Apollo Global Management Investor Presentation Deck
Athene's Balance Sheet is Under-levered Relative to Industry
9.8x
General Account Statutory Asset Leverage
Athene
10.3x
11.6x
14.3x
APOLLO
Variable Annuity Companies
Diversified Life Insurers
Fixed Annuity Companies
As of December 31, 2022. Athene leverage represents net invested asset divided by Athene's aggregate regulatory capital, which is the aggregate capital of Athene's US and Bermuda insurance entities, determined with respect to each insurance entity by applying the
statutory accounting principles applicable to each such entity. Adjustments are made to, among other things, assets and expenses at the Athene holding company level. Peer leverage derived from US statutory fillings, representing general account assets divided by
total adjusted capital. Variable Annuity Companies include JXN, LNC, BHF, and EQH. Diversified Life Insurers include MET, PRU, CRBG, and GL. Fixed Annuity Companies include AEL, Global Atlantic, FIG, and CNO. Global Atlantic leverage represents US GAAP invested 31
assets plus cash divided by total adjusted capital across both US and Bermuda subsidiaries.View entire presentation