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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Non-GAAP Measure Reconciliations
The reconciliation of net income (loss) available to AHL common stockholder to spread related earnings is as follows:
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 |
| Net income (loss) available to AHL common stockholder | $3,280 | $4,484 | $(3,051) |
| Preferred stock dividends | 181 | 181 | 141 |
| Net income (loss) attributable to noncontrolling interests | 1,443 | 1,087 | (2,106) |
| Net income (loss) | 4,904 | 5,752 | (5,016) |
| Income tax expense (benefit) | 730 | (1,161) | (646) |
| Income (loss) before income taxes | 5,634 | 4,591 | (5,662) |
| Investment gains (losses), net of offsets | 217 | 170 | (7,434) |
| Non-operating change in insurance liabilities and related derivatives | 846 | 182 | 1,433 |
| Integration, restructuring and other non-operating expenses | (239) | (130) | (133) |
| Stock compensation expense | (50) | (88) | (56) |
| Preferred stock dividends | 181 | 181 | 141 |
| Noncontrolling interests – pre-tax income (loss) and VIE adjustments | 1,458 | 1,169 | (2,079) |
| Less: Total adjustments to income (loss) before income taxes | 2,413 | 1,484 | (8,128) |
| Spread related earnings | $3,221 | $3,107 | $2,466 |
The reconciliation of total AHL stockholders’ equity to total adjusted AHL common stockholder’s equity is as follows:
| December 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Total AHL stockholders’ equity | $16,360 | $13,838 |
| Less: Preferred stock | 3,154 | 3,154 |
| Total AHL common stockholder’s equity | 13,206 | 10,684 |
| Less: Accumulated other comprehensive loss | (5,465) | (5,569) |
| Less: Accumulated change in fair value of reinsurance assets | (1,591) | (1,882) |
| Less: Accumulated change in fair value of mortgage loan assets | (2,051) | (2,233) |
| Total adjusted AHL common stockholder’s equity | $22,313 | $20,368 |
The reconciliation of debt-to-capital ratio to adjusted senior debt-to-capital ratio is as follows:
| December 31, | ||
|---|---|---|
| (In millions, except percentages) | 2024 | 2023 |
| Total debt | $6,309 | $4,209 |
| Less: Subordinated debt | 1,175 | — |
| Less: Adjustment to arrive at notional debt | 134 | 209 |
| Notional senior debt | $5,000 | $4,000 |
| Total debt | $6,309 | $4,209 |
| Total AHL stockholders’ equity | 16,360 | 13,838 |
| Total capitalization | 22,669 | 18,047 |
| Less: Accumulated other comprehensive loss | (5,465) | (5,569) |
| Less: Accumulated change in fair value of reinsurance assets | (1,591) | (1,882) |
| Less: Accumulated change in fair value of mortgage loan assets | (2,051) | (2,233) |
| Less: Adjustment to arrive at notional debt | 134 | 209 |
| Total adjusted capitalization | $31,642 | $27,522 |
| Debt-to-capital ratio | 27.8% | 23.3% |
| Accumulated other comprehensive loss | (4.7)% | (4.7)% |
| Accumulated change in fair value of reinsurance assets | (1.4)% | (1.6)% |
| Accumulated change in fair value of mortgage loan assets | (1.8)% | (1.9)% |
| Adjustment to exclude subordinated debt | (3.7)% | —% |
| Adjustment to arrive at notional debt | (0.4)% | (0.6)% |
| Adjusted senior debt-to-capital ratio | 15.8% | 14.5% |
The reconciliation of leverage ratio to adjusted leverage ratio is as follows:
| December 31, | ||
|---|---|---|
| (In millions, except percentages) | 2024 | 2023 |
| Total debt | $6,309 | $4,209 |
| Add: 50% of preferred stock | 1,577 | 1,577 |
| Less: 50% of subordinated debt | 588 | — |
| Less: Adjustment to arrive at notional debt | 134 | 209 |
| Adjusted leverage | $7,164 | $5,577 |
| Total debt | $6,309 | $4,209 |
| Total AHL stockholders’ equity | 16,360 | 13,838 |
| Total capitalization | 22,669 | 18,047 |
| Less: Accumulated other comprehensive loss | (5,465) | (5,569) |
| Less: Accumulated change in fair value of reinsurance assets | (1,591) | (1,882) |
| Less: Accumulated change in fair value of mortgage loan assets | (2,051) | (2,233) |
| Less: Adjustment to arrive at notional debt | 134 | 209 |
| Total adjusted capitalization | $31,642 | $27,522 |
| Leverage ratio | 41.7% | 40.8% |
| Accumulated other comprehensive loss | (7.1)% | (8.2)% |
| Accumulated change in fair value of reinsurance assets | (2.1)% | (2.8)% |
| Accumulated change in fair value of mortgage loan assets | (2.7)% | (3.3)% |
| Adjustment to exclude 50% of preferred stock | (5.0)% | (5.6)% |
| Adjustment to exclude 50% of subordinated debt | (1.9)% | —% |
| Adjustment to arrive at notional debt | (0.3)% | (0.6)% |
| Adjusted leverage ratio | 22.6% | 20.3% |
The reconciliation of net investment income to net investment earnings and earned rate is as follows:
| Years ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | ||||
| (In millions, except percentages) | Dollar | Rate | Dollar | Rate | Dollar | Rate |
| US GAAP net investment income | $14,481 | 6.19% | $11,130 | 5.34% | $7,571 | 4.01% |
| Change in fair value of reinsurance assets | (129) | (0.05)% | 86 | 0.04% | 333 | 0.18% |
| VIE earnings and noncontrolling interests | 1,310 | 0.56% | 1,078 | 0.52% | 586 | 0.31% |
| Forward points adjustment on FX derivative hedges | 133 | 0.06% | 187 | 0.09% | 125 | 0.07% |
| Held-for-trading amortization | (108) | (0.05)% | (191) | (0.09)% | (228) | (0.12)% |
| Reinsurance impacts | (223) | (0.09)% | (264) | (0.13)% | (41) | (0.02)% |
| Apollo investment (gain) loss | — | —% | — | —% | (33) | (0.02)% |
| ACRA noncontrolling interests | (3,864) | (1.65)% | (2,377) | (1.14)% | (1,505) | (0.80)% |
| Other | 150 | 0.06% | (41) | (0.02)% | 105 | 0.05% |
| Total adjustments to arrive at net investment earnings/earned rate | (2,731) | (1.16)% | (1,522) | (0.73)% | (658) | (0.35)% |
| Total net investment earnings/earned rate | $11,750 | 5.03% | $9,608 | 4.61% | $6,913 | 3.66% |
| Average net invested assets | $233,809 | $208,479 | $188,742 | |||
The reconciliation of benefits and expenses to cost of funds is as follows:
| Years ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | ||||
| (In millions, except percentages) | Dollar | Rate | Dollar | Rate | Dollar | Rate |
| US GAAP benefits and expenses | $15,055 | 6.44% | $23,603 | 11.32% | $13,285 | 7.04% |
| Premiums | (1,318) | (0.56)% | (12,749) | (6.12)% | (11,638) | (6.17)% |
| Product charges | (1,016) | (0.44)% | (848) | (0.41)% | (718) | (0.38)% |
| Other revenues | (19) | (0.01)% | (150) | (0.07)% | 28 | 0.01% |
| FIA option costs | 1,617 | 0.69% | 1,512 | 0.73% | 1,264 | 0.67% |
| Reinsurance impacts | (157) | (0.07)% | (155) | (0.07)% | 17 | 0.01% |
| Non-operating change in insurance liabilities and embedded derivatives | (2,647) | (1.13)% | (2,930) | (1.41)% | 2,825 | 1.50% |
| Policy and other operating expenses, excluding policy acquisition expenses | (1,760) | (0.75)% | (1,341) | (0.64)% | (1,110) | (0.59)% |
| Forward points adjustment on FX derivative hedges | 293 | 0.12% | 141 | 0.07% | — | —% |
| AmerUs Closed Block fair value liability | 25 | 0.01% | (58) | (0.03)% | 291 | 0.15% |
| ACRA noncontrolling interests | (2,624) | (1.12)% | (1,587) | (0.76)% | (549) | (0.29)% |
| Other | 253 | 0.11% | 212 | 0.10% | 60 | 0.03% |
| Total adjustments to arrive at cost of funds | (7,353) | (3.15)% | (17,953) | (8.61)% | (9,530) | (5.06)% |
| Total cost of funds | $7,702 | 3.29% | $5,650 | 2.71% | $3,755 | 1.98% |
| Average net invested assets | $233,809 | $208,479 | $188,742 | |||
The reconciliation of policy and other operating expenses to other operating expenses is as follows:
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 |
| US GAAP policy and other operating expenses | $2,213 | $1,848 | $1,495 |
| Interest expense | (552) | (459) | (227) |
| Policy acquisition expenses, net of deferrals | (453) | (507) | (385) |
| Integration, restructuring and other non-operating expenses | (239) | (130) | (133) |
| Stock compensation expenses | (50) | (88) | (56) |
| ACRA noncontrolling interests | (406) | (143) | (231) |
| Other | (46) | (34) | 3 |
| Total adjustments to arrive at other operating expenses | (1,746) | (1,361) | (1,029) |
| Other operating expenses | $467 | $487 | $466 |
The reconciliation of total investments, including related parties, to net invested assets is as follows:
| December 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Total investments, including related parties | $291,491 | $238,941 |
| Derivative assets | (8,154) | (5,298) |
| Cash and cash equivalents (including restricted cash) | 13,676 | 14,781 |
| Accrued investment income | 2,816 | 1,933 |
| Net receivable (payable) for collateral on derivatives | (4,602) | (2,835) |
| Reinsurance impacts | (4,435) | (572) |
| VIE and VOE assets, liabilities and noncontrolling interests | 17,289 | 14,818 |
| Unrealized (gains) losses | 18,320 | 16,445 |
| Ceded policy loans | (167) | (174) |
| Net investment receivables (payables) | 97 | 11 |
| Allowance for credit losses | 720 | 608 |
| Other investments | (87) | (41) |
| Total adjustments to arrive at gross invested assets | 35,473 | 39,676 |
| Gross invested assets | 326,964 | 278,617 |
| ACRA noncontrolling interests | (78,321) | (61,190) |
| Net invested assets | $248,643 | $217,427 |
The reconciliation of total investment funds, including related parties and consolidated VIEs, to net alternative investments within net invested assets is as follows:
| December 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Investment funds, including related parties and consolidated VIEs | $19,725 | $17,668 |
| Equity securities | — | 430 |
| Certain equity securities included in AFS or trading securities | 34 | 201 |
| Investment funds within funds withheld at interest | 900 | 827 |
| Royalties | 7 | 14 |
| Net assets of the VIE, excluding investment funds | (4,850) | (4,508) |
| Unrealized (gains) losses | 92 | 26 |
| ACRA noncontrolling interests | (3,731) | (2,829) |
| Other assets | (177) | (170) |
| Total adjustments to arrive at net alternative investments | (7,725) | (6,009) |
| Net alternative investments | $12,000 | $11,659 |
The reconciliation of total liabilities to net reserve liabilities is as follows:
| December 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Total liabilities | $337,469 | $279,344 |
| Debt | (6,309) | (4,209) |
| Derivative liabilities | (3,556) | (1,995) |
| Payables for collateral on derivatives and short-term securities to repurchase | (8,988) | (4,370) |
| Other liabilities | (6,546) | (2,590) |
| Liabilities of consolidated VIEs | (1,640) | (1,115) |
| Reinsurance impacts | (11,861) | (8,574) |
| Ceded policy loans | (167) | (174) |
| Market risk benefit asset | (312) | (377) |
| ACRA noncontrolling interests | (72,164) | (56,651) |
| Total adjustments to arrive at net reserve liabilities | (111,543) | (80,055) |
| Net reserve liabilities | $225,926 | $199,289 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.