Athene Holding (ATH-PD) 10-Q 2018 Q2 Quarterly report

Exhibit 12.1

Statement of Ratio of Earnings to Fixed Charges

	Six months ended June 30,		Years ended December 31,
(In millions, except ratio)	2018		2017		2016		2015		2014		2013
Income before income taxes	$	657	$	1,535	$	716	$	590	$	524	$	986
Less: Undistributed income (loss) from equity investees	72		110		97		43		25		20
Less: Noncontrolling interest	—		—		—		16		15		81
Add: Fixed charges, excluding deferred sales inducements additions and deferred financing costs	432		2,883		1,364		785		1,931		1,131
Add: Amortization of deferred sales inducements	43		63		39		21		4		16
Add: Amortization of deferred financing costs	—		—		2		3		3		—
Earnings available for fixed charges	$	1,060	$	4,371	$	2,024	$	1,340	$	2,422	$	2,032
Interest expensed and capitalized	$	552	$	3,043	$	1,563	$	920	$	2,044	$	1,167
Deferred financing costs	10		—		—		—		—		8
Estimated interest component of rent expense	—		1		1		1		—		1
Fixed charges	$	562	$	3,044	$	1,564	$	921	$	2,044	$	1,176
Ratio of earnings available for fixed charges to fixed charges	1.89		1.44		1.29		1.45		1.18		1.73