Athene Holding Ltd. (ATH) reported total revenues of $3.065 billion for the third quarter ended September 30, 2026, down 62% year over year, and a $1.158 billion net loss available to common stockholder, compared with $1.223 billion of net income a year earlier. Net investment income was $5.323 billion, up 14% year over year.
GAAP investment-related losses were $3.418 billion, compared with gains of $2.254 billion in 3Q 2025. On management’s non-GAAP measures, spread related earnings were $844 million, down 3%, while spread related earnings excluding notable items were $909 million, up 7%; net spread was 1.06%, down 18 basis points. Net flows were $5.430 billion, down 55% year over year.
A one-time $1.7 billion tax expense in the first quarter of 2026, attributed to revocation of ACRA’s election to be subject to Bermuda CIT, primarily drove the decrease in adjusted Athene Holding Ltd. common stockholder’s equity and increase in adjusted leverage ratio in that quarter. At September 30, 2026, Athene Holding Ltd. stockholders’ equity was $13.413 billion, down 34% year over year.
Athene Holding Ltd. reported third-quarter 2026 total revenues of $3.065 billion, compared with $7.998 billion in third-quarter 2025. Net loss attributable to Athene stockholders was $1.123 billion, versus net income of $1.259 billion a year earlier. Investment-related losses were $3.418 billion, compared with investment-related gains of $2.254 billion.
Net investment income rose to $5.323 billion from $4.672 billion in the quarter. For the first nine months of 2026, total revenues were $15.885 billion versus $17.543 billion, while net loss attributable to Athene stockholders was $2.072 billion versus net income of $2.188 billion in 2025.
As of September 30, 2026, Athene reported total assets of $477.571 billion and total equity of $29.144 billion, compared with $442.205 billion and $35.638 billion, respectively, as of December 31, 2025. Available-for-sale securities, including related parties, had a fair value of $239.912 billion and gross unrealized losses of $20.598 billion at September 30. Athene said it did not recognize these unrealized losses in income except as required for hedge accounting and intended to hold the securities; it did not consider it more likely than not that it would be required to sell a security before recovery of its amortized cost.
Athene Holding Ltd. furnished Apollo Global Management, Inc.'s third-quarter 2026 earnings presentation, which includes information about Athene's results for the quarter ended September 30, 2026. Athene's Retirement Services segment reported $844 million of Spread Related Earnings, compared with $871 million in the third quarter of 2025. Spread Related Earnings excluding notable items were $909 million, up 7.4% from $846 million a year earlier.
Athene's gross organic inflows were $18.746 billion in the third quarter of 2026. Net Investment Spread was 1.06%, compared with 1.24% a year earlier; excluding notable items, it was 1.14%, versus 1.21%. As of September 30, 2026, 98% of $240 billion of Athene's available-for-sale securities were designated NAIC 1 or 2. The alternative investment portfolio returned 10% in the third quarter, compared with management's long-term expected average annual return of 11%; at that expectation, it would have generated $54 million more in alternative net investment income. The expected long-term return is not assured.
Athene Holding Ltd. made the investor presentation “Athene’s Role in Financing AI-Related Infrastructure” available at ir.athene.com. The information was furnished under Regulation FD and is not deemed filed for Section 18 purposes or incorporated by reference into another filing unless specifically referenced.
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.
Athene Holding Ltd. (ATH) reported that it has made an investor presentation titled “Athene Asset Risk & Stress Considerations, September 2026 Update” available on its investor relations website at ir.athene.com. The information is provided as a Regulation FD disclosure and is being furnished, not filed, under the Exchange Act.
Athene Holding Ltd. (ATHS) reported that its parent company, Apollo Global Management, Inc., released a presentation titled “Apollo Multi-Asset Prime Securities (AMAPS) Overview Presentation” on August 24, 2026. Athene made this presentation available on its investor relations website at ir.athene.com.
The disclosure is provided under Regulation FD (Item 7.01)
Athene Holding Ltd. is holding a fixed income investor call on August 13, 2026 at 9:00 a.m. ET. In connection with this call, the company has made an “Athene Fixed Income Investor Presentation August 2026” available on its investor relations website at ir.athene.com.
The disclosure is provided under Regulation FD and is being furnished, not filed, so it is not subject to liability under Section 18 of the Exchange Act and is not incorporated by reference into other securities law filings unless specifically referenced.
Athene Holding Ltd. reported that it has made an investor presentation titled “Overview of Athene’s Corporate Structure” available on its investor relations website at ir.athene.com. The information is furnished under Regulation FD and is not deemed filed or incorporated by reference into other securities law documents unless specifically referenced.
Athene Holding Ltd. reported stronger operating performance for the quarter ended June 30, 2026. Net income available to common shareholders was $953 million, rebounding from a loss in the prior quarter and rising 89% year over year, while return on assets improved to 0.83%. Total revenues reached $9.15 billion, up 71% from a year earlier, driven largely by higher net investment income and investment-related gains.
On a non-GAAP basis, spread related earnings were $877 million, up 22% sequentially and 7% year over year, with a net investment spread of 1.47% and net spread of 1.14%. Total assets grew to $472.9 billion, net invested assets to $314.1 billion, and net reserve liabilities to $293.3 billion. Athene generated $22.1 billion of total gross inflows and $11.9 billion of net flows in the quarter as retail, flow reinsurance and funding agreement channels contributed. Statutory and rating-agency capital metrics remained solid, with a reported leverage ratio of 39.0% and adjusted leverage ratio of 25.1%.