Athene Holding Ltd
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 |
| Cash flows from operating activities | |||
| Net income (loss) | $4,904 | $5,752 | $(5,016) |
| 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 | 941 | 688 | 444 |
| Net amortization (accretion) of net investment premiums, discounts and other | (123) | 81 | 285 |
| Gain on recapture of reinsurance agreements, net of cash received | — | (489) | — |
| Net investment income (related party: 2024 – $82, 2023 – $(104) and 2022 – $(294)) | (54) | (108) | (506) |
| Net recognized (gains) losses on investments and derivatives (related party: 2024 – $(1,380), 2023 – $(1,305) and 2022 – $(224)) | (3,526) | (1,959) | 5,949 |
| Policy acquisition costs deferred | (1,507) | (1,570) | (1,127) |
| Changes in operating assets and liabilities: | |||
| Accrued investment income (related party: 2024 – $(27), 2023 – $(61) and 2022 – $(51)) | (883) | (575) | (370) |
| Interest sensitive contract liabilities (related party: 2024 – $80, 2023 – $131 and 2022 – $(24)) | 5,677 | 3,917 | (1,337) |
| Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2024 – $(237), 2023 – $6 and 2022 – $41) | (1,969) | 4,333 | 3,901 |
| Funds withheld assets (related party: 2024 – $(230), 2023 – $(371) and 2022 – $1,184) | (1,560) | (3,411) | 5,229 |
| Other assets and liabilities | (24) | (1,676) | (1,194) |
| Net cash provided by operating activities | 1,876 | 4,983 | 6,258 |
| Cash flows from investing activities | |||
| Sales, maturities and repayments of: | |||
| Available-for-sale securities (related party: 2024 – $6,937, 2023 – $2,081 and 2022 – $4,197) | $42,898 | $14,484 | $18,564 |
| Trading securities (related party: 2024 – $346, 2023 – $156 and 2022 – $79) | 1,013 | 390 | 217 |
| Equity securities (related party: 2024 – $67, 2023 – $0 and 2022 – $6) | 404 | 167 | 389 |
| Mortgage loans (related party: 2024 – $87, 2023 – $30 and 2022 – $46) | 7,983 | 4,569 | 3,562 |
| Investment funds (related party: 2024 – $507, 2023 – $301 and 2022 – $1,543) | 525 | 360 | 1,704 |
| Derivative instruments and other investments (related party: 2024 – $0, 2023 – $0 and 2022 – $184) | 3,876 | 4,324 | 3,123 |
| Short-term investments (related party: 2024 – $1,482, 2023 – $1,178 and 2022 – $0) | 2,670 | 3,507 | 604 |
| Purchases of: | |||
| Available-for-sale securities (related party: 2024 – $(11,714), 2023 – $(4,817) and 2022 – $(4,035)) | (80,212) | (37,263) | (36,684) |
| Trading securities (related party: 2024 – $(158), 2023 – $(866) and 2022 – $(156)) | (895) | (2,718) | (915) |
| Equity securities (related party: 2024 – $0, 2023 – $0 and 2022 – $(208)) | (644) | (116) | (441) |
| Mortgage loans (related party: 2024 – $(27), 2023 – $0 and 2022 – $(364)) | (28,188) | (20,972) | (12,951) |
| Investment funds (related party: 2024 – $(2,397), 2023 – $(2,334) and 2022 – $(4,738)) | (2,694) | (2,461) | (5,755) |
| Derivative instruments and other investments (related party: 2024 – $(16), 2023 – $(46) and 2022 – $(266)) | (5,032) | (5,637) | (3,008) |
| Short-term investments (related party: 2024 – $(1,277), 2023 – $(2,061) and 2022 – $(33)) | (2,555) | (2,612) | (2,632) |
| Consolidation of new variable interest entities | 1 | 3 | 393 |
| Deconsolidation of previously consolidated entities | (2) | (53) | (393) |
| Other investing activities, net | (1,066) | 378 | (152) |
| Net cash used in investing activities | (61,918) | (43,650) | (34,375) |
| (Continued) | |||
| See accompanying notes to consolidated financial statements | |||
Consolidated Statements of Cash Flows
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 |
| Cash flows from financing activities | |||
| Deposits on investment-type policies and contracts (related party: 2024 – $4, 2023 – $7 and 2022 – $68) | $71,323 | $53,660 | $33,920 |
| Withdrawals on investment-type policies and contracts (related party: 2024 – $(396), 2023 – $(402) and 2022 – $(350)) | (19,119) | (14,125) | (10,209) |
| Proceeds from debt | 2,169 | 589 | 399 |
| Capital contributions from parent | — | 1,250 | — |
| Capital contributions from noncontrolling interests | 954 | 996 | 1,047 |
| Capital contributions from noncontrolling interests of consolidated variable interest entities | 1,897 | 1,809 | 2,214 |
| Capital distributions to noncontrolling interests | (920) | (539) | (63) |
| Subsidiary issuance of equity interests to noncontrolling interests | — | 632 | — |
| Net change in cash collateral posted for derivative transactions and securities to repurchase | 4,116 | 829 | (330) |
| Issuance of preferred stock, net of expenses | — | — | 487 |
| Preferred stock dividends | (226) | (136) | (141) |
| Common stock dividends | (452) | (937) | (1,313) |
| Other financing activities, net | (317) | 739 | 461 |
| Net cash provided by financing activities | 59,425 | 44,767 | 26,472 |
| Effect of exchange rate changes on cash and cash equivalents | (3) | 10 | (15) |
| Net (decrease) increase in cash and cash equivalents | (620) | 6,110 | (1,660) |
| Cash and cash equivalents at beginning of year1 | 14,879 | 8,769 | 10,429 |
| Cash and cash equivalents at end of year1 | $14,259 | $14,879 | $8,769 |
| Supplementary information | |||
| Cash paid for taxes | $930 | $216 | $821 |
| Cash paid for interest | 517 | 498 | 244 |
| Non-cash transactions | |||
| Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2024 – $(4,119), 2023 – $20 and 2022 – $270) | (4,057) | 99 | 878 |
| Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2024 – $1,587, 2023 – $1,646 and 2022 – $1,493) | 8,479 | 12,430 | 9,131 |
| Investments received from settlements on reinsurance agreements (related party: 2024 – $48, 2023 – $65 and 2022 – $0) | 48 | 1,129 | 36 |
| Investments received at inception of reinsurance agreements | — | 2,158 | — |
| Investments received from pension group annuity premiums | 521 | 4,776 | 4,185 |
| 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 consolidated variable interest entities settled with investments | — | 52 | — |
| Assets contributed to consolidated variable interest entities | — | — | 8,007 |
| Investments distributed as common stock dividends | 499 | — | — |
| Distribution of investments to noncontrolling interests of consolidated variable interest entities | 1,107 | — | — |
| 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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