Athene Holding Ltd
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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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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Non-GAAP Measure Reconciliations
The reconciliation of net income (loss) available to Athene Holding Ltd. common stockholders to spread related earnings is as follows:
| Successor · Predecessor | |||
|---|---|---|---|
| (In millions) | Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2021 |
| Net income (loss) available to Athene Holding Ltd. common stockholders | $4,484 | $(3,051) | $3,718 |
| Preferred stock dividends | 181 | 141 | 141 |
| Net income (loss) attributable to noncontrolling interests | 1,087 | (2,106) | (59) |
| Net income (loss) | 5,752 | (5,016) | 3,800 |
| Income tax expense (benefit) | (1,161) | (646) | 386 |
| Income (loss) before income taxes | 4,591 | (5,662) | 4,186 |
| Investment gains (losses), net of offsets | 170 | (7,434) | 1,024 |
| Non-operating change in insurance liabilities and related derivatives | 182 | 1,433 | 692 |
| Integration, restructuring and other non-operating expenses | (130) | (133) | (124) |
| Stock compensation expense | (88) | (56) | (38) |
| Preferred stock dividends | 181 | 141 | 141 |
| Noncontrolling interests - pre-tax income (loss) and VIE adjustments | 1,169 | (2,079) | (18) |
| Less: Total adjustments to income (loss) before income taxes | 1,484 | (8,128) | 1,677 |
| Spread related earnings | $3,107 | $2,466 | $2,509 |
The reconciliation of total AHL stockholders’ equity to total adjusted AHL common stockholder’s equity is as follows:
| (In millions) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Total AHL stockholders’ equity | $13,838 | $7,158 |
| Less: Preferred stock | 3,154 | 3,154 |
| Total AHL common stockholder's equity | 10,684 | 4,004 |
| Less: Accumulated other comprehensive loss | (5,569) | (7,321) |
| Less: Accumulated change in fair value of reinsurance assets | (1,882) | (3,127) |
| Less: Accumulated change in fair value of mortgage loan assets | (2,233) | (2,201) |
| Total adjusted AHL common stockholder's equity | $20,368 | $16,653 |
The reconciliation of debt-to-capital ratio to adjusted debt-to-capital ratio is as follows:
| (In millions, except percentages) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Total debt | $4,209 | $3,658 |
| Less: Adjustment to arrive at notional debt | 209 | 258 |
| Notional debt | $4,000 | $3,400 |
| Total debt | $4,209 | $3,658 |
| Total AHL stockholders’ equity | 13,838 | 7,158 |
| Total capitalization | 18,047 | 10,816 |
| Less: Accumulated other comprehensive loss | (5,569) | (7,321) |
| Less: Accumulated change in fair value of reinsurance assets | (1,882) | (3,127) |
| Less: Accumulated change in fair value of mortgage loan assets | (2,233) | (2,201) |
| Less: Adjustment to arrive at notional debt | 209 | 258 |
| Total adjusted capitalization | $27,522 | $23,207 |
| Debt-to-capital ratio | 23.3% | 33.8% |
| Accumulated other comprehensive loss | (4.7)% | (10.5)% |
| Accumulated change in fair value of reinsurance assets | (1.6)% | (4.5)% |
| Accumulated change in fair value of mortgage loan assets | (1.9)% | (3.2)% |
| Adjustment to arrive at notional debt | (0.6)% | (0.9)% |
| Adjusted debt-to-capital ratio | 14.5% | 14.7% |
The reconciliation of net investment income to net investment earnings and earned rate is as follows:
| Successor · Predecessor | ||||||
|---|---|---|---|---|---|---|
| Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2021 | ||||
| (In millions, except percentages) | Dollar | Rate | Dollar | Rate | Dollar | Rate |
| US GAAP net investment income | $11,130 | 5.34% | $7,571 | 4.01% | $7,100 | 4.44% |
| Change in fair value of reinsurance assets | 86 | 0.04% | 333 | 0.18% | 1,451 | 0.90% |
| VIE earnings and noncontrolling interest | 1,078 | 0.52% | 586 | 0.31% | 108 | 0.07% |
| Alternative gains (losses) | (5) | —% | 41 | 0.02% | 144 | 0.09% |
| Reinsurance impacts | (264) | (0.13)% | (41) | (0.02)% | — | —% |
| Apollo investment (gain) loss | — | —% | (33) | (0.02)% | (864) | (0.54)% |
| ACRA noncontrolling interests | (2,377) | (1.14)% | (1,505) | (0.80)% | (943) | (0.59)% |
| Held-for-trading amortization and other | (40) | (0.02)% | (39) | (0.02)% | 83 | 0.05% |
| Total adjustments to arrive at net investment earnings/earned rate | (1,522) | (0.73)% | (658) | (0.35)% | (21) | (0.02)% |
| Total net investment earnings/earned rate | $9,608 | 4.61% | $6,913 | 3.66% | $7,079 | 4.42% |
| Average net invested assets | $208,479 | $188,742 | $160,019 | |||
The reconciliation of benefits and expenses to cost of funds is as follows:
| Successor · Predecessor | ||||||
|---|---|---|---|---|---|---|
| Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2021 | ||||
| (In millions, except percentages) | Dollar | Rate | Dollar | Rate | Dollar | Rate |
| US GAAP benefits and expenses | $23,603 | 11.32% | $13,285 | 7.04% | $22,134 | 13.83% |
| Premiums | (12,749) | (6.12)% | (11,638) | (6.17)% | (14,262) | (8.91)% |
| Product charges | (848) | (0.41)% | (718) | (0.38)% | (621) | (0.39)% |
| Other revenues | (150) | (0.07)% | 28 | 0.01% | (72) | (0.04)% |
| FIA option costs | 1,512 | 0.73% | 1,264 | 0.67% | 1,125 | 0.70% |
| Reinsurance impacts | (155) | (0.07)% | 17 | 0.01% | 49 | 0.03% |
| Non-operating change in insurance liabilities and embedded derivatives | (2,930) | (1.41)% | 2,825 | 1.50% | (2,989) | (1.87)% |
| DAC, DSI and VOBA amortization related to investment gains and losses | — | —% | — | —% | 115 | 0.07% |
| Rider reserves related to investment gains and losses | — | —% | — | —% | (4) | —% |
| Policy and other operating expenses, excluding policy acquisition expenses | (1,341) | (0.64)% | (1,110) | (0.59)% | (772) | (0.48)% |
| AmerUs Closed Block fair value liability | (58) | (0.03)% | 291 | 0.15% | 57 | 0.04% |
| ACRA noncontrolling interests | (1,587) | (0.76)% | (549) | (0.29)% | (759) | (0.47)% |
| Other | 353 | 0.17% | 60 | 0.03% | (8) | (0.01)% |
| Total adjustments to arrive at cost of funds | (17,953) | (8.61)% | (9,530) | (5.06)% | (18,141) | (11.33)% |
| Total cost of funds | $5,650 | 2.71% | $3,755 | 1.98% | $3,993 | 2.50% |
| Average net invested assets | $208,479 | $188,742 | $160,019 | |||
The reconciliation of policy and other operating expenses to other operating expenses is as follows:
| Successor · Predecessor | |||
|---|---|---|---|
| (In millions) | Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2021 |
| US GAAP policy and other operating expenses | $1,848 | $1,495 | $1,128 |
| Interest expense | (459) | (227) | (139) |
| Policy acquisition expenses, net of deferrals | (507) | (385) | (356) |
| Integration, restructuring and other non-operating expenses | (130) | (133) | (134) |
| Stock compensation expenses | (88) | (56) | (38) |
| ACRA noncontrolling interests | (143) | (231) | (93) |
| Other | (34) | 3 | (9) |
| Total adjustments to arrive at other operating expenses | (1,361) | (1,029) | (769) |
| Other operating expenses | $487 | $466 | $359 |
The reconciliation of total investments, including related parties, to net invested assets is as follows:
| (In millions) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Total investments, including related parties | $238,941 | $196,448 |
| Derivative assets | (5,298) | (3,309) |
| Cash and cash equivalents (including restricted cash) | 14,781 | 8,407 |
| Accrued investment income | 1,933 | 1,328 |
| Net receivable (payable) for collateral on derivatives | (2,835) | (1,486) |
| Reinsurance impacts | (572) | 1,423 |
| VIE assets, liabilities and noncontrolling interests | 14,818 | 12,747 |
| Unrealized (gains) losses | 16,445 | 22,284 |
| Ceded policy loans | (174) | (179) |
| Net investment receivables (payables) | 11 | 186 |
| Allowance for credit losses | 608 | 471 |
| Other investments | (41) | (10) |
| Total adjustments to arrive at gross invested assets | 39,676 | 41,862 |
| Gross invested assets | 278,617 | 238,310 |
| ACRA noncontrolling interests | (61,190) | (41,859) |
| Net invested assets | $217,427 | $196,451 |
The reconciliation of total investment funds, including related parties and VIEs, to net alternative investments within net invested assets is as follows:
| (In millions) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Investment funds, including related parties and VIEs | $17,668 | $14,128 |
| Equity securities | 430 | 509 |
| Certain equity securities included in AFS or trading securities | 201 | 225 |
| Investment funds within funds withheld at interest | 827 | 1,126 |
| Royalties | 14 | 15 |
| Net assets of the VIE, excluding investment funds | (4,508) | (2,041) |
| Unrealized (gains) losses | 26 | 44 |
| ACRA noncontrolling interests | (2,829) | (1,836) |
| Other assets | (170) | (91) |
| Total adjustments to arrive at net alternative investments | (6,009) | (2,049) |
| Net alternative investments | $11,659 | $12,079 |
The reconciliation of total liabilities to net reserve liabilities is as follows:
| (In millions) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Total liabilities | $279,344 | $233,382 |
| Debt | (4,209) | (3,658) |
| Derivative liabilities | (1,995) | (1,646) |
| Payables for collateral on derivatives and securities to repurchase | (4,370) | (3,841) |
| Other liabilities | (2,590) | (1,635) |
| Liabilities of consolidated VIEs | (1,115) | (815) |
| Reinsurance impacts | (8,574) | (9,176) |
| Policy loans ceded | (174) | (179) |
| Market risk benefit asset | (377) | (481) |
| ACRA noncontrolling interests | (56,651) | (35,981) |
| Total adjustments to arrive at net reserve liabilities | (80,055) | (57,412) |
| Net reserve liabilities | $199,289 | $175,970 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.