Athene Reports Q4 & Full Year 2019 Results

February 19, 2020 | 0 Comments

Athene Holding announced its financial results for the fourth quarter and full year 2019.

The company said, “Net income available to AHL common shareholders for the fourth quarter 2019 was $432 million, or $2.42 per diluted Class A common share [diluted share], compared to a net loss for the fourth quarter 2018 of $104 million, or $0.53 per common share.

“The increase from the prior year quarter was driven by higher adjusted operating income, as well as a favorable net change in fixed indexed annuity [FIA] derivatives including the impact of favorable equity market performance and discount rates. Net income available to AHL common shareholders for the full year 2019 was $2,136 million, or $11.41 per diluted share, compared to $1,053 million, or $5.32 per diluted share for the full year 2018.

“The increase from the prior year was primarily driven by a favorable change in the fair value of reinsurance assets due to a decrease in U.S. Treasury rates and tightening credit spreads.

“Adjusted operating income available to common shareholders for the fourth quarter 2019 was $389 million, or $2.21 per adjusted operating common share, a quarterly record, compared to $240 million, or $1.23 per adjusted operating common share for the fourth quarter 2018.

“The increase from the prior year quarter was primarily driven by higher net investment earnings due to an increase in net invested assets, stronger alternative investment performance and higher bond call income, as well as a lower cost of funds attributable to favorable rider reserves and deferred acquisition costs [DAC] amortization due to strong equity market performance.

“Excluding notable items, adjusted operating income available to common shareholders for the fourth quarter 2019 was $346 million, or $1.97 per adjusted operating common share, compared to $293 million, or $1.50 per adjusted operating common share for the fourth quarter 2018.

“Adjusted operating income available to common shareholders for the full year 2019 reached a new annual high of $1,289 million, or $6.97 per adjusted operating common share, compared to $1,140 million, or $5.82 per adjusted operating common share for the full year 2018.

“Excluding notable items, adjusted operating income available to common shareholders for the full year 2019 was $1,294 million, or $7.00 per adjusted operating common share, compared to $1,171 million, or $5.98 per adjusted operating common share for the full year 2018.”

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