Table of Contents
Important Notice	3
FINANCIAL RESULTS
Financial Highlights	4
Condensed Consolidated Statements of Income (Loss) (GAAP view)	5
Spread Related Earnings (Management view)	6
Reconciliation of Earnings Measures	7
Net Flows & Outflows Attributable to Athene by Type	8
Condensed Consolidated Balance Sheets	9
ASSETS
Net Invested Assets (Management view) & Agency Ratings	11
Net Alternative Investments (Management view)	12
Credit Quality of Securities & Net Invested Assets	13
LIABILITIES
Net Reserve Liabilities & Rollforwards	17
Deferred Annuity Liability Characteristics	18
ADDITIONAL INFORMATION
Notes to the Financial Supplement	19
Non-GAAP Reconciliations	21

Important Notice

The information included in this financial supplement is unaudited and intended for informational purposes only.

Athene Holding Ltd. (AHL) is a subsidiary of Apollo Global Management, Inc. (AGM).The financial statements and exhibits included in this financial supplement should be read in conjunction with AHL’s reports and other filings with the US Securities and Exchange Commission, including its reports on Form 10-K, Form 10-Q and Form 8-K. This financial supplement does not constitute an offer to sell, or the solicitation of an offer to buy, any security of AHL, and nothing in this financial supplement shall in any way be relied on in connection with investment decisions. Each recipient of the information contained in this financial supplement is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of AHL.

AHL adopted the US GAAP accounting standard related to Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) as of January 1, 2023, which required AHL to apply the new standard retrospectively back to January 1, 2022, the date of AHL’s merger with AGM. The 2022 financial metrics and disclosures in this supplement have been retrospectively adjusted in accordance with the requirements of the adoption guidance of LDTI. Approximately 20% of Athene’s total US GAAP liabilities as of January 1, 2022 were impacted by these changes. Please refer to the discussion of Key Operating and Non-GAAP Measures herein for additional information on items that are excluded from AHL’s non-GAAP measure of spread related earnings, which was retrospectively adjusted in accordance with the requirements of the adoption guidance of LDTI. Please see Notes 1, 2, 8 and 9 to the condensed consolidated financial statements included in AHL’s Form 10-Q for the quarter ended June 30, 2023 as well as the 2022 Financial Supplement LDTI Recast published on May 5, 2023 for more information on LDTI.

AHL undertakes no obligation to update or correct the information in this financial supplement. AHL makes no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained in this financial supplement. AHL does not accept any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this financial supplement or its contents or any reliance on the information contained herein.

This financial supplement includes certain non-GAAP measures, including net investment earnings, cost of funds, other operating expenses, spread related earnings, net investment spread, net spread, adjusted debt-to-capital ratio, net invested assets and net reserve liabilities. Management believes the use of these non-GAAP measures (which are defined and discussed in greater detail and reconciled elsewhere in this financial supplement), together with the relevant GAAP measures, provides information that may enhance an investor’s understanding of AHL’s results of operations and the underlying profitability drivers of AHL’s business. These measures should be considered supplementary to AHL’s results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

3

Financial Highlights Unaudited (in millions, except percentages)
	Quarterly Trends															Δ				Year-to-Date						Δ
	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			Q/Q		Y/Y		2022			2023			Y/Y
SELECTED INCOME STATEMENT DATA
GAAP
Net income (loss) available to AHL common shareholder	$	(1,740)		$	(622)		$	361		$	721		$	396		(45)	%	NM		$	(2,790)		$	1,117		NM
Return on assets (ROA)	(2.92)		%	(1.07)		%	0.60		%	1.15		%	0.60		%	(55)bps		NM		(2.33)		%	0.87		%	NM
NON-GAAP
Spread related earnings	$	455		$	640		$	697		$	687		$	799		16	%	76	%	$	1,129		$	1,486		32	%
Net spread	0.97		%	1.33		%	1.42		%	1.36		%	1.52		%	16bps		55bps		1.23		%	1.45		%	22bps
Net investment spread	1.34		%	1.73		%	1.85		%	1.83		%	1.99		%	16bps		65bps		1.61		%	1.91		%	30bps
Spread related earnings - normalized1	$	574		$	680		$	746		$	810		$	874		8	%	52	%	$	1,113		$	1,684		51	%
Net spread - normalized1	1.23		%	1.41		%	1.52		%	1.61		%	1.66		%	5bps		43bps		1.21		%	1.64		%	43bps
Net investment spread - normalized1	1.60		%	1.81		%	1.95		%	2.08		%	2.13		%	5bps		53bps		1.59		%	2.10		%	51bps
SELECTED BALANCE SHEET DATA
GAAP
Total assets	$	232,420		$	234,554		$	243,931		$	257,654		$	269,437		5	%	16	%	$	232,420		$	269,437		16	%
Goodwill	4,155			4,062			4,058			4,061			4,065			—	%	(2)	%	4,155			4,065			(2)	%
Total liabilities	222,662			227,917			233,382			244,604			256,203			5	%	15	%	222,662			256,203			15	%
Debt	3,279			3,271			3,658			3,650			3,642			—	%	11	%	3,279			3,642			11	%
Total AHL shareholders' equity	8,697			5,133			7,158			8,698			8,701			—	%	—	%	8,697			8,701			—	%
Debt-to-capital ratio	27.4		%	38.9		%	33.8		%	29.6		%	29.5		%	(10)bps		210bps		27.4		%	29.5		%	210bps
NON-GAAP
Gross invested assets	$	229,545		$	236,720		$	238,310		$	247,673		$	257,235		4	%	12	%	$	229,545		$	257,235		12	%
Invested assets – ACRA noncontrolling interests	(40,240)			(41,563)			(41,859)			(40,924)			(43,565)			6	%	8	%	(40,240)			(43,565)			8	%
Net invested assets	189,305			195,157			196,451			206,749			213,670			3	%	13	%	189,305			213,670			13	%
Net reserve liabilities	170,703			173,539			175,970			184,891			193,431			5	%	13	%	170,703			193,431			13	%
Notional debt	3,000			3,000			3,400			3,400			3,400			—	%	13	%	3,000			3,400			13	%
Adjusted AHL common shareholder’s equity	15,589			16,428			16,653			16,505			17,001			3	%	9	%	15,589			17,001			9	%
Adjusted debt-to-capital ratio	14.1		%	13.6		%	14.7		%	14.7		%	14.4		%	(30)bps		30bps		14.1		%	14.4		%	30bps
INFLOWS DATA
Gross organic inflows	$	12,049		$	12,955		$	11,290		$	11,927		$	18,714		57	%	55	%	$	23,605		$	30,641		30	%
Gross inorganic inflows	—			—			—			—			—			NM		NM		—			—			NM
Total gross inflows	$	12,049		$	12,955		$	11,290		$	11,927		$	18,714		57	%	55	%	$	23,605		$	30,641		30	%
Note: “NM” represents changes that are not meaningful. Please refer to Notes to the Financial Supplement section and the Non-GAAP Measure Reconciliations for discussion of non-GAAP metrics. 1 Spread related earnings – normalized, net spread - normalized and net investment spread - normalized reflect adjustments to exclude notable items and normalize alternative investment income to an 11% long-term return. See further discussion over this non-GAAP metric in the Notes to the Financial Supplement section.

4

Condensed Consolidated Statements of Income (Loss) (GAAP view) Unaudited (in millions, except percentages)
	Quarterly Trends										Δ				Year-to-Date				Δ
	2Q’22		3Q’22		4Q’22		1Q’23		2Q’23		Q/Q		Y/Y		2022		2023		Y/Y
REVENUES
Premiums	$	5,614	$	3,045	$	869	$	96	$	9,041	NM		61	%	$	7,724	$	9,137	18	%
Product charges	175		184		193		198		207		5	%	18	%	341		405		19	%
Net investment income	1,726		1,843		2,319		2,407		2,717		13	%	57	%	3,409		5,124		50	%
Investment related gains (losses)	(5,751)		(2,848)		105		1,065		366		(66)	%	NM		(9,963)		1,431		NM
Other revenues	(9)		(26)		10		13		7		(46)	%	NM		(12)		20		NM
Revenues of consolidated variable interest entities
Net investment income	30		33		31		80		55		(31)	%	83	%	47		135		187	%
Investment related gains (losses)	22		79		260		201		293		46	%	NM		(20)		494		NM
Total revenues	1,807		2,310		3,787		4,060		12,686		212	%	NM		1,526		16,746		NM
BENEFITS AND EXPENSES
Interest sensitive contract benefits	(653)		171		1,119		1,289		2,012		56	%	NM		(752)		3,301		NM
Future policy and other policy benefits	5,776		3,270		1,235		466		9,512		NM		65	%	7,960		9,978		25	%
Market risk benefits remeasurement (gains) losses	(609)		(458)		32		346		(71)		NM		88	%	(1,231)		275		NM
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	108		112		126		138		153		11	%	42	%	206		291		41	%
Policy and other operating expenses	357		388		412		435		452		4	%	27	%	695		887		28	%
Total benefits and expenses	4,979		3,483		2,924		2,674		12,058		NM		142	%	6,878		14,732		114	%
Income (loss) before income taxes	(3,172)		(1,173)		863		1,386		628		(55)	%	NM		(5,352)		2,014		NM
Income tax expense (benefit)	(378)		(121)		137		163		133		(18)	%	NM		(662)		296		NM
Net income (loss)	(2,794)		(1,052)		726		1,223		495		(60)	%	NM		(4,690)		1,718		NM
Less: Net income (loss) attributable to noncontrolling interests	(1,089)		(465)		329		455		54		(88)	%	NM		(1,970)		509		NM
Net income (loss) attributable to Athene Holding Ltd. shareholders	(1,705)		(587)		397		768		441		(43)	%	NM		(2,720)		1,209		NM
Less: Preferred stock dividends	35		35		36		47		45		(4)	%	29	%	70		92		31	%
Net income (loss) available to Athene Holding Ltd. common shareholder	$	(1,740)	$	(622)	$	361	$	721	$	396	(45)	%	NM		$	(2,790)	$	1,117	NM

5

Spread Related Earnings (Management view) Unaudited (in millions, except percentages)
	Quarterly Trends															Δ				Year-to-Date						Δ
	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			Q/Q		Y/Y		2022			2023			Y/Y
SPREAD RELATED EARNINGS
Fixed income and other net investment income	$	1,302		$	1,471		$	1,727		$	1,958		$	2,208		13	%	70	%	$	2,509		$	4,166		66	%
Alternative net investment income	186			250			322			185			259			40	%	39	%	634			444			(30)	%
Net investment earnings	1,488			1,721			2,049			2,143			2,467			15	%	66	%	3,143			4,610			47	%
Strategic capital management fees	13			14			14			14			16			14	%	23	%	25			30			20	%
Cost of funds	(873)			(902)			(1,158)			(1,235)			(1,437)			16	%	65	%	(1,695)			(2,672)			58	%
Net investment spread	628			833			905			922			1,046			13	%	67	%	1,473			1,968			34	%
Other operating expenses	(109)			(120)			(128)			(126)			(118)			(6)	%	8	%	(218)			(244)			12	%
Interest and other financing costs	(64)			(73)			(80)			(109)			(129)			18	%	102	%	(126)			(238)			89	%
Spread related earnings	$	455		$	640		$	697		$	687		$	799		16	%	76	%	$	1,129		$	1,486		32	%
Fixed income and other net investment income	2.97		%	3.27		%	3.76		%	4.13		%	4.46		%	33bps		149bps		2.90		%	4.31		%	141bps
Alternative net investment income	6.38		%	8.26		%	10.55		%	6.12		%	8.53		%	241bps		215bps		11.39		%	7.33		%	NM
Net investment earnings	3.19		%	3.58		%	4.19		%	4.25		%	4.69		%	44bps		150bps		3.42		%	4.48		%	106bps
Strategic capital management fees	0.03		%	0.03		%	0.03		%	0.03		%	0.03		%	0bps		0bps		0.03		%	0.03		%	0bps
Cost of funds	(1.88)		%	(1.88)		%	(2.37)		%	(2.45)		%	(2.73)		%	28bps		85bps		(1.84)		%	(2.60)		%	76bps
Net investment spread	1.34		%	1.73		%	1.85		%	1.83		%	1.99		%	16bps		65bps		1.61		%	1.91		%	30bps
Other operating expenses	(0.23)		%	(0.25)		%	(0.26)		%	(0.25)		%	(0.22)		%	(3)bps		(1)bp		(0.24)		%	(0.24)		%	0bps
Interest and other financing costs	(0.14)		%	(0.15)		%	(0.17)		%	(0.22)		%	(0.25)		%	3bps		11bps		(0.14)		%	(0.22)		%	8bps
Spread related earnings	0.97		%	1.33		%	1.42		%	1.36		%	1.52		%	16bps		55bps		1.23		%	1.45		%	22bps
Average net invested assets - fixed income and other	$	175,115		$	180,143		$	183,597		$	189,509		$	198,063		5	%	13	%	$	172,899		$	193,499		12	%
Average net invested assets - alternatives	11,673			12,088			12,207			12,091			12,146			—	%	4	%	11,135			12,124			9	%
Average net invested assets	$	186,788		$	192,231		$	195,804		$	201,600		$	210,209		4	%	13	%	$	184,034		$	205,623		12	%
Please refer to Notes to the Financial Supplement section and the Non-GAAP Measure Reconciliations for discussion on spread related earnings.

6

Reconciliation of Earnings Measures Unaudited (in millions, except percentages)
	Quarterly Trends										Δ				Year-to-Date				Δ
	2Q’22		3Q’22		4Q’22		1Q’23		2Q’23		Q/Q		Y/Y		2022		2023		Y/Y
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON SHAREHOLDER TO SPREAD RELATED EARNINGS
Net income (loss) available to Athene Holding Ltd. common shareholder	$	(1,740)	$	(622)	$	361	$	721	$	396	(45)	%	NM		$	(2,790)	$	1,117	NM
Preferred stock dividends	35		35		36		47		45		(4)	%	29	%	70		92		31	%
Net income (loss) attributable to noncontrolling interests	(1,089)		(465)		329		455		54		(88)	%	NM		(1,970)		509		NM
Net income (loss)	(2,794)		(1,052)		726		1,223		495		(60)	%	NM		(4,690)		1,718		NM
Income tax expense (benefit)	(378)		(121)		137		163		133		(18)	%	NM		(662)		296		NM
Income (loss) before income taxes	(3,172)		(1,173)		863		1,386		628		(55)	%	NM		(5,352)		2,014		NM
Realized gains (losses) on sale of AFS securities	(39)		(41)		(32)		(59)		(81)		(37)	%	NM		(103)		(140)		(36)	%
Unrealized, allowances and other investment gains (losses)	(1,195)		(671)		(442)		92		(338)		NM		72	%	(2,074)		(246)		88	%
Change in fair value of reinsurance assets	(1,612)		(1,146)		331		357		(153)		NM		91	%	(3,269)		204		NM
Offsets to investment gains (losses)	5		5		6		7		9		29	%	80	%	2		16		NM
Investment gains (losses), net of offsets	(2,841)		(1,853)		(137)		397		(563)		NM		80	%	(5,444)		(166)		97	%
Change in fair values of derivatives and embedded derivatives - FIAs	(367)		90		(24)		143		206		44	%	NM		(404)		349		NM
Non-operating change in funding agreements	—		(80)		(26)		(6)		10		NM		NM		—		4		NM
Change in fair value of market risk benefits	665		511		30		(271)		133		NM		(80)	%	1,353		(138)		NM
Non-operating change in liability for future policy benefits	(8)		(3)		(4)		(1)		(45)		NM		NM		(10)		(46)		NM
Non-operating change in insurance liabilities and related derivatives	290		518		(24)		(135)		304		NM		5	%	939		169		(82)	%
Integration, restructuring and other non-operating expenses	(33)		(37)		(29)		(29)		(28)		(3)	%	(15)	%	(67)		(57)		(15)	%
Stock compensation expense	(13)		(15)		(16)		(16)		(13)		(19)	%	—	%	(25)		(29)		16	%
Preferred stock dividends	35		35		36		47		45		(4)	%	29	%	70		92		31	%
Noncontrolling interests - pre-tax income (loss) and VIE adjustments	(1,065)		(461)		336		435		84		(81)	%	NM		(1,954)		519		NM
Less: Total adjustments to income (loss) before income taxes	(3,627)		(1,813)		166		699		(171)		NM		95	%	(6,481)		528		NM
Spread related earnings	$	455	$	640	$	697	$	687	$	799	16	%	76	%	$	1,129	$	1,486	32	%
Note: Please refer to Notes to the Financial Supplement section for discussion on spread related earnings.

7

Net Flows & Outflows Attributable to Athene by Type Unaudited (in millions, except percentages)
	Quarterly Trends															Δ				Year-to-Date						Δ
	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			Q/Q		Y/Y		2022			2023			Y/Y
NET FLOWS
Retail	$	3,748		$	6,132		$	7,662		$	8,578		$	6,782		(21)	%	81	%	$	6,613		$	15,360		132	%
Flow reinsurance	1,038			2,291			1,856			1,793			2,782			55	%	168	%	2,039			4,575			124	%
Funding agreements1	1,755			1,588			1,000			1,500			148			(90)	%	(92)	%	7,451			1,648			(78)	%
Pension group annuities	5,508			2,944			772			56			9,002			NM		63	%	7,502			9,058			21	%
Gross organic inflows	12,049			12,955			11,290			11,927			18,714			57	%	55	%	23,605			30,641			30	%
Gross inorganic inflows2	—			—			—			—			—			NM		NM		—			—			NM
Total gross inflows	12,049			12,955			11,290			11,927			18,714			57	%	55	%	23,605			30,641			30	%
Gross outflows3	(4,925)			(7,000)			(11,064)			(6,879)			(9,135)			33	%	85	%	(9,808)			(16,014)			63	%
Net flows	$	7,124		$	5,955		$	226		$	5,048		$	9,579		90	%	34	%	$	13,797		$	14,627		6	%
Inflows attributable to Athene	$	8,889		$	11,000		$	10,022		$	11,896		$	14,977		26	%	68	%	$	18,222		$	26,873		47	%
Inflows attributable to ADIP4	3,160			1,955			1,268			31			3,737			NM		18	%	5,383			3,768			(30)	%
Total gross inflows	$	12,049		$	12,955		$	11,290		$	11,927		$	18,714		57	%	55	%	$	23,605		$	30,641		30	%
Outflows attributable to Athene	$	(4,062)		$	(5,803)		$	(9,787)		$	(5,531)		$	(7,891)		43	%	94	%	$	(8,134)		$	(13,422)		65	%
Outflows attributable to ADIP4	(863)			(1,197)			(1,277)			(1,348)			(1,244)			(8)	%	44	%	(1,674)			(2,592)			55	%
Total gross outflows3	$	(4,925)		$	(7,000)		$	(11,064)		$	(6,879)		$	(9,135)		33	%	85	%	$	(9,808)		$	(16,014)		63	%
OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE5
Maturity-driven, contractual-based outflows6	$	(1,305)		$	(2,834)		$	(1,472)		$	(1,717)		$	(3,981)		132	%	205	%	$	(2,689)		$	(5,698)		112	%
Policyholder-driven outflows7	(2,757)			(2,969)			(3,453)			(3,814)			(3,910)			3	%	42	%	(5,445)			(7,724)			42	%
Income oriented withdrawals (planned)8	(1,413)			(1,516)			(1,813)			(1,766)			(1,750)			(1)	%	24	%	(2,942)			(3,516)			20	%
From policies out-of-surrender-charge (planned)9	(1,075)			(1,131)			(1,188)			(1,480)			(1,377)			(7)	%	28	%	(1,940)			(2,857)			47	%
From policies in-surrender-charge (unplanned)10	(269)			(322)			(452)			(568)			(783)			38	%	191	%	(563)			(1,351)			140	%
Core outflows	(4,062)			(5,803)			(4,925)			(5,531)			(7,891)			43	%	94	%	(8,134)			(13,422)			65	%
Strategic reinsurance transaction	—			—			(4,862)			—			—			NM		NM		—			—			NM
Outflows attributable to Athene	$	(4,062)		$	(5,803)		$	(9,787)		$	(5,531)		$	(7,891)		43	%	94	%	$	(8,134)		$	(13,422)		65	%
Annualized rate11
Maturity-driven, contractual-based outflows6	(2.8)		%	(5.9)		%	(3.0)		%	(3.4)		%	(7.6)		%	NM		NM		(2.9)		%	(5.6)		%	270bps
Policyholder-driven outflows7	(5.9)		%	(6.2)		%	(7.1)		%	(7.6)		%	(7.4)		%	(20)bps		150bps		(5.9)		%	(7.5)		%	160bps
Income oriented withdrawals (planned)8	(3.0)		%	(3.2)		%	(3.7)		%	(3.5)		%	(3.3)		%	(20)bps		30bps		(3.2)		%	(3.4)		%	20bps
From policies out-of-surrender-charge (planned)9	(2.3)		%	(2.3)		%	(2.5)		%	(3.0)		%	(2.6)		%	(40)bps		30bps		(2.1)		%	(2.8)		%	70bps
From policies in-surrender-charge (unplanned)10	(0.6)		%	(0.7)		%	(0.9)		%	(1.1)		%	(1.5)		%	40bps		90bps		(0.6)		%	(1.3)		%	70bps
Core outflows	(8.7)		%	(12.1)		%	(10.1)		%	(11.0)		%	(15.0)		%	NM		NM		(8.8)		%	(13.1)		%	NM
Strategic reinsurance transaction	—		%	—		%	(9.9)		%	—		%	—		%	NM		NM		—		%	—		%	NM
Outflows attributable to Athene	(8.7)		%	(12.1)		%	(20.0)		%	(11.0)		%	(15.0)		%	NM		NM		(8.8)		%	(13.1)		%	NM
Note: 1 Funding agreements are comprised of funding agreements issued under our funding agreement backed notes (FABN) and funding agreement backed repurchase agreements (FABR) programs, funding agreements issued to the Federal Home Loan Bank (FHLB) and long-term repurchase agreements. 2 Gross inorganic inflows include acquisitions and block reinsurance transactions. 3 Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, funding agreement repurchases and maturities and ceded reinsurance. 4 ADIP refers to Apollo/Athene Dedicated Investment Program and represents the noncontrolling interest in business ceded to ACRA. 5 The format and methodology of this table was updated during 1Q’23 to provide additional information. 6 Represents outflows from funding agreements, pension group annuities and multi-year guarantee fixed annuities (MYGA), all of which occur based on defined maturities or substantially lapse upon reaching their contractual term. Amounts may vary on a quarterly basis, based on the timing of original issuance. 7 Represents outflows from fixed index annuities and other applicable products, which have varying degrees of predictability due to policyholder actions. 8 Represents partial annuity withdrawals to meet retirement income needs within contractual annual limits. 9 Represents outflows from policies that no longer have an active surrender charge in force. 10 Represents outflows from policies with an active surrender charge in force. 11 The outflow rate is calculated as outflows attributable to Athene divided by average net invested assets for the respective period, on an annualized basis.

8

Condensed Consolidated Balance Sheets Unaudited (in millions, except percentages)
	December 31, 2022		June 30, 2023		Δ
ASSETS
Investments
Available-for-sale securities, at fair value	$	102,404	$	115,152	12	%
Trading securities, at fair value	1,595		1,628		2	%
Equity securities	1,487		1,296		(13)	%
Mortgage loans, at fair value	27,454		34,668		26	%
Investment funds	79		123		56	%
Policy loans	347		336		(3)	%
Funds withheld at interest	32,880		27,844		(15)	%
Derivative assets	3,309		5,114		55	%
Short-term investments	2,160		650		(70)	%
Other investments	773		741		(4)	%
Total investments	172,488		187,552		9	%
Cash and cash equivalents	7,779		10,601		36	%
Restricted cash	628		2,203		251	%
Investments in related parties
Available-for-sale securities, at fair value	9,821		13,407		37	%
Trading securities, at fair value	878		867		(1)	%
Equity securities, at fair value	279		313		12	%
Mortgage loans, at fair value	1,302		1,296		—	%
Investment funds	1,569		1,636		4	%
Funds withheld at interest	9,808		9,017		(8)	%
Short-term investments	—		891		NM
Other investments, at fair value	303		343		13	%
Accrued investment income	1,328		1,646		24	%
Reinsurance recoverable	4,358		4,236		(3)	%
Deferred acquisition costs, deferred sales inducements and value of business acquired	4,466		5,166		16	%
Goodwill	4,058		4,065		—	%
Other assets	8,693		7,914		(9)	%
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value	1,063		1,720		62	%
Mortgage loans, at fair value	2,055		2,113		3	%
Investment funds, at fair value	12,480		14,109		13	%
Other investments, at fair value	101		100		(1)	%
Cash and cash equivalents	362		122		(66)	%
Other assets	112		120		7	%
Total assets	$	243,931	$	269,437	10	%

9

Condensed Consolidated Balance Sheets, continued Unaudited (in millions, except percentages)
	December 31, 2022		June 30, 2023		Δ
LIABILITIES
Interest sensitive contract liabilities	$	173,616	$	184,359	6	%
Future policy benefits	42,110		50,284		19	%
Market risk benefits	2,970		3,195		8	%
Debt	3,658		3,642		—	%
Derivative liabilities	1,646		1,753		7	%
Payables for collateral on derivatives and securities to repurchase	6,707		9,845		47	%
Other liabilities	1,860		1,936		4	%
Liabilities of consolidated variable interest entities	815		1,189		46	%
Total liabilities	233,382		256,203		10	%
EQUITY
Preferred stock	—		—		NM
Common stock	—		—		NM
Additional paid-in capital	18,119		18,162		—	%
Retained deficit	(3,640)		(3,085)		15	%
Accumulated other comprehensive loss	(7,321)		(6,376)		13	%
Total Athene Holding Ltd. shareholders' equity	7,158		8,701		22	%
Noncontrolling interests	3,391		4,533		34	%
Total equity	10,549		13,234		25	%
Total liabilities and equity	$	243,931	$	269,437	10	%

10

Net Invested Assets (Management view) & Agency Ratings Unaudited (in millions, except percentages)
	December 31, 2022				June 30, 2023
	Invested Asset Value1		Percent of Total		Invested Asset Value1		Percent of Total
NET INVESTED ASSETS
Corporate	$	80,800	41.1	%	$	83,663	39.2	%
CLO	19,881		10.1	%	21,124		9.9	%
Credit	100,681		51.2	%	104,787		49.1	%
CML	23,750		12.1	%	25,053		11.7	%
RML	11,147		5.7	%	15,178		7.1	%
RMBS	7,363		3.7	%	7,427		3.5	%
CMBS	4,495		2.3	%	4,700		2.2	%
Real estate	46,755		23.8	%	52,358		24.5	%
ABS	20,680		10.5	%	22,571		10.6	%
Alternative investments	12,079		6.1	%	12,190		5.7	%
State, municipal, political subdivisions and foreign government	2,715		1.4	%	2,730		1.3	%
Equity securities	1,737		0.9	%	1,648		0.8	%
Short-term investments	1,930		1.0	%	1,336		0.6	%
US government and agencies	2,691		1.4	%	4,149		1.9	%
Other investments	41,832		21.3	%	44,624		20.9	%
Cash and equivalents	5,481		2.8	%	9,947		4.6	%
Policy loans and other	1,702		0.9	%	1,954		0.9	%
Net invested assets	$	196,451	100.0	%	$	213,670	100.0	%

	A.M. Best	Standard & Poor’s	Fitch	Moody’s
FINANCIAL STRENGTH RATINGS
Athene Annuity & Life Assurance Company	A	A+	A+	A1
Athene Annuity and Life Company	A	A+	A+	A1
Athene Annuity & Life Assurance Company of New York	A	A+	A+	A1
Athene Life Insurance Company of New York	A	NR	NR	NR
Athene Annuity Re Ltd.	A	A+	A+	A1
Athene Life Re Ltd.	A	A+	A+	A1
Athene Life Re International Ltd.	A	A+	A+	A1
Athene Co-Invest Reinsurance Affiliate 1A Ltd. and Athene Co-Invest Reinsurance Affiliate 1B Ltd.	A	A+	A+	A1
Athene Co-Invest Reinsurance Affiliate International Ltd.	A	A+	A+	A1
CREDIT RATINGS
Athene Holding Ltd.	bbb+	A-	A-	NR
Senior notes	bbb+	A-	BBB+	Baa1
1 Please refer to Notes to the Financial Supplement section for discussion on net invested assets including net alternative investments and Non-GAAP Measure Reconciliations for the reconciliation of investments, including related parties, to net invested assets. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interest.

11

Net Alternative Investments (Management view) Unaudited (in millions, except percentages)
	December 31, 2022				June 30, 2023
	Invested Asset Value1		Percent of Total		Invested Asset Value1		Percent of Total
NET ALTERNATIVE INVESTMENTS
Strategic origination platforms
Wheels Donlen	$	662	5.5	%	$	657	5.4	%
Redding Ridge	624		5.2	%	625		5.1	%
NNN Lease	579		4.8	%	545		4.5	%
MidCap Financial	604		5.0	%	605		5.0	%
Foundation Home Loans	302		2.5	%	297		2.4	%
PK AirFinance	251		2.1	%	248		2.0	%
Aqua Finance	267		2.2	%	251		2.0	%
Other	308		2.5	%	215		1.8	%
Total strategic origination platforms	3,597		29.8	%	3,443		28.2	%
Strategic retirement services platforms
Athora	1,012		8.4	%	1,097		9.0	%
Catalina	417		3.4	%	405		3.3	%
FWD	400		3.3	%	400		3.3	%
Challenger	294		2.4	%	269		2.2	%
Venerable	241		2.0	%	214		1.7	%
Other	20		0.2	%	—		—	%
Total strategic retirement services platforms	2,384		19.7	%	2,385		19.5	%
Apollo and other fund investments
Equity
Real estate	1,212		10.0	%	1,129		9.3	%
Traditional private equity	947		7.8	%	1,131		9.3	%
Other	189		1.6	%	171		1.4	%
Total equity	2,348		19.4	%	2,431		20.0	%
Hybrid
Real estate	1,289		10.7	%	1,194		9.8	%
Other	1,315		10.9	%	1,419		11.6	%
Total hybrid	2,604		21.6	%	2,613		21.4	%
Yield	885		7.3	%	904		7.5	%
Total Apollo and other fund investments	5,837		48.3	%	5,948		48.9	%
Other	261		2.2	%	414		3.4	%
Net alternative investments2	$	12,079	100.0	%	$	12,190	100.0	%
1 Please refer to Notes to the Financial Supplement for discussion on net invested assets including net alternative investments and Non-GAAP Measure Reconciliations for the reconciliations of investments, including related parties, to net invested assets and investment funds, including related parties and VIEs, to net alternative investments. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interest. Net alternative invested asset values reflect Athene’s ownership of Apollo Aligned Alternatives, L.P. (AAA). Athene’s ownership percentage of AAA was approximately 75%, 77% and 81% as of June 30, 2023, March 31, 2023 and December 31, 2022, respectively. 2 Net alternative investments do not correspond to total investment funds, including related parties and VIEs, on our condensed consolidated balance sheets. Net alternative investments adjusts the GAAP presentation to include certain equity securities that are included in AFS or trading securities in the GAAP view, investment funds included in our funds withheld at interest and modco reinsurance portfolios, royalties and other investments.

12

Credit Quality of Securities Unaudited (in millions, except percentages)
	December 31, 2022				June 30, 2023
CREDIT QUALITY OF AFS SECURITIES (GAAP VIEW)	Fair Value		Percent of Total		Fair Value		Percent of Total
NAIC designation
1 A-G	$	58,470	52.1	%	$	68,947	53.6	%
2 A-C	49,067		43.7	%	54,947		42.7	%
Total investment grade	107,537		95.8	%	123,894		96.3	%
3 A-C	3,302		3.0	%	3,247		2.5	%
4 A-C	925		0.8	%	904		0.7	%
5 A-C	190		0.2	%	186		0.2	%
6	271		0.2	%	328		0.3	%
Total below investment grade	4,688		4.2	%	4,665		3.7	%
Total AFS securities including related parties	$	112,225	100.0	%	$	128,559	100.0	%
NRSRO designation
AAA/AA/A	$	51,926	46.3	%	$	60,999	47.4	%
BBB	44,783		39.9	%	50,035		38.9	%
Non-rated1	8,985		8.0	%	10,767		8.4	%
Total investment grade2	105,694		94.2	%	121,801		94.7	%
BB	3,176		2.8	%	3,195		2.5	%
B	749		0.7	%	860		0.7	%
CCC	1,055		0.9	%	1,082		0.8	%
CC and lower	584		0.5	%	754		0.6	%
Non-rated1	967		0.9	%	867		0.7	%
Total below investment grade	6,531		5.8	%	6,758		5.3	%
Total AFS securities including related parties	$	112,225	100.0	%	$	128,559	100.0	%
1 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 2 We view the NAIC designation methodology as the most appropriate way to view our AFS portfolio when evaluating credit risk since a portion of our holdings were purchased at a significant discount to par. With respect to loan-backed and structured securities, the NAIC designation methodology differs in significant respects from the NRSRO rating methodology. NRSRO ratings methodology is focused on the likelihood of recovery of all contractual payments, including principal at par regardless of entry price, while the NAIC designation methodology considers an investment at amortized cost, and the likelihood of recovery of that book value.

13

Credit Quality of Net Invested Assets (Management view) Unaudited (In millions, except percentages)
	December 31, 2022				June 30, 2023					December 31, 2022				June 30, 2023
	Invested Asset Value1		% of Total		Invested Asset Value1		% of Total			Invested Asset Value1		% of Total		Invested Asset Value1		% of Total
CREDIT QUALITY OF NET INVESTED ASSETS									CREDIT QUALITY OF NET INVESTED ASSETS
NAIC designation									NRSRO designation
1 A-G	$	71,471	50.8	%	$	76,565	51.8	%	AAA/AA/A	$	60,869	43.3	%	$	65,914	44.6	%
2 A-C	62,115		44.2	%	64,796		43.9	%	BBB	56,029		39.9	%	58,179		39.4	%
Non-rated	506		0.4	%	300		0.2	%	Non-rated2	14,686		10.5	%	15,081		10.2	%
Total investment grade	134,092		95.4	%	141,661		95.9	%	Total investment grade	131,584		93.7	%	139,174		94.2	%
3 A-C	4,471		3.2	%	4,090		2.8	%	BB	4,217		3.0	%	3,755		2.5	%
4 A-C	1,259		0.9	%	1,116		0.7	%	B	990		0.7	%	1,022		0.7	%
5 A-C	407		0.3	%	419		0.3	%	CCC	1,431		1.0	%	1,404		1.0	%
6	326		0.2	%	414		0.3	%	CC and lower	906		0.6	%	979		0.7	%
Non-rated	—		—	%	—		—	%	Non-rated2	1,427		1.0	%	1,366		0.9	%
Total below investment grade	6,463		4.6	%	6,039		4.1	%	Total below investment grade	8,971		6.3	%	8,526		5.8	%
Total NAIC designated assets3	140,555		100.0	%	147,700		100.0	%	Total NRSRO designated assets3	140,555		100.0	%	147,700		100.0	%
Assets without NAIC designation									Assets without NRSRO designation
Commercial mortgage loans									Commercial mortgage loans
CM1	3,998		16.8	%	3,635		14.5	%	CM1	3,998		16.8	%	3,635		14.5	%
CM2	14,008		59.0	%	15,710		62.7	%	CM2	14,008		59.0	%	15,710		62.7	%
CM3	5,216		22.0	%	5,261		21.0	%	CM3	5,216		22.0	%	5,261		21.0	%
CM4	447		1.9	%	364		1.5	%	CM4	447		1.9	%	364		1.5	%
CM5	81		0.3	%	83		0.3	%	CM5	81		0.3	%	83		0.3	%
CM6	—		—	%	—		—	%	CM6	—		—	%	—		—	%
CM7	—		—	%	—		—	%	CM7	—		—	%	—		—	%
Total CMLs	23,750		100.0	%	25,053		100.0	%	Total CMLs	23,750		100.0	%	25,053		100.0	%
Residential mortgage loans									Residential mortgage loans
In good standing	10,636		95.4	%	14,628		96.4	%	In good standing	10,636		95.4	%	14,628		96.4	%
90 days late	422		3.8	%	464		3.0	%	90 days late	422		3.8	%	464		3.0	%
In foreclosure	89		0.8	%	86		0.6	%	In foreclosure	89		0.8	%	86		0.6	%
Total RMLs	11,147		100.0	%	15,178		100.0	%	Total RMLs	11,147		100.0	%	15,178		100.0	%
Alternative investments	12,079				12,190				Alternative investments	12,079				12,190
Cash and equivalents	5,481				9,947				Cash and equivalents	5,481				9,947
Equity securities	1,737				1,648				Equity securities	1,737				1,648
Other4	1,702				1,954				Other4	1,702				1,954
Net invested assets	$	196,451			$	213,670			Net invested assets	$	196,451			$	213,670
1 Please refer to Notes to the Financial Supplement section for discussion on net invested assets and Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 3 NAIC and NRSRO designations include corporates, CLO, RMBS, CMBS, ABS, state, municipal, political subdivisions and foreign government securities, short-term investments and U.S. government and agency securities. 4 Other includes policy loans, accrued interest, and other net invested assets.

14

Credit Quality of Net Invested Assets - ABS and CLOs (Management view) Unaudited (In millions, except percentages)
	December 31, 2022				June 30, 2023					December 31, 2022				June 30, 2023
	Invested Asset Value1		% of Total		Invested Asset Value1		% of Total			Invested Asset Value1		% of Total		Invested Asset Value1		% of Total
CREDIT QUALITY OF ABS – NAIC DESIGNATION									CREDIT QUALITY OF ABS – NRSRO DESIGNATION
1 A-G	$	12,261	59.3	%	$	12,696	56.3	%	AAA/AA/A	$	11,780	57.0	%	$	12,094	53.6	%
2 A-C	7,301		35.3	%	8,755		38.8	%	BBB	7,248		35.0	%	8,465		37.5	%
Non-rated	—		—	%	—		—	%	Non-rated2	535		2.6	%	893		4.0	%
Total investment grade	19,562		94.6	%	21,451		95.1	%	Total investment grade	19,563		94.6	%	21,452		95.1	%
3 A-C	710		3.4	%	703		3.1	%	BB	709		3.4	%	702		3.1	%
4 A-C	229		1.1	%	233		1.0	%	B	229		1.1	%	233		1.0	%
5 A-C	157		0.8	%	161		0.7	%	CCC	33		0.2	%	34		0.1	%
6	22		0.1	%	23		0.1	%	CC and lower	22		0.1	%	23		0.1	%
Non-rated	—		—	%	—		—	%	Non-rated2	124		0.6	%	127		0.6	%
Total below investment grade	1,118		5.4	%	1,120		4.9	%	Total below investment grade	1,117		5.4	%	1,119		4.9	%
ABS net invested assets	$	20,680	100.0	%	$	22,571	100.0	%	ABS net invested assets	$	20,680	100.0	%	$	22,571	100.0	%
CREDIT QUALITY OF CLOs – NAIC DESIGNATION									CREDIT QUALITY OF CLOs – NRSRO DESIGNATION
1 A-G	$	12,455	62.7	%	$	13,443	63.6	%	AAA/AA/A	$	12,455	62.7	%	$	13,443	63.6	%
2 A-C	7,278		36.6	%	7,534		35.7	%	BBB	7,278		36.6	%	7,534		35.7	%
Non-rated	—		—	%	—		—	%	Non-rated2	—		—	%	—		—	%
Total investment grade	19,733		99.3	%	20,977		99.3	%	Total investment grade	19,733		99.3	%	20,977		99.3	%
3 A-C	128		0.6	%	128		0.6	%	BB	128		0.6	%	128		0.6	%
4 A-C	20		0.1	%	19		0.1	%	B	20		0.1	%	19		0.1	%
5 A-C	—		—	%	—		—	%	CCC	—		—	%	—		—	%
6	—		—	%	—		—	%	CC and lower	—		—	%	—		—	%
Non-rated	—		—	%	—		—	%	Non-rated2	—		—	%	—		—	%
Total below investment grade	148		0.7	%	147		0.7	%	Total below investment grade	148		0.7	%	147		0.7	%
CLO net invested assets	$	19,881	100.0	%	$	21,124	100.0	%	CLO net invested assets	$	19,881	100.0	%	$	21,124	100.0	%
1 Please refer to Notes to the Financial Supplement section for discussion on net invested assets and Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.

15

Credit Quality of Net Invested Assets - RMBS and CMBS (Management view) Unaudited (In millions, except percentages)
	December 31, 2022				June 30, 2023					December 31, 2022				June 30, 2023
	Invested Asset Value1		% of Total		Invested Asset Value1		% of Total			Invested Asset Value1		% of Total		Invested Asset Value1		% of Total
CREDIT QUALITY OF RMBS – NAIC DESIGNATION									CREDIT QUALITY OF RMBS – NRSRO DESIGNATION
1 A-G	$	6,125	83.2	%	$	6,290	84.7	%	AAA/AA/A	$	2,026	27.5	%	$	2,200	29.6	%
2 A-C	347		4.7	%	297		4.0	%	BBB	735		10.0	%	497		6.7	%
Non-rated	—		—	%	—		—	%	Non-rated2	1,647		22.4	%	1,841		24.8	%
Total investment grade	6,472		87.9	%	6,587		88.7	%	Total investment grade	4,408		59.9	%	4,538		61.1	%
3 A-C	455		6.2	%	438		5.9	%	BB	140		1.9	%	127		1.7	%
4 A-C	309		4.2	%	257		3.5	%	B	141		1.9	%	132		1.8	%
5 A-C	102		1.4	%	96		1.3	%	CCC	1,333		18.1	%	1,242		16.7	%
6	25		0.3	%	49		0.6	%	CC and lower	834		11.3	%	909		12.2	%
Non-rated	—		—	%	—		—	%	Non-rated2	507		6.9	%	479		6.5	%
Total below investment grade	891		12.1	%	840		11.3	%	Total below investment grade	2,955		40.1	%	2,889		38.9	%
RMBS net invested assets	$	7,363	100.0	%	$	7,427	100.0	%	RMBS net invested assets	$	7,363	100.0	%	$	7,427	100.0	%
CREDIT QUALITY OF CMBS – NAIC DESIGNATION									CREDIT QUALITY OF CMBS – NRSRO DESIGNATION
1 A-G	$	3,191	71.0	%	$	3,349	71.3	%	AAA/AA/A	$	2,262	50.3	%	$	2,493	53.0	%
2 A-C	811		18.0	%	860		18.3	%	BBB	675		15.0	%	713		15.2	%
Non-rated	—		—	%	—		—	%	Non-rated2	610		13.6	%	562		12.0	%
Total investment grade	4,002		89.0	%	4,209		89.6	%	Total investment grade	3,547		78.9	%	3,768		80.2	%
3 A-C	295		6.6	%	222		4.7	%	BB	700		15.6	%	510		10.9	%
4 A-C	80		1.8	%	143		3.0	%	B	167		3.7	%	273		5.8	%
5 A-C	78		1.7	%	79		1.7	%	CCC	64		1.4	%	128		2.7	%
6	40		0.9	%	47		1.0	%	CC and lower	17		0.4	%	21		0.4	%
Non-rated	—		—	%	—		—	%	Non-rated2	—		—	%	—		—	%
Total below investment grade	493		11.0	%	491		10.4	%	Total below investment grade	948		21.1	%	932		19.8	%
CMBS net invested assets	$	4,495	100.0	%	$	4,700	100.0	%	CMBS net invested assets	$	4,495	100.0	%	$	4,700	100.0	%
1 Please refer to Notes to the Financial Supplement section for discussion on net invested assets and Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.

16

Net Reserve Liabilities & Rollforwards Unaudited (in millions, except percentages)
	December 31, 2022				June 30, 2023
	Dollars		Percent of Total		Dollars		Percent of Total
NET RESERVE LIABILITIES
Indexed annuities	$	85,163	48.4	%	$	87,456	45.2	%
Fixed rate annuities	39,553		22.5	%	49,998		25.8	%
Total deferred annuities	124,716		70.9	%	137,454		71.0	%
Pension group annuities	20,614		11.7	%	25,341		13.1	%
Payout annuities	7,589		4.3	%	7,520		3.9	%
Funding agreements1	21,538		12.2	%	21,644		11.2	%
Life and other	1,513		0.9	%	1,472		0.8	%
Total net reserve liabilities	$	175,970	100.0	%	$	193,431	100.0	%

	Quarterly Trends										Δ				Year-to-Date				Δ
	2Q’22		3Q’22		4Q’22		1Q’23		2Q’23		Q/Q		Y/Y		2022		2023		Y/Y
NET RESERVE LIABILITY ROLLFORWARD
Net reserve liabilities – beginning	$	169,750	$	170,703	$	173,539	$	175,970	$	184,891	5	%	9	%	$	168,323	$	175,970	5	%
Gross inflows2	12,214		13,161		11,511		12,111		18,989		57	%	55	%	24,031		31,100		29	%
Inflows attributable to ACRA noncontrolling interest	(3,184)		(1,993)		(1,305)		(60)		(3,751)		NM		18	%	(5,455)		(3,811)		(30)	%
Net inflows	9,030		11,168		10,206		12,051		15,238		26	%	69	%	18,576		27,289		47	%
Net withdrawals	(4,062)		(5,803)		(4,925)		(5,531)		(7,891)		43	%	94	%	(8,134)		(13,422)		65	%
Strategic reinsurance outflows	—		—		(4,862)		—		—		NM		NM		—		—		NM
Other reserve changes	(4,015)		(2,529)		2,012		2,401		1,193		(50)	%	NM		(8,062)		3,594		NM
Net reserve liabilities – ending	$	170,703	$	173,539	$	175,970	$	184,891	$	193,431	5	%	13	%	$	170,703	$	193,431	13	%
ACRA NONCONTROLLING INTEREST RESERVE LIABILITY ROLLFORWARD
Reserve liabilities – beginning	$	34,036	$	35,522	$	35,463	$	35,981	$	35,281	(2)	%	4	%	$	33,537	$	35,981	7	%
Inflows	3,184		1,993		1,305		60		3,751		NM		18	%	5,455		3,811		(30)	%
Withdrawals	(863)		(1,197)		(1,277)		(1,348)		(1,244)		(8)	%	44	%	(1,674)		(2,592)		55	%
Other reserve changes	(835)		(855)		490		588		(13)		NM		98	%	(1,796)		575		NM
Reserve liabilities – ending	$	35,522	$	35,463	$	35,981	$	35,281	$	37,775	7	%	6	%	$	35,522	$	37,775	6	%
Note: Please refer to Notes to the Financial Supplement section and the Non-GAAP Measure Reconciliations for discussion on net reserve liabilities. Net reserve liabilities include our economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the noncontrolling interest. 1 Funding agreements are comprised of funding agreements issued under our FABN and FABR programs, funding agreements issued to the FHLB and long-term repurchase agreements. 2 Gross inflows equal inflows from our retail, flow reinsurance and institutional channels as well as inflows for life and products other than deferred annuities or our institutional products, renewal inflows on older blocks of business, annuitizations and foreign currency translation adjustments on large transactions between the transaction date and the translation period. Gross inflows include all inflows sourced by Athene, including all of the inflows reinsured to ACRA.

17

Deferred Annuity Liability Characteristics Unaudited (in millions, except percentages)
	Surrender charge (gross)		Percent of total		Surrender charge (net of MVA)			Percent of total
SURRENDER CHARGE PERCENTAGES ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge	$	27,780	21.1	%	$	27,780		21.2	%
0.0% < 2.0%	3,224		2.5	%	3,063			2.3	%
2.0% < 4.0%	6,704		5.1	%	3,997			3.1	%
4.0% < 6.0%	11,937		9.1	%	8,056			6.1	%
6.0% or greater	81,707		62.2	%	88,456			67.3	%
	$	131,352	100.0	%	$	131,352		100.0	%
			Surrender charge (gross)		MVA benefit			Surrender charge (net)
Aggregate surrender charge protection			6.0	%	1.8		%	7.8	%

	Deferred annuities		Percent of total		Average surrender charge (gross)
YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge	$	27,780	21.1	%	—	%
Less than 2	18,303		13.9	%	5.6	%
2 to less than 4	23,226		17.7	%	6.6	%
4 to less than 6	30,750		23.4	%	7.5	%
6 to less than 8	13,334		10.2	%	8.8	%
8 to less than 10	14,406		11.0	%	9.0	%
10 or greater	3,553		2.7	%	14.3	%
	$	131,352	100.0	%

18

Notes to the Financial Supplement

KEY OPERATING AND NON-GAAP MEASURES

In addition to our results presented in accordance with accounting principles generally accepted in the United States of America (US GAAP), we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures, together with the relevant US GAAP measures, provides information that may enhance an investor’s understanding of our results of operations and the underlying profitability drivers of our business. The majority of these non-GAAP measures are intended to remove from the results of operations the impact of market volatility (other than with respect to alternative investments) as well as integration, restructuring, stock compensation and certain other expenses which are not part of our underlying profitability drivers, as such items fluctuate from period to period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

SPREAD RELATED EARNINGS (SRE) AND NET SPREAD

Spread related earnings is a pre-tax non-GAAP measure used to evaluate our financial performance excluding market volatility and expenses related to integration, restructuring, stock compensation and other expenses. Our spread related earnings equals net income (loss) available to AHL common shareholder adjusted to eliminate the impact of the following:

•Investment Gains (Losses), Net of Offsets—Consists of the realized gains and losses on the sale of AFS securities, the change in fair value of reinsurance assets, unrealized gains and losses, changes in the credit loss allowance, and other investment gains and losses. Unrealized, allowances and other investment gains and losses are comprised of the fair value adjustments of trading securities (other than certain equity tranche securities) and mortgage loans, investments held under the fair value option, derivative gains and losses not hedging FIA index credits, and the change in credit loss allowances recognized in operations net of the change in AmerUs Closed Block fair value reserve related to the corresponding change in fair value of investments. The change in fair value of our investment in Apollo was included in prior years. Investment gains and losses are net of offsets related to the market value adjustments (MVA) associated with surrenders or terminations of contracts.

•Non-operating Change in Insurance Liabilities and Related Derivatives

•Change in Fair Values of Derivatives and Embedded Derivatives – FIAs—Consists of impacts related to the fair value accounting for derivatives hedging the FIA index credits and the related embedded derivative liability fluctuations from period to period. The index reserve is measured at fair value for the current period and all periods beyond the current policyholder index term. However, the FIA hedging derivatives are purchased to hedge only the current index period. Upon policyholder renewal at the end of the period, new FIA hedging derivatives are purchased to align with the new term. The difference in duration between the FIA hedging derivatives and the index credit reserves creates a timing difference in earnings. This timing difference of the FIA hedging derivatives and index credit reserves is included as a non-operating adjustment. We primarily hedge with options that align with the index terms of our FIA products (typically 1–2 years). On an economic basis, we believe this is suitable because policyholder accounts are credited with index performance at the end of each index term. However, because the term of an embedded derivative in an FIA contract is longer-dated, there is a duration mismatch which may lead to mismatches for accounting purposes.

•Non-operating Change in Funding Agreements—Consists of timing differences caused by changes to interest rates on variable funding agreements and funding agreement backed notes and the associated reserve accretion patterns of those contracts. Further included are adjustments for gains associated with our repurchases of funding agreement backed notes.

•Change in Fair Value of Market Risk Benefits—Consists primarily of volatility in capital market inputs used in the measurement at fair value of our market risk benefits, including certain impacts from changes in interest rates, equity returns and implied equity volatilities.

•Non-operating Change in Liability for Future Policy Benefits—Consists of the non-economic loss incurred at issuance for certain pension group annuities and other payout annuities with life contingencies when valuation interest rates prescribed by US GAAP are lower than the net investment earned rates, adjusted for profit, assumed in pricing. For such contracts with non-economic US GAAP losses, the SRE reserve accretes interest using an imputed discount rate that produces zero gain or loss at issuance.

•Integration, Restructuring, and Other Non-operating Expenses—Consists of restructuring and integration expenses related to acquisitions and block reinsurance costs as well as certain other expenses, which are not predictable or related to our underlying profitability drivers.

•Stock Compensation Expense—Consists of stock compensation expenses associated with our share incentive plans, including long-term incentive expenses, which are not related to our underlying profitability drivers and fluctuate from time to time due to the structure of our plans.

•Income Tax (Expense) Benefit—Consists of the income tax effect of all income statement adjustments, including our Apollo investment in prior years, and is computed by applying the appropriate jurisdiction’s tax rate to all adjustments subject to income tax.

We consider these adjustments to be meaningful adjustments to net income (loss) available to AHL common shareholder for the reasons discussed in greater detail above. Accordingly, we believe using a measure which excludes the impact of these items is useful in analyzing our business performance and the trends in our results of operations. Together with net income (loss) available to AHL common shareholder, we believe spread related earnings provides a meaningful financial metric that helps investors understand our underlying results and profitability. Spread related earnings should not be used as a substitute for net income (loss) available to AHL common shareholder.

Net spread is a non-GAAP measure used to evaluate our financial performance and profitability. Net spread is computed using our spread related earnings divided by average net invested assets for the relevant period. To enhance the ability to analyze this measure across periods, interim periods are annualized. While we believe this metric is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for ROA presented under GAAP.

ADJUSTED DEBT TO CAPITAL RATIO

Adjusted debt to capital ratio is a non-GAAP measure used to evaluate our capital structure excluding the impacts of AOCI and the cumulative changes in fair value of funds withheld and modco reinsurance assets as well as mortgage loan assets, net of tax. Adjusted debt to capital ratio is calculated as total debt at notional value divided by adjusted capitalization. Adjusted capitalization includes our adjusted AHL common shareholder’s equity, preferred stock and the notional value of our debt. Adjusted AHL common shareholder’s equity is calculated as the ending AHL shareholders’ equity excluding AOCI, the cumulative changes in fair value of funds withheld and modco reinsurance assets and mortgage loan assets as well as preferred stock. These adjustments fluctuate period to period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities, reinsurance assets and mortgage loans. Except with respect to reinvestment activity relating to acquired blocks of businesses, we typically buy and hold investments to maturity throughout the duration of market fluctuations, therefore, the period-over-period impacts in unrealized gains and losses are not necessarily indicative of current operating fundamentals or future performance. Adjusted debt to capital ratio should not be used as a substitute for the debt to capital ratio. However, we believe the adjustments to shareholders’ equity are significant to gaining an understanding of our capitalization, debt utilization and debt capacity.

19

Notes to the Financial Supplement, continued

NET INVESTMENT SPREAD AND OTHER OPERATING EXPENSES

Net investment spread is a key measure of profitability. Net investment spread measures our investment performance plus our strategic capital management fees, less our total cost of funds. Net investment earned rate is a key measure of our investment performance while cost of funds is a key measure of the cost of our policyholder benefits and liabilities. Strategic capital management fees consist of management fees received by us for business managed for others, primarily the non-controlling interest portion of Athene’s business ceded to ACRA.

•Net investment earned rate is a non-GAAP measure we use to evaluate the performance of our net invested assets that does not correspond to US GAAP net investment income. Net investment earned rate is computed as the income from our net invested assets divided by the average net invested assets, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. The adjustments to net investment income to arrive at our net investment earned rate add (a) alternative investment gains and losses, (b) gains and losses related to certain equity securities, (c) net VIE impacts (revenues, expenses and noncontrolling interest), (d) forward points gains and losses on foreign exchange derivative hedges and (e) the change in fair value of reinsurance assets, and removes the proportionate share of the ACRA net investment income associated with the noncontrolling interest. The gain or loss on our investment in Apollo was removed in prior years. We include the income and assets supporting our change in fair value of reinsurance assets by evaluating the underlying investments of the funds withheld at interest receivables and we include the net investment income from those underlying investments which does not correspond to the US GAAP presentation of change in fair value of reinsurance assets. We exclude the income and assets supporting business that we have exited through ceded reinsurance including funds withheld agreements. We believe the adjustments for reinsurance provide a net investment earned rate on the assets for which we have economic exposure.

•Cost of funds includes liability costs related to cost of crediting on both deferred annuities and institutional products as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the noncontrolling interest. Cost of crediting on deferred annuities is the interest credited to the policyholders on our fixed strategies as well as the option costs on the indexed annuity strategies. With respect to FIAs, the cost of providing index credits includes the expenses incurred to fund the annual index credits, and where applicable, minimum guaranteed interest credited. Cost of crediting on institutional products is comprised of (1) pension group annuity costs, including interest credited, benefit payments and other reserve changes, net of premiums received when issued, and (2) funding agreement costs, including the interest payments and other reserve changes. Additionally, cost of crediting includes forward points gains and losses on foreign exchange derivative hedges. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums and certain product charges and other revenues. We include the costs related to business added through assumed reinsurance transactions and exclude the costs related to business that we have exited through ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. We believe a measure like cost of funds is useful in analyzing the trends of our core business operations and profitability. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.

•Net investment earned rate, cost of funds, and net investment spread are non-GAAP measures we use to evaluate the profitability of our business. We believe these metrics are useful in analyzing the trends of our business operations, profitability and pricing discipline. While we believe each of these metrics are meaningful financial metrics and enhance our understanding of the underlying profitability drivers of our business, they should not be used as a substitute for net investment income or total benefits and expenses presented under US GAAP.

•Other operating expenses excludes integration, restructuring and other non-operating expenses, stock compensation and long-term incentive plan expenses, interest expense, policy acquisition expenses and the proportionate share of the ACRA operating expenses associated with the noncontrolling interest. We believe a measure like other operating expenses is useful in analyzing the trends of our core business operations and profitability. While we believe other operating expenses is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for policy and other operating expenses presented under US GAAP.

NET INVESTED ASSETS

In managing our business, we analyze net invested assets, which do not correspond to total investments, including investments in related parties, as disclosed in our consolidated financial statements and notes thereto. Net invested assets represent the investments that directly back our net reserve liabilities as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets include (a) total investments on the consolidated balance sheets, with AFS securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE and VOE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude assets associated with funds withheld liabilities related to business exited through reinsurance agreements and derivative collateral (offsetting the related cash positions). We include the underlying investments supporting our assumed funds withheld and modco agreements in our net invested assets calculation in order to match the assets with the income received. We believe the adjustments for reinsurance provide a view of the assets for which we have economic exposure. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but do not include the proportionate share of investments associated with the noncontrolling interest. Our net invested assets are averaged over the number of quarters in the relevant period to compute our net investment earned rate for such period. While we believe net invested assets is a meaningful financial metric and enhances our understanding of the underlying drivers of our investment portfolio, it should not be used as a substitute for total investments, including related parties, presented under US GAAP.

NET RESERVE LIABILITIES

In managing our business, we also analyze net reserve liabilities, which does not correspond to total liabilities as disclosed in our consolidated financial statements and notes thereto. Net reserve liabilities represent our policyholder liability obligations net of reinsurance and are used to analyze the costs of our liabilities. Net reserve liabilities include (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include our proportionate share of ACRA reserve liabilities, based on our economic ownership, but do not include the proportionate share of reserve liabilities associated with the noncontrolling interest. Net reserve liabilities is net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, we have no net economic exposure to such liabilities, assuming our reinsurance counterparties perform under our agreements. The majority of our ceded reinsurance is a result of reinsuring large blocks of life insurance business following acquisitions. For such transactions, US GAAP requires the ceded liabilities and related reinsurance recoverables to continue to be recorded in our consolidated financial statements despite the transfer of economic risk to the counterparty in connection with the reinsurance transaction. We include the underlying liabilities assumed through modco reinsurance agreements in our net reserve liabilities calculation in order to match the liabilities with the expenses incurred. While we believe net reserve liabilities is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total liabilities presented under US GAAP.

SALES

Sales statistics do not correspond to revenues under US GAAP but are used as relevant measures to understand our business performance as it relates to inflows generated during a specific period of time. Our sales statistics include inflows for fixed rate annuities and FIAs and align with the LIMRA definition of all money paid into an individual annuity, including money paid into new contracts with initial purchase occurring in the specified period and existing contracts with initial purchase occurring prior to the specified period (excluding internal transfers). We believe sales is a meaningful metric that enhances our understanding of our business performance and is not the same as premiums presented in our condensed consolidated statements of income (loss).

20

Non-GAAP Reconciliations Unaudited (in millions, except percentages)
	Quarterly Trends
	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23
RECONCILIATION OF TOTAL AHL SHAREHOLDERS’ EQUITY TO TOTAL ADJUSTED AHL COMMON SHAREHOLDER’S EQUITY
Total AHL shareholders' equity	$	8,697		$	5,133		$	7,158		$	8,698		$	8,701
Less: Preferred stock	2,667			2,667			3,154			3,154			3,154
Total AHL common shareholder's equity	6,030			2,466			4,004			5,544			5,547
Less: Accumulated other comprehensive loss	(5,698)			(8,473)			(7,321)			(6,148)			(6,376)
Less: Accumulated change in fair value of reinsurance assets	(2,521)			(3,394)			(3,127)			(2,791)			(2,843)
Less: Accumulated change in fair value of mortgage loan assets	(1,340)			(2,095)			(2,201)			(2,022)			(2,235)
Total adjusted AHL common shareholder's equity	$	15,589		$	16,428		$	16,653		$	16,505		$	17,001
RECONCILIATION OF DEBT TO CAPITAL RATIO TO ADJUSTED DEBT TO CAPITAL RATIO
Total debt	$	3,279		$	3,271		$	3,658		$	3,650		$	3,642
Less: Adjustment to arrive at notional debt	279			271			258			250			242
Notional debt	$	3,000		$	3,000		$	3,400		$	3,400		$	3,400
Total debt	$	3,279		$	3,271		$	3,658		$	3,650		$	3,642
Total AHL shareholders' equity	8,697			5,133			7,158			8,698			8,701
Total capitalization	11,976			8,404			10,816			12,348			12,343
Less: Accumulated other comprehensive loss	(5,698)			(8,473)			(7,321)			(6,148)			(6,376)
Less: Accumulated change in fair value of reinsurance assets	(2,521)			(3,394)			(3,127)			(2,791)			(2,843)
Less: Accumulated change in fair value of mortgage loan assets	(1,340)			(2,095)			(2,201)			(2,022)			(2,235)
Less: Adjustment to arrive at notional debt	279			271			258			250			242
Total adjusted capitalization	$	21,256		$	22,095		$	23,207		$	23,059		$	23,555
Debt to capital ratio	27.4		%	38.9		%	33.8		%	29.6		%	29.5		%
Accumulated other comprehensive loss	(7.3)		%	(14.7)		%	(10.5)		%	(7.8)		%	(7.9)		%
Accumulated change in fair value of reinsurance assets	(3.2)		%	(5.9)		%	(4.5)		%	(3.5)		%	(3.5)		%
Accumulated change in fair value of mortgage loan assets	(1.7)		%	(3.7)		%	(3.2)		%	(2.6)		%	(2.8)		%
Adjustment to arrive at notional debt	(1.1)		%	(1.0)		%	(0.9)		%	(1.0)		%	(0.9)		%
Adjusted debt to capital ratio	14.1		%	13.6		%	14.7		%	14.7		%	14.4		%

21

Non-GAAP Reconciliations Unaudited (in millions, except percentages)
	Quarterly Trends															Year-to-Date
	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			2022			2023
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO AHL COMMON SHAREHOLDER TO NORMALIZED SPREAD RELATED EARNINGS
Net income (loss) available to Athene Holding Ltd. common shareholder	$	(1,740)		$	(622)		$	361		$	721		$	396		$	(2,790)		$	1,117
Preferred stock dividends	35			35			36			47			45			70			92
Net income (loss) attributable to noncontrolling interests	(1,089)			(465)			329			455			54			(1,970)			509
Net income (loss)	(2,794)			(1,052)			726			1,223			495			(4,690)			1,718
Income tax expense (benefit)	(378)			(121)			137			163			133			(662)			296
Income (loss) before income taxes	(3,172)			(1,173)			863			1,386			628			(5,352)			2,014
Less: Total adjustments to income (loss) before income taxes	(3,627)			(1,813)			166			699			(171)			(6,481)			528
Spread related earnings	455			640			697			687			799			1,129			1,486
Normalization of alternative investment income to 11%	135			82			14			148			75			(16)			223
Other notable items	(16)			(42)			35			(25)			—			—			(25)
Normalized spread related earnings	$	574		$	680		$	746		$	810		$	874		$	1,113		$	1,684
RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS
US GAAP net investment income	$	1,726		$	1,843		$	2,319		$	2,407		$	2,717		$	3,409		$	5,124
Change in fair value of reinsurance assets	50			11			52			70			37			270			107
VIE earnings and noncontrolling interest	91			219			197			200			279			170			479
Alternative gains (losses)	(28)			10			41			(9)			2			(10)			(7)
Reinsurance impacts	—			—			(41)			(64)			(69)			—			(133)
Apollo investment gain	—			—			—			—			—			(33)			—
ACRA noncontrolling interest	(347)			(407)			(446)			(448)			(504)			(652)			(952)
Held for trading amortization and other	(4)			45			(73)			(13)			5			(11)			(8)
Total adjustments to arrive at net investment earnings	(238)			(122)			(270)			(264)			(250)			(266)			(514)
Total net investment earnings	$	1,488		$	1,721		$	2,049		$	2,143		$	2,467		$	3,143		$	4,610
RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE
US GAAP net investment income	3.70		%	3.83		%	4.74		%	4.78		%	5.17		%	3.71		%	4.98		%
Change in fair value of reinsurance assets	0.11		%	0.02		%	0.11		%	0.14		%	0.07		%	0.29		%	0.10		%
VIE earnings and noncontrolling interest	0.19		%	0.46		%	0.40		%	0.40		%	0.53		%	0.19		%	0.48		%
Alternative gains (losses)	(0.06)		%	0.02		%	0.08		%	(0.02)		%	—		%	(0.01)		%	(0.01)		%
Reinsurance impacts	—		%	—		%	(0.08)		%	(0.13)		%	(0.13)		%	—		%	(0.13)		%
Apollo investment gain	—		%	—		%	—		%	—		%	—		%	(0.04)		%	—		%
ACRA noncontrolling interest	(0.74)		%	(0.85)		%	(0.91)		%	(0.89)		%	(0.96)		%	(0.71)		%	(0.93)		%
Held for trading amortization and other	(0.01)		%	0.10		%	(0.15)		%	(0.03)		%	0.01		%	(0.01)		%	(0.01)		%
Total adjustments to arrive at net investment earned rate	(0.51)		%	(0.25)		%	(0.55)		%	(0.53)		%	(0.48)		%	(0.29)		%	(0.50)		%
Net investment earned rate	3.19		%	3.58		%	4.19		%	4.25		%	4.69		%	3.42		%	4.48		%
Average net invested assets	$	186,788		$	192,231		$	195,804		$	201,600		$	210,209		$	184,034		$	205,623

22

Non-GAAP Reconciliations Unaudited (in millions, except percentages)
	Quarterly Trends															Year-to-Date
	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			2022			2023
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS
US GAAP benefits and expenses	$	4,979		$	3,483		$	2,924		$	2,674		$	12,058		$	6,878		$	14,732
Premiums	(5,614)			(3,045)			(869)			(96)			(9,041)			(7,724)			(9,137)
Product charges	(175)			(184)			(193)			(198)			(207)			(341)			(405)
Other revenues	9			26			(10)			(13)			(7)			12			(20)
FIA option costs	306			322			342			365			385			600			750
Reinsurance impacts	12			12			(19)			(37)			(38)			24			(75)
Non-operating change in insurance liabilities and embedded derivatives	1,574			652			(481)			(873)			(1,113)			2,654			(1,986)
Policy and other operating expenses, excluding policy acquisition expenses	(260)			(294)			(309)			(310)			(323)			(507)			(633)
AmerUs Closed Block fair value liability	114			77			(27)			(42)			17			241			(25)
ACRA noncontrolling interest	(53)			(157)			(258)			(287)			(379)			(134)			(666)
Other	(19)			10			58			52			85			(8)			137
Total adjustments to arrive at cost of funds	(4,106)			(2,581)			(1,766)			(1,439)			(10,621)			(5,183)			(12,060)
Total cost of funds	$	873		$	902		$	1,158		$	1,235		$	1,437		$	1,695		$	2,672
RECONCILIATION OF TOTAL BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE
US GAAP benefits and expenses	10.66		%	7.25		%	5.97		%	5.31		%	22.94		%	7.48		%	14.33		%
Premiums	(12.02)		%	(6.34)		%	(1.78)		%	(0.19)		%	(17.20)		%	(8.39)		%	(8.89)		%
Product charges	(0.37)		%	(0.38)		%	(0.39)		%	(0.39)		%	(0.39)		%	(0.37)		%	(0.39)		%
Other revenues	0.02		%	0.06		%	(0.02)		%	(0.03)		%	(0.01)		%	0.01		%	(0.02)		%
FIA option costs	0.65		%	0.67		%	0.70		%	0.72		%	0.73		%	0.65		%	0.73		%
Reinsurance impacts	0.03		%	0.02		%	(0.04)		%	(0.07)		%	(0.07)		%	0.02		%	(0.07)		%
Non-operating change in insurance liabilities and embedded derivatives	3.38		%	1.36		%	(0.98)		%	(1.73)		%	(2.12)		%	2.88		%	(1.93)		%
Policy and other operating expenses, excluding policy acquisition expenses	(0.56)		%	(0.61)		%	(0.63)		%	(0.62)		%	(0.61)		%	(0.55)		%	(0.62)		%
AmerUs Closed Block fair value liability	0.24		%	0.16		%	(0.05)		%	(0.08)		%	0.03		%	0.26		%	(0.02)		%
ACRA noncontrolling interest	(0.11)		%	(0.33)		%	(0.53)		%	(0.57)		%	(0.72)		%	(0.14)		%	(0.65)		%
Other	(0.04)		%	0.02		%	0.12		%	0.10		%	0.15		%	(0.01)		%	0.13		%
Total adjustments to arrive at cost of funds	(8.78)		%	(5.37)		%	(3.60)		%	(2.86)		%	(20.21)		%	(5.64)		%	(11.73)		%
Total cost of funds	1.88		%	1.88		%	2.37		%	2.45		%	2.73		%	1.84		%	2.60		%
Average net invested assets	$	186,788		$	192,231		$	195,804		$	201,600		$	210,209		$	184,034		$	205,623

23

Non-GAAP Reconciliations Unaudited (in millions)
	Quarterly Trends										Year-to-Date
	2Q’22		3Q’22		4Q’22		1Q’23		2Q’23		2022		2023
RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OTHER OPERATING EXPENSES
US GAAP policy and other operating expenses	$	357	$	388	$	412	$	435	$	452	$	695	$	887
Interest expense	(41)		(68)		(85)		(115)		(132)		(74)		(247)
Policy acquisition expenses, net of deferrals	(97)		(94)		(103)		(125)		(129)		(188)		(254)
Integration, restructuring and other non-operating expenses	(33)		(37)		(29)		(29)		(28)		(67)		(57)
Stock compensation expenses	(13)		(15)		(16)		(16)		(13)		(25)		(29)
ACRA noncontrolling interest	(59)		(73)		(48)		(17)		(31)		(110)		(48)
Other changes in policy and other operating expenses	(5)		19		(3)		(7)		(1)		(13)		(8)
Total adjustments to arrive at other operating expenses	(248)		(268)		(284)		(309)		(334)		(477)		(643)
Other operating expenses	$	109	$	120	$	128	$	126	$	118	$	218	$	244
							December 31, 2022				June 30, 2023
RECONCILIATION OF INVESTMENT FUNDS, INCLUDING RELATED PARTIES AND VIES, TO NET ALTERNATIVE INVESTMENTS
Investment funds, including related parties and VIEs							$	14,128			$	15,868
Equity securities							509				472
Certain equity securities included in AFS or trading securities							225				193
Investment funds within funds withheld at interest							1,126				864
Royalties							15				15
Net assets of the VIE, excluding investment funds							(2,041)				(3,306)
Unrealized (gains) losses							44				38
ACRA noncontrolling interest							(1,836)				(1,768)
Other assets							(91)				(186)
Total adjustments to arrive at net alternative investments							(2,049)				(3,678)
Net alternative investments							$	12,079			$	12,190

24

Non-GAAP Reconciliations Unaudited (in millions)
	Quarterly Trends
	2Q’22		3Q’22		4Q’22		1Q’23		2Q’23
RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS
Total investments, including related parties	$	186,569	$	185,376	$	196,448	$	203,230	$	215,322
Derivative assets	(2,932)		(4,065)		(3,309)		(3,956)		(5,114)
Cash and cash equivalents (including restricted cash)	11,925		10,847		8,407		14,992		12,804
Accrued investment income	1,086		1,226		1,328		1,458		1,646
Net receivable (payable) for collateral on derivatives	(1,599)		(1,940)		(1,486)		(1,909)		(2,940)
Reinsurance funds withheld and modified coinsurance	5,449		7,156		1,423		942		1,046
VIE and VOE assets, liabilities and noncontrolling interest	11,499		13,105		12,747		12,799		13,693
Unrealized (gains) losses	17,371		25,098		22,284		19,782		20,676
Ceded policy loans	(182)		(180)		(179)		(175)		(174)
Net investment receivables (payables)	(279)		(349)		186		39		(217)
Allowance for credit losses	638		446		471		521		536
Other investments	—		—		(10)		(50)		(43)
Total adjustments to arrive at gross invested assets	42,976		51,344		41,862		44,443		41,913
Gross invested assets	229,545		236,720		238,310		247,673		257,235
ACRA noncontrolling interest	(40,240)		(41,563)		(41,859)		(40,924)		(43,565)
Net invested assets	$	189,305	$	195,157	$	196,451	$	206,749	$	213,670
RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES
Total liabilities	$	222,662	$	227,917	$	233,382	$	244,604	$	256,203
Debt	(3,279)		(3,271)		(3,658)		(3,650)		(3,642)
Derivative liabilities	(1,223)		(2,222)		(1,646)		(1,518)		(1,753)
Payables for collateral on derivatives and securities to repurchase	(3,784)		(4,149)		(3,841)		(7,331)		(6,979)
Other liabilities	(2,639)		(2,824)		(1,635)		(1,381)		(1,712)
Liabilities of consolidated VIEs	(408)		(1,401)		(815)		(847)		(1,189)
Reinsurance impacts	(4,433)		(4,357)		(9,176)		(9,090)		(9,115)
Policy loans ceded	(182)		(180)		(179)		(175)		(174)
Market risk benefit asset	(489)		(511)		(481)		(440)		(433)
ACRA noncontrolling interest	(35,522)		(35,463)		(35,981)		(35,281)		(37,775)
Total adjustments to arrive at net reserve liabilities	(51,959)		(54,378)		(57,412)		(59,713)		(62,772)
Net reserve liabilities	$	170,703	$	173,539	$	175,970	$	184,891	$	193,431

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