Athene : Third Quarter 2020 ALIRT Exhibit

Affiliated and Unaffiliated Reinsurance as of and for the year‐to‐date September 30, 2020.

This document is for the sole purpose of providing information related to Athene Life Re Ltd. ("ALRe") 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 nor any other accounting principles which ALRe is subject to as a Bermuda reinsurance company, and are not intended for, nor should they 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 total ALRe and its subsidiaries statutory capital and surplus, pre‐tax income and net income 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.
• Surplus net income is allocated on a pro‐rata basis based on total reserves.

(Unaudited, in thousands)

Financial Return		Athene Annuity and Life Company	Athene Annuity & Life Assurance Company	Athene Annuity & Life Assurance of New		Other Affiliated Reinsurance		Unaffiliated Reinsurance		Total ALRe Statutory Financial Return1
						York
Capital and Surplus	$	4,134,710	$	1,549,941	$	259,902	$	164,223	$	6,643,545	$	12,752,321
Pre‐tax Income	$	140,497	$	88,901	$	(10,853)	$	28,543	$	1,816,944	$	2,064,032
Net Income	$	144,552	$	90,521	$	(10,688)	$	28,618	$	1,842,311	$	2,095,314

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 ALRe 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:		2020		2020		2020
Non‐affiliated
Corporate Bonds	$	1,395,662	$	430,101	$	128,227
US Gov't, Agencies, Municipals, Foreign		50,457		19,409		5,483
Gov't
RMBS		506,534		202,644		29,730
CMBS		60,156		19,834		9,974
Other ABS (including CLOs)		672,358		277,616		30,302
Mortgages & Real Estate		283,018		94,139		10,139
BA Assets		71,532		33,244		3,142
Unaffiliated Stocks		3,612		385		674
Total Non‐affiliated	$	3,043,328	$	1,077,372	$	217,672
Affiliated
Corporate Bonds		2,701		3,144		‐
Other ABS (including CLOs)		265,359		118,804		9,600
Mortgages & Real Estate		‐		‐		‐
BA Assets		303,149		134,482		12,156
Affiliated Stocks		1,418		236		‐
Total Affiliated	$	572,626	$	256,666	$	21,756
Other
Cash & Cash Equivalents		341,985		159,768		13,926
Derivatives		46,890		16,852		1,672
All Other		129,882		39,284		4,877
Total Allocated Surplus	$	4,134,710	$	1,549,941	$	259,902
Bonds by NAIC category:
NAIC 1		1,547,912		563,549		102,531
NAIC 2		1,014,911		343,428		85,247
Investment Grade	$	2,562,823	$	906,977	$	187,778
NAIC 3		280,765		116,413		18,657
NAIC 4		47,876		19,871		4,331
NAIC 5		45,444		19,499		1,988
NAIC 6		13,618		5,649		563
Below Investment Grade	$	387,702	$	161,432	$	25,539
Total Bonds	$	2,950,526	$	1,068,409	$	213,317
Bonds by ASC 820 Fair Value Level:
Level 1		576		‐		‐
Level 2		2,734,640		978,672		202,751
Level 3		215,309		89,737		10,566
Total Bonds	$	2,950,526	$	1,068,409	$	213,317

2Represents issuer obligation only

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 ALRe 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
Investment Income:		2020		2020		2020
$	105,011	$	44,875	$	4,554
Bonds & Equities
Mortgages & Real Estate		5,377		2,325		236
BA Assets		10,828		4,682		475
Other		(3,120)		(1,359)		(138)
Gross Investment Income	$	118,097	$	50,523	$	5,127
Total Management and Sub‐advisory Fees
$	(52,237)	$	(22,083)	$	(2,241)
Net Investment Income
$	65,861	$	28,440	$	2,886
Capital Gains and Losses:		(26,110)		(11,103)		(1,127)
Bonds & Equities
BA Assets		‐		‐		‐
Other, including FX		(9,004)		(4,213)		(428)
Total	$	(35,114)	$	(15,316)	$	(1,555)

Capital and Surplus

Net Income

1Reconciliation between ALIRT document and Statutory Return (in thousands)
Total ALRe Statutory Financial Return Capital	12,752,321
and Surplus ‐ ALIRT
Athene Co‐invest Reinsurance Affiliate 1A		To reflect ALRe's 36.55% ownership of ACRA,
(1,823,719)	reported in the Statutory Financial
Ltd. ("ACRA") Adjustment
	Statement
Investment in holdcos and US subsidiaries	1,730,805	Equity in subsidiaries and associated
transactions
Total ALRe Statutory Financial Return Capital	12,659,407
and Surplus‐ Regulatory Filing

1Reconciliation between ALIRT document and Statutory Return (in thousands)

Total ALRe Statutory Financial Return Net	2,095,314
Income ‐ ALIRT
ACRA Adjustment	(1,085,602)
Investment in holdcos and US subsidiaries	161,054
Total ALRe Statutory Financial Return Net
1,170,766
Income ‐ Regulatory Filing

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

Equity in subsidiaries and associated transactions