Athene Holding Ltd. (NYSE:ATH) Q2 2019 Earnings Conference Call - Final Transcript

Aug 05, 2019 • 10:00 am ET


Athene Holding Ltd. (NYSE:ATH) Q2 2019 Earnings Conference Call - Final Transcript


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Good morning, my name is Maria, and I will be your conference operator today. At this time, I would like to welcome everyone to the Athene's Second Quarter 2019 Earnings Conference Call and Webcast. [Operator Instructions]

I will now turn the call over to Noah Gunn, Head of Investor Relations. Please go ahead.

Noah Gunn

Thanks, Maria, and welcome everyone to our second quarter 2019 earnings call. Joining me this morning are Jim Belardi, Chairman and CEO; Bill Wheeler, President; and Marty Klein our Chief Financial Officer.

As a reminder, this call may include forward-looking statements and projections, which do not guarantee future events or performance. We do not revise or update such statements to reflect new information, subsequent events or changes in strategy.

Please refer to our most recent quarterly and annual reports and other SEC filings for a discussion of the factors that could cause actual results to differ materially from those expressed or implied. We'll be discussing certain non-GAAP measures on this call, which we believe are relevant in assessing the financial performance of the business. Reconciliations of these non-GAAP measures can be found in our earnings presentation and financial supplement, which are available at

With that, I will now turn it over to Jim Belardi.

James R. Belardi

Thanks, Noah, and good morning everyone. Before we discuss the quarterly results, I wanted to highlight an important milestone for Athene. In mid-July, a theme celebrated its 10-year anniversary as a company. At the time of our initial funding 10 years ago, we had a grand total of seven employees; four in Bermuda and three in Los Angeles.

Today, we are a public company with nearly 1,400 employees across five offices and more than $115 billion of invested assets. Since the theme completed its first reinsurance deal or fixed annuities during the summer of 2009. We generated a compound annual growth rate in our invested assets and adjusted book value per share of more than 75% and 17% respectively. To achieve this exemplary result, we repeatedly pounced on market opportunities and extended our capabilities, in each case demonstrating consistency with our founding principles, providing attractive retirement savings products that protect the interest of our policyholders. Employing a differentiated asset management model in partnership with Apollo, to drive consistent outperformance and sustaining a rigorous approach to risk management.

In the insurance industry with a number of years a company has operated as often misinterpreted as a sign of stability. We proudly own are different identity as an entrepreneurial, high performing business with no legacy issues. From scaling the retail distribution channel to commencing that issuance of funding agreements, to entering the niche pension risk transfer market the executing complex M&A and block reinsurance transactions, we have demonstrated our expertise and innovation time and again. Because we are willing and able to think differently and challenge the status quo, we are very well positioned as a solutions provider to an industry in need. As I reflect on the success we have experienced to date. I