Athene : Third Quarter 2023 Statutory Financial Statement for Athene Life Re Ltd.

Athene Life Re Ltd.

Statutory Financial Statements (Unaudited)

September 30, 2023

The accompanying unconsolidated statements of ALRe have been prepared by management based on the financial reporting provisions of The Insurance Act 1978, amendments thereto and the Insurance Account Rules 2016 (the "Bermuda Legislation").

STATUTORY BALANCE SHEET

Athene Life Re Ltd.

As atSeptember 30 2023 and December 31 2022 FORM 1SFS Expressed in ['000s] United States Dollars

STMT.

LINE No.

1	CASH AND CASH EQUIVALENTS
2	QUOTED INVESTMENTS:
(a)	Bonds and debentures
	i. Held to maturity
	ii. Other
(b)	Total Bonds and Debentures
(c)	Equities
	i. Common Stocks
	ii. Preferred Stocks
	iii. Mutual Funds
(d)	Total Equity Investments
(e)	Other Quoted Investments
(f)	Total Quoted Investments
3	UNQUOTED INVESTMENTS:
(a)	Bonds and debentures
	i. Held to maturity
	ii. Other
(b)	Bonds and Debentures
(c)	Equities
	i. Common Stocks
	ii. Preferred Stocks
	iii. Mutual Funds
(d)	Total Equity Investments
(e)	Other Unquoted Investments
(f)	Total Unquoted Investments
4	INVESTMENTS IN AND ADVANCES TO AFFILIATES (EQUITY METHOD):
(a)	Unregulated entities that conduct ancillary services
(b)	Unregulated non-financial operating entities
(c)	Unregulated financial operating entities
(d)	Regulated non-insurance financial operating entities
(e)	Regulated insurance financial operating entities
(f)	Total investments in affiliates (equity method)
(g)	Advances to affiliates
(h)	Total investments in and advances to affiliates (equity method)
5	INVESTMENTS IN MORTGAGE LOANS ON REAL ESTATE:
(a)	First Liens
(b)	Other than First Liens
(c)	Total Investments in Mortgage Loans on Real Estate
6	POLICY LOANS
7	REAL ESTATE:
(a)	Occupied by the company (less encumbrances)
(b)	Other properties (less encumbrances)
(c)	Total real estate
8	COLLATERAL LOANS

General & Long-Term Business

Unconsolidated

2023 2022

('000s)('000s)

1,193,606		820,932
10,569,447		6,991,303
-		-
10,569,447	6,991,303
463,395		472,629
19,228		17,480
-		-
482,623	490,109
-		-
11,052,070	7,481,412
-		-
-		-
-		-
-		-
-		-
-		-
-		-
1,375,278		1,639,121
1,375,278	1,639,121
-		-
6,486		6,246
495,122		473,289
-		-
4,253,836		2,988,754
4,755,444	3,468,289
2,188,715		2,352,771
6,944,159	5,821,060
332,187		320,251
-		-
332,187	320,251
(1)		(1)
-		-
-		-
-		-
-		-

2

STATUTORY BALANCE SHEET

Athene Life Re Ltd.
As at	September 30 2023 and December 31 2022	FORM 1SFS
Expressed in ['000s]	United States Dollars

STMT. LINE No.

General & Long-Term Business

Unconsolidated

2023 2022

('000s)('000s)

9

10

(a)

(b)

(c)

(d)

11

(a)

(b)

(c)

(d)

(e)

12

13

INVESTMENT INCOME DUE AND ACCRUED

ACCOUNTS AND PREMIUMS RECEIVABLE In course of collection

Deferred - not yet due

Receivables from retrocessional contracts Total accounts and premiums receivable

REINSURANCE BALANCES RECEIVABLE Foreign affiliates

Domestic affiliates Pools & associations All other insurers

Total reinsurance balances receivable

FUNDS HELD BY CEDING REINSURERS

SUNDRY ASSETS:

112,535

844

-

-

844

-

721,731

-

255,093

976,824

30,631,986

61,822

2,387

-

-

2,387

-

66,566

-

-

66,566

37,317,295

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

14

(a)

(b)

(c)

(d)

15

16

(a)

(b)

(c)

(d)

Derivative instruments

Segregated accounts companies - long-term business - variable annuities Segregated accounts companies - long-term business - others Segregated accounts companies - general business

Deposit assets

Deferred acquisition costs

Net receivables for investments sold

Fixed assets

Other sundry assets

Income tax receivable

Total sundry assets

LETTERS OF CREDIT, GUARANTEES AND OTHER INSTRUMENTS Letters of credit

Guarantees Other instruments

Total letters of credit, guarantees and other instruments

TOTAL

INSURANCE RESERVES, OTHER LIABILITIES AND STATUTORY CAPITAL AND SURPLUS

INSURANCE RESERVES

UNEARNED PREMIUM RESERVE

Gross unearned premium reserves

Less: Ceded unearned premium reserve

1. Foreign affiliates
2. Domestic affiliates
3. Pools & associations
4. All other insurers

Total ceded unearned premium reserve

Net unearned premium reserves

158,230	167,619
-		-
-		-
-		-
-		-
-		-
202,193	3,222
-		-
407		490
997		997
361,827	172,328
-		-
-		-
-		-
-		-
52,981,315		53,703,173

-		-
-		-
-		-
-		-
-		-
-		-
-		-

3

STATUTORY BALANCE SHEET

Athene Life Re Ltd.
As at	September 30 2023 and December 31 2022	FORM 1SFS
Expressed in ['000s]	United States Dollars

STMT.

LINE No.

17	LOSS AND LOSS EXPENSE PROVISIONS:
(a)	Gross loss and loss expense provisions
(b)	Less : Reinsurance recoverable balance
	i. Foreign affiliates
	ii. Domestic affiliates
	iii. Pools & associations
	iv. All other insurers
(c)	Total reinsurance recoverable balance
(d)	Net loss and loss expense provisions
18	OTHER INSURANCE RESERVES
19	TOTAL GENERAL BUSINESS - INSURANCE RESERVES
	LONG-TERM BUSINESS INSURANCE RESERVES
20	RESERVES FOR REPORTED CLAIMS
21	RESERVES FOR UNREPORTED CLAIMS
22	POLICY RESERVES - LIFE
23	POLICY RESERVES - ACCIDENT AND HEALTH
24	POLICYHOLDER'S FUNDS ON DEPOSIT
25	LIABILITY FOR FUTURE POLICYHOLDER DIVIDENDS
26	OTHER LONG-TERM BUSINESS INSURANCE RESERVES
27	TOTAL LONG-TERM BUSINESS - INSURANCE RESERVES
(a)	Total Gross Long-Term Business Insurance Reserves
(b)	Less: Reinsurance Recoverable Balance:
	(i) Foreign Affiliates
	(ii) Domestic Affiliaties
	(iii) Pools and Associations
	(iv) All Other Insurers
(c)	Total Reinsurance Recoverable Balance
(d)	Net Long-Term Business Insurance Reserves

General & Long-Term Business

Unconsolidated

2023		2022
('000s)		('000s)
-		-
-		-
-		-
-		-
-		-
-		-
-		-
-		-
31,730		42,746
-		-
12,185,037		13,467,461
-		-
-		-
-		-
-		-
35,822,703		39,223,105
-		-
23,605,936		25,712,898
-		-
-		-
23,605,936		25,712,898
12,216,767		13,510,207

OTHER LIABILITIES

28	INSURANCE AND REINSURANCE BALANCES PAYABLE
29	COMMISSIONS, EXPENSES, FEES AND TAXES PAYABLE
30	LOANS AND NOTES PAYABLE
31	(a) INCOME TAXES PAYABLE
	(b) DEFERRED INCOME TAXES
32	AMOUNTS DUE TO AFFILIATES
33	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
34	FUNDS HELD UNDER REINSURANCE CONTRACTS
35	DIVIDENDS PAYABLE

684

-

664,526

-

-

- 594,898 24,174,488

-

16,753

-

445,712

-

-

-

10,709

26,162,134

-

4

STATUTORY BALANCE SHEET

Athene Life Re Ltd.

As atSeptember 30 2023 and December 31 2022 FORM 1SFS Expressed in ['000s] United States Dollars

STMT. LINE No.

36

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

37

(a)

(b)

(c)

(d)

38 39

SUNDRY LIABILITIES:

Derivative instruments

Segregated accounts

Deposit liabilities

Net payable for investments purchased

Other sundry liabilities

Other sundry liabilities

Other sundry liabilities

Total sundry liabilities

LETTERS OF CREDIT, GUARANTEES AND OTHER INSTRUMENTS Letters of credit

Guarantees Other instruments

Total letters of credit, guarantees and other instruments

TOTAL OTHER LIABILITIES

TOTAL INSURANCE PROVISIONS AND OTHER LIABILITIES

STATUTORY CAPITAL AND SURPLUS

General & Long-Term Business

Unconsolidated

2023 2022

('000s)('000s)

337,841		63,903
-		-
-		-
923,183		233,794
11,350		176,248
-		-
-		-
1,272,374	473,945
-		-
-		-
-		-
-		-
26,706,970		27,109,253
38,923,737		40,619,460

40	TOTAL STATUTORY CAPITAL AND SURPLUS	14,057,578
41	TOTAL
52,981,315

TRUE

13,083,713

53,703,173

TRUE

5

STATUTORY STATEMENT OF INCOME

Athene Life Re Ltd.
For the year ending	September 30 2023 and September 30 2022	FORM 2SFS
Expressed in ['000s]	United States Dollars

STMT.

LINE No.

	GENERAL BUSINESS UNDERWRITING INCOME
1	GROSS PREMIUMS WRITTEN:
	(a) Direct gross premiums written
	(b) Assumed gross premiums written
	(c) Total gross premiums written
2	REINSURANCE PREMIUMS CEDED

• NET PREMIUMS WRITTEN

4	INCREASE (DECREASE) IN UNEARNED PREMIUMS

• NET PREMIUMS EARNED

6	OTHER INSURANCE INCOME
7
	GENERAL BUSINESS UNDERWRITING EXPENSES
8	NET LOSSES INCURRED AND NET LOSS EXPENSES INCURRED
9	COMMISSIONS AND BROKERAGE
10

1. NET UNDERWRITING PROFIT (LOSS) - GENERAL BUSINESS LONG-TERM BUSINESS UNDERWRITING INCOME
2. GROSS PREMIUMS AND OTHER CONSIDERATIONS:
3. 1. Direct gross premiums and other considerations
   2. Assumed gross premiums and other considerations
   3. Total gross premiums and other considerations
4. PREMIUMS CEDED
5. NET PREMIUMS AND OTHER CONSIDERATIONS:
6. 1. Life
   2. Annuities
   3. Accident and health
   4. Total net premiums and other considerations
7. OTHER INSURANCE INCOME

16

DEDUCTIONS

1. CLAIMS - LIFE
2. POLICYHOLDERS' DIVIDENDS
3. SURRENDERS
4. MATURITIES

General and Long-Term

Business

Unconsolidated

2023		2022
('000)	('000)
-
	-
-		-
-
	-
-
	-
-
	-
-
	-
-
	-
-
	-
-
	-
-		-
-
	-
5,156,789		7,126,626
5,156,789	7,126,626
(1,537,195)
	(78,783)
-
	-
3,619,594		7,047,843
-		-
3,619,594	7,047,843
-
	-
3,619,594
7,047,843
-
	-
-
	-
4,689,565
	1,780,888
-
	2,431,769

6

STATUTORY STATEMENT OF INCOME

Athene Life Re Ltd.
For the year ending	September 30 2023 and September 30 2022			FORM 2SFS
Expressed in ['000s]	United States Dollars
STMT.			General and Long-Term
			Business
LINE No.			Unconsolidated
			2023			2022
	('000)	('000)

1. ANNUITIES
2. ACCIDENT AND HEALTH BENEFITS
3. COMMISSIONS
4. OTHER

25

26INCREASE (DECREASE) IN POLICY RESERVES:

1. Life
2. Annuities
3. Accident and health
4. Total increase (decrease) in policy reserves

27

NET UNDERWRITING PROFIT (LOSS) - LONG-TERM

1. BUSINESS
2. COMBINED NET UNDERWRITING PROFIT (LOSS) BEFORE THE UNDERNOTED ITEMS
   UNDERNOTED ITEMS
3. COMBINED OPERATING EXPENSES:
4. 1. General and administrative
   2. Personnel Costs
   3. Other
   4. Total combined operating expenses
5. COMBINED INVESTMENT INCOME - NET
6. COMBINED OTHER INCOME (DEDUCTIONS)
7. COMBINED INCOME BEFORE TAXES
8. COMBINED INCOME TAXES (IF APPLICABLE):
9. 1. Current
   2. Deferred
   3. Total
10. COMBINED INCOME BEFORE REALIZED GAINS (LOSSES)
11. COMBINED REALIZED GAINS (LOSSES)
12. COMBINED INTEREST CHARGES
13. NET INCOME

149,585		434,363
-		-
76,429		48,424
(3,711)		(32,001)
4,911,868	4,663,443
-		-
(934,741)		2,902,783
-		-
(934,741)		2,902,783
3,977,127	7,566,226
(357,533)		(518,383)
(357,533)	(518,383)
24,493		23,067
-		-
(21,962)		(24,759)
2,531	(1,692)
665,167		1,026,909
546,920		319,276
852,023	829,494
-		-
-		-
-		-
852,023	829,494
34,262		690,202
47,219		13,409
839,066		1,506,287

7

STATUTORY STATEMENT OF CAPITAL AND SURPLUS

Athene Life Re Ltd.

For the year ending	September 30 2023 and September
30 2022
Expressed in ['000s]	United States Dollars
STMT.
LINE No.

FORM 8SFS

General and Long-Term

Unconsolidated

2023 2022

('000s)('000s)

• STATUTORY CAPITAL

1. Capital stock
2. 1. Common shares authorized value
      fully paid
      (ii) Preferred shares authorized
      value fully paid
      aggregate liquidation value for -

2023

2022

1. 1. Treasury shares repurchased value
2. Contributed surplus
3. Any other fixed capital
4. 1. Hybrid capital instruments
   1. Guarantees and others
   1. Total any other fixed capital

2,420,000

1.00

-

-

-

-

-

-

-

-

shares of par each issued and shares

shares of par each issued and shares

shares of par each issued

2,420

2,420

8,245,676		4,694,540
-		-
-		-
-		-

1. Total Statutory Capital

• STATUTORY SURPLUS:

1. Statutory Surplus - Beginning of Year

8,248,096	4,696,960
4,990,547		7,428,651

1. Add: Income for Year
2. Less: Dividends paid and payable
3. Add (Deduct) change in unrealized appreciation (depreciation) of investments
4. Add (Deduct) change in non-admitted assets
5. Add (Deduct) change in appraisal of real estate
6. Add (Deduct) change in any other statutory capital

839,066	1,506,287
-		-
-		-
-		-
-		-
(20,131)		626,718

1. Statutory Surplus - End of Year

• MINORITY INTEREST

• TOTAL STATUTORY CAPITAL AND SURPLUS

5,809,482	9,561,656
-		-
14,057,578	14,258,616

		Change in other statutory capital
		and surplus
Line 2g	Change in any other statutory capital
Line 4	Total Statutory Capital & Surplus	Refer to Schedule V (g)

8