Investor Presentaiton
Non-GAAP Measure Reconciliations
RECONCILIATION OF TOTAL AHL SHAREHOLDERS' EQUITY
TO TOTAL ADJUSTED AHL COMMON SHAREHOLDER'S EQUITY
Total AHL shareholders' equity
Less: Preferred stock
Total AHL common shareholder's equity
Less: Accumulated other comprehensive income (loss)
Dec. 31,
2018
June 30,
2019
Dec. 31,
2019
June 30,
2020
Dec. 31,
2020
June 30,
2021
Dec. 31,
2021
March 31,
June 30,
Sept. 30,
Dec. 31,
March 31,
2022
2022
2022
2022
2023
$
8,276 $
12,365 $
13,391 $
14,711 $
18,657 $
20,006 $
20,130 $
13,973 $
8,697 $
5,133 $
7,158 $
8,698
839
1,172
1,755
2,312
2,312
2,312
2,667
2,667
2,667
3,154
3,154
8,276
11,526
12,219
12,956
16,345
17,694
17,818
11,306
6,030
2,466
4,004
5,544
(472)
1,760
2,281
2,184
3,971
3,337
2,430
(2,318)
(5,698)
(8,473)
(7,321)
(6,148)
Less: Accumulated change in fair value of reinsurance assets
(75)
639
493
615
1,142
886
585
(1,271)
(2,521)
(3,394)
(3,127)
(2,791)
Less: Accumulated change in fair value of mortgage loan assets
Total adjusted AHL common shareholder's equity
(629)
(1,340)
(2,095)
(2,201)
(2,022)
$
8,823 $
9,127 $
9,445 $
10,157 $
11,232 $
13,471 $
14,803 $
15,524 $
15,589 $
16,428 $
16,653 $
16,505
RECONCILIATION OF DEBT TO CAPITAL RATIO TO
ADJUSTED DEBT TO CAPITAL RATIO
Dec. 31,
2018
June 30,
2019
Dec. 31,
2019
June 30,
2020
Dec. 31,
2020
June 30,
2021
Dec. 31,
2021
March 31,
2022
June 30,
2022
Sept. 30,
Dec. 31,
March 31,
2022
2022
2023
Total debt
$
991 $
Less: Adjustment to arrive at notional debt
(9)
Notional debt
$
1,000 $
991 $
(9)
1,000 $
1,467 $
1,486 $
1,976 $
2,468 $
2,964 $
3,287 $
(8)
1,475 $
(14)
(24)
(32)
(36)
287
1,500 $
2,000 $
2,500 $
3,000 $
3,000 $
3,279 $
279
3,000 $
3,271 $
271
3,658 $
258
3,650
250
3,000 $
3,400 $
3,400
Total debt
Total AHL shareholders' equity
Total capitalization
$
991 $
8,276
991
12,365
$
1,467 $
1,486 $
1,976 $
2,468 $
2,964 $
3,287 $
3,279 $
3,271 $
3,658 $
3,650
13,391
14,711
18,657
20,006
20,130
13,973
8,697
5,133
7,158
8,698
9,267
13,356
14,858
16,197
20,633
22,474
23,094
17,260
11,976
8,404
10,816
12,348
Less: Accumulated other comprehensive income (loss)
(472)
1,760
2,281
2,184
3,971
3,337
2,430
(2,318)
(5,698)
(8,473)
(7,321)
(6,148)
Less: Accumulated change in fair value of reinsurance assets
(75)
639
493
615
1,142
886
585
(1,271)
(2,521)
(3,394)
(3,127)
(2,791)
Less: Accumulated change in fair value of mortgage loan assets
Less: Adjustment to arrive at notional debt
(629)
(1,340)
(2,095)
(2,201)
(2,022)
(9)
(9)
$
9,823 $
10,966 $
(8)
12,092 $
(14)
(24)
(32)
13,412 $
15,544 $
18,283 $
(36)
20,115 $
287
279
271
258
250
21,191 $
21,256 $
22,095 $
23,207 $
23,059
Total adjusted capitalization
Debt to capital ratio
Accumulated other comprehensive income (loss)
10.7 %
7.4%
9.9%
9.2%
9.6%
11.0%
12.8 %
19.0%
27.4%
38.9%
33.8%
29.6%
-0.5%
1.2%
1.8%
1.5%
2.4%
2.0%
1.6%
(2.0)%
(7.3)%
(14.7)%
(10.5)%
(7.8)%
Accumulated change in fair value of reinsurance assets
-0.1%
0.4%
0.4%
0.4%
0.7%
0.5%
0.4%
(1.1)%
(3.2)%
(5.9)%
(4.5)%
(3.5)%
Accumulated change in fair value of mortgage loan assets
- %
- %
%
-%
- %
%
- %
(0.6)%
(1.7)%
(3.7)%
(3.2)%
(2.6)%
Adjustment to arrive at notional debt
0.1%
0.1%
0.1 %
0.1 %
0.2%
0.2%
0.1%
(1.1)%
(1.1)%
(1.0)%
(0.9)%
(1.0)%
Adjusted debt to capital ratio
10.2%
9.1%
12.2%
11.2%
12.9%
13.7 %
14.9%
14.2 %
14.1 %
13.6%
14.7%
14.7%
ATHENE
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