Athene : First Quarter 2024 Statutory Financial Statement for Athene Annuity and Life Company

QUARTERLY STATEMENT

OF THE

Athene Annuity and Life Company

TO THE

Insurance Department

OF THE

STATE OF

FOR THE QUARTER ENDED

MARCH 31, 2024

[ ] LIFE, ACCIDENT AND HEALTH

[ ] FRATERNAL BENEFIT SOCIETIES

2024

STATEMENT AS OF MARCH 31, 2024 OF THE Athene Annuity and Life Company

ASSETS

		Current Statement Date		4
	1	2		3	December 31
				Net Admitted Assets	Prior Year Net
	Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1. Bonds	.......... 84,675,254,952	...................................	..........	84,675,254,952	.......... 75,192,880,228

2. Stocks:

	2.1 Preferred stocks		1,418,736,828	...................................	1,418,736,828	1,135,317,529
	2.2 Common stocks		785,216,809	...................................	785,216,809	730,176,366
3.	Mortgage loans on real estate:
	3.1 First liens		40,057,831,698	...................................	40,057,831,698	35,582,200,210
	3.2 Other than first liens		1,130,468,135	...................................	1,130,468,135	1,115,430,952
4.	Real estate:
	4.1 Properties occupied by the company (less $
	encumbrances)		...................................	...................................	...................................	...................................
	4.2 Properties held for the production of income (less
	$	encumbrances)	................232,672,580	...................................	................232,672,580	................226,847,197
	4.3 Properties held for sale (less $
	.......................................................................................encumbrances)		...................................	...................................	...................................	...................................
5.	Cash ($	3,343,232,796 ), cash equivalents
	($	6,752,338,755	) and short-term
	investments ($	769,068,940 )	.......... 10,864,640,491	...................................	.......... 10,864,640,491	............ 8,348,370,777
6.	Contract loans (including $	...................................	premium notes)	................145,710,134	...................... 978,925	................144,731,209	................145,757,028
7.	Derivatives			............ 3,164,118,674	...................................	............ 3,164,118,674	............ 2,612,744,126
8.	Other invested assets		............ 9,525,145,751	................. 16,252,643	............ 9,508,893,108	............ 9,136,044,775
9.	Receivables for securities		............... 159,511,988	...................................	............... 159,511,988	................116,364,634
10.	Securities lending reinvested collateral assets	...................................	...................................	...................................	...................................
11.	Aggregate write-ins for invested assets	................751,853,691	...................................	................751,853,691	................648,531,324
12.	Subtotals, cash and invested assets (Lines 1 to 11)	.........152,911,161,731	................. 17,231,568	.........152,893,930,163	.........134,990,665,144
13.	Title plants less $ ................................... charged off (for Title insurers
	only)			...................................	...................................	...................................	...................................
14.	Investment income due and accrued	............ 1,319,840,541	................... 2,308,530	............ 1,317,532,012	................995,217,201
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	...................................	...................................	...................................	...................................
	15.2 Deferred premiums, agents' balances and installments booked but
	...................................deferred and not yet due (including $
	earned but unbilled premiums)	6,177,292	...................................	6,177,292	5,888,469
	15.3 Accrued retrospective premiums ($	) and
	contracts subject to redetermination ($	)	................................... ................................... ................................... ...................................

16. Reinsurance:

	....................................................16.1 Amounts recoverable from reinsurers	................319,402,528	...................................	................319,402,528	................287,855,285
	16.2 Funds held by or deposited with reinsured companies	...................................	...................................	...................................	...................................
	16.3 Other amounts receivable under reinsurance contracts	.......... 10,584,630,229	...................... 656,642	...........10,583,973,587	.......... 13,628,451,390
17.	Amounts receivable relating to uninsured plans	...................................	...................................	...................................	...................................
18.1	....Current federal and foreign income tax recoverable and interest thereon	...................................	...................................	...................................	...................................
18.2	Net deferred tax asset	............... 981,620,921	................639,645,936	................341,974,985	................375,114,686
19.	Guaranty funds receivable or on deposit	...................... 127,918	...................................	...................... 127,918	...................... 127,918
20.	Electronic data processing equipment and software	...................................	...................................	...................................	...................................
21.	Furniture and equipment, including health care delivery assets
	($	)	...................................	...................................	...................................	...................................
22.	.........Net adjustment in assets and liabilities due to foreign exchange rates	...................................	...................................	...................................	...................................
23.	Receivables from parent, subsidiaries and affiliates	................... 1,577,554	...................................	................... 1,577,554	................... 9,035,835
24.	Health care ($	) and other amounts receivable	................. 24,488,269	................. 10,581,524	................. 13,906,746	................. 14,927,771
25.	........................................Aggregate write-ins for other than invested assets	................... 8,786,874	................... 8,191,447	...................... 595,426	...................................
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)	.........166,157,813,857	................678,615,646	.........165,479,198,212	.........150,307,283,698
27.	From Separate Accounts, Segregated Accounts and Protected Cell
	Accounts	.......... 51,266,892,698	...................................	.......... 51,266,892,698	.......... 51,673,167,019
28.	Total (Lines 26 and 27)		217,424,706,555	678,615,646	216,746,090,910	201,980,450,717
	DETAILS OF WRITE-INS
1101.	Derivative Collateral Asset
................751,853,691	...................................	................751,853,691	................648,531,324
1102.	......................................................................................................................	....................................	....................................	....................................	....................................
1103.	......................................................................................................................	....................................	....................................	....................................	....................................
1198.	Summary of remaining write-ins for Line 11 from overflow page	...................................	...................................	...................................	...................................
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)	751,853,691		751,853,691	648,531,324
2501.	Miscellaneous Assets	................... 8,786,874	................... 8,191,447	...................... 595,426	...................................
2502.	.......................................................................................................................	....................................	....................................	....................................	....................................
2503.	.......................................................................................................................	....................................	....................................	....................................	....................................
2598.	...................Summary of remaining write-ins for Line 25 from overflow page	...................................	...................................	...................................	...................................
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	8,786,874	8,191,447	595,426

2

STATEMENT AS OF MARCH 31, 2024 OF THE Athene Annuity and Life Company

LIABILITIES, SURPLUS AND OTHER FUNDS

							1	2
							Current	December 31
							Statement Date	Prior Year
1.	Aggregate reserve for life contracts $	.........102,034,442,685 less $	included in Line 6.3
	(including $	82,182,401,346	Modco Reserve)	..........................................................................................................		102,034,442,685	93,270,505,426
2.	Aggregate reserve for accident and health contracts (including $	662,371	Modco Reserve)	1,729,123	1,844,815
3.	Liability for deposit-type contracts (including $	25,533,904,512	Modco Reserve)	28,022,879,058	22,129,931,953
4.	Contract claims:
	4.1 Life					371,465,201	342,175,366
	4.2 Accident and health				11,238	13,064
5.	Policyholders' dividends/refunds to members $	and coupons $	due
	and unpaid					...................................	...................................

6. Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated amounts:

6.1 Policyholders' dividends and refunds to members apportioned for payment (including $ ...................................

		Modco)	................................... ...................................
	6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	Modco)
	6.3	Coupons and similar benefits (including $	Modco)
7.	Amount provisionally held for deferred dividend policies not included in Line 6
8.	Premiums and annuity considerations for life and accident and health contracts received in advance less
	$	................................... discount; including $	accident and health premiums

9. Contract liabilities not included elsewhere:

	9.1	Surrender values on canceled contracts					...................................	...................................
	9.2	Provision for experience rating refunds, including the liability of $	accident and health
		experience rating refunds of which $	is for medical loss ratio rebate per the Public Health
		Service Act						...................................	...................................
	9.3 Other amounts payable on reinsurance, including $		assumed and $	.......... 11,926,679,794
		ceded					11,926,679,794	14,447,090,401
	9.4 Interest Maintenance Reserve				167,801,650	168,053,250
10.	Commissions to agents due or accrued-life and annuity contracts $	28,762,588 , accident and health
	$	...................................	and deposit-type contract funds $	..................................................		................. 28,762,588	................. 25,913,556
11.	..............................................................................Commissions and expense allowances payable on reinsurance assumed				................. 10,860,372	................... 7,382,476
12.	............................................................................................................................................General expenses due or accrued					................. 28,599,594	................. 22,527,909
13.	Transfers to Separate Accounts due or accrued (net) (including $	(607) accrued for expense
	allowances recognized in reserves, net of reinsured allowances)				............ 6,987,293,312	............ 5,831,625,548
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes				...................... 471,500	...................4,528,680
15.1 Current federal and foreign income taxes, including $		on realized capital gains (losses)		................. 76,485,024	................. 50,668,597
15.2	Net deferred tax liability						...................................	...................................
16.	Unearned investment income					................. 20,404,071	................. 18,620,969
17.	.......................................................................................Amounts withheld or retained by reporting entity as agent or trustee				................... 2,029,359	................... 3,989,145
18.	...................Amounts held for agents' account, including $	...........................................2,778,990 agents' credit balances		................... 2,778,990	................... 6,292,957
19.	........................................................................................................................................Remittances and items not allocated					............... 206,915,859	............... 594,090,654
20.	Net adjustment in assets and liabilities due to foreign exchange rates				...................................	...................................
21.	.......................................................................................Liability for benefits for employees and agents if not included above				........................ 51,179	...................................
22.	Borrowed money $	and interest thereon $	...........................................		...................................	...................................
23.	.......................................................................................................................Dividends to stockholders declared and unpaid					...................................	...................................
24.	Miscellaneous liabilities:
	...................................................................................................................................................24.01 Asset valuation reserve					............ 2,873,806,722	............ 2,637,816,304
	...................................24.02 Reinsurance in unauthorized and certified ($	.......................................................) companies		...................................	...................................
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	...................................	) reinsurers		............ 1,216,407,436	............ 1,218,093,529
	24.04 Payable to parent, subsidiaries and affiliates					................. 51,151,494	................. 44,759,577
	...........................................................................................................................................................24.05 Drafts outstanding						...................................	...................................
	............................................................................................................24.06 Liability for amounts held under uninsured plans					...................................	...................................
	........................................................................................................................................24.07 Funds held under coinsurance					...................................	...................................
	24.08 Derivatives						................718,268,043	................788,675,150
	24.09 Payable for securities						................772,970,145	............... 109,808,455
	.........................................................................................................................................24.10 Payable for securities lending					...................................	...................................
	24.11 Capital notes $	and interest thereon $	...........................................	...................................	...................................
25.	Aggregate write-ins for liabilities					8,373,725,577	6,721,123,866
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)				163,895,990,014	148,445,531,648
27.	From Separate Accounts Statement					50,228,292,681	50,659,039,812
28.	Total liabilities (Lines 26 and 27)					214,124,282,695	199,104,571,460
29.	Common capital stock						10,000,000	10,000,000
30.	..............................................................................................................................................................Preferred capital stock						...................................	...................................
31.	..........................................................................................................Aggregate write-ins for other than special surplus funds					...................................	...................................
32.	............................................................................................................................................................................Surplus notes						...................................	...................................
33.	.......................................................................................................................................Gross paid in and contributed surplus					............ 4,760,418,293	............ 4,654,377,537
34.	Aggregate write-ins for special surplus funds					...................................	...................................
35.	Unassigned funds (surplus)						.......... (2,148,610,078)	.......... (1,788,498,280)
36.	Less treasury stock, at cost:
	36.1	...................................	shares common (value included in Line 29	$	)
			...................................	...................................
	36.2	...................................	shares preferred (value included in Line 30	$		)
			...................................	...................................
37.	Surplus (Total Lines 31+32+33+34+35-36) (including $	1,038,600,017	in Separate Accounts Statement)		2,611,808,215	2,865,879,257
38.	Totals of Lines 29, 30 and 37					2,621,808,215	2,875,879,257
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)						216,746,090,910	201,980,450,717
	DETAILS OF WRITE-INS
2501.	...........................................................................................................................Derivative and Other Collateral Liability					............ 5,054,075,471	............ 3,297,800,206
2502.	Repurchase Agreement Liability					............ 1,847,935,350	............ 2,347,935,350
2503.	Separate Account Derivative Liability					............ 1,077,908,382	................734,948,624
2598.	..............................................................................................Summary of remaining write-ins for Line 25 from overflow page				................393,806,374	................340,439,686
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)						8,373,725,577	6,721,123,866
3101.	.................................................................................................................................................................................................	...................................	...................................

3102. ................................................................................................................................................................................................... .................................... ....................................

3103. ................................................................................................................................................................................................... .................................... ....................................

3198. Summary of remaining write-ins for Line 31 from overflow page .............................................................................................. ................................... ...................................

3199. Totals (Lines 3101 through 3103 plus 3198)(Line 31 above)

3401. ................................................................................................................................................................................................. ................................... ...................................

3402. ................................................................................................................................................................................................... .................................... ....................................

3403. ................................................................................................................................................................................................... .................................... ....................................

3498. Summary of remaining write-ins for Line 34 from overflow page .............................................................................................. ................................... ...................................

3499. Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)

3

STATEMENT AS OF MARCH 31, 2024 OF THE Athene Annuity and Life Company

SUMMARY OF OPERATIONS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Premiums and annuity considerations for life and accident and health contracts	............ 2,094,843,854	............ 1,733,206,992	............ 9,263,263,955
2.	Considerations for supplementary contracts with life contingencies	................... 1,250,783	................... 1,248,079	...................4,616,416
3.	Net investment income	............ 1,862,824,590	................767,542,690	............ 4,324,161,200
4.	Amortization of Interest Maintenance Reserve (IMR)	................... 4,725,648	................... 3,788,944	................. 18,879,884
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	................250,052,627	................. 63,280,879	................237,746,176
6.	Commissions and expense allowances on reinsurance ceded	................568,869,635	................410,270,727	............ 1,765,226,095
7.	Reserve adjustments on reinsurance ceded	............ 5,837,660,252	............ 5,256,650,827	.......... 21,303,194,524
8.	Miscellaneous Income:
	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts	................... 6,118,130	................... 5,668,761	................. 23,272,134
	8.2 Charges and fees for deposit-type contracts	...................................	...................................	...................................
	8.3 Aggregate write-ins for miscellaneous income	378,740	1,200,758	615,486
9.	Totals (Lines 1 to 8.3)	10,626,724,261	8,242,858,658	36,940,975,870
10.	Death benefits	517,244	...................... 416,822	...................1,248,585
11.	Matured endowments (excluding guaranteed annual pure endowments)	...................................	...................................	...................................
12.	Annuity benefits	................281,575,809	................217,088,987	............... 906,885,811
13.	Disability benefits and benefits under accident and health contracts	........................ 47,868	........................ 97,120	...................... 280,542
14.	Coupons, guaranteed annual pure endowments and similar benefits	...................................	...................................	...................................
15.	Surrender benefits and withdrawals for life contracts	................338,360,123	................243,343,882	............ 1,196,466,860
16.	Group conversions	...................................	...................................	...................................
17.	Interest and adjustments on contract or deposit-type contract funds	................342,417,382	................159,430,936	................732,876,412
18.	Payments on supplementary contracts with life contingencies	...................1,928,040	................... 2,247,390	................... 7,898,147
19.	Increase in aggregate reserves for life and accident and health contracts	8,763,821,568	7,067,175,045	29,893,980,676
20.	Totals (Lines 10 to 19)	............ 9,728,668,034	............ 7,689,800,182	...........32,739,637,034
21.	Commissions on premiums, annuity considerations, and deposit-type contract funds (direct
	business only)	................456,643,600	................356,810,246	............ 1,478,737,085
22.	Commissions and expense allowances on reinsurance assumed	................. 25,337,083	...................5,924,591	..................39,273,973
23.	General insurance expenses and fraternal expenses	................161,433,668	................128,875,968	................556,742,464
24.	Insurance taxes, licenses and fees, excluding federal income taxes	...................8,920,194	................. 14,005,040	................. 41,516,730
25.	Increase in loading on deferred and uncollected premiums	...................................	...................................	...................................
26.	Net transfers to or (from) Separate Accounts net of reinsurance	................169,573,892	................(52,504,480)	............ 1,803,356,287
27.	Aggregate write-ins for deductions
11,456,735	28,998,927	72,961,981
28.	Totals (Lines 20 to 27)	10,562,033,207	8,171,910,474	36,732,225,555
29.	Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus
	Line 28)	................. 64,691,054	................. 70,948,184	................208,750,315
30.	Dividends to policyholders and refunds to members			49
31.	Net gain from operations after dividends to policyholders, refunds to members and before federal
	income taxes (Line 29 minus Line 30)	................. 64,691,054	................. 70,948,184	................208,750,267
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)	134,534,419	66,571,562	369,756,599
33.	Net gain from operations after dividends to policyholders, refunds to members and federal income
	taxes and before realized capital gains or (losses) (Line 31 minus Line 32)	................(69,843,365)	................... 4,376,622	..............(161,006,333)

34. Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital

	gains tax of $	3,992,281 (excluding taxes of $	2,432,151
	transferred to the IMR)		(6,597,705)	(45,888,684)	(48,327,905)
35.	Net income (Line 33 plus Line 34)	(76,441,070)	(41,512,061)	(209,334,237)
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year	2,875,879,257	2,067,261,385	2,067,261,385
37.	Net income (Line 35)		(76,441,070)	(41,512,061)	(209,334,237)
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	39,265,848	408,168,531	149,431,112	756,713,592
39.	Change in net unrealized foreign exchange capital gain (loss)	69,912,721	55,400,656	(20,801,965)
40.	Change in net deferred income tax	224,755,326	183,777,834	622,101,616
41.	............................................................................................................Change in nonadmitted assets	..............(214,400,254)	..............(106,161,400)	..............(188,420,833)
42.	.......................................Change in liability for reinsurance in unauthorized and certified companies	...................................	...................................	...................................
43.	..........................Change in reserve on account of change in valuation basis, (increase) or decrease	...................................	...................................	...................................
44.	Change in asset valuation reserve	(235,990,418)	(299,023,288)	(891,219,228)
45.	Change in treasury stock		...................................	...................................	...................................
46.	.........................................Surplus (contributed to) withdrawn from Separate Accounts during period	...................................	...................................	..............(115,397,821)
47.	................................................................Other changes in surplus in Separate Accounts Statement	..............(225,579,817)	................(49,658,748)	..............(102,945,206)
48.	Change in surplus notes		...................................	...................................	...................................
49.	Cumulative effect of changes in accounting principles	...................................	...................................	...................................
50.	Capital changes:
	50.1 Paid in		...................................	...................................	...................................
	..................................................................................50.2 Transferred from surplus (Stock Dividend)	...................................	...................................	...................................
	50.3 Transferred to surplus		...................................	...................................	...................................
51.	Surplus adjustment:
	51.1 Paid in		106,040,756	206,868,016	1,563,924,342
	........................................................................................51.2 Transferred to capital (Stock Dividend)	...................................	...................................	...................................
	51.3 Transferred from capital	...............................................................................................................	...................................	...................................	...................................
	51.4 Change in surplus as a result of reinsurance
	(266,895,985)	(186,098,107)	(555,567,979)
52.	Dividends to stockholders		...................................	...................................	...................................
53.	.............................................................................Aggregate write-ins for gains and losses in surplus	(43,640,832)	(50,482,891)	(50,434,408)
54.	Net change in capital and surplus for the year (Lines 37 through 53)	(254,071,042)	(137,458,876)	808,617,872
55.	Capital and surplus, as of statement date (Lines 36 + 54)		2,621,808,215	1,929,802,509	2,875,879,257
	DETAILS OF WRITE-INS
.........................................................................................................08.301. Miscellaneous Income (Expense)	.......................378,740	.....................(100,047)	.....................(685,319)
.............................................................................................................................................................................08.302. COLI Income			................... 1,300,805	................... 1,300,805
08.303.	..............................................................................................................................................................		....................................	....................................	....................................
........................................................08.398. Summary of remaining write-ins for Line 8.3 from overflow page	...................................	...................................	...................................
08.399. Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above)		378,740	1,200,758	615,486
2701.	Funds Withheld Adjustment - Ceded	16,728,968	16,336,811	65,971,158
2702.	Transfer to IMR - Ceded		................(11,625,502)	................... 6,953,149	................(13,683,813)
2703.	Transfer to IMR - MVA Benefits	6,950,031	................... 3,377,155	................. 18,166,265
2798.	.........................................................Summary of remaining write-ins for Line 27 from overflow page	.....................(596,761)	................... 2,331,812	................... 2,508,370
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)
	11,456,735	28,998,927	72,961,981
5301.	Correction of Prior Period Error	(43,612,386)	(50,391,929)	(50,391,929)
5302.	.........................................................................................................................Athene Re IV Tax Sharing Agreement	(28,446)	(90,962)	(42,479)
5303	....................................	....................................	....................................
5398.	.........................................................Summary of remaining write-ins for Line 53 from overflow page	...................................	...................................	...................................
5399.	Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)		(43,640,832)	(50,482,891)	(50,434,408)

4

STATEMENT AS OF MARCH 31, 2024 OF THE Athene Annuity and Life Company

CASH FLOW

Cash from Operations

1

Current Year

To Date

2

Prior Year

To Date

3

Prior Year Ended

December 31

1.	Premiums collected net of reinsurance	............ 2,096,017,040	............ 1,734,322,395	............ 9,268,226,931
2.	Net investment income	............ 1,495,390,730	............... 649,699,646	............ 3,789,743,969
3.	Miscellaneous income	572,906,108	413,689,882	1,814,074,125
4.	Total (Lines 1 to 3)	4,164,313,878	2,797,711,923	14,872,045,025
5.	Benefit and loss related payments	.......... (5,284,958,952)	.......... (4,488,993,754)	.........(17,971,499,610)
6.	.................Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	..............(986,093,872)	..............(982,241,542)	..............(636,586,215)
7.	...............................................Commissions, expenses paid and aggregate write-ins for deductions	................638,639,724	................492,655,183	............ 2,049,878,037
8.	Dividends paid to policyholders	...................................	...................................	............................... 49
9.	Federal and foreign income taxes paid (recovered) net of $	6,611 tax on capital
	gains (losses)	159,346,872	90,162,113	391,847,716
10.	Total (Lines 5 through 9)	(5,473,066,228)	(4,888,418,000)	(16,166,360,024)
11.	Net cash from operations (Line 4 minus Line 10)	9,637,380,106	7,686,129,923	31,038,405,049

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

	12.1	Bonds	............ 3,960,075,433	............ 1,711,991,401	.......... 10,369,472,939
	12.2	Stocks	................. 30,160,225	................. 38,257,991	................. 97,076,782
	12.3	Mortgage loans	................784,710,148	................428,937,926	............ 2,829,978,554
	12.4	Real estate	...................................	...................................	...................................
	12.5	Other invested assets	................138,912,657	................157,342,122	............ 1,146,228,553
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	................... 4,204,835	................(13,614,266)	................(26,953,909)
	12.7	Miscellaneous proceeds	662,342,980	128,078,092	151,945,716
	12.8 Total investment proceeds (Lines 12.1 to 12.7)	............ 5,580,406,278	............ 2,450,993,266	.......... 14,567,748,635
13.	Cost of investments acquired (long-term only):
	13.1	Bonds	.......... 13,522,281,378	............ 5,719,814,626	.......... 27,632,965,631
	13.2	Stocks	................348,495,208	................. 83,796,886	................958,434,258
	13.3	Mortgage loans	............ 5,359,109,772	............ 2,560,551,793	.......... 17,898,682,359
	13.4	Real estate	................... 4,518,933	...................................	...................................
	13.5	Other invested assets	................343,134,937	................172,810,372	............ 2,059,254,167
	13.6	Miscellaneous applications	300,739,637	105,029,477	363,693,988
	13.7	Total investments acquired (Lines 13.1 to 13.6)	19,878,279,865	8,642,003,154	48,913,030,402
14.	Net increase (or decrease) in contract loans and premium notes	(1,025,819)	(1,997,021)	(6,855,616)
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(14,296,847,767)	(6,189,012,868)	(34,338,426,151)
		Cash from Financing and Miscellaneous Sources
16.	Cash provided (applied):
	16.1	Surplus notes, capital notes	...................................	...................................	...................................
	16.2	Capital and paid in surplus, less treasury stock	........................ 39,094	................... 7,821,542	................310,471,493
	16.3	Borrowed funds	...................................	...................................	...................................
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	............ 5,892,947,105	................. 53,668,218	............ 3,631,232,879
	..........................................................................................................16.5 Dividends to stockholders	...................................	...................................	...................................
	....................................................................................................16.6 Other cash provided (applied)	1,282,751,176	2,994,429,276	1,997,357,158
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	7,175,737,375	3,055,919,036	5,939,061,530
	RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18.	.Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	............ 2,516,269,714	............ 4,553,036,091	............ 2,639,040,428
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	............ 8,348,370,777	............ 5,709,330,349	............ 5,709,330,349
	19.2 End of period (Line 18 plus Line 19.1)	10,864,640,491	10,262,366,441	8,348,370,777

Note: Supplemental disclosures of cash flow information for non-cash transactions:

20.0001.	Capital contribution - non-cash(financing)	................. 99,960,906	................281,042,483	............ 1,294,713,657
20.0002.	Capital contribution - non-cash(investing)	(98,798,309)	..............(278,538,469)	.......... (1,282,880,853)
20.0003.	Capital contribution - non-cash(operating)	(1,162,597)	................. (2,504,014)	................(11,832,804)
20.0004.	Capital contribution of stock compensation expense (financing)	................... 6,040,756	...................6,868,016	................. 47,603,217
20.0005.	Capital contribution of stock compensation expense (investing)	...................... (80,185)	.....................(136,067)	.....................(408,132)
20.0006.	Capital contribution of stock compensation expense (operating)	................. (5,960,571)	................. (6,731,949)	................(47,195,085)
20.0007.	Security exchanges and asset in kind trades - bond proceeds (investing)	................762,965,719	................547,108,037	............ 2,749,464,808
20.0008.	Security exchanges and asset in kind trades - bonds acquired (investing)	..............(762,965,719)	..............(547,108,037)	.......... (2,749,464,808)
20.0009.	Reinsurance activity settled in bonds (operating)	................. 31,505,402	..............(167,089,711)	................237,914,167
20.0010.	Reinsurance activity settled in bonds (investing)	................(31,505,402)	................167,089,711	..............(237,914,167)

5

STATEMENT AS OF MARCH 31, 2024 OF THE Athene Annuity and Life Company

Note: Supplemental disclosures of cash flow information for non-cash transactions:

20.0011.	Interest capitalization (operating)	...................6,149,888	................. 12,170,671	................. 54,122,097
20.0012.	Interest capitalization (investing)	(6,149,888)	................(12,170,671)	................(54,122,097)
20.0013.	Asset transfer bonds to stocks - proceeds (investing)	1,713,596	...................................	...................................
20.0014.	Asset transfer bonds to stocks - acquired (investing)	(1,713,596)	...................................	...................................
20.0015.	Asset transfer mortgages to other invested assets - proceeds (investing)	...................................	...................... 412,911	................... 2,365,068
20.0016.	Asset transfer mortgages to other invested assets - acquired (investing)	...................................	.....................(412,911)	................. (2,365,068)
20.0017.	Security exchanges and asset in kind trades - other invested asset acquired (investing) .	...................................	................. (7,922,954)	................. (7,922,954)
20.0018.	Security exchanges and asset in kind trades - other invested asset proceeds (investing) .	...................................	................... 7,922,954	................... 7,922,954
20.0019.	Security exchanges and asset in kind trades - stocks acquired (investing)	...................................	...................................	................(24,002,408)
20.0020.	Security exchanges and asset in kind trades - stock proceeds (investing)	...................................	...................................	................. 24,002,408
20.0021.	Asset transfer bonds to other invested assets - proceeds (investing)	...................................	...................................	...................2,619,000
20.0022.	Asset transfer bonds to other invested assets - acquired (investing)	...................................	...................................	................. (2,619,000)
20.0023.	Asset transfer bonds to mortgages - net investment income (operating)	...................................	...................................	................. (1,280,423)
20.0024.	Asset transfer bonds to mortgages - proceeds (investing)	...................................	...................................	..............(139,493,842)
20.0025.	Asset transfer bonds to mortgages - acquired (investing)	...................................	...................................	................132,014,656
20.0026.	Asset transfer bonds to mortgages - suspense (financing)	...................................	...................................	................... 8,759,608
20.0027.	Asset transfer mortgages to real estate - proceeds (investing)	...................................	...................................	................. 74,200,000
20.0028.	Asset transfer mortgages to real estate - acquired (investing)	...................................	...................................	................(74,200,000)

5.1

STATEMENT AS OF MARCH 31, 2024 OF THE Athene Annuity and Life Company

EXHIBIT 1

DIRECT PREMIUMS AND DEPOSIT-TYPE CONTRACTS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Individual life	................. 21,396,477	................. 22,708,407	................. 85,009,176
2.	Group life	287,305	.......................350,976	...................1,205,241
3.	Individual annuities	9,652,936,725	8,545,417,796	35,298,456,829
4.	Group annuities	683,873	55,705,792	10,135,355,106
5.	Accident & health	145,089	186,354	647,461
6.	Fraternal	...................................	...................................	...................................
7.	Other lines of business	...................................	...................................	...................................
8.	Subtotal (Lines 1 through 7)	9,675,449,468	8,624,369,325	45,520,673,812
9.	Deposit-type contracts	............ 7,441,821,543	...................... 201,714	............ 3,369,037,752
10.	Total (Lines 8 and 9)	17,117,271,011	8,624,571,039	48,889,711,564

6

Quarterly Statement as of March 31, 2024 of the Athene Annuity and Life Company

Notes to the Financial Statements

1. Summary of Signi cant Accounting Policies and Going Concern

1. Accounting Practices

The accompanying nancial statements of Athene Annuity and Life Company (the Company) have been prepared in conformity with the accounting practices prescribed or permitted by the National Association of Insurance Commissioners (NAIC) and the State of Iowa.

The Insurance Division, Department of Commerce, of the State of Iowa (the Division) recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the nancial condition and results of operations of an insurance company and for determining its solvency under the Iowa Insurance Law. The NAIC's Accounting Practices & Procedures Manual (NAIC SAP) has been adopted as a component of prescribed or permitted practices by the State of Iowa. The Commissioner of Insurance has the right to permit other speci c practices that deviate from prescribed practices.

Among the products issued by the Company are indexed universal life insurance and indexed annuities. These products allow a portion of the premium to earn interest based on certain indices, such as the Standard & Poor's 500 Composite Stock Price Index. Call options, futures, variance swaps and total return swaps are purchased to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. In 2006, the Commissioner of the Division issued Bulletin 06-01 ,Accounting for Derivative Instruments Used to Hedge the Growth in Interest Credited for Index Products , which prescribes that an insurer may elect to recognize changes in the fair value of derivative instruments purchased to hedge indexed products in the statement of operations. The Company has elected to apply Bulletin 06-01 to its futures, variance swaps and total return swaps. Application of Bulletin 06-01 does not impact the Company's statutory surplus amounts.

In 2009, the Commissioner of the Division promulgated Iowa Administrative Code (IAC) Section 191-97, Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve , which prescribes that an insurer may elect (i) to use an amortized cost method to account for certain derivative instruments, such as call options, purchased to hedge the growth in interest credited to the customer on indexed insurance products and (ii) to utilize an indexed annuity reserve calculation methodology under which call options associated with the current index interest crediting term are valued at zero. IAC Section 191-97does not apply to products that do not guarantee a minimum interest accumulation, such as our variable and index- linked deferred annuities. The Company has elected to apply IAC Section 191-97to its eligible over the counter (OTC) call options and reserve liabilities.

The NAIC requires annuities issued by life insurance companies on or after January 1, 2015, to use the 2012 Individual Annuity Reserving (IAR) Mortality Table. In 2015, the Division promulgated IAC Section 43.3(5), which set an elective alternative effective date of January 1, 2016 for adoption of the 2012 IAR Mortality Table. The Company chose to use the Annuity 2000 Mortality Table for all annuities issued in 2015.

A reconciliation of the Company's net income and statutory surplus between practices prescribed or permitted by the State of Iowa and NAIC SAP is shown below:

	SSAP #		F/S Page		F/S Line #			03/31/2024			12/31/2023
Net Income
(1) State basis (Page 4, Line 35, Columns 1 & 3)	........................XXX	........................XXX	........................XXX	$	(76,441,070)	$	(209,334,237)

1. State prescribed practices that are an increase / (decrease) from NAIC SAP:

	Derivative Instruments Bulletin.................................................06-01	........................86	........................4	........................38		2,891,502			9,232,901
	Derivative Instruments and Equity Indexed Reserves IAC
	191....................................................................................................-97	........................86, 51	........................2, 3	........................7, 1		236,021,874			187,201,511
	2012 IAR Mortality Table for Annuities Issued in 2015
	IAC....................................................................................................43.3(5)	........................51	........................3	........................1	................................	22,059		................................	24,540
(3)	State permitted practices that are an increase /
	(decrease) from NAIC SAP:
(4)	NAIC SAP (1-2-3=4)	........................XXX	........................XXX	........................XXX	$	(315,376,505)		$	(405,793,189)
Surplus
(5)	State basis (Page 3, Line 38, Columns 1 & 2)	........................XXX	........................XXX	........................XXX	$	2,621,808,215	$	2,875,879,257
(6)	State prescribed practices that are an increase /
	(decrease) from NAIC SAP:
	Derivative Instruments and Equity Indexed Reserves IAC
	191....................................................................................................-97	........................86, 51	........................2, 3	........................7, 1		(81,471,086)			(27,765,239)
	2012 IAR Mortality Table for Annuities Issued 2005 IAC
	43.....................................................................................................3(5)	........................51	........................3	........................1		6,725,209			6,703,150
(7)	State permitted practices that are an increase /
	(decrease) from NAIC SAP:
(8)	NAIC SAP (5-6-7=8)	........................XXX	........................XXX	........................XXX	$	2,696,554,092		$	2,896,941,346

1. Use of Estimates in the Preparation of the Financial Statements

The preparation of nancial statements in conformity with NAIC SAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires disclosure of contingent assets and liabilities as of the date of the nancial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the nancial statements.

1. Accounting Policy
2. 1. Short-terminvestments - No Signi cant Changes
   2. Bonds, other than loan-backed and structured securities, are stated at amortized cost or fair value based on their rating by the NAIC. Bonds held at amortized cost are amortized using the scienti c interest method on a yield-to-worst basis.
   3. Common stocks - No Signi cant Changes
   4. Preferred stocks - No Signi cant Changes
   5. Mortgage loans - No Signi cant Changes

7

Quarterly Statement as of March 31, 2024 of the Athene Annuity and Life Company

Notes to the Financial Statements

1. Summary of Signi cant Accounting Policies and Going Concern (Continued)

(6)	Loan-backed and structured securities are stated at amortized cost or fair market value based on their rating by the NAIC. Changes to
	estimated cash ows on the securities are accounted for retrospectively for securities that are highly rated at the time of purchase and in
	which the security cannot be contractually prepaid or settled in such a way that the Company would not recover substantially all of the
	recorded investment. The prospective method is used for those securities where an other than temporary impairment has been taken, the
	security is not highly rated at the time of purchase, securities where receipt of all contractual principal cash ows is not expected, or those
	securities that can be contractually prepaid or settled in such a way that the Company would not recover substantially all of the recorded
	investment. Loan-backed and structured securities stated at amortized cost are amortized or accreted using the scienti c interest method.
(7)	Investments in subsidiaries, controlled and a liated entities - No Signi cant Changes

1. Investments in joint ventures, partnerships and limited liability entities - No Signi cant Changes
2. Derivatives - No Signi cant Changes
3. Investment income as a factor in the premium de ciency calculation - No Signi cant Changes
4. Liabilities for losses and loss/claim adjustment expenses - No Signi cant Changes
5. Changes in capitalization policy - No Signi cant Changes
6. Pharmaceutical rebate receivables - No Signi cant Changes D. Going Concern

Management's assessment of the relevant conditions through May 14, 2024 does not give rise to substantial doubt of the Company's ability to continue as a going concern.

2. Accounting Changes and Corrections of Errors

During 2024, the Company discovered an error in the tax reserves which resulted in a $43.6 million understatement of current tax liability in the prior period nancial statements. In accordance with SSAP No. 3, Accounting Changes and Correction of Errors , the current tax expense correction was recorded directly to surplus. The correction decreased surplus by $43.6 million, representing 1.7% of ending capital and surplus as of March 31, 2024 and 1.5% as of December 31, 2023.

1. Business Combinations and Goodwill
   On December 20, 2023, Athene Annuity & Life Assurance Company (AADE) and the Company executed an Agreement and Plan of Merger (Merger Agreement) pursuant to which, subject to the receipt of all regulatory approvals required in respect thereof, AADE will merge with and into the Company, with the Company as the surviving entity (the Merger). Currently, both the Company and AADE are indirect wholly owned subsidiaries of Athene Holding Ltd. and the Company is a wholly owned subsidiary of AADE. The consummation of the Merger will require the approval of the California Department of Insurance, the Delaware Department of Insurance, and the Iowa Insurance Division.
2. 1. Statutory Purchase Method - None
   2. Statutory Merger - None
   3. Assumption Reinsurance - None
   4. Impairment Loss - None
   5. Subcomponents and Calculation of Adjusted Surplus and Total Admitted Goodwill - None
3. Discontinued Operations - None
4. Investments
5. 1. Mortgage Loans, including Mezzanine Real Estate Loans - No Signi cant Changes
   2. Debt Restructuring - No Signi cant Changes
   3. Reverse Mortgages - None
   4. Loan-BackedSecurities
   5. 1. Prepayment assumptions for loan-backed bonds and structured securities were obtained from broker dealer survey values or internal estimates.
      2. Loan-backedand structured securities with a recognized other-than-temporary impairment (OTTI)

No other-than-temporary impairment was recognized on loan-backed securities due to the intent to sell or inability or lack of intent to retain the investment for a period of time su cient to recover the amortized cost basis.

7.1