Athene Reports $325M Preliminary Q3 Alternative Net Investment Income
Rhea-AI Filing Summary
Athene Holding Ltd. provided preliminary, unaudited estimates for alternative net investment income for the third quarter ended September 30, 2025, reporting approximately $325 million pre-tax, which the company says equates to an estimated 10% annualized return on its alternative net investments. The firm disclosed that its pooled investment vehicle, holding the majority of alternative investments, returned an estimated 10% annualized for the quarter, while other alternative investments, including retirement services platforms, returned an estimated 8% annualized. Management cautioned these are preliminary figures subject to completion of closing procedures and audit and may change materially. Apollo will host a public webcast on November 4, 2025 to review Apollo's third-quarter results, with a replay available on its Investor Relations site.
Positive
- Preliminary alternative net investment income of $325 million (pre-tax) indicates strong asset-level returns for the quarter
- Estimated 10% annualized return on alternative net investments suggests high-yield performance in the alternatives portfolio
- Pooled investment vehicle delivering ~10% annualized shows concentrated strength in the primary alternatives sleeve
- Public webcast scheduled provides transparency and access to management commentary on the results
Negative
- Preliminary and unaudited figures may change materially during financial closing and audit
- Excludes alternative investment income attributable to non-controlling interests, reducing comparability to consolidated metrics
- Results reported prior to full GAAP financial statements; reconciliations and after-tax impacts are not yet provided
- Company cautions against using these figures as a substitute for full financial statements, limiting reliability for decision-making
Insights
TL;DR: Preliminary Q3 alternative net investment income of $325M (~10% annualized) signals strong asset-level returns but remains unaudited.
The reported $325 million pre-tax and ~10% annualized return on alternative net investments indicate robust performance from the company’s alternative portfolio this quarter, driven primarily by the pooled investment vehicle which also posted ~10%. For investors, the magnitude of alternative returns is meaningful because alternative net investment income feeds Spread Related Earnings, a core pre-tax, non-GAAP performance measure for the company. However, these figures are preliminary and unaudited; final GAAP reconciliations and the full quarterly supplement will be needed to quantify after-tax impacts, non-controlling interests, and any adjustments arising from closing procedures.
TL;DR: Positive preliminary returns are offset by notable execution and reporting risk due to unaudited status and possible material adjustments.
While estimated returns of 10% (pooled vehicle) and 8% (other alternatives) are attractive, the company explicitly warns these numbers are preliminary, unaudited, and exclude alternative investment income attributable to non-controlling interests. The potential for material adjustments during financial close, and absence of independent assurance at this stage, elevates short-term reporting risk. Investors should treat these as indicative signals rather than finalized results.
8-K Event Classification
2 items: 2.02, 7.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Athene (ATH) report for alternative net investment income in Q3 2025?
Athene estimates approximately $325 million pre-tax of alternative net investment income for the quarter ended September 30, 2025.
What annualized returns did Athene report for its alternative investments in Q3 2025?
The company estimates an overall 10% annualized return on alternative net investments; the pooled investment vehicle returned ~10% and other alternatives returned ~8%.
Are these Q3 2025 figures audited and final?
No. Management states these are preliminary, unaudited estimates and that actual results may differ, possibly materially, after closing procedures and audit.
Will Athene provide more detailed disclosures and reconciliations?
Yes. The company referenced prior filings for non-GAAP definitions and noted that full quarterly earnings materials and supplements are scheduled for release on November 4, 2025.
Where can investors listen to management discuss these results?
Apollo will host a public webcast on November 4, 2025 at 8:30 a.m. ET on its Investor Relations website, with a replay available one hour after the event.
AI-generated analysis. How Rhea-AI works. Not financial advice.
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||||||||||||||||||||||||||||||||
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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): October 2, 2025
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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).
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Item 2.02 Results of Operations and Financial Condition.
The information contained in Item 7.01 below under the heading “Preliminary Estimates for Alternative Net Investment Income” is incorporated by reference herein.
Item 7.01 Regulation FD Disclosure.
Apollo Earnings Call
Apollo Global Management, Inc. (“Apollo”), the parent company of Athene Holding Ltd. (the “Company”), will host a conference call to review Apollo’s financial results for the third quarter ended September 30, 2025 on November 4, 2025 at 8:30 a.m. ET via public webcast. During the conference call, Apollo senior management will provide information regarding the Company’s financial results for the third quarter ended September 30, 2025, and other business insights relating to the Company. The public webcast will be available on Apollo’s Investor Relations website at https://ir.apollo.com. A replay will be available at the same link one hour after the event.
Preliminary Estimates for Alternative Net Investment Income
Apollo and the Company are reporting preliminary estimates for the Company’s alternative net investment income for the third quarter ended September 30, 2025. This information is being reported prior to the availability of Apollo’s quarterly earnings release and quarterly financial supplement for the third quarter, scheduled for release on November 4, 2025.
The Company estimates that alternative net investment income will be approximately $325 million (pre-tax) for the third quarter ended September 30, 2025, which equates to an estimated 10% annualized return on alternative net investments. Within these alternative net investments, the Company estimates that the annualized return on its investment in a pooled investment vehicle, through which it holds the large majority of its alternative investments portfolio, equates to an estimated 10% for the third quarter ended September 30, 2025 and the annualized return on its investments in other alternative investments including the Company’s investments in retirement services platforms equates to an estimated 8% for the third quarter ended September 30, 2025. Excluded from these figures is alternative investment income attributable to non-controlling interests. Alternative net investment income is a component of Spread Related Earnings. Spread Related Earnings is a pre-tax, non-GAAP measure used to assess our financial performance. Refer to the Company’s Form 10-K for the period ended December 31, 2024, filed on February 24, 2025, and the Company’s Form 10-Q for the period ended June 30, 2025, filed on August 7, 2025, which may be accessed at ir.athene.com, for detailed definitions and reconciliations of the Company’s non-GAAP performance measures.
The preliminary financial results presented above are the responsibility of management and have been prepared in good faith on a basis consistent with prior periods. However, we have not completed our financial closing procedures for the period ended September 30, 2025, and our actual results may differ, possibly materially, from these preliminary financial results due to a variety of factors. Additionally, our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to these preliminary financial results and does not express an opinion or provide any other form of assurance with respect to these preliminary financial results or their achievability. During the course of the preparation of our consolidated financial statements and related notes as of and for the period ended September 30, 2025, we may identify items that would require us to make material adjustments to the preliminary financial results presented above. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information regarding financial or operating data not provided. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP. In addition, these preliminary financial results should not be interpreted as indicative of future performance.
The foregoing information 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 (the “Securities Act”), 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.
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: | October 2, 2025 | /s/ Louis-Jacques Tanguy | ||||||
| Louis-Jacques Tanguy | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||