Athene estimates ~$375M Q3 alternative investment income
Apollo Global Management, Inc., Athene's parent, scheduled a November 3, 2026, 8:30 a.m. ET webcast that includes Athene's results.
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Form Type
8-K
Rhea-AI Filing Summary
Athene Holding Ltd. estimated preliminary alternative net investment income of approximately $375 million (pre-tax) for the third quarter ended September 30, 2026, equal to an estimated 10% annualized return on alternative net investments. The estimated annualized return was 9% for the pooled investment vehicle through which Athene holds the large majority of its alternative investments portfolio, and 11% for other alternative investments, including investments in retirement services platforms. Alternative net investment income is a component of Spread Related Earnings, a pre-tax non-GAAP measure.
Management had not completed period-end financial closing procedures, and actual results may differ, possibly materially, including through adjustments identified while preparing the consolidated financial statements. The independent registered public accounting firm had not audited, reviewed, compiled or performed procedures on the estimates and expressed no assurance about them. The estimates are not a substitute for full U.S. GAAP financial statements and should not be interpreted as indicative of future performance.
Insights
Analyzing...
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.
Key Figures
Alternative net investment income: Approximately $375 million (pre-tax)
Annualized return on alternative net investments: Estimated 10%
Annualized return on pooled investment vehicle: Estimated 9%
+1 more
4 metrics
Alternative net investment income
Approximately $375 million (pre-tax)
Third quarter ended September 30, 2026; preliminary estimate
Annualized return on alternative net investments
Estimated 10%
Third quarter ended September 30, 2026
Annualized return on pooled investment vehicle
Estimated 9%
Third quarter ended September 30, 2026
Annualized return on other alternative investments
Estimated 11%
Third quarter ended September 30, 2026; includes investments in retirement services platforms
Key Terms
Alternative net investment income, Spread Related Earnings, non-GAAP measure, annualized return, +1 more
5 terms
Alternative net investment income financial
"a component of Spread Related Earnings"
non-GAAP measure financial
"a pre-tax, non-GAAP measure"
A non-GAAP measure is a company-crafted financial metric that adjusts or excludes items from standard accounting numbers to highlight what management sees as the business’s core performance. Investors use these figures like a filtered photo to reveal trends or cash flow drivers that raw accounting totals might hide, but because companies decide which items to remove, these measures should be compared with standard statements to avoid being misled.
annualized return financial
"an estimated 10% annualized return"
Annualized return is the average yearly rate of growth for an investment over a multi‑year period, expressed as if the money grew at a steady compounded rate each year. It matters to investors because it lets you compare performance across different time frames and investments—like converting a trip’s total travel time into an average speed (miles per hour) so you can fairly compare routes or vehicles—and shows the effect of compounding on your gains.
pooled investment vehicle financial
"investment in a pooled investment vehicle"
A pooled investment vehicle is a fund that combines money from many investors so a manager can buy a diversified portfolio of stocks, bonds or other assets—like a group of people pooling money to buy a rental property and hire a manager. It matters to investors because pooling lowers individual costs, provides professional management and broader exposure than most people could afford alone, while also creating shared fees, collective risk and less control over specific holdings.
Earnings Snapshot
Alternative net investment income: Approximately $375 million (pre-tax)
Third quarter ended September 30, 2026
Alternative net investment income
Approximately $375 million (pre-tax)
Annualized return on alternative net investments
Estimated 10%
Annualized return on pooled investment vehicle
Estimated 9%
Annualized return on other alternative investments
Estimated 11%
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did ATH estimate for alternative investment income in the third quarter of 2026?
Athene estimated approximately $375 million (pre-tax) in alternative net investment income for the quarter ended September 30, 2026, equal to an estimated 10% annualized return on alternative net investments. The estimate was preliminary.
What annualized returns did ATH estimate for its alternative investment categories?
Athene estimated a 9% annualized return for the pooled investment vehicle holding the large majority of its alternative investments portfolio, and an 11% annualized return for other alternative investments, including investments in retirement services platforms.
AI-generated analysis. How Rhea-AI works. Not financial advice.
| 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): October 5, 2026
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| incorporation or organization) | Identification Number) | |||||||||||||||||||||||||||||||||||||||||||
1 (515 ) 342-4678
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| 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: | ||||||||||||||||||||||||||||||||||||||||||||
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| Title of each class | Trading Symbols | Name of each exchange on which registered | |||||||||||||||||||||||||||||||||
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.
The information contained in Item 7.01 below under the heading “Preliminary Estimates for Alternative Net Investment Income” is hereby incorporated by reference into this Item 2.02.
Item 7.01 Regulation FD Disclosure.
Apollo Earnings Call
Apollo Global Management, Inc. (“Apollo”), the parent company of Athene Holding Ltd. (the “Company,” “we,” and “our”), will host a conference call to review Apollo’s financial results for the third quarter ended September 30, 2026 on November 3, 2026 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, 2026, 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, 2026. 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 3, 2026.
The Company estimates that alternative net investment income will be approximately $375 million (pre-tax) for the third quarter ended September 30, 2026, 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 9% for the third quarter ended September 30, 2026 and the annualized return on the Company’s investments in other alternative investments including its investments in retirement services platforms equates to an estimated 11% for the third quarter ended September 30, 2026. Alternative net investment income is a component of Spread Related Earnings.
Spread Related Earnings is a pre-tax, non-GAAP measure used to assess the Company’s financial performance. Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed on February 25, 2026 (“Annual Report”), and the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed on August 10, 2026, which may be accessed at the Company’s Investor Relations website 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, 2026, 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, 2026, 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/or 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ATHENE HOLDING LTD. | ||||||||
| Date: | October 5, 2026 | /s/ Louis-Jacques Tanguy | ||||||
| Louis-Jacques Tanguy | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||