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Athene (NYSE: ATH) 2025 net income falls 20% as assets grow

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Athene Holding Ltd. furnished its fourth-quarter 2025 financial supplement, showing lower accounting profit but continued balance sheet and spread-earnings growth. Net income available to common stockholder was $488 million for Q4 2025 and $2.634 billion for 2025, down 20% from 2024, while return on assets eased to 0.65% for the year.

Management’s key non-GAAP metric, spread related earnings, remained solid at $865 million in Q4 2025 and $3.361 billion for 2025, up 4% year over year, though net spread compressed to 1.20%. Total assets rose 22% to $442.2 billion and net invested assets increased 18% to $292.4 billion, supported by strong total gross inflows of $83.4 billion and net flows of $47.9 billion in 2025.

Positive

  • Spread related earnings grew: 2025 spread related earnings increased to $3.361 billion, up 4% year over year, indicating resilient underlying spread profitability despite market volatility.
  • Balance sheet and flow growth: Total assets rose 22% to $442.205 billion, net invested assets increased 18% to $292.414 billion, and 2025 net flows reached $47.910 billion, up 28% from 2024.

Negative

  • GAAP profitability declined: Net income available to common stockholder fell to $2.634 billion in 2025, a 20% year-over-year decrease, with full-year ROA dropping from 0.98% to 0.65%.
  • Spread compression: Net spread narrowed from 1.38% in 2024 to 1.23% in 2025, and Q4 2025 net spread of 1.20% was below the prior-year quarter, signaling margin pressure.

Insights

Accounting earnings softened, but spread earnings and asset growth stayed strong.

Athene reported 2025 net income available to common of $2.634 billion, down 20% from 2024, with full-year ROA slipping to 0.65%. The decline reflects higher benefits and expenses and market-driven items, even as revenues and invested assets expanded.

Management’s preferred metric, spread related earnings, reached $3.361 billion in 2025, up 4%, but net spread narrowed to 1.23% for the year. Total assets climbed to $442.205 billion and net invested assets to $292.414 billion, supported by $83.438 billion of gross inflows and $47.910 billion of net flows in 2025.

The combination of lower GAAP net income and spread compression, alongside robust inflows and asset growth, suggests profitability pressure within a growing platform. Subsequent quarterly supplements and statutory data for periods after December 31, 2025 will further clarify whether margin trends stabilize or continue to tighten.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 19, 2026
Athene-Logo_rgb.jpg
ATHENE HOLDING LTD.
(Exact name of registrant as specified in its charter)
Delaware001-3796398-0630022
(State or other jurisdiction of(Commission file number)(I.R.S. Employer
incorporation or organization)Identification Number)
7700 Mills Civic Pkwy
West Des Moines, Iowa 50266
1-(515) 342-4678
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Depositary Shares, each representing a 1/1,000th interest in a 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A
ATHPrANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a 5.625% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series B
ATHPrBNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a 4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D
ATHPrDNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a 7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E
ATHPrENew York Stock Exchange
7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064ATHSNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02        Results of Operations and Financial Condition.

On February 19, 2026, Athene Holding Ltd. (the “Company”) made available on its website the Company’s financial supplement for the fourth quarter ended December 31, 2025, furnished as Exhibit 99.1 hereto and incorporated by reference in this Item 2.02.


Item 7.01     Regulation FD Disclosure.

In connection with the previously announced fixed income investor call hosted by the Company, taking place today, February 19, 2026, at 10:00 a.m. ET, the Company has made available to investors a presentation on its website at ir.athene.com titled “Athene Fixed Income Investor Presentation February 2026.”

The foregoing information, including the Exhibit referenced, is being furnished pursuant to Item 2.02 and Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing or document, except as shall be expressly set forth by specific reference in such a filing or document.


Item 9.01Financial Statements and Exhibits.
(d)Exhibits
99.1
Quarterly Financial Supplement for Athene Holding Ltd. for the fourth quarter 2025 (furnished and not filed).
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ATHENE HOLDING LTD.
Date:February 19, 2026/s/ Louis-Jacques Tanguy
Louis-Jacques Tanguy
Executive Vice President and Chief Financial Officer













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Table of Contents
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Important Notice
3
FINANCIAL RESULTS
Financial Highlights
4
Condensed Consolidated Statements of Income (GAAP view)
5
Spread Related Earnings (Management view)
6
Reconciliation of Earnings Measures
7
Net Flows & Outflows Attributable to Athene by Type
8
Condensed Consolidated Balance Sheets
9
ASSETS
Net Invested Assets (Management view) & Agency Ratings
11
Net Alternative Investments (Management view)
12
Credit Quality of Securities & Net Invested Assets
13
LIABILITIES
Net Reserve Liabilities & Rollforwards
17
Deferred Annuity Liability Characteristics
18
ADDITIONAL INFORMATION
Notes to the Financial Supplement
19
Non-GAAP Reconciliations
22






Important Notice

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The information included in this financial supplement is unaudited and intended for informational purposes only.

Athene Holding Ltd. (AHL) is a subsidiary of Apollo Global Management, Inc. The financial statements and exhibits included in this financial supplement should be read in conjunction with AHL’s reports and other filings with the US Securities and Exchange Commission, including its reports on Form 10-K, Form 10-Q and Form 8-K. This financial supplement does not constitute an offer to sell, or the solicitation of an offer to buy, any security of AHL, and nothing in this financial supplement shall in any way be relied on in connection with investment decisions. Each recipient of the information contained in this financial supplement is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of AHL.

AHL undertakes no obligation to update or correct the information in this financial supplement. AHL makes no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained in this financial supplement. AHL does not accept any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this financial supplement or its contents or any reliance on the information contained herein.

This financial supplement includes certain non-GAAP measures, including net investment earnings, cost of funds, other operating expenses, spread related earnings, net investment spread, net spread, adjusted AHL common stockholder’s equity, adjusted leverage ratio, net invested assets, net reserve liabilities, spread related earnings - excluding notable items, net investment spread - excluding notable items and net spread - excluding notable items. Management believes the use of these non-GAAP measures (which are defined and discussed in greater detail and reconciled elsewhere in this financial supplement), together with the relevant GAAP measures, provides information that may enhance an investor’s understanding of AHL’s results of operations and the underlying profitability drivers of AHL’s business. These measures should be considered supplementary to AHL’s results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

Beginning on January 1, 2025, domestic insurance companies were required to adopt new statutory accounting guidance for the principles-based bond definition. Under the new guidance, certain debt securities, which were formerly treated as bonds, will now be accounted for as non-bond debt securities. These non-bond debt securities are required to be filed with and designated by the National Association of Insurance Commissioners (NAIC). Effective January 1, 2025, our non-bond debt securities that have not received a designation are presented as “Non-designated” within the NAIC rating tables in this financial supplement. “Non-designated” status is not an indication of the quality of a security.
3




Financial Highlights
Unaudited (in millions, except percentages)
athene-logo_rgba.jpg
Quarterly TrendsΔYear-to-DateΔ
4Q’241Q’252Q’253Q’254Q’25Q/QY/Y20242025Y/Y
SELECTED INCOME STATEMENT DATA
GAAP
Net income available to AHL common stockholder$970 $420 $503 $1,223 $488 (60)%(50)%$3,280 $2,634 (20)%
Return on assets (ROA)1.08 %0.45 %0.51 %1.17 %0.45 %(72)bps(63)bps0.98 %0.65 %(33)bps
NON-GAAP
Spread related earnings (SRE)$838 $804 $820 $872 $865 (1)%3 %$3,221 $3,361 4 %
Net spread1.37 %1.26 %1.22 %1.24 %1.20 %(4)bps(17)bps1.38 %1.23 %(15)bps
Net investment spread1.79 %1.65 %1.58 %1.60 %1.58 %(2)bps(21)bps1.78 %1.61 %(17)bps
Spread related earnings, excluding notable items1
$838 $826 $820 $847 $865 2 %3 %$3,196 $3,371 5 %
Net spread, excluding notable items1
1.37 %1.29 %1.22 %1.21 %1.20 %(1)bp(17)bps1.37 %1.23 %(14)bps
Net investment spread, excluding notable items1
1.79 %1.68 %1.58 %1.57 %1.58 %1bp(21)bps1.77 %1.61 %(16)bps
Alternative net investment income delta to long-term expectation2
$58 $29 $36 $37 $28 $349 $130 
Alternative net return delta to long-term expectation1.75 %0.92 %1.14 %1.12 %0.81 %2.97 %0.99 %
Impact to net spread0.09 %0.05 %0.05 %0.05 %0.04 %0.15 %0.05 %
SELECTED BALANCE SHEET DATA
GAAP
Total assets
$363,343 $381,478 $405,309 $429,915 $442,205 3 %22 %$363,343 $442,205 22 %
Goodwill4,063 4,067 4,075 4,072 4,072 — %— %4,063 4,072 — %
Total liabilities337,469 353,704 376,105 396,874 406,567 2 %20 %337,469 406,567 20 %
Debt6,309 6,301 7,864 7,856 7,848 — %24 %6,309 7,848 24 %
Total Athene Holding Ltd. stockholders' equity16,360 17,519 18,148 20,411 20,492 — %25 %16,360 20,492 25 %
Leverage ratio41.7 %39.7 %39.7 %36.5 %36.4 %(10)bpsNM41.7 %36.4 %NM
NON-GAAP
Gross invested assets
$326,964 $343,972 $361,795 $377,180 $386,973 3 %18 %$326,964 $386,973 18 %
Invested assets – ACRA noncontrolling interests
(78,321)(81,605)(86,755)(91,006)(94,559)4 %21 %(78,321)(94,559)21 %
Net invested assets
248,643 262,367 275,040 286,174 292,414 2 %18 %248,643 292,414 18 %
Net reserve liabilities
225,926 241,666 254,572 266,451 271,233 2 %20 %225,926 271,233 20 %
Notional debt6,175 6,175 7,775 7,775 7,775 — %26 %6,175 7,775 26 %
Adjusted Athene Holding Ltd. common stockholder’s equity22,313 21,965 22,212 22,924 22,843 — %2 %22,313 22,843 2 %
Adjusted leverage ratio22.6 %22.9 %24.9 %24.3 %24.4 %10bps180bps22.6 %24.4 %180bps
INFLOWS DATA
Gross organic inflows$14,197 $25,563 $21,232 $22,616 $12,687 (44)%(11)%$71,003 $82,098 16 %
Gross inorganic inflows— — — — 1,340 NMNM— 1,340 NM
Total gross inflows$14,197 $25,563 $21,232 $22,616 $14,027 (38)%(1)%$71,003 $83,438 18 %
Note: “NM” represents changes that are not meaningful. Please refer to the Notes to the Financial Supplement section for discussion on non-GAAP metrics and the Non-GAAP Measure Reconciliations section for reconciliations of non-GAAP metrics. 1. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 2. Refers to the amount that as-reported alternative net investment income is below (above) management's long-term expectation of an 11% average annual return. Management’s long-term expectation is based on historical experience and provides investors with supplemental information for period-to-period comparability as well as a basis for developing expectations of future performance. There is no assurance that management’s expected long-term average annual return will be achieved. Actual results may differ materially.
4




Condensed Consolidated Statements of Income (GAAP view)
Unaudited (in millions, except percentages)
athene-logo_rgba.jpg
Quarterly TrendsΔYear-to-DateΔ
4Q’241Q’252Q’253Q’254Q’25Q/QY/Y20242025Y/Y
REVENUES
Premiums
$155 $127 $107 $117 $2,277 NMNM$1,318 $2,628 99 %
Product charges
260 265 274 292 306 5 %18 %1,016 1,137 12 %
Net investment income
3,903 3,991 4,429 4,672 4,755 2 %22 %14,481 17,847 23 %
Investment related gains (losses)(1,037)(828)(5)2,254 123 (95)%NM2,045 1,544 (24)%
Other revenues
10 4 6 6 9 50 %(10)%19 25 32 %
Revenues of consolidated variable interest entities
Net investment income72 77 80 92 32 (65)%(56)%282 281 — %
Investment related gains (losses)419 550 468 565 632 12 %51 %1,528 2,215 45 %
Total revenues3,782 4,186 5,359 7,998 8,134 2 %115 %20,689 25,677 24 %
BENEFITS AND EXPENSES
Interest sensitive contract benefits
1,642 1,494 3,428 4,164 3,003 (28)%83 %8,949 12,089 35 %
Future policy and other policy benefits
623 541 527 613 2,752 NMNM3,054 4,433 45 %
Market risk benefits remeasurement (gains) losses(456)385 (111)131 47 (64)%NM(102)452 NM
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired263 267 292 355 328 (8)%25 %941 1,242 32 %
Policy and other operating expenses
560 565 571 591 627 6 %12 %2,213 2,354 6 %
Total benefits and expenses2,632 3,252 4,707 5,854 6,757 15 %157 %15,055 20,570 37 %
Income before income taxes1,150 934 652 2,144 1,377 (36)%20 %5,634 5,107 (9)%
Income tax expense (benefit)71 175 (34)266 479 80 %NM730 886 21 %
Net income1,079 759 686 1,878 898 (52)%(17)%4,904 4,221 (14)%
Less: Net income attributable to noncontrolling interests64 294 222 619 375 (39)%NM1,443 1,510 5 %
Net income attributable to Athene Holding Ltd. stockholders1,015 465 464 1,259 523 (58)%(48)%3,461 2,711 (22)%
Less: Preferred stock dividends
45 45 45 36 35 (3)%(22)%181 161 (11)%
Add: Preferred stock redemption— — 84 — — NMNM— 84 NM
Net income available to Athene Holding Ltd. common stockholder$970 $420 $503 $1,223 $488 (60)%(50)%$3,280 $2,634 (20)%

5




Spread Related Earnings (Management view)
Unaudited (in millions, except percentages)
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Quarterly TrendsΔYear-to-DateΔ
4Q’241Q’252Q’253Q’254Q’25Q/QY/Y20242025Y/Y
SPREAD RELATED EARNINGS
Fixed income and other net investment income$2,914 $2,916 $3,180 $3,425 $3,505 2 %20 %$10,811 $13,026 20 %
Alternative net investment income269 315 319 321 344 7 %28 %939 1,299 38 %
Net investment earnings3,183 3,231 3,499 3,746 3,849 3 %21 %11,750 14,325 22 %
Strategic capital management fees29 29 32 35 35 — %21 %105 131 25 %
Cost of funds(2,116)(2,210)(2,470)(2,661)(2,742)3 %30 %(7,702)(10,083)31 %
Net investment spread1,096 1,050 1,061 1,120 1,142 2 %4 %4,153 4,373 5 %
Other operating expenses(121)(116)(109)(108)(119)10 %(2)%(467)(452)(3)%
Interest and other financing costs(137)(130)(132)(140)(158)13 %15 %(465)(560)20 %
Spread related earnings$838 $804 $820 $872 $865 (1)%3 %$3,221 $3,361 4 %
Fixed income and other net investment income5.00 %4.80 %4.97 %5.12 %5.08 %(4)bps8bps4.87 %5.01 %14bps
Alternative net investment income9.25 %10.08 %9.86 %9.88 %10.19 %31bps94bps8.03 %10.01 %198bps
Net investment earnings5.20 %5.06 %5.21 %5.34 %5.32 %(2)bps12bps5.03 %5.25 %22bps
Strategic capital management fees0.05 %0.05 %0.05 %0.05 %0.05 %0bps0bps0.04 %0.05 %1bp
Cost of funds(3.46)%(3.46)%(3.68)%(3.79)%(3.79)%0bps33bps(3.29)%(3.69)%40bps
Net investment spread1.79 %1.65 %1.58 %1.60 %1.58 %(2)bps(21)bps1.78 %1.61 %(17)bps
Other operating expenses(0.20)%(0.18)%(0.16)%(0.15)%(0.16)%1bp(4)bps(0.20)%(0.17)%(3)bps
Interest and other financing costs(0.22)%(0.21)%(0.20)%(0.21)%(0.22)%1bp0bps(0.20)%(0.21)%1bp
Spread related earnings1.37 %1.26 %1.22 %1.24 %1.20 %(4)bps(17)bps1.38 %1.23 %(15)bps
Average net invested assets - fixed income and other$233,153 $242,999 $255,789 $267,607 $275,769 3 %18 %$222,122 $259,952 17 %
Average net invested assets - alternatives11,643 12,506 12,914 13,000 13,526 4 %16 %11,687 12,976 11 %
Average net invested assets$244,796 $255,505 $268,703 $280,607 $289,295 3 %18 %$233,809 $272,928 17 %
Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.
6




Reconciliation of Earnings Measures
Unaudited (in millions, except percentages)
athene-logo_rgba.jpg
Quarterly TrendsΔYear-to-DateΔ
4Q’241Q’252Q’253Q’254Q’25Q/QY/Y20242025Y/Y
RECONCILIATION OF NET INCOME AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS
Net income available to Athene Holding Ltd. common stockholder$970 $420 $503 $1,223 $488 (60)%(50)%$3,280 $2,634 (20)%
Less: Preferred stock redemption— — 84 — — NMNM— 84 NM
Add: Preferred stock dividends45 45 45 36 35 (3)%(22)%181 161 (11)%
Add: Net income attributable to noncontrolling interests64 294 222 619 375 (39)%NM1,443 1,510 5 %
Net income1,079 759 686 1,878 898 (52)%(17)%4,904 4,221 (14)%
Income tax expense (benefit) 71 175 (34)266 479 80 %NM730 886 21 %
Income before income taxes1,150 934 652 2,144 1,377 (36)%20 %5,634 5,107 (9)%
Realized gains (losses) on sale of AFS securities and mortgage loans(31)(143)(61)(51)(367)NMNM(339)(622)(83)%
Unrealized, allowances and other investment gains (losses)(4)173 (513)373 238 (36)%NM356 271 (24)%
Change in fair value of reinsurance assets(246)102 46 121 26 (79)%NM131 295 125 %
Offsets to investment gains (losses)16 19 19 20 17 (15)%6 %69 75 9 %
Investment gains (losses), net of offsets(265)151 (509)463 (86)NM68 %217 19 (91)%
Change in fair values of derivatives and embedded derivatives - indexed annuities— (95)27 267 104 (61)%NM414 303 (27)%
Non-operating change in funding agreements55 8 (4)33 63 91 %15 %143 100 (30)%
Change in fair value of market risk benefits453 (297)122 (123)1 NM(100)%357 (297)NM
Non-operating change in liability for future policy benefits(25)17 4 (3)(33)NM(32)%(68)(15)78 %
Non-operating change in insurance liabilities and related derivatives483 (367)149 174 135 (22)%(72)%846 91 (89)%
Integration, restructuring and other non-operating items26 (30)(32)(36)(23)(36)%188 %(239)(121)(49)%
Stock compensation expense(14)(11)(11)(13)(14)8 %— %(50)(49)(2)%
Preferred stock dividends45 45 45 36 35 (3)%(22)%181 161 (11)%
Noncontrolling interests - pre-tax income and VIE adjustments37 342 190 648 465 (28)%NM1,458 1,645 13 %
Less: Total adjustments to income before income taxes312 130 (168)1,272 512 (60)%64 %2,413 1,746 (28)%
Spread related earnings$838 $804 $820 $872 $865 (1)%3 %$3,221 $3,361 4 %
Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.
7




Net Flows & Outflows Attributable to Athene by Type
Unaudited (in millions, except percentages)
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Quarterly TrendsΔYear-to-DateΔ
4Q’241Q’252Q’253Q’254Q’25Q/QY/Y20242025Y/Y
NET FLOWS
Retail$7,954 $9,482 $7,256 $10,046 $7,343 (27)%(8)%$35,764 $34,127 (5)%
Flow reinsurance1,029 4,933 2,031 2,542 1,665 (35)%62 %5,573 11,171 100 %
Funding agreements1
5,167 11,144 11,707 9,724 2,800 (71)%(46)%28,748 35,375 23 %
Pension group annuities47 4 1 — 746 NMNM918 751 (18)%
Other2
— — 237 304 133 (56)%NM— 674 NM
Gross organic inflows14,197 25,563 21,232 22,616 12,687 (44)%(11)%71,003 82,098 16 %
Gross inorganic inflows3
— — — — 1,340 NMNM— 1,340 NM
Total gross inflows14,197 25,563 21,232 22,616 14,027 (38)%(1)%71,003 83,438 18 %
Gross outflows4
(7,136)(8,392)(7,230)(10,638)(9,268)(13)%30 %(33,469)(35,528)6 %
Net flows$7,061 $17,171 $14,002 $11,978 $4,759 (60)%(33)%$37,534 $47,910 28 %
Inflows attributable to Athene$8,948 $20,118 $15,838 $17,138 $10,142 (41)%13 %$49,084 $63,236 29 %
Inflows attributable to ADIP5
4,343 4,956 5,019 4,962 3,515 (29)%(19)%17,848 18,452 3 %
Inflows ceded to third-party reinsurers906 489 375 516 370 (28)%(59)%4,071 1,750 (57)%
Total gross inflows$14,197 $25,563 $21,232 $22,616 $14,027 (38)%(1)%$71,003 $83,438 18 %
Outflows attributable to Athene$(5,697)$(7,017)$(5,813)$(9,181)$(7,714)(16)%35 %$(27,248)$(29,725)9 %
Outflows attributable to ADIP5
(1,439)(1,375)(1,417)(1,457)(1,554)7 %8 %(6,221)(5,803)(7)%
Total gross outflows4
$(7,136)$(8,392)$(7,230)$(10,638)$(9,268)(13)%30 %$(33,469)$(35,528)6 %
OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE
Maturity-driven, contractual-based outflows6,12
$(2,167)$(3,535)$(2,389)$(5,525)$(3,641)(34)%68 %$(12,096)$(15,090)25 %
Policyholder-driven outflows7
(3,530)(3,482)(3,424)(3,656)(4,073)11 %15 %(15,152)(14,635)(3)%
Income oriented withdrawals (planned)8
(1,661)(1,680)(1,609)(1,660)(1,922)16 %16 %(6,427)(6,871)7 %
From policies out-of-surrender-charge (planned)9
(1,131)(1,058)(1,025)(1,093)(1,198)10 %6 %(5,598)(4,374)(22)%
From policies in-surrender-charge (unplanned)10
(738)(744)(790)(903)(953)6 %29 %(3,127)(3,390)8 %
Core outflows(5,697)(7,017)(5,813)(9,181)(7,714)(16)%35 %(27,248)(29,725)9 %
Strategic reinsurance transactions— — — — — NMNM— — NM
Outflows attributable to Athene$(5,697)$(7,017)$(5,813)$(9,181)$(7,714)(16)%35 %$(27,248)$(29,725)9 %
Annualized rate11
Maturity-driven, contractual-based outflows6,12
(3.5)%(5.5)%(3.6)%(7.9)%(5.0)%NM150bps(5.2)%(5.5)%30bps
Policyholder-driven outflows7
(5.8)%(5.5)%(5.1)%(5.2)%(5.7)%50bps(10)bps(6.5)%(5.4)%NM
Income oriented withdrawals (planned)8
(2.7)%(2.6)%(2.4)%(2.4)%(2.7)%30bps0bps(2.8)%(2.5)%(30)bps
From policies out-of-surrender-charge (planned)9
(1.9)%(1.7)%(1.5)%(1.5)%(1.7)%20bps(20)bps(2.4)%(1.6)%(80)bps
From policies in-surrender-charge (unplanned)10
(1.2)%(1.2)%(1.2)%(1.3)%(1.3)%0bps10bps(1.3)%(1.3)%0bps
Core outflows(9.3)%(11.0)%(8.7)%(13.1)%(10.7)%NM140bps(11.7)%(10.9)%(80)bps
Strategic reinsurance transactions— %— %— %— %— %NMNM— %— %NM
Outflows attributable to Athene(9.3)%(11.0)%(8.7)%(13.1)%(10.7)%NM140bps(11.7)%(10.9)%(80)bps
1. Funding agreements are comprised of funding agreements issued under our funding agreement backed notes (FABN) program, secured and other funding agreements, which include our funding agreement backed repurchase agreement (FABR) program and direct funding agreements, funding agreements issued to the Federal Home Loan Bank (FHLB) and long-term repurchase agreements. 2. Other inflows include guaranteed investment and group annuity contracts issued in connection with defined contribution plans as well as structured settlements. 3. Gross inorganic inflows represent acquisitions and block reinsurance transactions. On October 1, 2025, we entered into an agreement with a Japanese counterparty to reinsure a small block of whole life insurance policies on a coinsurance basis. In conjunction with the transaction, we entered into an agreement with a leading mortality reinsurer to retrocede the mortality risk related to this block of business. 4. Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, payments related to interest, maturities and repurchases of funding agreements and block reinsurance outflows. 5. ADIP refers to Apollo/Athene Dedicated Investment Program (ADIP I) and Apollo/Athene Dedicated Investment Program II (ADIP II) and represents the noncontrolling interests in business ceded to Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA 1) and Athene Co-Invest Reinsurance Affiliated Holding 2 Ltd. (together with its subsidiaries, ACRA 2), collectively defined as ACRA. 6. Represents outflows from funding agreements, pension group annuities and multi-year guarantee fixed annuities, all of which occur based on defined maturities or substantially lapse upon reaching their contractual term. Amounts may vary on a quarterly basis, based on the timing of original issuance. 7. Represents outflows from indexed annuities and other applicable products, which have varying degrees of predictability due to policyholder actions. 8. Represents partial annuity withdrawals to meet retirement income needs within contractual annual limits. 9. Represents outflows from policies that no longer have an active surrender charge in force. 10. Represents outflows from policies with an active surrender charge in force. 11. The outflow rate is calculated as outflows attributable to Athene divided by average net invested assets for the respective period, on an annualized basis. 12. 2Q’25 and year-to-date 2025 outflows exclude maturities of long-term repurchase agreements of $1.1 billion, or a rate of 1.6% for the respective period on an annualized basis, which may be renewed upon joint agreement of the parties based on a variety of factors.
8




Condensed Consolidated Balance Sheets
Unaudited (in millions, except percentages)
athene-logo_rgba.jpg
December 31, 2024December 31, 2025Δ
ASSETS
Investments
Available-for-sale securities, at fair value$165,364 $192,597 16 %
Trading securities, at fair value1,583 6,409 NM
Equity securities, at fair value1,290 822 (36)%
Mortgage loans, at fair value63,239 91,918 45 %
Investment funds107 108 1 %
Policy loans318 301 (5)%
Funds withheld at interest18,866 15,413 (18)%
Derivative assets8,154 9,190 13 %
Short-term investments447 175 (61)%
Other investments2,915 4,148 42 %
Total investments262,283 321,081 22 %
Cash and cash equivalents
12,733 14,994 18 %
Restricted cash
943 1,332 41 %
Investments in related parties
Available-for-sale securities, at fair value19,127 26,444 38 %
Trading securities, at fair value573 454 (21)%
Equity securities, at fair value234 266 14 %
Mortgage loans, at fair value1,297 1,486 15 %
Investment funds1,853 2,149 16 %
Funds withheld at interest5,050 4,215 (17)%
Short-term investments743 18 (98)%
Other investments, at fair value331 344 4 %
Accrued investment income
2,816 3,395 21 %
Reinsurance recoverable
8,194 10,282 25 %
Deferred acquisition costs, deferred sales inducements and value of business acquired
7,173 8,634 20 %
Goodwill4,063 4,072 — %
Other assets
11,253 11,950 6 %
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value2,301 3,120 36 %
Mortgage loans, at fair value2,579 2,140 (17)%
Investment funds, at fair value17,765 24,070 35 %
Other investments884 844 (5)%
Cash and cash equivalents583 569 (2)%
Other assets565 346 (39)%
Total assets
$363,343 $442,205 22 %
9




Condensed Consolidated Balance Sheets, continued
Unaudited (in millions, except percentages)
athene-logo_rgba.jpg
December 31, 2024December 31, 2025Δ
LIABILITIES
Interest sensitive contract liabilities
$253,637 $315,889 25 %
Future policy benefits
49,902 50,264 1 %
Market risk benefits4,028 4,930 22 %
Debt6,309 7,848 24 %
Derivative liabilities
3,556 5,742 61 %
Payables for collateral on derivatives and securities to repurchase
11,652 11,085 (5)%
Other liabilities
6,745 9,097 35 %
Liabilities of consolidated variable interest entities1,640 1,712 4 %
Total liabilities337,469 406,567 20 %
EQUITY
Preferred stock
— — NM
Common stock
— — NM
Additional paid-in capital19,588 19,238 (2)%
Retained earnings2,237 3,895 74 %
Accumulated other comprehensive loss(5,465)(2,641)52 %
Total Athene Holding Ltd. stockholders' equity16,360 20,492 25 %
Noncontrolling interests
9,514 15,146 59 %
Total equity25,874 35,638 38 %
Total liabilities and equity$363,343 $442,205 22 %
10




Net Invested Assets (Management view) & Agency Ratings
Unaudited (in millions, except percentages)
athene-logo_rgba.jpg
December 31, 2024December 31, 2025
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
NET INVESTED ASSETS
Corporate$86,051 34.6 %$86,664 29.6 %
CLO27,698 11.2 %25,401 8.7 %
Credit113,749 45.8 %112,065 38.3 %
CML28,055 11.3 %31,789 10.9 %
RML27,848 11.2 %43,326 14.8 %
RMBS7,635 3.1 %7,592 2.6 %
CMBS8,243 3.3 %9,877 3.4 %
Real estate71,781 28.9 %92,584 31.7 %
ABS28,670 11.5 %38,417 13.1 %
Alternative investments12,000 4.8 %13,868 4.7 %
State, municipal, political subdivisions and foreign government3,237 1.3 %3,081 1.0 %
Equity securities2,201 0.9 %2,039 0.7 %
Short-term investments1,015 0.4 %207 0.1 %
US government and agencies5,531 2.2 %14,225 4.9 %
Other investments52,654 21.1 %71,837 24.5 %
Cash and cash equivalents6,794 2.7 %10,490 3.6 %
Other3,665 1.5 %5,438 1.9 %
Net invested assets$248,643 100.0 %$292,414 100.0 %

A.M. BestS&P GlobalFitchMoody’s
FINANCIAL STRENGTH RATINGS
Athene Annuity and Life Company
A+A+A+A1
Athene Annuity & Life Assurance Company of New York
A+A+A+A1
Athene Life Insurance Company of New YorkA+NRNRNR
Athene Annuity Re Ltd.A+A+A+A1
Athene Life Re Ltd.A+A+A+A1
Athene Life Re International Ltd.A+A+A+A1
Athene Co-Invest Reinsurance Affiliate 1A Ltd. and Athene Co-Invest Reinsurance Affiliate 1B Ltd.A+A+A+A1
Athene Co-Invest Reinsurance Affiliate 2A Ltd. and Athene Co-Invest Reinsurance Affiliate 2B Ltd.A+A+A+A1
Athene Co-Invest Reinsurance Affiliate International Ltd.A+A+A+A1
CREDIT RATINGS
Athene Holding Ltd.a-A-A-NR
Senior notesa-A-BBB+Baa1
Subordinated notesNRBBBBBB-Baa2
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, and the Non-GAAP Measure Reconciliations section for the reconciliation of investments, including related parties, to net invested assets. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.
11




Net Alternative Investments (Management view)
Unaudited (in millions, except percentages)
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December 31, 2024December 31, 2025
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
NET ALTERNATIVE INVESTMENTS
Origination platforms
Wheels$581 4.8 %$739 5.3 %
Redding Ridge581 4.8 %645 4.7 %
MidCap Financial544 4.5 %588 4.2 %
Aqua Finance309 2.6 %319 2.3 %
Skylign300 2.5 %344 2.5 %
Apterra221 1.9 %531 3.8 %
Atlas6 — %560 4.0 %
Foundation Home Loans184 1.5 %139 1.0 %
Other549 4.6 %865 6.2 %
Origination platforms3,275 27.2 %4,730 34.0 %
Apollo and other investments
Real assets1,691 14.1 %1,701 12.3 %
Private equity1,107 9.2 %1,086 7.8 %
Structured equity and other522 4.4 %927 6.7 %
Equity3,320 27.7 %3,714 26.8 %
Credit1,481 12.4 %2,125 15.3 %
Liquid assets and other851 7.1 %770 5.6 %
Apollo and other investments5,652 47.2 %6,609 47.7 %
Total AAA8,927 74.4 %11,339 81.7 %
Retirement Services
Athora1,125 9.4 %1,124 8.1 %
Venerable273 2.3 %356 2.6 %
Retirement Services1,398 11.7 %1,480 10.7 %
Apollo and other investments
Equity1,120 9.3 %617 4.5 %
Credit531 4.4 %417 3.0 %
Other24 0.2 %15 0.1 %
Apollo and other investments1,675 13.9 %1,049 7.6 %
Total Non AAA3,073 25.6 %2,529 18.3 %
Net alternative investments2
$12,000 100.0 %$13,868 100.0 %
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, including net alternative investments, and the Non-GAAP Measure Reconciliations section for the reconciliations of investments, including related parties, to net invested assets and investment funds, including related parties and consolidated VIEs, to net alternative investments. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests. Net alternative invested asset values reflect Athene’s ownership of Apollo Aligned Alternatives, L.P. (AAA) and Apollo Aligned Alternatives Lux Aggregator, L.P. (AAA Lux). Athene’s combined net ownership percentage of AAA and AAA Lux was approximately 45% and 46% as of December 31, 2025 and December 31, 2024, respectively. 2. Net alternative investments do not correspond to total investment funds, including related parties and consolidated VIEs, on our condensed consolidated balance sheets. Net alternative investments adjusts the GAAP presentation to include investment funds included in our funds withheld at interest and modco reinsurance portfolios and VIE adjustments and exclude other investments. Net alternative investments include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.

12




Credit Quality of Securities
Unaudited (in millions, except percentages)
athene-logo_rgba.jpg
December 31, 2024December 31, 2025
CREDIT QUALITY OF AFS SECURITIES (GAAP VIEW)
Fair ValuePercentage of TotalFair ValuePercentage of Total
NAIC designation
1 A-G$104,887 56.9 %$121,234 55.4 %
2 A-C74,064 40.1 %91,503 41.8 %
Total investment grade
178,951 97.0 %212,737 97.2 %
3 A-C3,230 1.8 %3,356 1.5 %
4 A-C1,378 0.7 %1,732 0.8 %
5 A-C293 0.2 %487 0.2 %
6639 0.3 %697 0.3 %
Non-designated— — %32 — %
Total below investment grade
5,540 3.0 %6,304 2.8 %
Total AFS securities including related parties
$184,491 100.0 %$219,041 100.0 %
Nationally Recognized Statistical Rating Organization (NRSRO) designation
AAA/AA/A$96,095 52.2 %$114,983 52.5 %
BBB70,150 38.0 %87,497 39.9 %
Non-rated1
11,300 6.1 %8,493 3.9 %
Total investment grade177,545 96.3 %210,973 96.3 %
BB
2,722 1.5 %2,976 1.4 %
B
972 0.5 %1,722 0.8 %
CCC
1,011 0.5 %1,652 0.7 %
CC and lower
791 0.4 %436 0.2 %
Non-rated1
1,450 0.8 %1,282 0.6 %
Total below investment grade
6,946 3.7 %8,068 3.7 %
Total AFS securities including related parties
$184,491 100.0 %$219,041 100.0 %
1. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled loan backed and structured securities (LBaSS), the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. The NRSRO ratings methodology is focused on the likelihood of recovery of all contractual payments, including principal at par regardless of entry price, while the NAIC designation methodology considers an investment at amortized cost, and the likelihood of recovery of that book value. We view the NAIC designation methodology as the most appropriate way to view our AFS portfolio when evaluating credit risk since a portion of our holdings were purchased at a significant discount to par.
13




Credit Quality of Net Invested Assets (Management view)
Unaudited (In millions, except percentages)
athene-logo_rgba.jpg
December 31, 2024December 31, 2025December 31, 2024December 31, 2025
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
CREDIT QUALITY OF NET INVESTED ASSETS
CREDIT QUALITY OF NET INVESTED ASSETS
NAIC designation
NRSRO designation
1 A-G$93,116 55.4 %$100,710 54.3 %AAA/AA/A$83,176 49.5 %$93,681 50.5 %
2 A-C68,559 40.8 %77,217 41.6 %BBB63,476 37.8 %72,669 39.2 %
Non-designated446 0.3 %415 0.2 %
Non-rated2
13,900 8.3 %10,069 5.4 %
Total investment grade
162,121 96.5 %178,342 96.1 %Total investment grade160,552 95.6 %176,419 95.1 %
3 A-C3,255 1.9 %4,007 2.2 %
BB
2,623 1.6 %3,614 1.9 %
4 A-C1,296 0.8 %1,431 0.8 %
B
892 0.5 %1,445 0.8 %
5 A-C522 0.3 %644 0.3 %
CCC
1,240 0.7 %1,769 1.0 %
6886 0.5 %917 0.5 %
CC and lower
998 0.6 %770 0.4 %
Non-designated— — %123 0.1 %
Non-rated2
1,775 1.0 %1,447 0.8 %
Total below investment grade
5,959 3.5 %7,122 3.9 %
Total below investment grade
7,528 4.4 %9,045 4.9 %
Total NAIC designated assets3
168,080 100.0 %185,464 100.0 %
Total NRSRO designated assets3
168,080 100.0 %185,464 100.0 %
Assets without NAIC designation
Assets without NRSRO designation
Commercial mortgage loans
Commercial mortgage loans
CM1
3,609 12.9 %4,091 12.9 %
CM1
3,609 12.9 %4,091 12.9 %
CM2
19,252 68.5 %21,476 67.6 %
CM2
19,252 68.5 %21,476 67.6 %
CM3
4,700 16.8 %5,592 17.6 %
CM3
4,700 16.8 %5,592 17.6 %
CM4
474 1.7 %293 0.9 %
CM4
474 1.7 %293 0.9 %
CM5
— — %258 0.8 %
CM5
— — %258 0.8 %
CM6
4 — %53 0.1 %
CM6
4 — %53 0.1 %
CM7
16 0.1 %26 0.1 %
CM7
16 0.1 %26 0.1 %
Total CMLs
28,055 100.0 %31,789 100.0 %
Total CMLs
28,055 100.0 %31,789 100.0 %
Residential mortgage loans
Residential mortgage loans
In good standing
27,122 97.4 %42,512 98.1 %
In good standing
27,122 97.4 %42,512 98.1 %
90 days late
521 1.9 %563 1.3 %
90 days late
521 1.9 %563 1.3 %
In foreclosure
205 0.7 %251 0.6 %
In foreclosure
205 0.7 %251 0.6 %
Total RMLs
27,848 100.0 %43,326 100.0 %
Total RMLs
27,848 100.0 %43,326 100.0 %
Alternative investments
12,000 13,868 
Alternative investments
12,000 13,868 
Cash and cash equivalents6,794 10,490 Cash and cash equivalents6,794 10,490 
Equity securities
2,201 2,039 
Equity securities
2,201 2,039 
Other4
3,665 5,438 
Other4
3,665 5,438 
Net invested assets
$248,643 $292,414 
Net invested assets
$248,643 $292,414 
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 3. NAIC and NRSRO designations include corporate securities, CLO, RMBS, CMBS, ABS, state, municipal, political subdivisions and foreign government securities, short-term investments and US government and agency securities. 4. Other includes investments in company owned life insurance, accrued investment income, policy loans and other net invested assets.
14




Credit Quality of Net Invested Assets - ABS and CLOs (Management view)
Unaudited (In millions, except percentages)
athene-logo_rgba.jpg
December 31, 2024December 31, 2025December 31, 2024December 31, 2025
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
CREDIT QUALITY OF ABS – NAIC DESIGNATIONCREDIT QUALITY OF ABS – NRSRO DESIGNATION
1 A-G$19,537 68.1 %$22,882 59.6 %AAA/AA/A$19,307 67.3 %$22,696 59.1 %
2 A-C8,134 28.4 %14,603 38.0 %BBB8,287 28.9 %14,789 38.5 %
Non-designated— — %— — %
Non-rated2
140 0.5 %— — %
Total investment grade27,671 96.5 %37,485 97.6 %Total investment grade27,734 96.7 %37,485 97.6 %
3 A-C713 2.5 %442 1.2 %BB658 2.3 %447 1.2 %
4 A-C113 0.4 %41 0.1 %B104 0.4 %36 0.1 %
5 A-C120 0.4 %124 0.3 %CCC28 0.1 %72 0.2 %
653 0.2 %210 0.5 %CC and lower34 0.1 %204 0.5 %
Non-designated— — %115 0.3 %
Non-rated2
112 0.4 %173 0.4 %
Total below investment grade999 3.5 %932 2.4 %Total below investment grade936 3.3 %932 2.4 %
ABS net invested assets$28,670 100.0 %$38,417 100.0 %ABS net invested assets$28,670 100.0 %$38,417 100.0 %
CREDIT QUALITY OF CLOs – NAIC DESIGNATIONCREDIT QUALITY OF CLOs – NRSRO DESIGNATION
1 A-G$19,052 68.8 %$17,138 67.5 %AAA/AA/A$19,060 68.8 %$17,152 67.5 %
2 A-C8,533 30.8 %8,210 32.3 %BBB8,525 30.8 %8,196 32.3 %
Non-designated— — %— — %
Non-rated2
— — %— — %
Total investment grade27,585 99.6 %25,348 99.8 %Total investment grade27,585 99.6 %25,348 99.8 %
3 A-C94 0.3 %53 0.2 %BB94 0.3 %53 0.2 %
4 A-C19 0.1 %— — %B19 0.1 %— — %
5 A-C— — %— — %CCC— — %— — %
6— — %— — %CC and lower— — %— — %
Non-designated— — %— — %
Non-rated2
— — %— — %
Total below investment grade113 0.4 %53 0.2 %Total below investment grade113 0.4 %53 0.2 %
CLO net invested assets$27,698 100.0 %$25,401 100.0 %CLO net invested assets$27,698 100.0 %$25,401 100.0 %
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.
15




Credit Quality of Net Invested Assets - RMBS and CMBS (Management view)
Unaudited (In millions, except percentages)
athene-logo_rgba.jpg
December 31, 2024December 31, 2025December 31, 2024December 31, 2025
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
CREDIT QUALITY OF RMBS – NAIC DESIGNATIONCREDIT QUALITY OF RMBS – NRSRO DESIGNATION
1 A-G$6,333 82.9 %$6,437 84.8 %AAA/AA/A$2,283 29.9 %$3,062 40.3 %
2 A-C535 7.0 %492 6.5 %BBB681 8.9 %828 10.9 %
Non-designated— — %— — %
Non-rated2
2,342 30.7 %1,519 20.0 %
Total investment grade6,868 89.9 %6,929 91.3 %Total investment grade5,306 69.5 %5,409 71.2 %
3 A-C332 4.4 %244 3.2 %BB38 0.5 %37 0.5 %
4 A-C270 3.5 %104 1.4 %B123 1.6 %82 1.1 %
5 A-C102 1.4 %247 3.2 %CCC986 13.0 %1,343 17.7 %
663 0.8 %59 0.8 %CC and lower752 9.8 %363 4.8 %
Non-designated— — %9 0.1 %
Non-rated2
430 5.6 %358 4.7 %
Total below investment grade767 10.1 %663 8.7 %Total below investment grade2,329 30.5 %2,183 28.8 %
RMBS net invested assets$7,635 100.0 %$7,592 100.0 %RMBS net invested assets$7,635 100.0 %$7,592 100.0 %
CREDIT QUALITY OF CMBS – NAIC DESIGNATIONCREDIT QUALITY OF CMBS – NRSRO DESIGNATION
1 A-G$6,598 80.0 %$8,139 82.4 %AAA/AA/A$5,800 70.4 %$7,358 74.5 %
2 A-C912 11.1 %1,090 11.0 %BBB946 11.5 %1,266 12.8 %
Non-designated— — %— — %
Non-rated2
552 6.7 %274 2.8 %
Total investment grade7,510 91.1 %9,229 93.4 %Total investment grade7,298 88.6 %8,898 90.1 %
3 A-C293 3.6 %353 3.6 %BB390 4.7 %365 3.7 %
4 A-C155 1.9 %119 1.2 %B177 2.1 %216 2.2 %
5 A-C200 2.4 %66 0.7 %CCC173 2.1 %244 2.5 %
685 1.0 %110 1.1 %CC and lower130 1.6 %154 1.5 %
Non-designated— — %— — %
Non-rated2
75 0.9 %— — %
Total below investment grade733 8.9 %648 6.6 %Total below investment grade945 11.4 %979 9.9 %
CMBS net invested assets$8,243 100.0 %$9,877 100.0 %CMBS net invested assets$8,243 100.0 %$9,877 100.0 %
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.
16




Net Reserve Liabilities & Rollforwards
Unaudited (in millions, except percentages)
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December 31, 2024December 31, 2025
DollarsPercentage of TotalDollarsPercentage of Total
NET RESERVE LIABILITIES
Indexed annuities$82,711 36.6 %$87,322 32.2 %
Fixed rate annuities
62,705 27.8 %77,774 28.7 %
Total deferred annuities145,416 64.4 %165,096 60.9 %
Pension group annuities24,986 11.1 %25,088 9.2 %
Payout annuities
4,701 2.1 %5,066 1.9 %
Funding agreements1
47,384 21.0 %71,433 26.3 %
Life and other
3,439 1.4 %4,550 1.7 %
Total net reserve liabilities$225,926 100.0 %$271,233 100.0 %
Quarterly TrendsΔYear-to-DateΔ
4Q’241Q’252Q’253Q’254Q’25Q/QY/Y20242025Y/Y
NET RESERVE LIABILITY ROLLFORWARD
Net reserve liabilities – beginning$225,899 $225,926 $241,666 $254,572 $266,451 5 %18 %$199,289 $225,926 13 %
Gross inflows2
14,465 25,830 21,533 23,379 13,318 (43)%(8)%72,153 84,060 17 %
Acquisition and block reinsurance3
— — — — 1,340 NMNM— 1,340 NM
Inflows attributable to ACRA noncontrolling interests(4,418)(5,011)(5,091)(5,167)(3,723)(28)%(16)%(18,162)(18,992)5 %
Inflows ceded to third-party reinsurers(921)(496)(367)(517)(370)(28)%(60)%(4,134)(1,750)(58)%
Net inflows9,126 20,323 16,075 17,695 10,565 (40)%16 %49,857 64,658 30 %
Net withdrawals(5,697)(7,017)(5,813)(9,181)(7,714)(16)%35 %(27,248)(29,725)9 %
ACRA ownership changes4
(1,774)— — — — NMNM(1,774)— NM
Other reserve changes
(1,628)2,434 2,644 3,365 1,931 (43)%NM5,802 10,374 79 %
Net reserve liabilities – ending
$225,926 $241,666 $254,572 $266,451 $271,233 2 %20 %$225,926 $271,233 20 %
ACRA NONCONTROLLING INTERESTS RESERVE LIABILITY ROLLFORWARD
Reserve liabilities – beginning$68,092 $72,164 $76,842 $81,809 $86,826 6 %28 %$56,651 $72,164 27 %
Inflows4,418 5,011 5,091 5,167 3,723 (28)%(16)%18,162 18,992 5 %
Withdrawals
(1,439)(1,375)(1,417)(1,457)(1,554)7 %8 %(6,221)(5,803)(7)%
ACRA ownership changes4
1,774 — — — — NMNM1,774 — NM
Other reserve changes
(681)1,042 1,293 1,307 730 (44)%NM1,798 4,372 143 %
Reserve liabilities – ending
$72,164 $76,842 $81,809 $86,826 $89,725 3 %24 %$72,164 $89,725 24 %
Note: Please refer to the Notes to the Financial Supplement section for discussion on net reserve liabilities and the Non-GAAP Measure Reconciliations section for the reconciliation of total liabilities to net reserve liabilities. Net reserve liabilities include our economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the noncontrolling interests. 1. Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, which include our FABR program and direct funding agreements, funding agreements issued to the FHLB and long-term repurchase agreements. 2. Gross inflows equal inflows from our retail, flow reinsurance, institutional and other channels as well as inflows for life and products other than deferred annuities or our institutional products, renewal inflows, annuitizations and foreign currency translation adjustments, where applicable. Gross inflows include all inflows sourced by Athene, including all of the inflows reinsured to ACRA and third-party reinsurers. 3. Acquisition and block reinsurance transactions include the reserve liabilities acquired in our inorganic channel at inception. On October 1, 2025 we entered into an agreement with a Japanese counterparty to reinsure a small block of whole life insurance policies on a coinsurance basis. In conjunction with the transaction, we entered into an agreement with a leading mortality reinsurer to retrocede the mortality risk related to this block of business. 4. Effective October 1, 2024, ACRA 2 repurchased a portion of its shares held by Athene Life Re Ltd. (ALRe), which increased ADIP II’s ownership of economic interests in ACRA 2 to 63%, with ALRe owning the remaining 37% of the economic interests.

17




Deferred Annuity Liability Characteristics
Unaudited (in millions, except percentages)
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Base surrender chargePercentage of totalSurrender charge (net of MVA)Percentage of total
SURRENDER CHARGE PERCENTAGES ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge
$24,030 15.3 %$24,030 15.3 %
0.0% < 2.0%
7,475 4.8 %2,859 1.8 %
2.0% < 4.0%
6,517 4.2 %7,804 5.0 %
4.0% < 6.0%
17,582 11.2 %26,970 17.2 %
6.0% or greater101,150 64.5 %95,091 60.7 %
$156,754 100.0 %$156,754 100.0 %
Base surrender chargeMVA charge (benefit)Surrender charge (net of MVA)
Aggregate surrender charge protection
5.9 %0.8 %6.7 %

Deferred annuitiesPercentage of totalAverage base surrender charge
YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge
$24,030 15.3 %— %
Less than 2
28,067 17.9 %5.4 %
2 to less than 4
45,040 28.7 %6.2 %
4 to less than 6
29,452 18.8 %7.7 %
6 to less than 8
15,322 9.8 %7.7 %
8 to less than 10
12,674 8.1 %9.5 %
10 or greater
2,169 1.4 %13.9 %
$156,754 100.0 %



18




Notes to the Financial Supplement

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KEY OPERATING AND NON-GAAP MEASURES
In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures, together with the relevant US GAAP measures, provides information that may enhance an investor’s understanding of our results of operations and the underlying profitability drivers of our business. The majority of these non-GAAP measures are intended to remove from the results of operations the impact of market volatility (other than with respect to alternative investments), which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, both defined below, as well as integration, restructuring, stock compensation and certain other items which are not part of our underlying profitability drivers, as such items fluctuate from period to period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

SPREAD RELATED EARNINGS AND NET SPREAD
Spread related earnings is a pre-tax non-GAAP measure used to evaluate our financial performance including the impact of any reinsurance transactions and excluding market volatility and expenses related to integration, restructuring and stock compensation as well as other one-time items. Our spread related earnings equals net income available to Athene Holding Ltd. common stockholder adjusted to eliminate the impact of the following:
•Investment Gains (Losses), Net of Offsets—Consists of the realized gains and losses on the sale of AFS securities and mortgage loans, the change in fair value of reinsurance assets, unrealized gains and losses, changes in the provision for credit losses and other investment gains and losses. Unrealized, allowances and other investment gains and losses are comprised of the fair value adjustments of trading securities and mortgage loans, other investments held under the fair value option, derivative gains and losses not hedging annuity index credits, all foreign exchange impacts and the change in provision for credit losses recognized in operations net of the change in AmerUs Closed Block fair value reserve related to the corresponding change in fair value of investments. Investment gains and losses are net of offsets related to the market value adjustments (MVA) associated with surrenders or terminations of contracts.
•Non-operating Change in Insurance Liabilities and Related Derivatives
•Change in Fair Values of Derivatives and Embedded Derivatives – Indexed Annuities—Consists of impacts related to the fair value accounting for derivatives hedging the index credits on indexed annuities and the related embedded derivative liability fluctuations from period to period. The index reserve is measured at fair value for the current period and all periods beyond the current policyholder index term. However, the indexed annuity hedging derivatives are purchased to hedge only the current index period. Upon policyholder renewal at the end of the period, new indexed annuity hedging derivatives are purchased to align with the new term. The difference in duration between the indexed annuity hedging derivatives and the index credit reserves creates a timing difference in earnings. This timing difference of the indexed annuity hedging derivatives and index credit reserves is included as a non-operating adjustment. We primarily hedge with options that align with the index terms of our indexed annuity products (typically 1–2 years). On an economic basis, we believe this is suitable because policyholder accounts are credited with index performance at the end of each index term. However, because the term of an embedded derivative in an indexed annuity contract is longer-dated, there is a duration mismatch which may lead to mismatches for accounting purposes.
•Non-operating Change in Funding Agreements—Consists of timing differences caused by changes to interest rates on variable funding agreements and funding agreement backed notes and the associated reserve accretion patterns of those contracts. Further included are adjustments for gains associated with our early repurchases of funding agreements, when applicable.
•Change in Fair Value of Market Risk Benefits—Consists primarily of volatility in capital market inputs used in the measurement at fair value of our market risk benefits, including certain impacts from changes in interest rates, equity returns and implied equity volatilities.
•Non-operating Change in Liability for Future Policy Benefits—Consists of the non-economic loss incurred at issuance for certain pension group annuities and other payout annuities with life contingencies when valuation interest rates prescribed by US GAAP are lower than the net investment earned rates, adjusted for profit, assumed in pricing. For such contracts with non-economic US GAAP losses, the SRE reserve accretes interest using an imputed discount rate that produces zero gain or loss at issuance.
•Integration, Restructuring, and Other Non-operating Items—Consists of restructuring and integration expenses related to acquisitions and block reinsurance costs, as well as certain other items, which are not predictable or related to our underlying profitability drivers.
•Stock Compensation Expense—Consists of stock compensation expenses associated with our share incentive plans, including long-term incentive expenses, which are not related to our underlying profitability drivers and fluctuate from time to time due to the structure of our plans.
•Income Tax Expense (Benefit)—Consists of the income tax effect of all income statement adjustments and is computed by applying the appropriate jurisdiction’s tax rate to all adjustments subject to income tax.
We consider these adjustments to be meaningful adjustments to net income available to Athene Holding Ltd. common stockholder for the reasons discussed in greater detail above. Accordingly, we believe using a measure which excludes the impact of these items is useful in analyzing our business performance and the trends in our results of operations. Together with net income available to Athene Holding Ltd. common stockholder, we believe spread related earnings provides a meaningful financial metric that helps investors understand our underlying results and profitability. Spread related earnings should not be used as a substitute for net income available to Athene Holding Ltd. common stockholder.

Net spread is a non-GAAP measure used to evaluate our financial performance and profitability. Net spread is computed using our spread related earnings divided by average net invested assets for the relevant period. To enhance the ability to analyze this measure across periods, interim periods are annualized. While we believe this metric is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for ROA presented under US GAAP.

SRE, EXCLUDING NOTABLE ITEMS AND NET SPREAD, EXCLUDING NOTABLE ITEMS
Spread related earnings, excluding notable items and net spread, excluding notable items represent SRE and net spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use these measures to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view these non-GAAP measures as additional measures that provide insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.


19





Notes to the Financial Supplement, continued

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NET INVESTMENT SPREAD
Net investment spread is a key measure of profitability used in analyzing the trends of our core business operations. Net investment spread measures our investment performance plus our strategic capital management fees, less our total cost of funds. Net investment earned rate is a key measure of our investment performance while cost of funds is a key measure of the cost of our policyholder benefits and liabilities. Strategic capital management fees consist of management fees received by us for business managed for others.
•Net investment earned rate is a non-GAAP measure we use to evaluate the performance of our net invested assets. Net investment earned rate is computed as the income from our net invested assets divided by the average net invested assets, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. The primary adjustments to net investment income to arrive at our net investment earnings are (a) net VIE impacts (revenues, expenses and noncontrolling interests), (b) forward points gains and losses on foreign exchange derivative hedges, (c) amortization of premium/discount on held-for-trading securities, (d) the change in fair value of reinsurance assets, (e) an adjustment to the change in net asset value of our ADIP investments to recognize our proportionate share of spread related earnings based on our ownership in the investment funds and (f) the removal of the proportionate share of the ACRA net investment income associated with the noncontrolling interests. We include the income and assets supporting our change in fair value of reinsurance assets by evaluating the underlying investments of the funds withheld at interest receivables and we include the net investment income from those underlying investments which does not correspond to the US GAAP presentation of change in fair value of reinsurance assets. We exclude the income and assets on business related to ceded reinsurance transactions. We believe the adjustments for reinsurance provide a net investment earned rate on the assets for which we have economic exposure. We believe a measure like net investment earned rate is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe net investment earned rate is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for net investment income presented under US GAAP.
•Cost of funds includes liability costs related to cost of crediting on deferred annuities and institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the noncontrolling interests. Cost of crediting on deferred annuities is the interest credited to the policyholders on our fixed strategies, as well as the option costs on the indexed annuity strategies. With respect to indexed annuities, the cost of providing index credits includes the expenses incurred to fund the annual index credits, and where applicable, minimum guaranteed interest credited. Cost of crediting on institutional products is comprised of (1) pension group annuity costs, including interest credited, benefit payments and other reserve changes, net of premiums received when issued, and (2) funding agreement costs, including interest expense and other reserve changes. Additionally, cost of crediting includes forward points gains and losses on foreign exchange derivative hedges. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums, product charges, excluding market value adjustments, and certain other revenues. We include the costs related to business added through assumed reinsurance transactions and exclude the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. We believe a measure like cost of funds is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.

NET INVESTMENT SPREAD, EXCLUDING NOTABLE ITEMS
Net investment spread, excluding notable items represents net investment spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use this measure to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view this non-GAAP measure as an additional measure that provides insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.

OTHER OPERATING EXPENSES
Other operating expenses excludes interest expense, policy acquisition expenses, net of deferrals, integration, restructuring and other non-operating items, stock compensation and long-term incentive plan expenses and the proportionate share of the ACRA operating expenses associated with the noncontrolling interests. We believe a measure like other operating expenses is useful in analyzing the trends of our core business operations and profitability. While we believe other operating expenses is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for policy and other operating expenses presented under US GAAP.

ADJUSTED LEVERAGE RATIO
Adjusted leverage ratio is a non-GAAP measure used to evaluate our capital structure excluding the impacts of AOCI and the cumulative changes in fair value of funds withheld and modco reinsurance assets, as well as mortgage loan assets, net of tax. Adjusted leverage ratio is calculated as total debt at notional value adjusted to exclude 50% of the notional value of subordinated debt as an equity credit plus 50% of the notional value of our preferred stock divided by adjusted capitalization. Adjusted capitalization includes our adjusted Athene Holding Ltd. common stockholder’s equity and the notional value of our preferred stock and total debt. Adjusted Athene Holding Ltd. common stockholder’s equity is calculated as the ending Athene Holding Ltd. stockholders’ equity excluding AOCI, the cumulative changes in fair value of funds withheld and modco reinsurance assets and mortgage loan assets, as well as preferred stock. These adjustments fluctuate period to period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities, reinsurance assets and mortgage loans. Except with respect to reinvestment activity relating to acquired blocks of businesses, we typically buy and hold investments to maturity throughout the duration of market fluctuations, therefore, the period-over-period impacts in unrealized gains and losses are not necessarily indicative of current operating fundamentals or future performance. Adjusted leverage ratio should not be used as a substitute for the leverage ratio. However, we believe the adjustments to stockholders’ equity and debt are significant to gaining an understanding of our capitalization, debt and preferred stock utilization and overall leverage capacity, because they provide insight into how rating agencies measure our capitalization, which is a consideration in how we manage our leverage capacity.



20




Notes to the Financial Supplement, continued

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NET INVESTED ASSETS
In managing our business, we analyze net invested assets, which does not correspond to total investments, including investments in related parties, as disclosed in our consolidated financial statements and notes thereto. Net invested assets represent the investments that directly back our net reserve liabilities, as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets include (a) total investments on the consolidated balance sheets, with AFS securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE and VOE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. We include the underlying investments supporting our assumed funds withheld and modco agreements and exclude the underlying investments related to ceded reinsurance transactions in our net invested assets calculation in order to match the assets with the income received. We believe the adjustments for reinsurance provide a view of the assets for which we have economic exposure. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but do not include the proportionate share of investments associated with the noncontrolling interests. Our net invested assets are averaged over the number of quarters in the relevant period to compute our net investment earned rate for such period. While we believe net invested assets is a meaningful financial metric and enhances our understanding of the underlying drivers of our investment portfolio, it should not be used as a substitute for total investments, including related parties, presented under US GAAP.

NET RESERVE LIABILITIES
In managing our business, we also analyze net reserve liabilities, which does not correspond to total liabilities as disclosed in our consolidated financial statements and notes thereto. Net reserve liabilities represent our policyholder and institutional liability obligations net of reinsurance and are used to analyze the costs of our liabilities. Net reserve liabilities include (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include our proportionate share of ACRA reserve liabilities, based on our economic ownership, but do not include the proportionate share of reserve liabilities associated with the noncontrolling interests. Net reserve liabilities are net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, we have no net economic exposure to such liabilities, assuming our reinsurance counterparties perform under our agreements. For such transactions, US GAAP requires the ceded liabilities and related reinsurance recoverables to continue to be recorded in our consolidated financial statements despite the transfer of economic risk to the counterparty in connection with the reinsurance transaction. We include the underlying liabilities assumed through modco reinsurance agreements in our net reserve liabilities calculation in order to match the liabilities with the expenses incurred. While we believe net reserve liabilities is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total liabilities presented under US GAAP.

SALES
Sales statistics do not correspond to revenues under US GAAP but are used as relevant measures to understand our business performance as it relates to inflows generated during a specific period of time. Our sales statistics include inflows for deferred and indexed annuities and align with the LIMRA definition of all money paid into an individual annuity, including money paid into new contracts with initial purchase occurring in the specified period and existing contracts with initial purchase occurring prior to the specified period (excluding internal transfers). We believe sales is a meaningful metric that enhances our understanding of our business performance and is not the same as premiums presented in our consolidated statements of income.
21




Non-GAAP Reconciliations
Unaudited (in millions, except percentages)
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Quarterly Trends
4Q’241Q’252Q’253Q’254Q’25
RECONCILIATION OF TOTAL ATHENE HOLDING LTD. STOCKHOLDERS’ EQUITY TO TOTAL ADJUSTED ATHENE HOLDING LTD. COMMON STOCKHOLDER’S EQUITY
Total Athene Holding Ltd. stockholders’ equity$16,360 $17,519 $18,148 $20,411 $20,492 
Less: Preferred stock3,154 3,154 2,470 2,470 2,470 
Total Athene Holding Ltd. common stockholder’s equity13,206 14,365 15,678 17,941 18,022 
Less: Accumulated other comprehensive loss(5,465)(4,561)(3,688)(2,486)(2,641)
Less: Accumulated change in fair value of reinsurance assets(1,591)(1,459)(1,385)(1,272)(1,171)
Less: Accumulated change in fair value of mortgage loan assets(2,051)(1,580)(1,461)(1,225)(1,009)
Total adjusted Athene Holding Ltd. common stockholder’s equity$22,313 $21,965 $22,212 $22,924 $22,843 
RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO
Total debt$6,309 $6,301 $7,864 $7,856 $7,848 
Add: 50% of preferred stock1,577 1,577 1,235 1,235 1,235 
Less: 50% of subordinated debt588 588 888 888 888 
Less: Adjustment to arrive at notional134 126 183 175 167 
Adjusted leverage$7,164 $7,164 $8,028 $8,028 $8,028 
Total debt$6,309 $6,301 $7,864 $7,856 $7,848 
Total Athene Holding Ltd. stockholders’ equity16,360 17,519 18,148 20,411 20,492 
Total capitalization22,669 23,820 26,012 28,267 28,340 
Less: Accumulated other comprehensive loss(5,465)(4,561)(3,688)(2,486)(2,641)
Less: Accumulated change in fair value of reinsurance assets(1,591)(1,459)(1,385)(1,272)(1,171)
Less: Accumulated change in fair value of mortgage loan assets(2,051)(1,580)(1,461)(1,225)(1,009)
Less: Adjustment to arrive at notional134 126 276 268 260 
Total adjusted capitalization$31,642 $31,294 $32,270 $32,982 $32,901 
Leverage ratio41.7 %39.7 %39.7 %36.5 %36.4 %
Accumulated other comprehensive loss(7.1)%(5.8)%(4.4)%(2.7)%(2.9)%
Accumulated change in fair value of reinsurance assets(2.1)%(1.8)%(1.7)%(1.4)%(1.3)%
Accumulated change in fair value of mortgage loan assets(2.7)%(2.0)%(1.7)%(1.3)%(1.1)%
Adjustment to exclude 50% of preferred stock(5.0)%(5.0)%(3.8)%(3.8)%(3.7)%
Adjustment to exclude 50% of subordinated debt(1.9)%(1.9)%(2.8)%(2.7)%(2.7)%
Adjustment to arrive at notional(0.3)%(0.3)%(0.4)%(0.3)%(0.3)%
Adjusted leverage ratio22.6 %22.9 %24.9 %24.3 %24.4 %



22




Non-GAAP Reconciliations, continued
Unaudited (in millions, except percentages)
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Quarterly TrendsYear-to-Date
4Q’241Q’252Q’253Q’254Q’2520242025
RECONCILIATION OF NET INCOME AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS, EXCLUDING NOTABLE ITEMS
Net income available to Athene Holding Ltd. common stockholder$970 $420 $503 $1,223 $488 $3,280 $2,634 
Less: Preferred stock redemption— — 84 — — — 84 
Add: Preferred stock dividends45 45 45 36 35 181 161 
Add: Net income attributable to noncontrolling interests64 294 222 619 375 1,443 1,510 
Net income1,079 759 686 1,878 898 4,904 4,221 
Income tax expense (benefit) 71 175 (34)266 479 730 886 
Income before income taxes1,150 934 652 2,144 1,377 5,634 5,107 
Less: Total adjustments to income before income taxes312 130 (168)1,272 512 2,413 1,746 
Spread related earnings838 804 820 872 865 3,221 3,361 
Notable items— 22 — (25)— (25)10 
Spread related earnings, excluding notable items$838 $826 $820 $847 $865 $3,196 $3,371 
RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS
US GAAP net investment income$3,903 $3,991 $4,429 $4,672 $4,755 $14,481 $17,847 
Change in fair value of reinsurance assets(71)(63)(65)(75)(80)(129)(283)
VIE earnings and noncontrolling interests380 434 382 412 402 1,310 1,630 
Forward points adjustment on FX derivative hedges20 24 26 33 30 133 113 
Held-for-trading amortization(35)(29)(40)(66)(56)(108)(191)
Reinsurance impacts(50)(40)(39)(44)(34)(223)(157)
ACRA noncontrolling interests(1,064)(1,074)(1,159)(1,250)(1,258)(3,864)(4,741)
Other100 (12)(35)64 90 150 107 
Total adjustments to arrive at net investment earnings
(720)(760)(930)(926)(906)(2,731)(3,522)
Total net investment earnings
$3,183 $3,231 $3,499 $3,746 $3,849 $11,750 $14,325 
RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE
US GAAP net investment income rate6.38 %6.25 %6.59 %6.66 %6.57 %6.19 %6.54 %
Change in fair value of reinsurance assets(0.11)%(0.10)%(0.10)%(0.11)%(0.11)%(0.05)%(0.10)%
VIE earnings and noncontrolling interests0.62 %0.68 %0.57 %0.59 %0.56 %0.56 %0.60 %
Forward points adjustment on FX derivative hedges0.03 %0.04 %0.04 %0.05 %0.04 %0.06 %0.04 %
Held-for-trading amortization(0.06)%(0.05)%(0.06)%(0.10)%(0.08)%(0.05)%(0.07)%
Reinsurance impacts(0.08)%(0.06)%(0.06)%(0.06)%(0.05)%(0.09)%(0.06)%
ACRA noncontrolling interests(1.74)%(1.68)%(1.72)%(1.78)%(1.74)%(1.65)%(1.74)%
Other0.16 %(0.02)%(0.05)%0.09 %0.13 %0.06 %0.04 %
Total adjustments to arrive at net investment earned rate
(1.18)%(1.19)%(1.38)%(1.32)%(1.25)%(1.16)%(1.29)%
Net investment earned rate5.20 %5.06 %5.21 %5.34 %5.32 %5.03 %5.25 %
Average net invested assets$244,796 $255,505 $268,703 $280,607 $289,295 $233,809 $272,928 
23




Non-GAAP Reconciliations, continued
Unaudited (in millions, except percentages)
athene-logo_rgba.jpg
Quarterly TrendsYear-to-Date
4Q’241Q’252Q’253Q’254Q’2520242025
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS
US GAAP benefits and expenses$2,632 $3,252 $4,707 $5,854 $6,757 $15,055 $20,570 
Premiums(155)(127)(107)(117)(2,277)(1,318)(2,628)
Product charges(260)(265)(274)(292)(306)(1,016)(1,137)
Other revenues(10)(4)(6)(6)(9)(19)(25)
Indexed annuity option costs413 430 449 469 487 1,617 1,835 
Reinsurance impacts(37)(30)(27)(27)(27)(157)(111)
Non-operating change in insurance liabilities and embedded derivatives318 (47)(1,045)(1,685)(614)(2,647)(3,391)
Policy and other operating expenses, excluding policy acquisition expenses(453)(440)(441)(455)(496)(1,760)(1,832)
Forward points adjustment on FX derivative hedges76 52 74 75 77 293 278 
AmerUs Closed Block fair value liability52 (18)(6)(20)2 25 (42)
ACRA noncontrolling interests(522)(656)(927)(1,220)(933)(2,624)(3,736)
Other62 63 73 85 81 253 302 
Total adjustments to arrive at cost of funds(516)(1,042)(2,237)(3,193)(4,015)(7,353)(10,487)
Total cost of funds$2,116 $2,210 $2,470 $2,661 $2,742 $7,702 $10,083 
RECONCILIATION OF TOTAL BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE
US GAAP benefits and expenses4.30 %5.09 %7.01 %8.34 %9.34 %6.44 %7.54 %
Premiums(0.25)%(0.20)%(0.16)%(0.17)%(3.15)%(0.56)%(0.96)%
Product charges(0.42)%(0.41)%(0.41)%(0.41)%(0.42)%(0.44)%(0.42)%
Other revenues(0.02)%— %(0.01)%(0.01)%(0.01)%(0.01)%(0.01)%
Indexed annuity option costs0.67 %0.67 %0.67 %0.67 %0.67 %0.69 %0.67 %
Reinsurance impacts(0.06)%(0.05)%(0.04)%(0.04)%(0.04)%(0.07)%(0.04)%
Non-operating change in insurance liabilities and embedded derivatives0.52 %(0.07)%(1.56)%(2.40)%(0.85)%(1.13)%(1.24)%
Policy and other operating expenses, excluding policy acquisition expenses(0.74)%(0.69)%(0.65)%(0.65)%(0.68)%(0.75)%(0.67)%
Forward points adjustment on FX derivative hedges0.12 %0.08 %0.11 %0.11 %0.11 %0.12 %0.10 %
AmerUs Closed Block fair value liability0.09 %(0.03)%(0.01)%(0.03)%— %0.01 %(0.02)%
ACRA noncontrolling interests(0.85)%(1.03)%(1.38)%(1.74)%(1.29)%(1.12)%(1.37)%
Other0.10 %0.10 %0.11 %0.12 %0.11 %0.11 %0.11 %
Total adjustments to arrive at cost of funds(0.84)%(1.63)%(3.33)%(4.55)%(5.55)%(3.15)%(3.85)%
Total cost of funds3.46 %3.46 %3.68 %3.79 %3.79 %3.29 %3.69 %
Average net invested assets$244,796 $255,505 $268,703 $280,607 $289,295 $233,809 $272,928 
24




Non-GAAP Reconciliations, continued
Unaudited (in millions)
athene-logo_rgba.jpg
Quarterly TrendsYear-to-Date
4Q’241Q’252Q’253Q’254Q’2520242025
RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OTHER OPERATING EXPENSES
US GAAP policy and other operating expenses$560 $565 $571 $591 $627 $2,213 $2,354 
Interest expense(179)(167)(178)(196)(228)(552)(769)
Policy acquisition expenses, net of deferrals(107)(125)(130)(136)(131)(453)(522)
Integration, restructuring and other non-operating items26 (30)(31)(37)(23)(239)(121)
Stock compensation expenses(14)(11)(11)(13)(14)(50)(49)
ACRA noncontrolling interests(153)(100)(97)(84)(90)(406)(371)
Other(12)(16)(15)(17)(22)(46)(70)
Total adjustments to arrive at other operating expenses(439)(449)(462)(483)(508)(1,746)(1,902)
Other operating expenses$121 $116 $109 $108 $119 $467 $452 
December 31, 2024December 31, 2025
RECONCILIATION OF INVESTMENT FUNDS, INCLUDING RELATED PARTIES AND CONSOLIDATED VIES, TO NET ALTERNATIVE INVESTMENTS
Investment funds, including related parties and consolidated VIEs$19,725 $26,327 
Certain equity securities included in trading securities34 4 
Investment funds within funds withheld at interest900 859 
Net assets of the VIE, excluding investment funds(4,850)(9,098)
Unrealized (gains) losses92 (49)
Investment in ADIP— (231)
Other assets(170)(173)
Total adjustments to arrive at gross alternative investments(3,994)(8,688)
Gross alternative investments15,731 17,639 
ACRA noncontrolling interests(3,731)(3,771)
Net alternative investments
$12,000 $13,868 
    










25




Non-GAAP Reconciliations, continued
Unaudited (in millions)
athene-logo_rgba.jpg
Quarterly Trends
4Q’241Q’252Q’253Q’254Q’25
RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS
Total investments, including related parties$291,491 $308,484 $329,976 $346,389 $356,457 
Derivative assets(8,154)(6,153)(6,901)(8,884)(9,190)
Cash and cash equivalents (including restricted cash)13,676 13,233 12,049 16,950 16,326 
Accrued investment income2,816 2,891 3,176 3,735 3,395 
Net receivable (payable) for collateral on derivatives(4,602)(2,793)(1,682)(4,197)(3,458)
Reinsurance impacts(4,435)(4,635)(5,226)(5,904)(6,350)
VIE and VOE assets, liabilities and noncontrolling interests17,289 17,459 18,066 18,808 19,023 
Unrealized (gains) losses18,320 15,392 12,202 9,860 10,002 
Ceded policy loans(167)(164)(162)(161)(160)
Net investment receivables (payables)97 (379)(49)(69)217 
Allowance for credit losses720 720 774 788 763 
Other investments(87)(83)(428)(135)(52)
Total adjustments to arrive at gross invested assets
35,473 35,488 31,819 30,791 30,516 
Gross invested assets
326,964 343,972 361,795 377,180 386,973 
ACRA noncontrolling interests(78,321)(81,605)(86,755)(91,006)(94,559)
Net invested assets
$248,643 $262,367 $275,040 $286,174 $292,414 
RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES
Total liabilities$337,469 $353,704 $376,105 $396,874 $406,567 
Debt(6,309)(6,301)(7,864)(7,856)(7,848)
Derivative liabilities(3,556)(3,365)(4,889)(4,853)(5,742)
Payables for collateral on derivatives and short-term securities to repurchase(8,988)(4,189)(4,513)(6,319)(7,838)
Other liabilities(6,546)(7,329)(8,008)(9,619)(8,888)
Liabilities of consolidated VIEs(1,640)(1,552)(1,760)(1,700)(1,712)
Reinsurance impacts(11,861)(12,011)(12,251)(12,867)(13,209)
Ceded policy loans(167)(164)(162)(161)(160)
Market risk benefit asset(312)(285)(277)(222)(212)
Total adjustments to arrive at gross reserve liabilities(39,379)(35,196)(39,724)(43,597)(45,609)
Gross reserve liabilities298,090 318,508 336,381 353,277 360,958 
ACRA noncontrolling interests(72,164)(76,842)(81,809)(86,826)(89,725)
Net reserve liabilities
$225,926 $241,666 $254,572 $266,451 $271,233 
26

Source: View Original Filing on SEC EDGAR

FAQ

How did Athene (ATH) perform financially in full-year 2025?

Athene reported 2025 net income available to common stockholder of $2.634 billion, down 20% from 2024. Return on assets declined to 0.65%. However, management’s spread related earnings rose 4% to $3.361 billion, showing more stable core spread profitability.

What were Athene (ATH) fourth-quarter 2025 earnings and returns?

In fourth-quarter 2025, Athene’s net income available to common stockholder was $488 million, compared with $970 million a year earlier. Quarterly return on assets was 0.45%, also down from 1.08%. Spread related earnings for the quarter were $865 million.

How did Athene’s spread related earnings and net spread trend in 2025?

Spread related earnings reached $3.361 billion in 2025, up 4% from 2024, with fourth-quarter 2025 at $865 million. Net spread declined from 1.38% in 2024 to 1.23% in 2025, and measured 1.20% in fourth-quarter 2025, indicating margin compression.

How much did Athene’s assets and liabilities grow by December 31, 2025?

As of December 31, 2025, Athene’s total assets were $442.205 billion, up 22% from year-end 2024. Net reserve liabilities increased to $271.233 billion, a 20% rise. Net invested assets grew 18% over the same period to $292.414 billion.

What were Athene’s inflows and net flows for 2025?

For 2025, Athene generated total gross inflows of $83.438 billion, up 18% from 2024. Gross outflows were $35.528 billion, resulting in net flows of $47.910 billion, a 28% year-over-year increase, highlighting strong franchise-level funding growth.

How did Athene’s net investment spread perform in 2025?

Net investment spread was 1.61% for 2025, down from 1.78% in 2024. In fourth-quarter 2025, net investment spread was 1.58%. While net investment earnings rose, higher cost of funds contributed to the spread compression versus the prior year.

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ATH Latest News

Jan 28, 2026
Athene Holding Ltd. Declares First Quarter 2026 Preferred Stock Dividends
Jan 22, 2026
Athene Announces Fourth Quarter 2025 Fixed Income Investor Call
Jan 12, 2026
Athene 2026 Retirement Outlook: Retirees Drive Demand for Pension-Like Income Amid $4 Trillion Savings Gap
Oct 28, 2025
Athene Holding Ltd. Declares Fourth Quarter 2025 Preferred Stock Dividends
Sep 29, 2025
Athene Announces Block Reinsurance Transaction with Sony Life in Japan

ATH Latest SEC Filings

Feb 9, 2026
[8-K] Athene Holding Ltd. Reports Material Event
Jan 6, 2026
[8-K] Athene Holding Ltd. Reports Material Event
Jan 2, 2026
[8-K] Athene Holding Ltd. Reports Material Event
Nov 24, 2025
[8-K] Athene Holding Ltd. Reports Material Event
Nov 10, 2025
[8-K] Athene Holding Ltd. Reports Material Event

ATH Stock Data

187.56M
Direct Life Insurance Carriers
Finance and Insurance
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96 Pitts Bay Road