Investor Presentaiton

U.S. Insurers May Have Crowded into Commercial Real Estate Equity Real Estate Equity as % of Total General Account Assets U.S. Retirement Services Companies by Type Select AA/A+ Retirement Services Peers 2.7% 0.5% 0.4% 0.1% 1.2% 1.0% Athene Variable Annuity Fixed Annuity AA / A+ Diversified Life 1.0% 0.7% 0.5% 0.2% 0.1% Insurer 1 Insurer 2 Insurer 3 Insurer 4 Average ATH In 2021, the NAIC lowered capital charges on Schedule A Real Estate Equity from 15% to 11% and Schedule BA Real Estate Equity from 23% to 13% Note: CRE equity includes affiliated and unaffiliated real estate from Schedule BA and Schedule A directly held real estate as reported on statutory filings, aggregated by SNL Financial. Metrics shown as a % of invested assets as of December 31, 2022. Variable Annuity Companies include JXN, LNC, BHF, and EQH. Diversified Life Insurers include MET, PRU and CRBG. Fixed Annuity Companies include AEL, Global Atlantic, FG, and CNO; AA/A+ rated companies include MET, PRU, CRBG and EQH. ATHENE 30

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