated			—						—		%				—						—		%				Non-rated2			—						—		%				—						—		%
Total below investment grade			493						11.0		%				498						11.2		%				Total below investment grade			948						21.1		%				953						21.3		%
CMBS net invested assets			$	4,495					100.0		%				$	4,463					100.0		%				CMBS net invested assets			$	4,495					100.0		%				$	4,463					100.0		%
1 Please refer to Notes to the Financial Supplement section for discussion on net invested assets and 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.

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Net Reserve Liabilities & Rollforwards Unaudited (in millions, except percentages)
			December 31, 2022												March 31, 2023
			Dollars						Percent of Total						Dollars						Percent of Total
NET RESERVE LIABILITIES
Indexed annuities			$	85,163					48.4		%				$	86,238					46.6		%
Fixed rate annuities			39,553						22.5		%				45,990						24.9		%
Total deferred annuities			124,716						70.9		%				132,228						71.5		%
Pension group annuities			20,614						11.7		%				20,735						11.2		%
Payout annuities			7,589						4.3		%				7,637						4.2		%
Funding agreements1			21,538						12.2		%				22,759						12.3		%
Life and other			1,513						0.9		%				1,532						0.8		%
Total net reserve liabilities			$	175,970					100.0		%				$	184,891					100.0		%

			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’22						2Q’22						3Q’22						4Q’22						1Q’23						Q/Q						Y/Y						2022						2023						Y/Y
NET RESERVE LIABILITY ROLLFORWARD
Net reserve liabilities – beginning			$	168,323					$	169,750					$	170,703					$	173,539					$	175,970					1		%				5		%				$	168,323					$	175,970					5		%
Gross inflows2			11,817						12,214						13,161						11,511						12,111						5		%				2		%				11,817						12,111						2		%
Inflows attributable to ACRA noncontrolling interest			(2,271)						(3,184)						(1,993)						(1,305)						(60)						(95)		%				(97)		%				(2,271)						(60)						(97)		%
Net inflows			9,546						9,030						11,168						10,206						12,051						18		%				26		%				9,546						12,051						26		%
Net withdrawals			(4,072)						(4,062)						(5,803)						(4,925)						(5,531)						12		%				36		%				(4,072)						(5,531)						36		%
Strategic reinsurance outflows			—						—						—						(4,862)						—						NM						NM						—						—						NM
Other reserve changes			(4,047)						(4,015)						(2,529)						2,012						2,401						19		%				NM						(4,047)						2,401						NM
Net reserve liabilities – ending			$	169,750					$	170,703					$	173,539					$	175,970					$	184,891					5		%				9		%				$	169,750					$	184,891					9		%
ACRA NONCONTROLLING INTEREST RESERVE LIABILITY ROLLFORWARD
Reserve liabilities – beginning			$	33,537					$	34,036					$	35,522					$	35,463					$	35,981					1		%				7		%				$	33,537					$	35,981					7		%
Inflows			2,271						3,184						1,993						1,305						60						(95)		%				(97)		%				2,271						60						(97)		%
Withdrawals			(811)						(863)						(1,197)						(1,277)						(1,348)						6		%				66		%				(811)						(1,348)						66		%
Other reserve changes			(961)						(835)						(855)						490						588						20		%				NM						(961)						588						NM
Reserve liabilities – ending			$	34,036					$	35,522					$	35,463					$	35,981					$	35,281					(2)		%				4		%				$	34,036					$	35,281					4		%
Note: Please refer to Notes to the Financial Supplement section and the Non-GAAP Measure Reconciliations for discussion on 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 interest. 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.

17

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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			$	28,278					22.3		%				$	28,278					22.3		%
0.0% < 2.0%			1,796						1.4		%				1,218						1.0		%
2.0% < 4.0%			6,420						5.0		%				4,609						3.6		%
4.0% < 6.0%			11,645						9.2		%				10,019						7.9		%
6.0% or greater			78,919						62.1		%				82,934						65.2		%
			$	127,058					100.0		%				$	127,058					100.0		%
									Surrender charge (gross)						MVA benefit						Surrender charge (net)
Aggregate surrender charge protection									6.0		%				1.6		%				7.6		%

			Deferred annuities						Percent of total						Average surrender charge (gross)
YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge			$	28,278					22.3		%				—		%
Less than 2			20,250						15.9		%				5.7		%
2 to less than 4			22,014						17.3		%				6.7		%
4 to less than 6			26,976						21.2		%				7.6		%
6 to less than 8			13,071						10.3		%				8.8		%
8 to less than 10			12,980						10.2		%				9.4		%
10 or greater			3,489						2.8		%				17.8		%
			$	127,058					100.0		%

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Notes to the Financial Supplement

KEY OPERATING AND NON-GAAP MEASURES

In addition to our results presented in accordance with accounting principles generally accepted in the United States of America (US GAAP), we present certain financial information that includes non-GAAP measures. Management believes the use of 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) as well as integration, restructuring 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 (SRE) 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 shareholder 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 credit loss allowance, 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 CLOs) and mortgage loans, investments held under the fair value option, derivative gains and losses not hedging FIA index credits, and the change in credit loss allowances 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 shareholder 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 shareholder, 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 shareholder.

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 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 shareholder’s equity, preferred stock and the notional value of our debt. Adjusted AHL common shareholder’s equity is calculated as the ending AHL shareholders’ 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. Except with respect to reinvestment activity relating to acquired blocks of businesses, we typically buy and hold AFS 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 shareholders’ equity are significant to gaining an understanding of our capitalization, debt utilization and debt capacity.

19

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Notes to the Financial Supplement, continued

NET INVESTMENT SPREAD AND OTHER OPERATING EXPENSES

Net investment spread is a key measure of profitability. 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 non-controlling interest portion of Athene’s business ceded to ACRA.

•Net investment earned rate is a non-GAAP measure we use to evaluate the performance of our net invested assets that does not correspond to US GAAP net investment income. 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 earned rate add (a) alternative investment gains and losses, (b) gains and losses related to trading securities for CLOs, (c) net VIE impacts (revenues, expenses and noncontrolling interest), (d) forward points gains and losses on foreign exchange derivative hedges and (e) the change in fair value of reinsurance assets, and removes the proportionate share of the ACRA net investment income associated with the ACRA noncontrolling interest. 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 supporting business that we have exited through ceded reinsurance including funds withheld agreements. We believe the adjustments for reinsurance provide a net investment earned rate on the assets for which we have economic exposure.

•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 interest. 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. 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 exclude the costs related to business that we have exited through 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 and profitability. 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 earned rate, cost of funds, and net investment spread are non-GAAP measures we use to evaluate the profitability of our business. We believe these metrics are useful in analyzing the trends of our business operations, profitability and pricing discipline. While we believe each of these metrics are meaningful financial metrics and enhance our understanding of the underlying profitability drivers of our business, they should not be used as a substitute for net investment income or total benefits and expenses presented under US GAAP.

•Other operating expenses excludes integration, restructuring and other non-operating expenses, stock compensation and long-term incentive plan expenses, interest expense and policy acquisition expenses. 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.

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 includes (a) total investments on the consolidated balance sheet, with AFS securities 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 and VOE 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 excludes assets associated with funds withheld liabilities related to business exited through reinsurance agreements and derivative collateral (offsetting the related cash positions). We include the underlying investments supporting our assumed funds withheld and modco agreements 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 includes our proportionate share of ACRA investments, based on our economic ownership, but does not include the proportionate share of investments associated with the noncontrolling interest. 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 consolidated financial statements and notes thereto. Net reserve liabilities represent our policyholder liability obligations net of reinsurance and is 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 interest. Net reserve liabilities is 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 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. 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).

20

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Non-GAAP Reconciliations Unaudited (in millions, except percentages)
			Quarterly Trends
			1Q’22						2Q’22						3Q’22						4Q’22						1Q’23
RECONCILIATION OF TOTAL AHL SHAREHOLDERS’ EQUITY TO TOTAL ADJUSTED AHL COMMON SHAREHOLDER’S EQUITY
Total AHL shareholders' equity			$	13,973					$	8,697					$	5,133					$	7,158					$	8,698
Less: Preferred stock			2,667						2,667						2,667						3,154						3,154
Total AHL common shareholder's equity			11,306						6,030						2,466						4,004						5,544
Less: Accumulated other comprehensive loss			(2,318)						(5,698)						(8,473)						(7,321)						(6,148)
Less: Accumulated change in fair value of reinsurance assets			(1,271)						(2,521)						(3,394)						(3,127)						(2,791)
Less: Accumulated change in fair value of mortgage loan assets			(629)						(1,340)						(2,095)						(2,201)						(2,022)
Total adjusted AHL common shareholder's equity			$	15,524					$	15,589					$	16,428					$	16,653					$	16,505
RECONCILIATION OF DEBT TO CAPITAL RATIO TO ADJUSTED DEBT TO CAPITAL RATIO
Total debt			$	3,287					$	3,279					$	3,271					$	3,658					$	3,650
Less: Adjustment to arrive at notional debt			287						279						271						258						250
Notional debt			$	3,000					$	3,000					$	3,000					$	3,400					$	3,400
Total debt			$	3,287					$	3,279					$	3,271					$	3,658					$	3,650
Total AHL shareholders' equity			13,973						8,697						5,133						7,158						8,698
Total capitalization			17,260						11,976						8,404						10,816						12,348
Less: Accumulated other comprehensive loss			(2,318)						(5,698)						(8,473)						(7,321)						(6,148)
Less: Accumulated change in fair value of reinsurance assets			(1,271)						(2,521)						(3,394)						(3,127)						(2,791)
Less: Accumulated change in fair value of mortgage loan assets			(629)						(1,340)						(2,095)						(2,201)						(2,022)
Less: Adjustment to arrive at notional debt			287						279						271						258						250
Total adjusted capitalization			$	21,191					$	21,256					$	22,095					$	23,207					$	23,059
Debt to capital ratio			19.0		%				27.4		%				38.9		%				33.8		%				29.6		%
Accumulated other comprehensive loss			(2.0)		%				(7.3)		%				(14.7)		%				(10.5)		%				(7.8)		%
Accumulated change in fair value of reinsurance assets			(1.1)		%				(3.2)		%				(5.9)		%				(4.5)		%				(3.5)		%
Accumulated change in fair value of mortgage loan assets			(0.6)		%				(1.7)		%				(3.7)		%				(3.2)		%				(2.6)		%
Adjustment to arrive at notional debt			(1.1)		%				(1.1)		%				(1.0)		%				(0.9)		%				(1.0)		%
Adjusted debt to capital ratio			14.2		%				14.1		%				13.6		%				14.7		%				14.7		%

21

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Non-GAAP Reconciliations Unaudited (in millions, except percentages)
			Quarterly Trends																														Year-to-Date
			1Q’22						2Q’22						3Q’22						4Q’22						1Q’23						2022						2023
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO AHL COMMON SHAREHOLDER TO NORMALIZED SPREAD RELATED EARNINGS
Net income (loss) available to Athene Holding Ltd. common shareholder			$	(1,050)					$	(1,740)					$	(622)					$	361					$	721					$	(1,050)					$	721
Preferred stock dividends			35						35						35						36						47						35						47
Net income (loss) attributable to noncontrolling interests			(881)						(1,089)						(465)						329						455						(881)						455
Net income (loss)			(1,896)						(2,794)						(1,052)						726						1,223						(1,896)						1,223
Income tax expense (benefit)			(284)						(378)						(121)						137						163						(284)						163
Income (loss) before income taxes			(2,180)						(3,172)						(1,173)						863						1,386						(2,180)						1,386
Less: Total adjustments to income (loss) before income taxes			(2,854)						(3,627)						(1,813)						166						699						(2,854)						699
Spread related earnings			674						455						640						697						687						674						687
Normalization of alternative investment income to 11%			(151)						135						82						14						148						(151)						148
Other notable items			—						(16)						(42)						35						(25)						—						(25)
Normalized spread related earnings			$	523					$	574					$	680					$	746					$	810					$	523					$	810
RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS
US GAAP net investment income			$	1,683					$	1,726					$	1,843					$	2,319					$	2,407					$	1,683					$	2,407
Change in fair value of reinsurance assets			220						50						11						52						70						220						70
VIE earnings and noncontrolling interest			79						91						219						197						200						79						200
Alternative gains (losses)			18						(28)						10						41						(9)						18						(9)
ACRA noncontrolling interest			(305)						(347)						(407)						(446)						(448)						(305)						(448)
Reinsurance impacts			—						—						—						(41)						(64)						—						(64)
Apollo investment gain			(33)						—						—						—						—						(33)						—
Held for trading amortization and other			(7)						(4)						45						(73)						(13)						(7)						(13)
Total adjustments to arrive at net investment earnings			(28)						(238)						(122)						(270)						(264)						(28)						(264)
Total net investment earnings			$	1,655					$	1,488					$	1,721					$	2,049					$	2,143					$	1,655					$	2,143
RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE
US GAAP net investment income			3.71		%				3.70		%				3.83		%				4.74		%				4.78		%				3.71		%				4.78		%
Change in fair value of reinsurance assets			0.49		%				0.11		%				0.02		%				0.11		%				0.14		%				0.49		%				0.14		%
VIE earnings and noncontrolling interest			0.17		%				0.19		%				0.46		%				0.40		%				0.40		%				0.17		%				0.40		%
Alternative gains (losses)			0.04		%				(0.06)		%				0.02		%				0.08		%				(0.02)		%				0.04		%				(0.02)		%
ACRA noncontrolling interest			(0.67)		%				(0.74)		%				(0.85)		%				(0.91)		%				(0.89)		%				(0.67)		%				(0.89)		%
Reinsurance impacts			—		%				—		%				—		%				(0.08)		%				(0.13)		%				—		%				(0.13)		%
Apollo investment gain			(0.07)		%				—		%				—		%				—		%				—		%				(0.07)		%				—		%
Held for trading amortization and other			(0.02)		%				(0.01)		%				0.10		%				(0.15)		%				(0.03)		%				(0.02)		%				(0.03)		%
Total adjustments to arrive at net investment earned rate			(0.06)		%				(0.51)		%				(0.25)		%				(0.55)		%				(0.53)		%				(0.06)		%				(0.53)		%
Net investment earned rate			3.65		%				3.19		%				3.58		%				4.19		%				4.25		%				3.65		%				4.25		%
Average net invested assets			$	181,398					$	186,788					$	192,231					$	195,804					$	201,600					$	181,398					$	201,600

22

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Non-GAAP Reconciliations Unaudited (in millions, except percentages)
			Quarterly Trends																														Year-to-Date
			1Q’22						2Q’22						3Q’22						4Q’22						1Q’23						2022						2023
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS
US GAAP benefits and expenses			$	1,899					$	4,979					$	3,483					$	2,924					$	2,674					$	1,899					$	2,674
Premiums			(2,110)						(5,614)						(3,045)						(869)						(96)						(2,110)						(96)
Product charges			(166)						(175)						(184)						(193)						(198)						(166)						(198)
Other revenues			3						9						26						(10)						(13)						3						(13)
FIA option costs			294						306						322						342						365						294						365
Reinsurance impacts			12						12						12						(19)						(37)						12						(37)
Non-operating change in insurance liabilities and embedded derivatives			1,080						1,574						652						(481)						(873)						1,080						(873)
Policy and other operating expenses, excluding policy acquisition expenses			(247)						(260)						(294)						(309)						(310)						(247)						(310)
AmerUs Closed Block fair value liability			127						114						77						(27)						(42)						127						(42)
ACRA noncontrolling interest			(81)						(53)						(157)						(258)						(287)						(81)						(287)
Other			11						(19)						10						58						52						11						52
Total adjustments to arrive at cost of funds			(1,077)						(4,106)						(2,581)						(1,766)						(1,439)						(1,077)						(1,439)
Total cost of funds			$	822					$	873					$	902					$	1,158					$	1,235					$	822					$	1,235
RECONCILIATION OF TOTAL BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE
US GAAP benefits and expenses			4.19		%				10.66		%				7.25		%				5.97		%				5.31		%				4.19		%				5.31		%
Premiums			(4.65)		%				(12.02)		%				(6.34)		%				(1.78)		%				(0.19)		%				(4.65)		%				(0.19)		%
Product charges			(0.37)		%				(0.37)		%				(0.38)		%				(0.39)		%				(0.39)		%				(0.37)		%				(0.39)		%
Other revenues			0.01		%				0.02		%				0.06		%				(0.02)		%				(0.03)		%				0.01		%				(0.03)		%
FIA option costs			0.65		%				0.65		%				0.67		%				0.70		%				0.72		%				0.65		%				0.72		%
Reinsurance impacts			0.03		%				0.03		%				0.02		%				(0.04)		%				(0.07)		%				0.03		%				(0.07)		%
Non-operating change in insurance liabilities and embedded derivatives			2.38		%				3.38		%				1.36		%				(0.98)		%				(1.73)		%				2.38		%				(1.73)		%
Policy and other operating expenses, excluding policy acquisition expenses			(0.55)		%				(0.56)		%				(0.61)		%				(0.63)		%				(0.62)		%				(0.55)		%				(0.62)		%
AmerUs Closed Block fair value liability			0.28		%				0.24		%				0.16		%				(0.05)		%				(0.08)		%				0.28		%				(0.08)		%
ACRA noncontrolling interest			(0.18)		%				(0.11)		%				(0.33)		%				(0.53)		%				(0.57)		%				(0.18)		%				(0.57)		%
Other			0.02		%				(0.04)		%				0.02		%				0.12		%				0.10		%				0.02		%				0.10		%
Total adjustments to arrive at cost of funds			(2.38)		%				(8.78)		%				(5.37)		%				(3.60)		%				(2.86)		%				(2.38)		%				(2.86)		%
Total cost of funds			1.81		%				1.88		%				1.88		%				2.37		%				2.45		%				1.81		%				2.45		%
Average net invested assets			$	181,398					$	186,788					$	192,231					$	195,804					$	201,600					$	181,398					$	201,600

23

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Non-GAAP Reconciliations Unaudited (in millions)
			Quarterly Trends																														Year-to-Date
			1Q’22						2Q’22						3Q’22						4Q’22						1Q’23						2022						2023
RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OTHER OPERATING EXPENSES
US GAAP policy and other operating expenses			$	338					$	357					$	388					$	412					$	435					$	338					$	435
Interest expense			(33)						(41)						(68)						(85)						(115)						(33)						(115)
Policy acquisition expenses, net of deferrals			(91)						(97)						(94)						(103)						(125)						(91)						(125)
Integration, restructuring and other non-operating expenses			(34)						(33)						(37)						(29)						(29)						(34)						(29)
Stock compensation expenses			(12)						(13)						(15)						(16)						(16)						(12)						(16)
ACRA noncontrolling interest			(51)						(59)						(73)						(48)						(17)						(51)						(17)
Other changes in policy and other operating expenses			(8)						(5)						19						(3)						(7)						(8)						(7)
Total adjustments to arrive at other operating expenses			(229)						(248)						(268)						(284)						(309)						(229)						(309)
Other operating expenses			$	109					$	109					$	120					$	128					$	126					$	109					$	126
																		December 31, 2022															March 31, 2023
RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS
Total investments, including related parties																		$	196,448														$	203,230
Derivative assets																		(3,309)															(3,956)
Cash and cash equivalents (including restricted cash)																		8,407															14,992
Accrued investment income																		1,328															1,458
Net receivable (payable) for collateral on derivatives																		(1,486)															(1,909)
Reinsurance funds withheld and modified coinsurance																		1,423															942
VIE and VOE assets, liabilities and noncontrolling interest																		12,747															12,799
Unrealized (gains) losses																		22,284															19,782
Ceded policy loans																		(179)															(175)
Net investment receivables (payables)																		186															39
Allowance for credit losses																		471															521
Other investments																		(10)															(50)
Total adjustments to arrive at gross invested assets																		41,862															44,443
Gross invested assets																		238,310															247,673
ACRA noncontrolling interest																		(41,859)															(40,924)
Net invested assets																		$	196,451														$	206,749

    

24

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Non-GAAP Reconciliations Unaudited (in millions)
			December 31, 2022						March 31, 2023
RECONCILIATION OF INVESTMENT FUNDS, INCLUDING RELATED PARTIES AND VIES, TO NET ALTERNATIVE INVESTMENTS
Investment funds, including related parties and VIEs			$	14,128					$	14,552
Equity securities			509						469
CLO and ABS equities included in trading securities			225						229
Investment funds within funds withheld at interest			1,126						1,142
Royalties			15						15
Net assets of the VIE, excluding investment funds			(2,041)						(2,398)
Unrealized (gains) losses			44						43
ACRA noncontrolling interest			(1,836)						(1,860)
Other assets			(91)						(89)
Total adjustments to arrive at net alternative investments			(2,049)						(2,449)
Net alternative investments			$	12,079					$	12,103
RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES
Total liabilities			$	233,382					$	244,604
Debt			(3,658)						(3,650)
Derivative liabilities			(1,646)						(1,518)
Payables for collateral on derivatives and securities to repurchase			(3,841)						(7,331)
Other liabilities			(1,635)						(1,381)
Liabilities of consolidated VIEs			(815)						(847)
Reinsurance impacts			(9,176)						(9,090)
Policy loans ceded			(179)						(175)
Market risk benefit asset			(481)						(440)
ACRA noncontrolling interest			(35,981)						(35,281)
Total adjustments to arrive at net reserve liabilities			(57,412)						(59,713)
Net reserve liabilities			$	175,970					$	184,891

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