Apollo Capital Contributions to Athene

Complete History 2008-2024 | All data sourced from SEC filings (S-1, 10-K)

Total Pre-IPO Capital

$4.5B

Rounds 1-4 + AAA + 2015 raise

Round 1 (2009)

~$400M

@ $10.00/share • Founding

2023 Injection

$1.29B

Post-merger AGM contribution

RBC Low Point

377%

Dec 2021 • -48 pts from 2020

RBC Current

419%

Dec 2024 • +42 pt recovery

Equity 2015

$5.4B

Pre-IPO peak

Pre-IPO Equity Rounds

RBC Ratio Trajectory (2015-2024)

Shareholders Equity Growth (2011-2015)

📊 Pre-IPO Equity Rounds (S-1, page 131)

Round	Year	Amount Raised	Share Price	Class	Source
Round 1	2009	~$400M	$10.00	Class M-1	S-1, p.131
Round 2	2011	~$325M	$10.78	Class M-2	S-1, p.131
Round 3	2012	~$600M	$13.46	Class M-3	S-1, p.131
Round 4	2014	~$1,300M	$26.00	Class M-4	S-1, p.131
TOTAL ROUNDS		~$2,625M

💰 Additional Capital Events

Date	Event	Amount	Details	Source
Oct 2012	AAA Transaction	~$794M	44.4M shares @ $13.46 + $83M cash + $113M note	S-1, p.238
Apr 2015	Capital Raise	$1,100M	Pre-IPO equity capital raise	S-1, MD&A
2023	AGM Contribution	$1,290M	From mandatory convertible preferred offering	10-K FY24, F-8
2024	AGM Contribution	$52M	Ongoing parent support	10-K FY24, F-8

📅 Complete Timeline (2008-2024)

2008

Athene Holding Ltd INCORPORATED in Bermuda

Source: S-1, Description of Share Capital

2009

BEGAN OPERATIONS • Co-founded by Apollo and James Belardi
Round 1: ~$400M @ $10.00

Source: S-1, pages 1 and 131

2010

Invested Assets: ~$1,867M (calculated)
RMBS portfolio: $448M (~24% of total)

Source: S-1 narrative

2011

Round 2: ~$325M @ $10.78
Apr: Liberty Life acquisition (first) • Jul: Investors Insurance
Shareholders Equity: $648M

Source: S-1, pages 79 and 131

2012

Round 3: ~$600M @ $13.46 AAA Transaction: ~$794M
Dec: Presidential Life acquisition
Shareholders Equity: $1,869M (+188%)

Source: S-1, pages 79, 131, and 238

2013

Oct: Aviva USA acquisition
Shareholders Equity: $2,743M (+47%)

2014

Round 4: ~$1,300M @ $26.00
Note settlement (3.8M shares)
Shareholders Equity: $4,542M (+66%)

Source: S-1, page 131

2015

Capital Raise: $1.1B
Oct: DLD acquisition
Shareholders Equity: $5,352M • RBC: 552%

Source: S-1, page 79

2016

Dec: IPO on NYSE
RBC: 478%

2017-2020

Steady state operations
RBC range: 421-490%

2021

⚠️ RBC drops to 377% (LOW POINT)
-48 point decline from 2020 (425%)

Source: 10-K FY2021

2022

Jan: Apollo merger closes
$38M contribution, ($2,752M) distribution
RBC: 387%

Source: 10-K FY2024, page F-8

2023

AGM Contribution: $1.29B
From mandatory convertible preferred stock offering
RBC: 392%

Source: 10-K FY2023, MD&A; 10-K FY2024, F-8

2024

$52M contribution
RBC: 419% (recovery complete, +42 pts from low)

Source: 10-K FY2024, page 27

📈 RBC Ratio History (10-K filings)

Year	RBC Ratio	Change	Source
2015	552%	—	S-1, page 6
2016	478%	-74 pts	10-K FY2016
2017	490%	+12 pts	10-K FY2017
2018	421%	-69 pts	10-K FY2018
2019	429%	+8 pts	10-K FY2019
2020	425%	-4 pts	10-K FY2020
2021	377%	-48 pts	10-K FY2021
2022	387%	+10 pts	10-K FY2022
2023	392%	+5 pts	10-K FY2023
2024	419%	+27 pts	10-K FY2024, p.27

📝 Key Quotes with Citations

"We began operating in 2009 when the burdens of the financial crisis and resulting capital demands caused many companies to exit the retirement market"
— S-1, page 1

"In addition to co-founding the company, Apollo assists us in identifying and capitalizing on acquisition opportunities"
— S-1, page 10

"a capital contribution by AGM in 2023 of $1.25 billion related to the net proceeds from its mandatory convertible preferred stock offering"
— 10-K FY2023, MD&A section