Investments (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Investments, All Other Investments [Abstract] |
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| Schedule of Investments |
The following table outlines the Company’s investments:
| | | | | | | | | | | | | | | (In millions) | December 31, 2023 | | December 31, 2022 | | | | Asset Management | | | | | | | Investments, at fair value | $ | 1,489 | | | $ | 1,320 | | | | | Equity method investments | 1,072 | | | 979 | | | | | Performance allocations | 2,941 | | | 2,574 | | | | | U.S. Treasury securities, at fair value | — | | | 709 | | | | Total Investments – Asset Management | 5,502 | | | 5,582 | | | | Retirement Services | | | | | | | AFS securities, at fair value | $ | 148,347 | | | $ | 112,225 | | | | | Trading securities, at fair value | 2,544 | | | 2,473 | | | | | Equity securities | 1,611 | | | 1,766 | | | | | Mortgage loans, at fair value | 45,396 | | | 28,756 | | | | | Investment funds | 1,741 | | | 1,648 | | | | | Policy loans | 334 | | | 347 | | | | | Funds withheld at interest | 30,833 | | | 42,688 | | | | | Derivative assets | 5,298 | | | 3,309 | | | | | Short-term investments | 1,288 | | | 2,160 | | | | | Other investments | 1,549 | | | 1,076 | | | | Total Investments, including related parties – Retirement Services | 238,941 | | | 196,448 | | | | | Total Investments | $ | 244,443 | | | $ | 202,030 | | | |
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| Schedule of Equity Method Investments |
The tables below present summarized financial information of the Company’s equity method investments in the aggregate.
| | | | | | | | | | | | Statement of Financial Condition (In millions) | December 31, | 2023 1 | | 2022 1 | | Investments | $ | 212,892 | | | $ | 195,262 | | | Assets | 238,550 | | | 216,030 | | | Liabilities | 122,659 | | | 115,914 | | | Equity | 115,891 | | | 100,116 | |
| | | | | | | | | | | | | | | | | | Statement of Operations (In millions) | Years ended December 31, | 2023 1 | | 2022 1 | | 2021 1 | | Revenues/Investment Income | $ | 9,709 | | | $ | 7,681 | | | $ | 5,249 | | | Expenses | 9,242 | | | 7,644 | | | 4,935 | | | Net Investment Income (Loss) | 467 | | | 37 | | | 314 | | | Net Realized and Unrealized Gain (Loss) | 7,349 | | | 3,012 | | | 15,882 | | | Net Income (Loss) | $ | 7,816 | | | $ | 3,049 | | | $ | 16,196 | | | | | | | | 1 Certain fund amounts are as of and for the twelve months ended September 30, 2023, 2022 and 2021. |
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| Schedule of Net Gains (Losses) from Investment Activities |
The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:
| | | | | | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | (In millions) | | | | | 2023 | | 2022 | | 2021 | | Realized gains (losses) on sales of investments, net | | | | | $ | (9) | | | $ | (14) | | | $ | — | | | Net change in unrealized gains (losses) due to changes in fair value | | | | | 16 | | | 179 | | | 2,611 | | | Net gains (losses) from investment activities | | | | | $ | 7 | | | $ | 165 | | | $ | 2,611 | |
Investment related gains (losses) by asset class consists of the following:
| | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | | | (In millions) | | | | | 2023 | | 2022 | | | AFS securities1 | | | | | | | | | | | Gross realized gains on investment activity | | | | | $ | 926 | | | $ | 1,337 | | | | | Gross realized losses on investment activity | | | | | (779) | | | (2,151) | | | | | Net realized investment gains (losses) on AFS securities | | | | | 147 | | | (814) | | | | | Net recognized investment gains (losses) on trading securities | | | | | 66 | | | (432) | | | | | Net recognized investment gains (losses) on equity securities | | | | | 13 | | | (153) | | | | | Net recognized investment gains (losses) on mortgage loans | | | | | 207 | | | (2,974) | | | | | Derivative gains (losses) | | | | | 2,135 | | | (9,173) | | | | | Provision for credit losses | | | | | (335) | | | (227) | | | | | Other gains (losses) | | | | | (805) | | | 1,056 | | | | | Investment related gains (losses) | | | | | $ | 1,428 | | | $ | (12,717) | | | | | | | | | | | | | | 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. | | |
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| Schedule of Performance Allocations |
The table below provides a roll forward of the performance allocations balance: | | | | | | | (In millions) | Total | Performance allocations, January 1, 2022 | $ | 2,732 | | | Change in fair value of funds | 615 | | | Fund distributions to the Company | (773) | | Performance allocations, December 31, 2022 | $ | 2,574 | | | Change in fair value of funds | 1,048 | | | Fund distributions to the Company | (681) | | Performance allocations, December 31, 2023 | $ | 2,941 | |
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| Schedule of AFS Securities |
The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | (In millions) | Amortized Cost | | Allowance for Credit Losses | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | AFS securities | | | | | | | | | | | U.S. government and agencies | $ | 6,161 | | | $ | — | | | $ | 67 | | | $ | (829) | | | $ | 5,399 | | | U.S. state, municipal and political subdivisions | 1,296 | | | — | | | — | | | (250) | | | 1,046 | | | Foreign governments | 2,083 | | | — | | | 71 | | | (255) | | | 1,899 | | | Corporate | 88,343 | | | (129) | | | 830 | | | (10,798) | | | 78,246 | | | CLO | 20,506 | | | (2) | | | 261 | | | (558) | | | 20,207 | | | ABS | 13,942 | | | (49) | | | 120 | | | (630) | | | 13,383 | | | CMBS | 7,070 | | | (29) | | | 52 | | | (502) | | | 6,591 | | | RMBS | 8,160 | | | (381) | | | 252 | | | (464) | | | 7,567 | | | Total AFS securities | 147,561 | | | (590) | | | 1,653 | | | (14,286) | | | 134,338 | | | AFS securities – related parties | | | | | | | | | | | Corporate | 1,423 | | | — | | | 1 | | | (72) | | | 1,352 | | | CLO | 4,367 | | | — | | | 21 | | | (120) | | | 4,268 | | | ABS | 8,665 | | | (1) | | | 34 | | | (309) | | | 8,389 | | | | | | | | | | | | | Total AFS securities – related parties | 14,455 | | | (1) | | | 56 | | | (501) | | | 14,009 | | | Total AFS securities, including related parties | $ | 162,016 | | | $ | (591) | | | $ | 1,709 | | | $ | (14,787) | | | $ | 148,347 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | (In millions) | Amortized Cost | | Allowance for Credit Losses | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | AFS securities | | | | | | | | | | | U.S. government and agencies | $ | 3,333 | | | $ | — | | | $ | — | | | $ | (756) | | | $ | 2,577 | | | U.S. state, municipal and political subdivisions | 1,218 | | | — | | | — | | | (291) | | | 927 | | | Foreign governments | 1,207 | | | (27) | | | 3 | | | (276) | | | 907 | | | Corporate | 74,644 | | | (61) | | | 92 | | | (13,774) | | | 60,901 | | | CLO | 17,722 | | | (7) | | | 115 | | | (1,337) | | | 16,493 | | | ABS | 11,447 | | | (29) | | | 15 | | | (906) | | | 10,527 | | | CMBS | 4,636 | | | (5) | | | 6 | | | (479) | | | 4,158 | | | RMBS | 6,775 | | | (329) | | | 64 | | | (596) | | | 5,914 | | | Total AFS securities | 120,982 | | | (458) | | | 295 | | | (18,415) | | | 102,404 | | | AFS securities – related parties | | | | | | | | | | | Corporate | 1,028 | | | — | | | 1 | | | (47) | | | 982 | | | CLO | 3,346 | | | (1) | | | 10 | | | (276) | | | 3,079 | | | ABS | 6,066 | | | — | | | 3 | | | (309) | | | 5,760 | | | Total AFS securities – related parties | 10,440 | | | (1) | | | 14 | | | (632) | | | 9,821 | | | Total AFS securities, including related parties | $ | 131,422 | | | $ | (459) | | | $ | 309 | | | $ | (19,047) | | | $ | 112,225 | |
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| Schedule of Amortized Cost and Fair Value of AFS Securities, Including Related Parties |
The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:
| | | | | | | | | | | | | December 31, 2023 | | (In millions) | Amortized Cost | | Fair Value | | AFS securities | | | | | Due in one year or less | $ | 2,279 | | | $ | 2,231 | | | Due after one year through five years | 17,715 | | | 16,944 | | | Due after five years through ten years | 23,824 | | | 21,631 | | | Due after ten years | 54,065 | | | 45,784 | | | CLO, ABS, CMBS and RMBS | 49,678 | | | 47,748 | | | Total AFS securities | 147,561 | | | 134,338 | | | AFS securities – related parties | | | | | | | | | Due after one year through five years | 913 | | | 898 | | | Due after five years through ten years | 122 | | | 115 | | | Due after ten years | 388 | | | 339 | | | CLO and ABS | 13,032 | | | 12,657 | | | Total AFS securities – related parties | 14,455 | | | 14,009 | | | Total AFS securities, including related parties | $ | 162,016 | | | $ | 148,347 | |
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| Schedule of Unrealized Losses on AFS Securities |
The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Less than 12 months | | 12 months or more | | Total | | (In millions) | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | AFS securities | | | | | | | | | | | | | U.S. government and agencies | $ | 2,013 | | | $ | (94) | | | $ | 2,389 | | | $ | (735) | | | $ | 4,402 | | | $ | (829) | | | U.S. state, municipal and political subdivisions | 123 | | | (5) | | | 888 | | | (245) | | | 1,011 | | | (250) | | | Foreign governments | 690 | | | (13) | | | 760 | | | (242) | | | 1,450 | | | (255) | | | Corporate | 7,752 | | | (474) | | | 50,028 | | | (10,311) | | | 57,780 | | | (10,785) | | | CLO | 689 | | | (2) | | | 11,579 | | | (543) | | | 12,268 | | | (545) | | | ABS | 2,129 | | | (75) | | | 4,378 | | | (458) | | | 6,507 | | | (533) | | | CMBS | 859 | | | (12) | | | 1,967 | | | (406) | | | 2,826 | | | (418) | | | RMBS | 467 | | | (9) | | | 2,057 | | | (263) | | | 2,524 | | | (272) | | | Total AFS securities | 14,722 | | | (684) | | | 74,046 | | | (13,203) | | | 88,768 | | | (13,887) | | | AFS securities – related parties | | | | | | | | | | | | | Corporate | 548 | | | (35) | | | 382 | | | (37) | | | 930 | | | (72) | | | CLO | 397 | | | (16) | | | 2,592 | | | (102) | | | 2,989 | | | (118) | | | ABS | 2,008 | | | (66) | | | 2,793 | | | (225) | | | 4,801 | | | (291) | | | | | | | | | | | | | | | Total AFS securities – related parties | 2,953 | | | (117) | | | 5,767 | | | (364) | | | 8,720 | | | (481) | | | Total AFS securities, including related parties | $ | 17,675 | | | $ | (801) | | | $ | 79,813 | | | $ | (13,567) | | | $ | 97,488 | | | $ | (14,368) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | Less than 12 months | | 12 months or more | | Total | | (In millions) | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | AFS securities | | | | | | | | | | | | | U.S. government and agencies | $ | 2,539 | | | $ | (756) | | | $ | — | | | $ | — | | | $ | 2,539 | | | $ | (756) | | | U.S. state, municipal and political subdivisions | 911 | | | (291) | | | — | | | — | | | 911 | | | (291) | | | Foreign governments | 891 | | | (275) | | | — | | | — | | | 891 | | | (275) | | | Corporate | 58,256 | | | (13,773) | | | — | | | — | | | 58,256 | | | (13,773) | | | CLO | 13,486 | | | (1,277) | | | — | | | — | | | 13,486 | | | (1,277) | | | ABS | 8,119 | | | (801) | | | — | | | — | | | 8,119 | | | (801) | | | CMBS | 2,650 | | | (427) | | | — | | | — | | | 2,650 | | | (427) | | | RMBS | 2,621 | | | (365) | | | — | | | — | | | 2,621 | | | (365) | | | Total AFS securities | 89,473 | | | (17,965) | | | — | | | — | | | 89,473 | | | (17,965) | | | AFS securities – related parties | | | | | | | | | | | | | Corporate | 619 | | | (47) | | | — | | | — | | | 619 | | | (47) | | | CLO | 2,752 | | | (273) | | | — | | | — | | | 2,752 | | | (273) | | | ABS | 5,487 | | | (308) | | | — | | | — | | | 5,487 | | | (308) | | | Total AFS securities – related parties | 8,858 | | | (628) | | | — | | | — | | | 8,858 | | | (628) | | | Total AFS securities, including related parties | $ | 98,331 | | | $ | (18,593) | | | $ | — | | | $ | — | | | $ | 98,331 | | | $ | (18,593) | |
The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded:
| | | | | | | | | | | | | December 31, 2023 | | Unrealized Loss Position | | Unrealized Loss Position 12 Months or More | | AFS securities | 8,650 | | | 7,714 | | | AFS securities – related parties | 182 | | | 146 | |
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| Schedule of Allowance for Credit Losses |
The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | | | | Additions | | Reductions | | | | | | (In millions) | Beginning balance | | Initial credit losses | | Initial credit losses on PCD securities | | Securities sold during the period | | Securities intended to be sold prior to recovery of amortized cost basis | | Additions (reductions) to previously impaired securities | | Ending Balance | | | AFS Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign governments | $ | 27 | | | $ | — | | | $ | — | | | $ | (27) | | | $ | — | | | $ | — | | | $ | — | | | | Corporate | 61 | | | 88 | | | — | | | (8) | | | (15) | | | 3 | | | 129 | | | | CLO | 7 | | | 1 | | | — | | | — | | | — | | | (6) | | | 2 | | | | ABS | 29 | | | 23 | | | — | | | (4) | | | — | | | 1 | | | 49 | | | | CMBS | 5 | | | 26 | | | — | | | — | | | — | | | (2) | | | 29 | | | | RMBS | 329 | | | 16 | | | 53 | | | (16) | | | — | | | (1) | | | 381 | | | | Total AFS securities | 458 | | | 154 | | | 53 | | | (55) | | | (15) | | | (5) | | | 590 | | | | AFS securities – related parties | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CLO | 1 | | | — | | | — | | | — | | | — | | | (1) | | | — | | | | ABS | — | | | 1 | | | — | | | — | | | — | | | — | | | 1 | | | | | | | | | | | | | | | | | | | Total AFS securities – related parties | 1 | | | 1 | | | — | | | — | | | — | | | (1) | | | 1 | | | | Total AFS securities including related parties | $ | 459 | | | $ | 155 | | | $ | 53 | | | $ | (55) | | | $ | (15) | | | $ | (6) | | | $ | 591 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2022 | | | | Additions | | Reductions | | | | | | (In millions) | Beginning balance1 | | Initial credit losses | | Initial credit losses on PCD securities | | Securities sold during the period | | Securities intended to be sold prior to recovery of amortized cost basis | | Additions (reductions) to previously impaired securities | | Ending Balance | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign governments | $ | — | | | $ | 66 | | | $ | — | | | $ | (28) | | | $ | — | | | $ | (11) | | | $ | 27 | | | Corporate | — | | | 70 | | | — | | | — | | | (6) | | | (3) | | | 61 | | | CLO | — | | | 29 | | | — | | | — | | | — | | | (22) | | | 7 | | | ABS | 5 | | | 28 | | | — | | | (3) | | | — | | | (1) | | | 29 | | | CMBS | — | | | 15 | | | — | | | — | | | — | | | (10) | | | 5 | | | RMBS | 306 | | | 41 | | | 7 | | | (29) | | | — | | | 4 | | | 329 | | | Total AFS securities | 311 | | | 249 | | | 7 | | | (60) | | | (6) | | | (43) | | | 458 | | | AFS securities – related parties | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CLO | — | | | 3 | | | — | | | — | | | — | | | (2) | | | 1 | | | ABS | — | | | 18 | | | — | | | — | | | — | | | (18) | | | — | | | Total AFS securities – related parties | — | | | 21 | | | — | | | — | | | — | | | (20) | | | 1 | | | Total AFS securities, including related parties | $ | 311 | | | $ | 270 | | | $ | 7 | | | $ | (60) | | | $ | (6) | | | $ | (63) | | | $ | 459 | | | | | | | | | | | | | | | | 1 Beginning balance reflects allowances established at the time of the Mergers under purchase accounting for PCD investments. |
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| Schedule of Net Investment Income |
Net investment income by asset class consists of the following:
| | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | | | (In millions) | | | | | 2023 | | 2022 | | | | AFS securities | | | | | $ | 6,901 | | | $ | 4,165 | | | | | Trading securities | | | | | 177 | | | 174 | | | | | Equity securities | | | | | 76 | | | 64 | | | | | Mortgage loans | | | | | 2,360 | | | 1,261 | | | | | Investment funds | | | | | 90 | | | 408 | | | | | Funds withheld at interest | | | | | 1,752 | | | 1,844 | | | | | Other | | | | | 815 | | | 270 | | | | | Investment revenue | | | | | 12,171 | | | 8,186 | | | | | Investment expenses | | | | | (91) | | | (38) | | | | | Net investment income | | | | | $ | 12,080 | | | $ | 8,148 | | | |
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| Schedule of Unrealized Gain (Loss) on Trading and Equity Securities |
The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end:
| | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | | | (In millions) | | | | | 2023 | | 2022 | | | | Trading securities | | | | | $ | 85 | | | $ | (415) | | | | | Trading securities – related parties | | | | | 8 | | | 1 | | | | | Equity securities | | | | | 51 | | | (146) | | | | | Equity securities – related parties | | | | | (2) | | | — | | | |
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| Schedule of Repurchase Agreements |
The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the consolidated statements of financial condition:
| | | | | | | | | | | | | | | | | | | | | (In millions) | December 31, 2023 | | December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | Less than 30 days | $ | 686 | | | $ | 608 | | | | | | | | | | | 30-90 days | — | | | 1,268 | | | | | | | | | | | | | | | | | | | | | | | 1 year and greater | 3,167 | | | 2,867 | | | | | | | | | | Payables for repurchase agreements | $ | 3,853 | | | $ | 4,743 | | | | | | | | | |
The following table summarizes the maturities of repurchase agreements:
| | | | | | | | | | | | | | | | Remaining Contractual Maturity (In millions) | December 31, 2023 | | December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 91 days to 364 days | $ | — | | | $ | 1,254 | | | | | | | | | | | | | | Total payables for repurchase agreements1 | $ | — | | | $ | 1,254 | | | | | | | | | | | | | | 1 Included in other liabilities of consolidated variable interest entities on the consolidated statements of financial condition. | | | | |
The following table summarizes the gross carrying value of repurchase agreements by class of collateral pledged:
| | | | | | | | | | | | | (In millions) | December 31, 2023 | | December 31, 2022 | | Loans backed by residential real estate | $ | — | | | $ | 770 | | | Loans backed by commercial real estate | — | | | 484 | | | Total | $ | — | | | $ | 1,254 | | | | | | | Note: These repurchase agreements are carried at cost which approximates fair value and is classified as Level 2 of the fair value hierarchy. |
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| Schedule of Securities Pledged as Collateral for Repurchase Agreements |
The following table summarizes the securities pledged as collateral for repurchase agreements:
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | December 31, 2022 | | (In millions) | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | AFS securities | | | | | | | | | U.S. government and agencies | $ | — | | | $ | — | | | $ | 2,559 | | | $ | 1,941 | | | | | | | | | | | Foreign governments | 137 | | | 99 | | | 146 | | | 107 | | | Corporate | 2,735 | | | 2,307 | | | 1,940 | | | 1,605 | | | CLO | 580 | | | 579 | | | 273 | | | 261 | | | ABS | 1,207 | | | 1,086 | | | 1,243 | | | 1,082 | | | | | | | | | | | | | | | | | | | | | | | | | | | Total securities pledged under repurchase agreements | $ | 4,659 | | | $ | 4,071 | | | $ | 6,161 | | | $ | 4,996 | |
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| Schedule of Mortgage Loan Portfolio, with Fair Value Option Loans |
The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: | | | | | | | | | | | | | (In millions) | December 31, 2023 | | December 31, 2022 | | Commercial mortgage loans | $ | 27,630 | | | $ | 21,061 | | | Commercial mortgage loans under development | 1,228 | | | 790 | | | Total commercial mortgage loans | 28,858 | | | 21,851 | | | Mark to fair value | (2,246) | | | (1,743) | | | Commercial mortgage loans | 26,612 | | | 20,108 | | | Residential mortgage loans | 21,894 | | | 11,802 | | | Mark to fair value | (937) | | | (1,099) | | | Residential mortgage loans | 20,957 | | | 10,703 | | | Mortgage loans | $ | 47,569 | | | $ | 30,811 | |
The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs: | | | | | | | | | | | | | | | | | | | Years ended December 31, | | (In millions) | | | | | 2023 | | 2022 | | Trading securities | | | | | $ | 66 | | | $ | (424) | | | Mortgage loans | | | | | 183 | | | (3,213) | | | Investment funds | | | | | 77 | | | 114 | | | Future policy benefits | | | | | (14) | | | 356 | | | Other liabilities | | | | | (113) | | | (37) | | | Total gains (losses) | | | | | $ | 199 | | | $ | (3,204) | |
The following summarizes information for fair value option mortgage loans, including related parties and VIEs:
| | | | | | | | | | | | | (In millions) | December 31, 2023 | | December 31, 2022 | | Unpaid principal balance | $ | 50,752 | | | $ | 33,653 | | | Mark to fair value | (3,183) | | | (2,842) | | | Fair value | $ | 47,569 | | | $ | 30,811 | |
The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:
| | | | | | | | | | | | | (In millions) | December 31, 2023 | | December 31, 2022 | | Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status | $ | 221 | | | $ | 74 | | | Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | (74) | | | (55) | | | Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | $ | 147 | | | $ | 19 | | | | | | | Fair value of commercial mortgage loans 90 days or more past due | $ | 64 | | | $ | 2 | | | Fair value of commercial mortgage loans in non-accrual status | 147 | | | 19 | |
The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status:
| | | | | | | | | | | | | (In millions) | December 31, 2023 | | December 31, 2022 | | Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status | $ | 528 | | | $ | 522 | | | Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status | (49) | | | (50) | | | Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status | $ | 479 | | | $ | 472 | | | | | | Fair value of residential mortgage loans 90 days or more past due1 | $ | 479 | | | $ | 472 | | | Fair value of residential mortgage loans in non-accrual status | 355 | | | 360 | | | | | | 1 As of December 31, 2023 and 2022, includes $124 million and $221 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies. |
The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio:
| | | | | | | | | | | | | | | | | | | Years ended December 31, | | (In millions) | | | | | 2023 | | 2022 | | Mortgage loans | | | | | $ | (53) | | | $ | (41) | |
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| Schedule of Distribution of Commercial and Residential Mortgage Loans, Percentage by Geographical Location |
The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | December 31, 2022 | | (In millions, except percentages) | Fair Value | | Percentage of Total | | Fair Value | | Percentage of Total | | Property type | | | | | | | | | Apartment | $ | 9,591 | | | 36.0 | % | | $ | 6,692 | | | 33.3 | % | | Office building | 4,455 | | | 16.7 | % | | 4,651 | | | 23.1 | % | | Industrial | 4,143 | | | 15.6 | % | | 2,047 | | | 10.2 | % | | Hotels | 2,913 | | | 11.0 | % | | 1,855 | | | 9.2 | % | | Retail | 2,158 | | | 8.1 | % | | 1,454 | | | 7.2 | % | | Other commercial | 3,352 | | | 12.6 | % | | 3,409 | | | 17.0 | % | | Total commercial mortgage loans | $ | 26,612 | | | 100.0 | % | | $ | 20,108 | | | 100.0 | % | | | | | | | | | | U.S. Region | | | | | | | | | East North Central | $ | 1,517 | | | 5.7 | % | | $ | 1,437 | | | 7.1 | % | | East South Central | 523 | | | 2.0 | % | | 413 | | | 2.1 | % | | Middle Atlantic | 7,147 | | | 26.9 | % | | 5,183 | | | 25.8 | % | | Mountain | 1,196 | | | 4.5 | % | | 898 | | | 4.5 | % | | New England | 1,295 | | | 4.9 | % | | 1,076 | | | 5.4 | % | | Pacific | 4,860 | | | 18.3 | % | | 3,781 | | | 18.8 | % | | South Atlantic | 4,583 | | | 17.2 | % | | 2,756 | | | 13.7 | % | | West North Central | 249 | | | 0.9 | % | | 231 | | | 1.1 | % | | West South Central | 1,228 | | | 4.6 | % | | 1,085 | | | 5.4 | % | | Total U.S. Region | 22,598 | | | 85.0 | % | | 16,860 | | | 83.9 | % | | International Region | | | | | | | | | United Kingdom | 2,343 | | | 8.7 | % | | 1,898 | | | 9.4 | % | Other international1 | 1,671 | | | 6.3 | % | | 1,350 | | | 6.7 | % | | Total International Region | 4,014 | | | 15.0 | % | | 3,248 | | | 16.1 | % | | Total commercial mortgage loans | $ | 26,612 | | | 100.0 | % | | $ | 20,108 | | | 100.0 | % | | | | | | | | | 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. |
Athene’s residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:
| | | | | | | | | | | | | December 31, 2023 | | December 31, 2022 | | U.S. States | | | | | California | 27.6 | % | | 28.9 | % | | Florida | 12.0 | % | | 9.7 | % | | Texas | 6.1 | % | | 4.3 | % | | New York | 5.9 | % | | 5.6 | % | | New Jersey | 4.9 | % | | 5.3 | % | | Arizona | 4.1 | % | | 5.1 | % | Other1 | 30.4 | % | | 27.4 | % | | Total U.S. residential mortgage loan percentage | 91.0 | % | | 86.3 | % | | International | | | | | United Kingdom | 4.0 | % | | 5.4 | % | | | | | Other2 | 5.0 | % | | 8.3 | % | | Total international residential mortgage loan percentage | 9.0 | % | | 13.7 | % | | Total residential mortgage loan percentage | 100.0 | % | | 100.0 | % | | | | | 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. | 2 Represents all other countries, with each individual country comprising less than 5% of the portfolio. |
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| Schedule of Investment Funds |
The following summarizes Athene’s investment funds, including related parties and consolidated VIEs:
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | December 31, 2022 | | (In millions, except percentages) | Carrying Value | | Percentage of Total | | Carrying Value | | Percentage of Total | | Investment funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity funds | $ | 82 | | | 75.3 | % | | $ | 46 | | | 58.2 | % | | Hybrid funds | 20 | | | 18.3 | % | | 32 | | | 40.5 | % | | | | | | | | | | Other | 7 | | | 6.4 | % | | 1 | | | 1.3 | % | | Total investment funds | 109 | | | 100.0 | % | | 79 | | | 100.0 | % | | Investment funds – related parties | | | | | | | | | Strategic origination platforms | 47 | | | 2.9 | % | | 34 | | | 2.2 | % | | Strategic insurance platforms | 1,300 | | | 79.7 | % | | 1,259 | | | 80.2 | % | | Apollo and other fund investments | | | | | | | | | Equity funds | 254 | | | 15.6 | % | | 246 | | | 15.7 | % | | | | | | | | | | Yield funds | 8 | | | 0.5 | % | | 5 | | | 0.3 | % | | Other | 23 | | | 1.3 | % | | 25 | | | 1.6 | % | | Total investment funds – related parties | 1,632 | | | 100.0 | % | | 1,569 | | | 100.0 | % | | Investment funds – consolidated VIEs | | | | | | | | | Strategic origination platforms | 5,594 | | | 35.4 | % | | 4,829 | | | 38.7 | % | | Strategic insurance platforms | 483 | | | 3.1 | % | | 529 | | | 4.2 | % | | Apollo and other fund investments | | | | | | | | | Equity funds | 3,302 | | | 20.9 | % | | 2,640 | | | 21.2 | % | | Hybrid funds | 4,242 | | | 26.7 | % | | 3,112 | | | 24.9 | % | | Yield funds | 1,356 | | | 8.6 | % | | 1,044 | | | 8.4 | % | | Other | 843 | | | 5.3 | % | | 326 | | | 2.6 | % | | Total investment funds – consolidated VIEs | 15,820 | | | 100.0 | % | | 12,480 | | | 100.0 | % | | Total investment funds, including related parties and consolidated VIEs | $ | 17,561 | | | | | $ | 14,128 | | | |
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| Schedules of Concentration of Risk, by Risk Factor |
The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity: | | | | | | | (In millions) | December 31, 2023 | Wheels Donlen1 | $ | 1,591 | | | AT&T Inc. | 1,526 | | | | | | | | | | | | | | | | | | | December 31, 2022 | Wheels Donlen1 | $ | 1,288 | | Athora1 | 1,232 | | PK AirFinance1 | 999 | | | AP Tundra | 896 | | | MFI Investments | 878 | | | SoftBank Vision Fund II | 789 | | MidCap Financial1 | 788 | | | Cayman Universe | 756 | | | Concord Music CL A2 | 684 | | | Redding Ridge | 683 | | | AOP Finance | 671 | | | | 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 19. | |
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