Athene Holding Ltd
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
ATHS$23.15-1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Successor · Predecessor | |||
|---|---|---|---|
| (In millions) | Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2021 |
| Cash flows from operating activities | |||
| Net income (loss) | $5,752 | $(5,016) | $3,800 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 688 | 444 | 830 |
| Net amortization (accretion) of net investment premiums, discounts and other | 81 | 285 | (192) |
| Gain on recapture of reinsurance agreements, net of cash received | (489) | — | — |
| Net investment income (related party: 2023 – $(104), 2022 – $(294) and 2021 – $(1,380)) | (108) | (506) | (1,493) |
| Net recognized (gains) losses on investments and derivatives (related party: 2023 – $(1,305), 2022 – $(224) and 2021 – $(180)) | (1,959) | 5,949 | (3,632) |
| Policy acquisition costs deferred | (1,570) | (1,127) | (698) |
| Changes in operating assets and liabilities: | |||
| Accrued investment income (related party: 2023 – $(61), 2022 – $(51) and 2021 – $(16)) | (575) | (370) | (63) |
| Interest sensitive contract liabilities (related party: 2023 – $131, 2022 – $(24) and 2021 – $398) | 3,917 | (1,337) | 3,357 |
| Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2023 – $6, 2022 – $41 and 2021 – $247) | 4,333 | 3,901 | 8,743 |
| Funds withheld assets (related party: 2023 – $(371), 2022 – $1,184 and 2021 – $(419)) | (3,411) | 5,229 | (634) |
| Other assets and liabilities | (1,676) | (1,194) | 274 |
| Net cash provided by operating activities | 4,983 | 6,258 | 10,292 |
| Cash flows from investing activities | |||
| Sales, maturities and repayments of: | |||
| Available-for-sale securities (related party: 2023 – $2,081, 2022 – $4,197 and 2021 – $2,040) | $14,484 | $18,564 | $28,620 |
| Trading securities (related party: 2023 – $156, 2022 – $79 and 2021 – $76) | 390 | 217 | 201 |
| Equity securities (related party: 2023 – $0, 2022 – $6 and 2021 – $12) | 167 | 389 | 209 |
| Mortgage loans (related party: 2023 – $30, 2022 – $46 and 2021 – $16) | 4,569 | 3,562 | 2,900 |
| Investment funds (related party: 2023 – $301, 2022 – $1,543 and 2021 – $1,433) | 360 | 1,704 | 1,823 |
| Derivative instruments and other investments (related party: 2023 – $0, 2022 – $184 and 2021 – $330) | 4,324 | 3,123 | 5,185 |
| Short-term investments (related party: 2023 – $1,178, 2022 – $0 and 2021 – $2,732) | 3,507 | 604 | 3,125 |
| Purchases of: | |||
| Available-for-sale securities (related party: 2023 – $(4,817), 2022 – $(4,035) and 2021 – $(6,057)) | (37,263) | (36,684) | (47,181) |
| Trading securities (related party: 2023 – $(866), 2022 – $(156) and 2021 – $(267)) | (2,718) | (915) | (489) |
| Equity securities (related party: 2023 – $0, 2022 – $(208) and 2021 – $(216)) | (116) | (441) | (931) |
| Mortgage loans (related party: 2023 – $0, 2022 – $(364) and 2021 – $(918)) | (20,972) | (12,951) | (11,131) |
| Investment funds (related party: 2023 – $(2,334), 2022 – $(4,738) and 2021 – $(3,140)) | (2,461) | (5,755) | (3,807) |
| Derivative instruments and other investments (related party: 2023 – $(46), 2022 – $(266) and 2021 – $(75)) | (5,637) | (3,008) | (3,636) |
| Short-term investments (related party: 2023 – $(2,061), 2022 – $(33) and 2021 – $(2,734)) | (2,612) | (2,632) | (3,045) |
| Consolidation of new variable interest entities | 3 | 393 | — |
| Deconsolidation of previously consolidated entities | (53) | (393) | — |
| Other investing activities, net | 378 | (152) | 225 |
| Net cash used in investing activities | (43,650) | (34,375) | (27,932) |
| (Continued) | |||
| See accompanying notes to consolidated financial statements | |||
Consolidated Statements of Cash Flows
| Successor · Predecessor | |||
|---|---|---|---|
| (In millions) | Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2021 |
| Cash flows from financing activities | |||
| Deposits on investment-type policies and contracts (related party: 2023 – $7, 2022 – $68 and 2021 – $82) | $53,660 | $33,920 | $21,447 |
| Withdrawals on investment-type policies and contracts (related party: 2023 – $(402), 2022 – $(350) and 2021 – $(420)) | (14,125) | (10,209) | (7,042) |
| Proceeds from debt | 589 | 399 | 997 |
| Capital contributions from parent | 1,250 | — | — |
| Capital contributions from noncontrolling interests | 996 | 1,047 | 758 |
| Capital distributions to noncontrolling interests | (539) | (63) | — |
| Subsidiary issuance of equity interests to noncontrolling interests | 632 | — | — |
| Capital contributions from noncontrolling interests of consolidated variable interest entities | 1,809 | 2,214 | 72 |
| Net change in cash collateral posted for derivative transactions and securities to repurchase | 829 | (330) | 3,243 |
| Issuance of common stock | — | — | 11 |
| Issuance of preferred stock, net of expenses | — | 487 | — |
| Preferred stock dividends | (136) | (141) | (141) |
| Common stock dividends | (937) | (1,313) | — |
| Repurchase of common stock | — | — | (8) |
| Other financing activities, net | 739 | 461 | 292 |
| Net cash provided by financing activities | 44,767 | 26,472 | 19,629 |
| Effect of exchange rate changes on cash and cash equivalents | 10 | (15) | (2) |
| Net increase (decrease) in cash and cash equivalents | 6,110 | (1,660) | 1,987 |
| Cash and cash equivalents at beginning of year1 | 8,769 | 10,429 | 8,442 |
| Cash and cash equivalents at end of year1 | $14,879 | $8,769 | $10,429 |
| Supplementary information | |||
| Cash paid for taxes | $216 | $821 | $192 |
| Cash paid for interest | 498 | 244 | 125 |
| Non-cash transactions | |||
| Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2023 – $20, 2022 – $270 and 2021 – $330) | 99 | 878 | 2,103 |
| Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2023 – $1,646, 2022 – $1,493 and 2021 – $1,532) | 12,430 | 9,131 | 8,098 |
| Investments received from settlements on reinsurance agreements | 1,064 | 36 | 124 |
| Investments received from settlements on related party reinsurance agreements | 65 | — | 41 |
| Investments received at inception of reinsurance agreements | 2,158 | — | — |
| Investments received from pension group annuity premiums | 4,776 | 4,185 | 4,971 |
| Investments exchanged for related party investments | — | — | 139 |
| Reduction in investments and other assets and liabilities relating to recapture of reinsurance agreement | 482 | — | — |
| Investments exchanged with third-party cedants | 145 | 612 | — |
| Borrowings of variable interest entities settled with investments | 52 | — | — |
| Assets contributed to consolidated VIEs | — | 8,007 | 169 |
| Distributions to parent | — | 2,145 | — |
| 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. | |||
(Concluded)
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