Athene Holding Ltd
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
ATHS$23.15-1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows (unaudited)
| Nine months ended September 30, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $3,825 | $2,049 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 678 | 502 |
| Net amortization (accretion) of net investment premiums, discounts and other | (47) | 70 |
| Gain on recapture of reinsurance agreements, net of cash received | — | (489) |
| Net investment income (related party: 2024 – $(22) and 2023 – $(51)) | (100) | (76) |
| Net recognized (gains) losses on investments and derivatives (related party: 2024 – $(1,194) and 2023 – $(767)) | (3,558) | 325 |
| Policy acquisition costs deferred | (1,191) | (1,040) |
| Changes in operating assets and liabilities: | ||
| Accrued investment income (related party: 2024 – $(5) and 2023 – $(59)) | (762) | (436) |
| Interest sensitive contract liabilities (related party: 2024 – $68 and 2023 – $88) | 4,948 | 1,485 |
| Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2024 – $(125) and 2023 – $(338)) | (1,135) | 2,917 |
| Funds withheld assets (related party: 2024 – $(290) and 2023 – $(114)) | (1,933) | (1,990) |
| Other assets and liabilities | 765 | 387 |
| Net cash provided by operating activities | 1,490 | 3,704 |
| Cash flows from investing activities | ||
| Sales, maturities and repayments of: | ||
| Available-for-sale securities (related party: 2024 – $4,778 and 2023 – $1,153) | 33,603 | 9,145 |
| Trading securities (related party: 2024 – $266 and 2023 – $21) | 482 | 234 |
| Equity securities (related party: 2024 – $62 and 2023 – $0) | 394 | 110 |
| Mortgage loans (related party: 2024 – $63 and 2023 – $24) | 5,691 | 3,093 |
| Investment funds (related party: 2024 – $93 and 2023 – $285) | 109 | 339 |
| Derivative instruments and other investments | 2,533 | 4,221 |
| Short-term investments (related party: 2024 – $1,281 and 2023 – $967) | 2,240 | 3,195 |
| Purchases of: | ||
| Available-for-sale securities (related party: 2024 – $(8,156) and 2023 – $(4,102)) | (63,102) | (24,568) |
| Trading securities (related party: 2024 – $(80) and 2023 – $(827)) | (417) | (1,053) |
| Equity securities | (625) | (70) |
| Mortgage loans (related party: 2024 – $(27) and 2023 – $0) | (19,319) | (14,398) |
| Investment funds (related party: 2024 – $(1,452) and 2023 – $(1,884)) | (1,745) | (2,009) |
| Derivative instruments and other investments (related party: 2024 – $(16) and 2023 – $(46)) | (2,845) | (5,242) |
| Short-term investments (related party: 2024 – $(1,144) and 2023 – $(1,858)) | (2,360) | (2,392) |
| Consolidation of new variable interest entities | — | 3 |
| Deconsolidation of previously consolidated entities | (1) | (51) |
| Other investing activities, net | (46) | 443 |
| Net cash used in investing activities | (45,408) | (29,000) |
| (Continued) | ||
| See accompanying notes to the unaudited condensed consolidated financial statements | ||
Condensed Consolidated Statements of Cash Flows(Unaudited)
| Nine months ended September 30, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Cash flows from financing activities | ||
| Deposits on investment-type policies and contracts | $57,013 | $35,168 |
| Withdrawals on investment-type policies and contracts (related party: 2024 – $(314) and 2023 – $(304)) | (16,054) | (10,229) |
| Proceeds from debt | 1,569 | — |
| Capital contributions from parent | — | 1,250 |
| Capital contributions from noncontrolling interests | 831 | 325 |
| Capital contributions from noncontrolling interests of consolidated variable interest entities | 1,555 | 1,385 |
| Capital distributions to noncontrolling interests | (603) | (381) |
| Subsidiary issuance of equity interests to noncontrolling interests | — | 632 |
| Net change in cash collateral posted for derivative transactions and securities to repurchase | 416 | 945 |
| Preferred stock dividends | (181) | (136) |
| Common stock dividends | (374) | (750) |
| Other financing activities, net | (280) | (318) |
| Net cash provided by financing activities | 43,892 | 27,891 |
| Effect of exchange rate changes on cash and cash equivalents | 3 | 2 |
| Net (decrease) increase in cash and cash equivalents | (23) | 2,597 |
| Cash and cash equivalents at beginning of year1 | 14,879 | 8,769 |
| Cash and cash equivalents at end of period1 | $14,856 | $11,366 |
| Supplementary information | ||
| Non-cash transactions | ||
| Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2024 – $(3,201) and 2023 – $16) | $(3,152) | $78 |
| Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2024 – $1,267 and 2023 – $1,239) | 6,092 | 10,212 |
| Investments received from settlements on reinsurance agreements (received from related parties: 2024 – $48 and 2023 – $65) | 48 | 164 |
| Investments received from pension group annuity premiums | 521 | 4,776 |
| Reduction in investments relating to recapture of reinsurance agreements | — | 482 |
| Investments distributed as common stock dividends | 499 | — |
| Distribution of investments to noncontrolling interests of consolidated variable interest entities | 1,107 | — |
| 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. | ||
(Concluded)
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