Investor Presentaiton
Non-GAAP Measure Reconciliations
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO AHL COMMON
SHAREHOLDER TO NORMALIZED SPREAD RELATED EARNINGS
Years ended December 31,
2018
2019
2020
2021
2022
Three months ended
March 31, 2023
Net income (loss) available to Athene Holding Ltd. common shareholder
Preferred stock dividends
$
1,053 $
2,136 $
1,446
$
3,718 $
(3,051)
$
721
36
Net income (loss) attributable to noncontrolling interests
Net income (loss)
Income tax expense (benefit)
Income (loss) before income taxes
13
95
380
141
141
47
(59)
(2,106)
455
1,053
2,185
1,921
3,800
(5,016)
1,223
122
117
285
386
(646)
163
1,175
2,302
2,206
4,186
(5,662)
1,386
Investment gains (losses), net of offsets
(274)
994
733
1,024
(7,434)
397
Non-operating change in insurance liabilities and related derivatives, net of offsets
242
(65)
(235)
692
1,433
(135)
Integration, restructuring and other non-operating expenses
(22)
(70)
(10)
(124)
(133)
(29)
Stock compensation expense
(26)
(27)
(25)
(38)
(56)
(16)
Preferred stock dividends
36
95
141
141
47
Noncontrolling interests - pre-tax income (loss) and VIE adjustments
13
393
(18)
(2,079)
435
Less: Total adjustments to income (loss) before income taxes
(80)
881
951
1,677
(8,128)
699
Spread related earnings
Other notable items
1,255
1,421
1,255
2,509
2,466
687
Normalization of alternative investment income to 11%, net of offsets
91
37
152
(609)
80
148
34
5
(40)
(52)
3
(25)
Normalized spread related earnings
$
1,380
$
1,463
$
1,367 $
1,848 $
2,549
810
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS
GAAP benefits and expenses
Premiums
Product charges
Other revenues
FIA option costs
Reinsurance impacts
Non-operating change in insurance liabilities and embedded derivatives
Policy and other operating expenses, excluding policy acquisition expenses
AmerUs Closed Block fair value liability
ACRA noncontrolling interest
Other
Total adjustments to arrive at cost of funds
Total cost of funds
Average net invested assets
ATHENE
For the three months ended March 31, 2023
$
2,674
5.31%
(96)
(0.19)%
(198)
(0.39)%
(13)
(0.03)%
365
0.72 %
(37)
(0.07)%
(873)
(1.73)%
(310)
(0.62)%
(42)
(0.08)%
(287)
(0.57)%
52
0.10 %
(1,439)
(2.86)%
$
1,235
2.45 %
$
201,600
39View entire presentation