Athene : Q3 2020 Earnings Presentation

Athene Holding Ltd.

3Q'20 Earnings Presentation

Disclaimer

This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security of Athene Holding Ltd. ("Athene").

Certain information contained herein and certain oral statements made in reference thereto may be "forward-looking" in nature. These statements include, but are not limited to, discussions related to the benefits to be derived from the Athene Co-Invest Reinsurance Affiliate ("ACRA") capital raise; benefits to be derived from Athene's capital allocation decisions, including the repurchase of its common shares; the benefits to be derived from the redeployment of the assets backing the obligations reinsured from Jackson National Life Insurance Company ("Jackson"); the magnitude of potential future growth in invested assets; expected future operating results; its liquidity and capital resources and the other non-historical statements. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words "believe," "anticipate," "estimate," "expect," "intend," "will," "should," and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. These statements are subject to certain risks, uncertainties and assumptions, including Athene's failure to recognize the benefits expected to be derived from the transactions with Jackson; the 2020 presidential and congressional elections in the U.S. resulting in changes in the U.S. political environment that are unfavorable to Athene; and the failure to achieve the economic benefits expected to be derived from the ACRA capital raise. For a discussion of the other risks and uncertainties related to Athene's forward-looking statements, see its annual report on Form 10-K for the year ended December 31, 2019, its quarterly report on Form 10-Q for the quarterly period ended June 30, 2020, and its other SEC filings, which can be found at the SEC's website www.sec.gov. Due to these various risks, uncertainties and assumptions, actual events or results or Athene's actual performance may differ materially from that reflected or contemplated in such forward- looking statements. Athene undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise.

Information contained herein may include information respecting prior performance of Athene. Information respecting prior performance, while a useful tool, is not necessarily indicative of actual results to be achieved in the future, which is dependent upon many factors, many of which are beyond Athene's control. The information contained herein is not a guarantee of future performance by Athene, and actual outcomes and results may differ materially from any historic, pro forma or projected financial results indicated herein. Certain of the financial information contained herein is unaudited or based on the application of non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. Furthermore, certain financial information is based on estimates of management. These estimates, which are based on the reasonable expectations of management, are subject to change and there can be no assurance that they will prove to be correct. The information contained herein does not purport to be all-inclusive or contain all information that an evaluator may require in order to properly evaluate the business, prospects or value of Athene. Athene does not have any obligation to update this presentation and the information may change at any time without notice.

Certain of the information used in preparing this presentation was obtained from third parties or public sources. No representation or warranty, express or implied, is made or given by or on behalf of Athene or any other person as to the accuracy, completeness or fairness of such information, and no responsibility or liability is accepted for any such information.

This document is not intended to be, nor should it be construed or used as, financial, legal, tax, insurance or investment advice. There can be no assurance that Athene will achieve its objectives. Past performance is not indicative of future success.

All information is as of the dates indicated herein.

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Business Perspectives in the Current Environment

• Athene's spread-based business model firing on all cylinders despite challenging backdrop
• • Attractive profitability with Retirement Services adjusted operating ROE of 20% in 3Q'20 and 14% YTD
  • Record organic growth activity underwritten to strong returns in excess of targets with more than $7 billion in 3Q'20 and $18 billion YTD
  • Demonstrated execution of inorganic strategy with large scale Jackson reinsurance transaction in June 2020
  • Robust growth in net invested assets of 18% year-over-year to $143 billion
  • Record levels of portfolio investing activity with $14 billion in 3Q'20 and $32 billion YTD
• Athene remains extremely well-capitalized
• • $3.2 billion of on-balance sheet excess equity capital
  • "A" ratings re-affirmed at AM Best, S&P and Fitch
  • De minimis impairments within investment portfolio (2 basis points YTD1)
• Athene is well-positioned for continued strength in 2021
• • Continued Jackson portfolio re-positioning and drawdown of excess cash will lift fixed income investment earnings
  • Strong organic and inorganic growth tailwinds
  • Substantial $7.6 billion deployable capital2, including $1.8 billion of available undrawn third-party

capital in strategic sidecar

1 Intent-to-Sell impairments for the nine months ended September 30, 2020, annualized. 2 Includes excess equity capital of $3.2 billion, untapped debt capacity of $2.6 billion, and $1.8 billion of available undrawn third-party ACRA/ADIP capacity. Untapped debt capacity assumes capacity of 25% debt to capitalization and is subject to general availability and market conditions. Untapped debt capacity has not been adjusted for the $500 million of senior notes issued on October 8, 2020.

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Athene Remains a Source of Strength for Policyholders and Reinsurance Clients

Record organic new business flows of $7.4 billion at strong returns despite low rates

Record retail volumes

• Record quarterly retail volumes of $2.5 billion in 3Q'20,

+28%representing 28% growth year-over-year, at attractive returns

$2.5bn

$1.9bn

• Fixed annuities offer principal protection, a crucial feature for policyholders amid volatile markets

• Diversified distribution reach is a source of strength

3Q'19

3Q'20

Record flow reinsurance volumes

+280%

$0.6bn

$2.3bn

• Robust volumes in flow reinsurance of $2.3 billion in 3Q'20, representing 280% growth year-over-year, at attractive returns
• Strong activity with key partners enabled by Athene's competitive advantages

3Q'19

3Q'20

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