Athene reports $1.1 billion net loss, emphasizes strong capital position
Athene Holding Ltd. on Friday reported a $1.1 billion net loss for the first quarter, driven by the decline in the value of its reinsurance assets due to COVID-19 pandemic mark-to-market volatility. Adjusted operating loss available to common shareholders for the first quarter 2020 was $108 million, or 60 cents per adjusted operating common share, compared with adjusted operating income available to common shareholders of $287 million, or $1.50 per adjusted operating common share, for the first quarter 2019. Athene CEO Jim Belardi said in an earnings statement that the impact should be “transitory and have little impact on Athene’s long-term earnings trajectory.” Belardi said the company is “armed with one of the best capitalized balance sheets in the industry,” and in total has more than $7 billion of deployable capital that can be used to support nearly $90 billion of opportunistic growth. Net invested assets grew to $121.2 billion, increasing 7% year-over-year. “We have record levels of liquidity, a proven ability to take advantage of dislocation, and I’m confident that we will emerge from this crisis even stronger than before,” Belardi said. The retirement savings company’s Athene USA arm is based in West Des Moines.