Athene : Fourth Quarter 2023 ALIRT Exhibit

Affiliated and Unaffiliated Reinsurance as of and for the year-to-date December 31, 2023

This document is for the sole purpose of providing information related to Athene Annuity Re Ltd. ("AARe") and its subsidiaries for the benefit of certain rating agency analyses on the economic position of certain legal entities in the Athene Holding Ltd. consolidated group. The tables below are presented on a strictly notional basis, are not based on generally accepted accounting principles or any other accounting principles that AARe is subject to as a Bermuda reinsurance company, and are not intended for, and should not be used for any regulatory, investment, or other unrelated purpose. This information should only be viewed and analyzed in conjunction with separate Athene USA insurance subsidiary statutory financial information.

The tables below provide a proportional allocation of the total statutory capital and surplus, pre-tax income and net income of AARe and its subsidiaries, by reinsurance counterparty, illustrating a notional allocation of capital to reinsurance treaties based on different types of reinsurance.

Allocated Capital and Surplus on a Proportional Basis - Notional Allocation

The tables below include an allocation of statutory capital and surplus, pre-tax income and net income based on the following methodology:

• Any isolated capital is applied to the entity to which the capital relates to
• Surplus capital is allocated on a pro-rata basis based on total reserves (not withstanding that some isolated capital may already be associated with some reserves)
• Net income is applied to the entity to which the income is earned for the current year

(Unaudited, in thousands)

Financial Return

Athene Annuity and Life Company

Athene Annuity & Life Assurance Company

Athene Annuity & Life Assurance of New York

Other Affiliated Reinsurance

Unaffiliated Reinsurance

Total AARe Statutory Financial Return1

Capital and Surplus	$	12,066,031	$	1,778,085	$	315,540	$	140,064	$	4,150,205	$	18,449,925
Pre-tax Income (YTD)	$	37,094	$	258,530	$	(60,256)	$	(9,372)	$	93,226	$	319,223
Net Income (YTD)	$	39,410	$	258,870	$	(60,216)	$	(9,359)	$	94,007	$	322,712

Underlying Proportional Asset Composition of Allocated Capital and Surplus - Notional Allocation

The below table splits the allocated capital and surplus into NAIC invested asset categories based on the proportional mix of the actual and allocated assets for Athene Annuity and Life Company, Athene Annuity & Life Assurance Company and Athene Annuity & Life Assurance of New York. Note: the asset categorizations below are based on NAIC asset category definitions whereas the asset classifications on the AARe statutory financial return are based on US GAAP asset category definitions. For example, certain investments are classified as fixed maturity securities under US GAAP compared to other invested assets (BA Assets) based on NAIC rules.

(Unaudited, in thousands)
		Athene Annuity and Life Company		Athene Annuity & Life Assurance Company	Athene Annuity & Life Assurance of New York
Asset mix:		2023		2023		2023
Non-affiliated
Corporate Bonds	$	3,732,531	$	670,421	$	194,568
US Gov't, Agencies, Municipals, Foreign Gov't		501,118		36,661		9,310
RMBS		260,574		101,840		18,325
CMBS		320,561		47,181		12,920
Other ABS (including CLOs)		1,622,035		242,951		13,848
Mortgages & Real Estate		2,569,236		254,913		6,602
BA Assets		37,970		1,223		61
Unaffiliated Stocks		78,717		22,203		1,557
Total Non-affiliated	$	9,122,741	$	1,377,394	$	257,191
Affiliated
Corporate Bonds	$	95,953	$	10,150	$	184
Other ABS (including CLOs)		951,047		204,020		4,124
Mortgages & Real Estate		-		-		-
BA Assets		789,308		43,972		2,294
Affiliated Stocks		3,193		474		85
Total Affiliated	$	1,839,501	$	258,616	$	6,687
Other
Cash & Cash Equivalents	$	754,915	$	89,979	$	47,717
Derivatives		256,487		16,719		1,595
All Other		92,387		35,376		2,350
Total Allocated Surplus	$	12,066,031	$	1,778,085	$	315,540
Bonds by NAIC category:
NAIC 1	$	4,144,959	$	671,871	$	122,816
NAIC 2		3,085,520		549,061		118,230
Investment Grade	$	7,230,479	$	1,220,932	$	241,046
NAIC 3	$	166,758	$	64,633	$	7,108
NAIC 4		54,253		12,993		2,113
NAIC 5		5,527		11,916		554
NAIC 6		26,803		2,752		2,459
Below Investment Grade		253,340		92,293		12,234
Total Bonds	$	7,483,819	$	1,313,225	$	253,280

Bonds by ASC 820 Fair Value Level:
Level 1	$
Level 2
Level 3
Total Bonds	$
Maturity Distribution2:
1 year or less
Over 1 year through 5 years
Over 5 years through 10 years
Over 10 years through 20 years
Over 20 years
Total Non-affiliated	$

2Represents issuer obligation only

399,564	$	10,877	$	1,669
5,860,365		1,133,455		248,982
1,223,891		168,893		2,628
7,483,819	$	1,313,225	$	253,280
175,170		26,211		4,887
712,092		169,271		28,895
984,846		235,291		56,092
1,132,174		130,083		42,684
1,069,333		131,929		57,579
4,073,616	$	692,784	$	190,137

Allocated Surplus account Investment Income on a Proportional Basis - Notional Allocation

The below table shows a notional allocation of certain income items to affiliated reinsurance counterparties proportionately based on reserves. The surplus net investment income includes asset management fees on funds withheld and modco assets contractually required to be funded by AARe but does not include the income on the funds withheld and modco assets.

(Unaudited, in thousands)
		Athene Annuity and Life Company		Athene Annuity & Life Assurance Company	Athene Annuity & Life Assurance of New York
		2023		2023		2023
Investment Income:
Bonds & Equities	$	289,100	$	42,425	$	4,927
Mortgages & Real Estate		15,501		2,275		264
BA Assets		24,452		3,588		417
Other		184,483		27,072		3,144
Gross Investment Income	$	513,535	$	75,360	$	8,752
Investment Expenses	$	(236,012)	$	(34,634)	$	(4,022)
Net Investment Income	$	277,524	$	40,726	$	4,730
Capital Gains and Losses:
Bonds & Equities		(13,408)		(1,968)		(229)
BA Assets		(23,851)		(3,500)		(407)
Other, including FX		(232,718)		(34,151)		(3,966)
Total	$	(269,977)	$	(39,619)	$	(4,601)

Total Privately Placed Bonds

The below table shows a notional allocation of total privately placed bonds, proportionately based on reserves. The table also shows the amount that is freely tradeable under SEC rule 144 or qualified for resale under SEC Rule 144A.

(Unaudited, in thousands)
		Athene Annuity and Life Company		Athene Annuity & Life Assurance Company	Athene Annuity & Life Assurance of New York
		2023		2023		2023
Total Privately Placed Bonds	$	2,088,632	$	259,358	$	62,400
Freely Tradeable / Qualified for Resale	$	2,627,886	$	604,541	$	77,992

Capital and Surplus

Net Income

1Reconciliation between ALIRT document and Statutory Return (in thousands)
Total AARe Statutory Financial Return Capital and	18,449,925
Surplus - ALIRT
Athene Co-invest Reinsurance Affiliate 1A Ltd.	(2,733,417)	To reflect AARe's 36.55% ownership of ACRA,
("ACRA") Adjustment		reported in the Statutory Financial Statement
Athene Co-invest Reinsurance Affiliate 2A Ltd. ("ACRA	(1,173,277)	To reflect AARe's 40% ownership of ACRA 2,
2") Adjustment		reported in the Statutory Financial Statement
Investment in US subs & holdcos	3,229,889	Equity in subsidiaries and associated transactions
Total AARe Statutory Financial Return Capital and	17,773,120
Surplus

1Reconciliation between ALIRT document and Statutory Return (in thousands)
Total AARe Statutory Financial Return Net Income -	322,712
ALIRT
Athene Co-invest Reinsurance Affiliate 1A Ltd.	(165,962)
("ACRA") Adjustment
Athene Co-invest Reinsurance Affiliate 2A Ltd.	231,278
("ACRA 2") Adjustment
Investment in US subs & holdcos	20,079
Total AARe Statutory Financial Return Net Income	408,108

To reflect AARe's 36.55% ownership of ACRA, reported in the Statutory Financial Statement

To reflect AARe's 40% ownership of ACRA 2, reported in the Statutory Financial Statement

Earnings pick up in subsidiaries and associated transactions