HAMILTON, Bermuda – February 17, 2021 – Athene Holding Ltd. ("Athene") (NYSE: ATH), a leading financial services company specializing in retirement solutions, today announced financial results for the fourth quarter and full year 2020.
Strong execution across organic and inorganic funding channels drove robust net invested asset growth of 28% year-over-year at attractive spreads, while maintaining high credit quality across the portfolio
Record quarterly and annual gross organic inflows totaling $9.3 billion and $27.5 billion, respectively, underwritten to returns in excess of targets
Strong earnings with fourth quarter diluted EPS of $5.44 and adjusted operating EPS of $2.85
Attractive profitability during the fourth quarter with very strong ROA and ROE
Strong Alternative investment performance during the fourth quarter was driven by broad-based portfolio strength and benefited from market tailwinds
Robust capitalization with $3.5 billion of excess equity capital and $7.7 billion of total deployable capital
“Our robust fourth quarter results capped a year of record growth in which we generated $56 billion of gross inflows across our diversified funding channels, underwritten to very attractive returns above our historical average. A primary driver of this activity was record net organic growth of 27% for the year. Despite the pandemic, our focus and discipline to execute Athene’s business strategy never wavered – originate low cost, persistent funding and employ alpha-generating investing capabilities to drive compelling net spread.
"Our strong financial results demonstrate both the resilience of our model and our ability to drive consistent excellence even through periods of volatility. The significant profitable growth we generated in 2020 will increase our earnings power in 2021 and beyond. Importantly, we continue to see an abundance of organic and inorganic opportunities in front of us. As one of the best capitalized businesses in the industry, we will use our position of strength to build upon our compelling track record of delivering long-term shareholder value – 16% compound annual growth in adjusted book value per share over the past 11 years.”
- Jim Belardi, CEO
Financial ResultsInvested Assets & Flows
(in millions, except percentages and per share data) QuarterlyFull Year(in millions, except percentages)QuarterlyFull Year
GAAP:Invested Assets:
Net income$432 $1,065 $2,136 $1,446 
Gross invested assets2
$124,563 $175,424 $124,563 $175,424 
Diluted EPS$2.42 $5.44 $11.41 $8.34 
Net invested assets2
$117,486 $150,190 $117,486 $150,190 
Book value per common share$69.54 $85.51 $69.54 $85.51 Avg. net invested assets$115,986 $146,512 $115,719 $133,687 
Return on equity (ROE)12.8 %24.6 %19.7 %10.0 %
Avg. organic net inv. assets3
$64,138 $87,929 $58,413 $78,095 
Return on assets (ROA)1.19 %2.16 %1.55 %0.83 %Flows:
Retail$1,136 $2,299 $6,782 $7,801 
Operating:Flow reinsurance1,196 559 3,950 6,002 
Adj. op. income$389 $558 $1,289 $1,242 Funding agreements499 2,199 1,301 8,277 
Adj. op. EPS1
$2.21 $2.85 $6.97 $6.42 Pension risk transfer809 4,221 6,042 5,467 
Adj. op. EPS ex notables & AOG$1.97 $2.06 $7.00 $5.39 Gross organic inflows3,640 9,278 18,075 27,547 
Adj. book value per common share1
$54.02 $56.95 $54.02 $56.95 Organic inflows attributable to ACRA NCI(544)(1,180)(544)(1,180)
Adj. op. ROE16.7 %20.5 %14.1 %12.1 %
Organic outflows4
Adj. op. ROE ex notables & AOG14.9 %15.0 %14.2 %10.2 %Net organic flows$2,284 $6,686 $14,547 $21,131 
Adj. op. ROA1.34 %1.52 %1.11 %0.93 %
Net organic growth rate5
14.2 %30.4 %24.9 %27.1 %
Adj. op. ROA ex notables & AOG1.19 %1.11 %1.12 %0.78 %
Net inv. spread - Ret. Svcs1.84 %1.75 %1.50 %1.31 %Gross inorganic inflows$— $— $— $28,792 
Inorganic inflows attributable to ACRA NCI— — — (18,268)
Net inorganic inflows$— $— $— $10,524 

1 See the non-GAAP measures section on pages 7 through 10 for further discussion of these measures. 2 Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the ACRA NCI. Gross invested assets includes all ACRA investments. 3 Average organic net invested assets exclude the invested assets related to inorganic acquisitions and block reinsurance transactions as well as the investments associated with ACRA NCI. 4 Organic outflows consist of full and partial policyholder withdrawals, death benefits, pension risk transfer benefit payments and funding agreement maturities, net of ACRA NCI and exclude the outflows related to inorganic acquisitions and block reinsurance transactions. 5 Net organic growth rate is calculated as net organic flows divided by average organic net invested assets, on an annualized basis.

The following information was filed by Athene Holding Ltd (ATH) on Wednesday, February 17, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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