Apollo Global Management Investor Day Presentation Deck
Sources and Uses of Athene's Capital
(in billions)
BEGINNING EXCESS CAPITAL
Statutory Earnings¹
Capital Released from Runoff
Capital Markets Issuance (Debt/Pref)
SOURCES (SUBTOTAL)
Organic Inflows
Capital Support Needed
Gross Capital Needed to Support Organic Growth
ADIP Capital Deployed
ADIP Share of Inflows
USES (SUBTOTAL)
Alt. Investment Deployment & Business Mix Shifts
Significant excess
Dividend to Holding Company
capital to support [ENDING EXCESS CAPITAL
opportunistic
growth
Earnings and block
runoff will fund
current organic
growth
Support from third-
party sidecar (ADIP)
increases capital
efficiency over time
Note: The 2022 information is presented for illustrative purposes only. Actual results may differ materially. 1. Represents illustrative 2022 statutory earnings.
APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022
2021
~$3.5
2.5
0.7
1.0
4.2
$37.0
8%
(3.0)
0.8
28%
(2.2)
(1.4)
(0.75)
~$3.4
Illustrative
2022E
~$3.4
2.1
0.8
0.5
3.4
$37.0+
8%
(3.0)
0.9
30%
(2.1)
(0.3)
(0.75)
~$3.7
$3.4 BILLION
TOTAL CAPITAL GENERATED
($2.1) BILLION
ORGANIC NET USES OF CAPITAL
$1.3 BILLION
CAPITAL AVAILABLE FOR STRATEGIC
GROWTH OR CAPITAL RETURN
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