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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 38
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