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Athene Holding posts $1.16B Q3 2026 common-stockholder loss

At September 30, 2026, available-for-sale securities including related parties were 97.6% investment grade under NAIC designations.

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Form Type
8-K

Rhea-AI Filing Summary

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.

2 points · 0 major

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1 major · 2 points

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Positive

  • Moderate pointNet investment income rose 14% year over year to $5.323 billion.
  • Moderate pointSpread related earnings excluding notable items rose 7% to $909 million.

Negative

  • Major pointCommon-stockholder net loss was $1.158 billion in the third quarter of 2026.
  • Moderate pointTotal revenues fell 62% year over year to $3.065 billion.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total revenues $3.065 billion Third quarter 2026; down 62% year over year
Net income (loss) available to common stockholder -$1.158 billion Third quarter 2026; compared with $1.223 billion net income in 3Q 2025
Net investment income $5.323 billion Third quarter 2026; up 14% year over year
Spread related earnings $844 million Third quarter 2026; down 3% year over year
Spread related earnings, excluding notable items $909 million Third quarter 2026; up 7% year over year
Net spread 1.06% Third quarter 2026; down 18 basis points year over year
Net flows $5.430 billion Third quarter 2026; down 55% year over year
Athene Holding Ltd. stockholders’ equity $13.413 billion September 30, 2026; down 34% year over year
Net spread financial
"Net spread is a non-GAAP measure used to evaluate our financial performance and profitability"
Net invested assets financial
"Net invested assets represent the investments that directly back our net reserve liabilities"
NAIC designation regulatory
"NAIC designation methodology differs in significant respects from the NRSRO ratings methodology"
Adjusted leverage ratio financial
"Adjusted leverage ratio is a non-GAAP measure used to evaluate our capital structure"
Total revenues $3.065 billion Down 62% year over year
Net income (loss) available to Athene Holding Ltd. common stockholder -$1.158 billion Compared with $1.223 billion net income in 3Q 2025
Net investment income $5.323 billion Up 14% year over year
Spread related earnings $844 million Down 3% year over year
Spread related earnings, excluding notable items $909 million Up 7% year over year
Net flows $5.430 billion Down 55% year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were ATH’s revenue and earnings in Q3 2026?
Athene reported $3.065 billion in total revenues and a $1.158 billion net loss available to common stockholder in the third quarter of 2026. Total revenues were down 62% year over year; net investment income was $5.323 billion, up 14%.

Why did ATH’s adjusted leverage ratio increase in the first quarter of 2026?
A one-time $1.7 billion tax expense primarily drove the decrease in adjusted common stockholder equity and increase in adjusted leverage ratio. The expense followed revocation of ACRA’s election to be subject to Bermuda CIT and recognition of a full valuation allowance against remaining Bermuda deferred tax assets.

What were ATH’s net flows in Q3 2026?
Athene reported $5.430 billion in net flows for the third quarter of 2026, down 55% year over year. Gross inflows were $18.746 billion and gross outflows were $13.316 billion.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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): November 5, 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 November 5, 2026, Athene Holding Ltd. (the “Company”) made available on its website the Company’s financial supplement for the third quarter ended September 30, 2026, furnished as Exhibit 99.1 hereto and incorporated by reference in this Item 2.02.

The foregoing information, including the Exhibit referenced, is being furnished pursuant to this Item 2.02 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 third quarter 2026 (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:November 5, 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 (Loss) (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
Defined Terms
19
Notes to the Financial Supplement
20
Non-GAAP Reconciliations
23






Important Notice

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

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 Athene Holding Ltd. 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.

Under the statutory accounting guidance for the principles-based bond definition, certain debt securities are required to be accounted for as non-bond debt securities. These non-bond debt securities are required to be filed with and designated by the NAIC. 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_rgb.jpg
Quarterly TrendsΔYear-to-DateΔ
3Q’254Q’251Q’262Q’263Q’26Q/QY/Y20252026Y/Y
SELECTED INCOME STATEMENT DATA
GAAP
Net income (loss) available to AHL common stockholder$1,223 $488 $(1,973)$953 $(1,158)NMNM$2,146 $(2,178)NM
Return on assets1.17 %0.45 %(1.77)%0.83 %(0.97)%NMNM0.72 %(0.63)%NM
NON-GAAP
Spread related earnings$872 $865 $719 $877 $844 (4)%(3)%$2,496 $2,440 (2)%
Net spread1.24 %1.20 %0.97 %1.14 %1.06 %(8) bps(18) bps1.24 %1.06 %(18) bps
Net investment spread1.60 %1.58 %1.34 %1.47 %1.38 %(9) bps(22) bps1.61 %1.40 %(21) bps
Spread related earnings, excluding notable items1
$847 $865 $719 $877 $909 4 %7 %$2,506 $2,505 — %
Net spread, excluding notable items1
1.21 %1.20 %0.97 %1.14 %1.14 %0 bps(7) bps1.25 %1.09 %(16) bps
Net investment spread, excluding notable items1
1.57 %1.58 %1.34 %1.47 %1.46 %(1) bp(11) bps1.62 %1.43 %(19) bps
Alternative net investment income delta to long-term expectation2
$37 $28 $188 $76 $54 $102 $318 
Alternative net return delta to long-term expectation1.12 %0.81 %5.21 %1.96 %1.35 %1.02 %2.74 %
Impact to net spread0.05 %0.04 %0.25 %0.10 %0.07 %0.05 %0.14 %
SELECTED BALANCE SHEET DATA
GAAP
Total assets
$429,915 $442,205 $447,804 $472,879 $477,571 1 %11 %$429,915 $477,571 11 %
Goodwill4,072 4,072 4,079 4,079 4,079 — %— %4,072 4,079 — %
Total liabilities396,874 406,567 414,104 438,074 448,427 2 %13 %396,874 448,427 13 %
Debt7,856 7,848 7,840 7,832 8,813 13 %12 %7,856 8,813 12 %
Total Athene Holding Ltd. stockholders’ equity20,411 20,492 17,848 18,556 13,413 (28)%(34)%20,411 13,413 (34)%
Leverage ratio36.5 %36.4 %40.1 %39.0 %50.8 %NMNM36.5 %50.8 %NM
NON-GAAP
Gross invested assets
$377,180 $386,973 $396,834 $413,598 $423,695 2 %12 %$377,180 $423,695 12 %
Invested assets – ACRA noncontrolling interests
(91,006)(94,559)(96,544)(99,508)(101,204)2 %11 %(91,006)(101,204)11 %
Net invested assets
286,174 292,414 300,290 314,090 322,491 3 %13 %286,174 322,491 13 %
Net reserve liabilities
266,451 271,233 279,189 293,298 298,118 2 %12 %266,451 298,118 12 %
Cash collateral posted by Athene2,069 2,500 2,594 3,001 2,844 (5)%37 %2,069 2,844 37 %
Notional debt7,775 7,775 7,775 7,775 8,775 13 %13 %7,775 8,775 13 %
Adjusted Athene Holding Ltd. common stockholder’s equity3
22,924 22,843 20,955 21,900 21,826 — %(5)%22,924 21,826 (5)%
Adjusted leverage ratio3
24.3 %24.4 %25.9 %25.1 %27.5 %240 bpsNM24.3 %27.5 %NM
INFLOWS DATA
Gross organic inflows$22,616 $12,687 $19,747 $22,069 $18,746 (15)%(17)%$69,411 $60,562 (13)%
Gross inorganic inflows— 1,340 — — — NMNM— — NM
Total gross inflows$22,616 $14,027 $19,747 $22,069 $18,746 (15)%(17)%$69,411 $60,562 (13)%
Note: “NM” represents changes that are not meaningful. Please refer to the Defined Terms section for the description of key terms. Please refer to the Notes to the Financial Supplement section for discussion on non-GAAP metrics and the Non-GAAP 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. 3. The decrease in adjusted Athene Holding Ltd. common stockholder’s equity and resulting increase in adjusted leverage ratio in 1Q’26 was primarily driven by a one-time tax expense of $1.7 billion due to the revocation of ACRA’s election to be subject to Bermuda CIT as a result of updated guidance issued during the quarter, which led to the recognition of a full valuation allowance against the remaining Bermuda deferred tax assets established in 4Q’23 when Bermuda CIT was enacted.
4




Condensed Consolidated Statements of Income (Loss) (GAAP view)
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
Quarterly TrendsΔYear-to-DateΔ
3Q’254Q’251Q’262Q’263Q’26Q/QY/Y20252026Y/Y
REVENUES
Premiums
$117 $2,277 $217 $170 $190 12 %62 %$351 $577 64 %
Product charges
292 306 281 299 299 — %2 %831 879 6 %
Net investment income
4,672 4,755 4,769 4,988 5,323 7 %14 %13,092 15,080 15 %
Investment related gains (losses)2,254 123 (2,078)2,989 (3,418)NMNM1,421 (2,507)NM
Other revenues
6 9 4 4 3 (25)%(50)%16 11 (31)%
Revenues of consolidated variable interest entities
Net investment income92 32 68 43 23 (47)%(75)%249 134 (46)%
Investment related gains (losses)565 632 407 659 645 (2)%14 %1,583 1,711 8 %
Total revenues7,998 8,134 3,668 9,152 3,065 (67)%(62)%17,543 15,885 (9)%
BENEFITS AND EXPENSES
Interest sensitive contract benefits
4,164 3,003 1,591 5,714 3,669 (36)%(12)%9,086 10,974 21 %
Future policy and other policy benefits
613 2,752 639 594 595 — %(3)%1,681 1,828 9 %
Market risk benefits remeasurement (gains) losses131 47 259 (24)(626)NMNM405 (391)NM
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired355 328 337 350 476 36 %34 %914 1,163 27 %
Policy and other operating expenses
591 627 651 614 690 12 %17 %1,727 1,955 13 %
Total benefits and expenses5,854 6,757 3,477 7,248 4,804 (34)%(18)%13,813 15,529 12 %
Income (loss) before income taxes2,144 1,377 191 1,904 (1,739)NMNM3,730 356 (90)%
Income tax expense (benefit)266 479 1,673 217 (419)NMNM407 1,471 261 %
Net income (loss)1,878 898 (1,482)1,687 (1,320)NMNM3,323 (1,115)NM
Less: Net income (loss) attributable to noncontrolling interests619 375 456 698 (197)NMNM1,135 957 (16)%
Net income (loss) attributable to Athene Holding Ltd. stockholders1,259 523 (1,938)989 (1,123)NMNM2,188 (2,072)NM
Less: Preferred stock dividends
36 35 35 36 35 (3)%(3)%126 106 (16)%
Add: Preferred stock redemption— — — — — NMNM84 — NM
Net income (loss) available to Athene Holding Ltd. common stockholder$1,223 $488 $(1,973)$953 $(1,158)NMNM$2,146 $(2,178)NM

5




Spread Related Earnings (Management view)
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
Quarterly TrendsΔYear-to-DateΔ
3Q’254Q’251Q’262Q’263Q’26Q/QY/Y20252026Y/Y
SPREAD RELATED EARNINGS
Fixed income and other net investment income$3,425 $3,505 $3,551 $3,686 $3,896 6 %14 %$9,521 $11,133 17 %
Alternative net investment income321 344 210 348 386 11 %20 %955 944 (1)%
Net investment earnings3,746 3,849 3,761 4,034 4,282 6 %14 %10,476 12,077 15 %
Strategic capital management fees35 35 36 37 40 8 %14 %96 113 18 %
Cost of funds(2,661)(2,742)(2,807)(2,942)(3,224)10 %21 %(7,341)(8,973)22 %
Net investment spread1,120 1,142 990 1,129 1,098 (3)%(2)%3,231 3,217 — %
Other operating expenses(108)(119)(118)(111)(105)(5)%(3)%(333)(334)— %
Interest and other financing costs(140)(158)(153)(141)(149)6 %6 %(402)(443)10 %
Spread related earnings$872 $865 $719 $877 $844 (4)%(3)%$2,496 $2,440 (2)%
Fixed income and other net investment earned rate5.12 %5.08 %5.04 %5.05 %5.16 %11 bps4 bps4.97 %5.08 %11 bps
Alternative net investment earned rate9.88 %10.19 %5.79 %9.04 %9.65 %61 bps(23) bps9.98 %8.26 %NM
Net investment earned rate5.34 %5.32 %5.08 %5.25 %5.38 %13 bps4 bps5.21 %5.24 %3 bps
Strategic capital management fees0.05 %0.05 %0.05 %0.05 %0.05 %0 bps0 bps0.05 %0.05 %0 bps
Cost of funds(3.79)%(3.79)%(3.79)%(3.83)%(4.05)%22 bps26 bps(3.65)%(3.89)%24 bps
Net investment spread1.60 %1.58 %1.34 %1.47 %1.38 %(9) bps(22) bps1.61 %1.40 %(21) bps
Other operating expenses(0.15)%(0.16)%(0.16)%(0.14)%(0.13)%(1) bp(2) bps(0.17)%(0.15)%(2) bps
Interest and other financing costs(0.21)%(0.22)%(0.21)%(0.19)%(0.19)%0 bps(2) bps(0.20)%(0.19)%(1) bp
Spread related earnings1.24 %1.20 %0.97 %1.14 %1.06 %(8) bps(18) bps1.24 %1.06 %(18) bps
Average net invested assets – fixed income and other$267,607 $275,769 $281,872 $291,771 $302,278 4 %13 %$255,303 $292,075 14 %
Average net invested assets – alternatives13,000 13,526 14,480 15,419 16,013 4 %23 %12,753 15,246 20 %
Average net invested assets$280,607 $289,295 $296,352 $307,190 $318,291 4 %13 %$268,056 $307,321 15 %
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_rgb.jpg
Quarterly TrendsΔYear-to-DateΔ
3Q’254Q’251Q’262Q’263Q’26Q/QY/Y20252026Y/Y
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS
Net income (loss) available to Athene Holding Ltd. common stockholder$1,223 $488 $(1,973)$953 $(1,158)NMNM$2,146 $(2,178)NM
Less: Preferred stock redemption— — — — — NMNM84 — NM
Add: Preferred stock dividends36 35 35 36 35 (3)%(3)%126 106 (16)%
Add: Net income (loss) attributable to noncontrolling interests619 375 456 698 (197)NMNM1,135 957 (16)%
Net income (loss)1,878 898 (1,482)1,687 (1,320)NMNM3,323 (1,115)NM
Income tax expense (benefit)266 479 1,673 217 (419)NMNM407 1,471 261 %
Income (loss) before income taxes2,144 1,377 191 1,904 (1,739)NMNM3,730 356 (90)%
Realized gains (losses) on sale of AFS securities and mortgage loans(51)(367)(214)300 (66)NM(29)%(255)20 NM
Unrealized, allowances and other investment gains (losses)373 238 (430)(335)(2,441)NMNM33 (3,206)NM
Change in fair value of reinsurance assets121 26 (66)39 (175)NMNM269 (202)NM
Offsets to investment gains (losses)20 17 14 19 21 11 %5 %58 54 (7)%
Investment gains (losses), net of offsets463 (86)(696)23 (2,661)NMNM105 (3,334)NM
Change in fair values of derivatives and embedded derivatives – indexed annuities267 104 90 319 (74)NMNM199 335 68 %
Non-operating change in funding agreements33 63 17 (20)(70)NMNM37 (73)NM
Change in fair value of market risk benefits(123)1 (148)55 546 NMNM(298)453 NM
Non-operating change in liability for future policy benefits(3)(33)(1)4 (1)NM67 %18 2 (89)%
Non-operating change in insurance liabilities and related derivatives174 135 (42)358 401 12 %130 %(44)717 NM
Integration, restructuring and other non-operating items(36)(23)(33)(41)(32)(22)%(11)%(98)(106)8 %
Stock compensation expense(13)(14)(10)(12)(12)— %(8)%(35)(34)(3)%
Preferred stock dividends36 35 35 36 35 (3)%(3)%126 106 (16)%
Noncontrolling interests – pre-tax income (loss) and VIE adjustments648 465 218 663 (314)NMNM1,180 567 (52)%
Less: Total adjustments to income (loss) before income taxes1,272 512 (528)1,027 (2,583)NMNM1,234 (2,084)NM
Spread related earnings$872 $865 $719 $877 $844 (4)%(3)%$2,496 $2,440 (2)%
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)
athene-logo_rgb.jpg
Quarterly TrendsΔYear-to-DateΔ
3Q’254Q’251Q’262Q’263Q’26Q/QY/Y20252026Y/Y
NET FLOWS
Retail$10,046 $7,343 $7,270 $12,267 $10,363 (16)%3 %$26,784 $29,900 12 %
Flow reinsurance2,542 1,665 2,603 3,763 1,611 (57)%(37)%9,506 7,977 (16)%
Funding agreements1
9,724 2,800 8,531 5,718 6,241 9 %(36)%32,575 20,490 (37)%
Pension group annuities— 746 — — — NMNM5 — NM
Other spread products2
304 133 1,343 321 531 65 %75 %541 2,195 NM
Gross organic inflows22,616 12,687 19,747 22,069 18,746 (15)%(17)%69,411 60,562 (13)%
Gross inorganic inflows3
— 1,340 — — — NMNM— — NM
Total gross inflows22,616 14,027 19,747 22,069 18,746 (15)%(17)%69,411 60,562 (13)%
Gross outflows4
(10,638)(9,268)(10,768)(10,141)(13,316)31 %25 %(26,260)(34,225)30 %
Net flows$11,978 $4,759 $8,979 $11,928 $5,430 (54)%(55)%$43,151 $26,337 (39)%
Inflows attributable to Athene$17,138 $10,142 $15,957 $17,095 $14,170 (17)%(17)%$53,094 $47,222 (11)%
Inflows attributable to ADIP5
4,962 3,515 3,453 4,402 4,120 (6)%(17)%14,937 11,975 (20)%
Inflows ceded to third-party reinsurers516 370 337 572 456 (20)%(12)%1,380 1,365 (1)%
Total gross inflows$22,616 $14,027 $19,747 $22,069 $18,746 (15)%(17)%$69,411 $60,562 (13)%
Outflows attributable to Athene$(9,181)$(7,714)$(8,612)$(7,608)$(9,648)27 %5 %$(22,011)$(25,868)18 %
Outflows attributable to ADIP5
(1,457)(1,554)(2,156)(2,533)(3,668)45 %152 %(4,249)(8,357)97 %
Total gross outflows4
$(10,638)$(9,268)$(10,768)$(10,141)$(13,316)31 %25 %$(26,260)$(34,225)30 %
OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE
Maturity-driven, contractual-based outflows6,12
$(5,525)$(3,641)$(4,960)$(3,921)$(5,791)48 %5 %$(11,449)$(14,672)28 %
Policyholder-driven outflows7
(3,656)(4,073)(3,652)(3,687)(3,857)5 %5 %(10,562)(11,196)6 %
Income oriented withdrawals (planned)8
(1,660)(1,922)(1,845)(1,717)(1,902)11 %15 %(4,949)(5,464)10 %
From policies out-of-surrender-charge (planned)9
(1,093)(1,198)(1,089)(1,120)(1,248)11 %14 %(3,176)(3,457)9 %
From policies in-surrender-charge (unplanned)10
(903)(953)(718)(850)(707)(17)%(22)%(2,437)(2,275)(7)%
Core outflows(9,181)(7,714)(8,612)(7,608)(9,648)27 %5 %(22,011)(25,868)18 %
Strategic reinsurance transactions— — — — — NMNM— — NM
Outflows attributable to Athene$(9,181)$(7,714)$(8,612)$(7,608)$(9,648)27 %5 %$(22,011)$(25,868)18 %
Annualized rate11
Maturity-driven, contractual-based outflows6,12
(7.9)%(5.0)%(6.7)%(5.1)%(7.3)%220 bps(60) bps(5.7)%(6.3)%60 bps
Policyholder-driven outflows7
(5.2)%(5.7)%(4.9)%(4.8)%(4.8)%0 bps(40) bps(5.3)%(4.9)%(40) bps
Income oriented withdrawals (planned)8
(2.4)%(2.7)%(2.5)%(2.2)%(2.4)%20 bps0 bps(2.5)%(2.4)%(10) bps
From policies out-of-surrender-charge (planned)9
(1.5)%(1.7)%(1.5)%(1.5)%(1.5)%0 bps0 bps(1.6)%(1.5)%(10) bps
From policies in-surrender-charge (unplanned)10
(1.3)%(1.3)%(0.9)%(1.1)%(0.9)%(20) bps(40) bps(1.2)%(1.0)%(20) bps
Core outflows(13.1)%(10.7)%(11.6)%(9.9)%(12.1)%220 bps(100) bps(11.0)%(11.2)%20 bps
Strategic reinsurance transactions— %— %— %— %— %NMNM— %— %NM
Outflows attributable to Athene(13.1)%(10.7)%(11.6)%(9.9)%(12.1)%220 bps(100) bps(11.0)%(11.2)%20 bps
1. Funding agreements represent 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. Other spread product inflows include guaranteed investment and group annuity contracts issued in connection with defined contribution plans, stable value group annuity contracts and 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 and payments related to interest, maturities and repurchases of funding agreements. 5. ADIP represents the noncontrolling interests in business ceded to 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. Year-to-date 2025 outflows exclude maturities of long-term repurchase agreements of $1.1 billion, 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_rgb.jpg
December 31, 2025September 30, 2026Δ
ASSETS
Investments
Available-for-sale securities, at fair value$192,597 $201,173 4 %
Trading securities, at fair value6,409 5,722 (11)%
Equity securities, at fair value822 585 (29)%
Mortgage loans, at fair value91,918 99,675 8 %
Investment funds108 350 224 %
Policy loans301 288 (4)%
Funds withheld at interest15,413 12,414 (19)%
Derivative assets9,190 10,950 19 %
Short-term investments175 125 (29)%
Other investments4,148 4,395 6 %
Total investments321,081 335,677 5 %
Cash and cash equivalents
14,994 17,326 16 %
Restricted cash
1,332 1,066 (20)%
Investments in related parties
Available-for-sale securities, at fair value26,444 38,739 46 %
Trading securities, at fair value454 1,257 177 %
Equity securities, at fair value266 — NM
Mortgage loans, at fair value1,486 1,525 3 %
Investment funds2,149 3,291 53 %
Funds withheld at interest4,215 3,495 (17)%
Short-term investments18 — NM
Other investments, at fair value344 319 (7)%
Accrued investment income
3,395 4,626 36 %
Reinsurance recoverable
10,282 11,308 10 %
Deferred acquisition costs, deferred sales inducements and value of business acquired
8,634 9,598 11 %
Goodwill4,072 4,079 — %
Other assets
11,950 12,189 2 %
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value3,120 885 (72)%
Mortgage loans, at fair value2,140 1,836 (14)%
Investment funds24,070 29,034 21 %
Other investments844 948 12 %
Cash and cash equivalents569 199 (65)%
Other assets346 174 (50)%
Total assets
$442,205 $477,571 8 %
9




Condensed Consolidated Balance Sheets, continued
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
December 31, 2025September 30, 2026Δ
LIABILITIES
Interest sensitive contract liabilities
$315,889 $354,099 12 %
Future policy benefits
50,264 45,166 (10)%
Market risk benefits4,930 4,668 (5)%
Debt7,848 8,813 12 %
Derivative liabilities
5,742 6,757 18 %
Payables for collateral on derivatives and securities to repurchase
11,085 11,098 — %
Other liabilities
9,097 17,132 88 %
Liabilities of consolidated variable interest entities1,712 694 (59)%
Total liabilities406,567 448,427 10 %
EQUITY
Preferred stock
— — NM
Common stock
— — NM
Additional paid-in capital19,238 19,372 1 %
Retained earnings3,895 1,082 (72)%
Accumulated other comprehensive loss(2,641)(7,041)NM
Total Athene Holding Ltd. stockholders’ equity20,492 13,413 (35)%
Noncontrolling interests
15,146 15,731 4 %
Total equity35,638 29,144 (18)%
Total liabilities and equity$442,205 $477,571 8 %
10




Net Invested Assets (Management view) & Agency Ratings
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
December 31, 2025September 30, 2026
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
NET INVESTED ASSETS
Corporate$86,664 29.6 %$94,065 29.2 %
CLO25,401 8.7 %18,602 5.8 %
Credit112,065 38.3 %112,667 35.0 %
CML31,789 10.9 %38,823 12.0 %
RML43,326 14.8 %43,896 13.6 %
RMBS7,592 2.6 %6,859 2.1 %
CMBS9,877 3.4 %8,835 2.7 %
Real estate92,584 31.7 %98,413 30.4 %
ABS38,417 13.1 %55,822 17.3 %
Alternative investments13,868 4.7 %16,280 5.1 %
State, municipal, political subdivisions and foreign government3,081 1.0 %3,004 0.9 %
Equity securities2,039 0.7 %1,877 0.6 %
Short-term investments207 0.1 %111 — %
US government and agencies14,225 4.9 %22,116 6.9 %
Other investments71,837 24.5 %99,210 30.8 %
Cash and cash equivalents10,490 3.6 %5,655 1.8 %
Other5,438 1.9 %6,546 2.0 %
Net invested assets$292,414 100.0 %$322,491 100.0 %

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 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)
athene-logo_rgb.jpg
December 31, 2025September 30, 2026
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
NET ALTERNATIVE INVESTMENTS
Origination platforms
Wheels$739 5.3 %$774 4.8 %
Redding Ridge645 4.7 %718 4.4 %
MidCap Financial588 4.2 %698 4.3 %
Aqua Finance319 2.3 %338 2.1 %
Skylign344 2.5 %356 2.2 %
Apterra531 3.8 %446 2.7 %
Atlas560 4.0 %610 3.8 %
Cadma271 1.9 %306 1.9 %
Other733 5.3 %736 4.5 %
Origination platforms4,730 34.0 %4,982 30.7 %
Apollo and other investments
Real assets1,701 12.3 %1,529 9.4 %
Private equity1,086 7.8 %1,099 6.8 %
Structured equity and other927 6.7 %4,072 25.0 %
Equity3,714 26.8 %6,700 41.2 %
Credit2,125 15.3 %707 4.3 %
Liquid assets and other770 5.6 %264 1.6 %
Apollo and other investments6,609 47.7 %7,671 47.1 %
Total AAA11,339 81.7 %12,653 77.8 %
Retirement Services
Athora1,124 8.1 %2,052 12.6 %
Venerable356 2.6 %331 2.0 %
Retirement Services1,480 10.7 %2,383 14.6 %
Apollo and other investments
Equity617 4.5 %628 3.9 %
Credit417 3.0 %496 3.0 %
Other15 0.1 %120 0.7 %
Apollo and other investments1,049 7.6 %1,244 7.6 %
Total Non AAA2,529 18.3 %3,627 22.2 %
Net alternative investments2
$13,868 100.0 %$16,280 100.0 %
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 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 AAA and AAA Lux. Athene’s combined net ownership percentage of AAA and AAA Lux was approximately 41% and 45% as of September 30, 2026 and December 31, 2025, respectively. 2. Net alternative investments does 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_rgb.jpg
December 31, 2025September 30, 2026
CREDIT QUALITY OF AFS SECURITIES (GAAP VIEW)
Fair ValuePercentage of TotalFair ValuePercentage of Total
NAIC designation
1 A-G$121,234 55.4 %$133,909 55.8 %
2 A-C91,503 41.8 %100,394 41.8 %
Total investment grade
212,737 97.2 %234,303 97.6 %
3 A-C3,356 1.5 %3,337 1.4 %
4 A-C1,732 0.8 %1,568 0.7 %
5 A-C487 0.2 %296 0.1 %
6697 0.3 %353 0.2 %
Non-designated32 — %55 — %
Total below investment grade
6,304 2.8 %5,609 2.4 %
Total AFS securities including related parties
$219,041 100.0 %$239,912 100.0 %
NRSRO designation
AAA/AA/A$114,983 52.5 %$128,676 53.6 %
BBB87,497 39.9 %97,687 40.7 %
Non-rated1
8,493 3.9 %6,545 2.7 %
Total investment grade210,973 96.3 %232,908 97.0 %
BB
2,976 1.4 %2,909 1.2 %
B
1,722 0.8 %1,557 0.7 %
CCC
1,652 0.7 %1,293 0.5 %
CC and lower
436 0.2 %387 0.2 %
Non-rated1
1,282 0.6 %858 0.4 %
Total below investment grade
8,068 3.7 %7,004 3.0 %
Total AFS securities including related parties
$219,041 100.0 %$239,912 100.0 %
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 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_rgb.jpg
December 31, 2025September 30, 2026December 31, 2025September 30, 2026
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$100,710 54.3 %$114,836 54.8 %AAA/AA/A$93,681 50.5 %$108,560 51.8 %
2 A-C77,217 41.6 %88,086 42.1 %BBB72,669 39.2 %84,412 40.3 %
Non-designated415 0.2 %293 0.1 %
Non-rated2
10,069 5.4 %8,584 4.1 %
Total investment grade
178,342 96.1 %203,215 97.0 %Total investment grade176,419 95.1 %201,556 96.2 %
3 A-C4,007 2.2 %3,746 1.8 %
BB
3,614 1.9 %3,259 1.6 %
4 A-C1,431 0.8 %1,296 0.6 %
B
1,445 0.8 %1,315 0.6 %
5 A-C644 0.3 %424 0.2 %
CCC
1,769 1.0 %1,483 0.7 %
6917 0.5 %582 0.3 %
CC and lower
770 0.4 %750 0.4 %
Non-designated123 0.1 %151 0.1 %
Non-rated2
1,447 0.8 %1,051 0.5 %
Total below investment grade
7,122 3.9 %6,199 3.0 %
Total below investment grade
9,045 4.9 %7,858 3.8 %
Total NAIC designated assets3
185,464 100.0 %209,414 100.0 %
Total NRSRO designated assets3
185,464 100.0 %209,414 100.0 %
Assets without NAIC designation
Assets without NRSRO designation
Commercial mortgage loans
Commercial mortgage loans
CM1
4,091 12.9 %3,931 10.1 %
CM1
4,091 12.9 %3,931 10.1 %
CM2
21,476 67.6 %27,558 71.0 %
CM2
21,476 67.6 %27,558 71.0 %
CM3
5,592 17.6 %6,690 17.2 %
CM3
5,592 17.6 %6,690 17.2 %
CM4
293 0.9 %482 1.3 %
CM4
293 0.9 %482 1.3 %
CM5
258 0.8 %101 0.3 %
CM5
258 0.8 %101 0.3 %
CM6
53 0.1 %48 0.1 %
CM6
53 0.1 %48 0.1 %
CM7
26 0.1 %13 — %
CM7
26 0.1 %13 — %
Total CMLs
31,789 100.0 %38,823 100.0 %
Total CMLs
31,789 100.0 %38,823 100.0 %
Residential mortgage loans
Residential mortgage loans
In good standing
42,512 98.1 %43,096 98.2 %
In good standing
42,512 98.1 %43,096 98.2 %
90 days late
563 1.3 %448 1.0 %
90 days late
563 1.3 %448 1.0 %
In foreclosure
251 0.6 %352 0.8 %
In foreclosure
251 0.6 %352 0.8 %
Total RMLs
43,326 100.0 %43,896 100.0 %
Total RMLs
43,326 100.0 %43,896 100.0 %
Alternative investments
13,868 16,280 
Alternative investments
13,868 16,280 
Cash and cash equivalents10,490 5,655 Cash and cash equivalents10,490 5,655 
Equity securities
2,039 1,877 
Equity securities
2,039 1,877 
Other4
5,438 6,546 
Other4
5,438 6,546 
Net invested assets
$292,414 $322,491 
Net invested assets
$292,414 $322,491 
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP 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_rgb.jpg
December 31, 2025September 30, 2026December 31, 2025September 30, 2026
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$22,882 59.6 %$32,749 58.7 %AAA/AA/A$22,696 59.1 %$32,051 57.4 %
2 A-C14,603 38.0 %21,841 39.1 %BBB14,789 38.5 %22,539 40.4 %
Non-designated— — %— — %
Non-rated2
— — %— — %
Total investment grade37,485 97.6 %54,590 97.8 %Total investment grade37,485 97.6 %54,590 97.8 %
3 A-C442 1.2 %787 1.4 %BB447 1.2 %791 1.4 %
4 A-C41 0.1 %67 0.1 %B36 0.1 %63 0.1 %
5 A-C124 0.3 %44 0.1 %CCC72 0.2 %44 0.1 %
6210 0.5 %189 0.3 %CC and lower204 0.5 %189 0.3 %
Non-designated115 0.3 %145 0.3 %
Non-rated2
173 0.4 %145 0.3 %
Total below investment grade932 2.4 %1,232 2.2 %Total below investment grade932 2.4 %1,232 2.2 %
ABS net invested assets$38,417 100.0 %$55,822 100.0 %ABS net invested assets$38,417 100.0 %$55,822 100.0 %
CREDIT QUALITY OF CLOs – NAIC DESIGNATIONCREDIT QUALITY OF CLOs – NRSRO DESIGNATION
1 A-G$17,138 67.5 %$12,714 68.3 %AAA/AA/A$17,152 67.5 %$12,750 68.5 %
2 A-C8,210 32.3 %5,856 31.5 %BBB8,196 32.3 %5,820 31.3 %
Non-designated— — %— — %
Non-rated2
— — %— — %
Total investment grade25,348 99.8 %18,570 99.8 %Total investment grade25,348 99.8 %18,570 99.8 %
3 A-C53 0.2 %32 0.2 %BB53 0.2 %32 0.2 %
4 A-C— — %— — %B— — %— — %
5 A-C— — %— — %CCC— — %— — %
6— — %— — %CC and lower— — %— — %
Non-designated— — %— — %
Non-rated2
— — %— — %
Total below investment grade53 0.2 %32 0.2 %Total below investment grade53 0.2 %32 0.2 %
CLO net invested assets$25,401 100.0 %$18,602 100.0 %CLO net invested assets$25,401 100.0 %$18,602 100.0 %
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP 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)
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December 31, 2025September 30, 2026December 31, 2025September 30, 2026
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$6,437 84.8 %$5,886 85.8 %AAA/AA/A$3,062 40.3 %$2,695 39.3 %
2 A-C492 6.5 %471 6.9 %BBB828 10.9 %798 11.6 %
Non-designated— — %— — %
Non-rated2
1,519 20.0 %1,472 21.5 %
Total investment grade6,929 91.3 %6,357 92.7 %Total investment grade5,409 71.2 %4,965 72.4 %
3 A-C244 3.2 %206 3.0 %BB37 0.5 %24 0.4 %
4 A-C104 1.4 %97 1.4 %B82 1.1 %76 1.1 %
5 A-C247 3.2 %138 2.0 %CCC1,343 17.7 %1,165 17.0 %
659 0.8 %55 0.8 %CC and lower363 4.8 %346 5.0 %
Non-designated9 0.1 %6 0.1 %
Non-rated2
358 4.7 %283 4.1 %
Total below investment grade663 8.7 %502 7.3 %Total below investment grade2,183 28.8 %1,894 27.6 %
RMBS net invested assets$7,592 100.0 %$6,859 100.0 %RMBS net invested assets$7,592 100.0 %$6,859 100.0 %
CREDIT QUALITY OF CMBS – NAIC DESIGNATIONCREDIT QUALITY OF CMBS – NRSRO DESIGNATION
1 A-G$8,139 82.4 %$7,432 84.1 %AAA/AA/A$7,358 74.5 %$6,723 76.1 %
2 A-C1,090 11.0 %928 10.5 %BBB1,266 12.8 %1,101 12.5 %
Non-designated— — %— — %
Non-rated2
274 2.8 %269 3.0 %
Total investment grade9,229 93.4 %8,360 94.6 %Total investment grade8,898 90.1 %8,093 91.6 %
3 A-C353 3.6 %296 3.4 %BB365 3.7 %214 2.4 %
4 A-C119 1.2 %92 1.0 %B216 2.2 %194 2.2 %
5 A-C66 0.7 %40 0.5 %CCC244 2.5 %119 1.4 %
6110 1.1 %47 0.5 %CC and lower154 1.5 %215 2.4 %
Non-designated— — %— — %
Non-rated2
— — %— — %
Total below investment grade648 6.6 %475 5.4 %Total below investment grade979 9.9 %742 8.4 %
CMBS net invested assets$9,877 100.0 %$8,835 100.0 %CMBS net invested assets$9,877 100.0 %$8,835 100.0 %
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP 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, 2025September 30, 2026
DollarsPercentage of TotalDollarsPercentage of Total
NET RESERVE LIABILITIES
Indexed annuities$87,322 32.2 %$91,257 30.6 %
Fixed rate annuities
77,774 28.7 %93,844 31.5 %
Total deferred annuities165,096 60.9 %185,101 62.1 %
Pension group annuities25,088 9.2 %22,318 7.5 %
Payout annuities
5,066 1.9 %5,701 1.9 %
Funding agreements1
71,433 26.3 %80,245 26.9 %
Life and other
4,550 1.7 %4,753 1.6 %
Total net reserve liabilities$271,233 100.0 %$298,118 100.0 %

Quarterly TrendsΔYear-to-DateΔ
3Q’254Q’251Q’262Q’263Q’26Q/QY/Y20252026Y/Y
NET RESERVE LIABILITY ROLLFORWARD
Net reserve liabilities – beginning$254,572 $266,451 $271,233 $279,189 $293,298 5 %15 %$225,926 $271,233 20 %
Gross inflows2
23,379 13,318 19,869 22,135 18,809 (15)%(20)%70,742 60,813 (14)%
Acquisition and block reinsurance3
— 1,340 — — — NMNM— — NM
Inflows attributable to ACRA noncontrolling interests(5,167)(3,723)(3,470)(4,419)(4,135)(6)%(20)%(15,269)(12,024)(21)%
Inflows ceded to third-party reinsurers(517)(370)(337)(572)(456)(20)%(12)%(1,380)(1,365)(1)%
Net inflows17,695 10,565 16,062 17,144 14,218 (17)%(20)%54,093 47,424 (12)%
Net withdrawals(9,181)(7,714)(8,612)(7,608)(9,648)27 %5 %(22,011)(25,868)18 %
Other reserve changes
3,365 1,931 506 4,573 250 (95)%(93)%8,443 5,329 (37)%
Net reserve liabilities – ending
$266,451 $271,233 $279,189 $293,298 $298,118 2 %12 %$266,451 $298,118 12 %
ACRA NONCONTROLLING INTERESTS RESERVE LIABILITY ROLLFORWARD
Reserve liabilities – beginning$81,809 $86,826 $89,725 $91,318 $94,536 4 %16 %$72,164 $89,725 24 %
Inflows5,167 3,723 3,470 4,419 4,135 (6)%(20)%15,269 12,024 (21)%
Withdrawals
(1,457)(1,554)(2,156)(2,533)(3,668)45 %152 %(4,249)(8,357)97 %
Other reserve changes
1,307 730 279 1,332 153 (89)%(88)%3,642 1,764 (52)%
Reserve liabilities – ending
$86,826 $89,725 $91,318 $94,536 $95,156 1 %10 %$86,826 $95,156 10 %
Note: Please refer to the Notes to the Financial Supplement section for discussion on net reserve liabilities and the Non-GAAP 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 represent 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 spread product 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.

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
$23,550 13.3 %$23,550 13.3 %
0.0% < 2.0%
8,438 4.8 %2,364 1.3 %
2.0% < 4.0%
6,060 3.4 %3,641 2.1 %
4.0% < 6.0%
24,192 13.7 %15,000 8.5 %
6.0% or greater114,595 64.8 %132,280 74.8 %
Total net account value$176,835 100.0 %$176,835 100.0 %
Base Surrender ChargeMVA Charge (Benefit)Surrender Charge (Net of MVA)
Aggregate surrender charge protection
6.1 %2.5 %8.6 %

Deferred AnnuitiesPercentage of TotalAverage Base Surrender Charge
YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge
$23,550 13.3 %— %
Less than 2
40,764 23.1 %5.4 %
2 to less than 4
51,009 28.9 %6.5 %
4 to less than 6
30,258 17.1 %7.7 %
6 to less than 8
15,080 8.5 %7.6 %
8 to less than 10
13,628 7.7 %9.4 %
10 or greater
2,546 1.4 %14.3 %
Total net account value$176,835 100.0 %

18




Defined Terms

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•AAA - Apollo Aligned Alternatives Aggregator, L.P.
•AAA Lux - Apollo Aligned Alternatives Lux Aggregator, L.P.
•ABS - Asset-backed securities
•ACRA - Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA 1) and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with its subsidiaries, ACRA 2)
•ADIP - Apollo/Athene Dedicated Investment Program (ADIP I) and Apollo/Athene Dedicated Investment Program II (ADIP II)
•AFS - Available-for-sale
•AHL - Athene Holding Ltd.
•AOCI - Accumulated other comprehensive income
•Bermuda CIT - Bermuda Corporate Income Tax Act 2023
•CLO - Collateralized loan obligation
•CMBS - Commercial mortgage-backed securities
•CML - Commercial mortgage loan
•DAC - Deferred acquisition costs
•DSI - Deferred sales inducements
•FABN - Funding agreement backed notes
•FABR - Funding agreement backed repurchase agreement
•FHLB - Federal Home Loan Bank
•LBaSS - Loan-backed and structured securities
•LIMRA - Life Insurance Marketing and Research Association
•Modco - Modified coinsurance
•MVA - Market value adjustment
•NAIC - National Association of Insurance Commissioners
•NRSRO - Nationally Recognized Statistical Rating Organization
•RMBS - Residential mortgage-backed securities
•RML - Residential mortgage loan
•ROA - Return on assets
•SRE - Spread related earnings
•VIE - Variable interest entity
•VOBA - Value of business acquired
•VOE - Voting interest entity
19




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 (loss) 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 primarily includes 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, 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 MVAs 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 index 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 that 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 transactions, 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 (loss) available to Athene Holding Ltd. common stockholder for the reasons discussed in greater detail above. Accordingly, we believe using a measure that 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 (loss) 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 (loss) 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.


20




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 and institutional liability obligations. 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) the change in fair value of reinsurance assets, (c) amortization of premium/discount on held-for-trading securities, (d) forward points gains and losses on foreign exchange derivative hedges, (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 represents (1) pension group annuity costs, including interest credited, benefit payments and other reserve changes, net of premiums received when issued, (2) funding agreement costs, including interest expense and other reserve changes and (3) guaranteed investment contract costs, including interest expense. 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 and certain product charges and 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 percent of the notional value of subordinated debt as an equity credit plus 50 percent 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 total debt and preferred stock. 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-over-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 business, 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.



21




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 condensed 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 condensed 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 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 condensed 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 condensed 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 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 (including 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 condensed consolidated statements of income (loss).
22




Non-GAAP Reconciliations
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
Quarterly Trends
3Q’254Q’251Q’262Q’263Q’26
RECONCILIATION OF TOTAL ATHENE HOLDING LTD. STOCKHOLDERS’ EQUITY TO TOTAL ADJUSTED ATHENE HOLDING LTD. COMMON STOCKHOLDER’S EQUITY
Total Athene Holding Ltd. stockholders’ equity$20,411 $20,492 $17,848 $18,556 $13,413 
Less: Preferred stock2,470 2,470 2,470 2,470 2,470 
Total Athene Holding Ltd. common stockholder’s equity17,941 18,022 15,378 16,086 10,943 
Less: Accumulated other comprehensive loss(2,486)(2,641)(3,120)(3,213)(7,041)
Less: Accumulated change in fair value of reinsurance assets(1,272)(1,171)(1,183)(1,106)(1,230)
Less: Accumulated change in fair value of mortgage loan assets(1,225)(1,009)(1,274)(1,495)(2,612)
Total adjusted Athene Holding Ltd. common stockholder’s equity1
$22,924 $22,843 $20,955 $21,900 $21,826 
RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO
Total debt$7,856 $7,848 $7,840 $7,832 $8,813 
Add: 50% of preferred stock1,235 1,235 1,235 1,235 1,235 
Less: 50% of subordinated debt888 888 888 888 888 
Less: Adjustment to arrive at notional175 167 159 151 132 
Adjusted leverage$8,028 $8,028 $8,028 $8,028 $9,028 
Total debt$7,856 $7,848 $7,840 $7,832 $8,813 
Total Athene Holding Ltd. stockholders’ equity20,411 20,492 17,848 18,556 13,413 
Total capitalization28,267 28,340 25,688 26,388 22,226 
Less: Accumulated other comprehensive loss(2,486)(2,641)(3,120)(3,213)(7,041)
Less: Accumulated change in fair value of reinsurance assets(1,272)(1,171)(1,183)(1,106)(1,230)
Less: Accumulated change in fair value of mortgage loan assets(1,225)(1,009)(1,274)(1,495)(2,612)
Less: Adjustment to arrive at notional268 260 252 244 225 
Total adjusted capitalization$32,982 $32,901 $31,013 $31,958 $32,884 
Leverage ratio36.5 %36.4 %40.1 %39.0 %50.8 %
Accumulated other comprehensive loss(2.7)%(2.9)%(3.9)%(3.9)%(10.7)%
Accumulated change in fair value of reinsurance assets(1.4)%(1.3)%(1.5)%(1.3)%(1.9)%
Accumulated change in fair value of mortgage loan assets(1.3)%(1.1)%(1.6)%(1.8)%(4.0)%
Adjustment to exclude 50% of preferred stock(3.8)%(3.7)%(4.0)%(3.8)%(3.8)%
Adjustment to exclude 50% of subordinated debt(2.7)%(2.7)%(2.9)%(2.8)%(2.7)%
Adjustment to arrive at notional(0.3)%(0.3)%(0.3)%(0.3)%(0.2)%
Adjusted leverage ratio1
24.3 %24.4 %25.9 %25.1 %27.5 %
1. The decrease in adjusted Athene Holding Ltd. common stockholder’s equity and resulting increase in adjusted leverage ratio in 1Q’26 was primarily driven by a one-time tax expense of $1.7 billion due to the revocation of ACRA’s election to be subject to Bermuda CIT as a result of updated guidance issued during the quarter, which led to the recognition of a full valuation allowance against the remaining Bermuda deferred tax assets established in 4Q’23 when Bermuda CIT was enacted.



23




Non-GAAP Reconciliations, continued
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
Quarterly TrendsYear-to-Date
3Q’254Q’251Q’262Q’263Q’2620252026
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS, EXCLUDING NOTABLE ITEMS
Net income (loss) available to Athene Holding Ltd. common stockholder$1,223 $488 $(1,973)$953 $(1,158)$2,146 $(2,178)
Less: Preferred stock redemption— — — — — 84 — 
Add: Preferred stock dividends36 35 35 36 35 126 106 
Add: Net income (loss) attributable to noncontrolling interests619 375 456 698 (197)1,135 957 
Net income (loss)1,878 898 (1,482)1,687 (1,320)3,323 (1,115)
Income tax expense (benefit)266 479 1,673 217 (419)407 1,471 
Income (loss) before income taxes2,144 1,377 191 1,904 (1,739)3,730 356 
Less: Total adjustments to income (loss) before income taxes1,272 512 (528)1,027 (2,583)1,234 (2,084)
Spread related earnings872 865 719 877 844 2,496 2,440 
Notable items(25)— — — 65 10 65 
Spread related earnings, excluding notable items$847 $865 $719 $877 $909 $2,506 $2,505 
RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS
US GAAP net investment income$4,672 $4,755 $4,769 $4,988 $5,323 $13,092 $15,080 
Change in fair value of reinsurance assets(75)(80)(94)(106)(173)(203)(373)
VIE earnings and noncontrolling interests412 402 285 436 427 1,228 1,148 
Forward points adjustment on foreign exchange derivative hedges33 30 28 19 11 83 58 
Held-for-trading amortization(66)(56)(57)(46)(22)(135)(125)
Reinsurance impacts(44)(34)(27)(30)(28)(123)(85)
ACRA noncontrolling interests(1,250)(1,258)(1,249)(1,311)(1,356)(3,483)(3,916)
Other64 90 106 84 100 17 290 
Total adjustments to arrive at net investment earnings
(926)(906)(1,008)(954)(1,041)(2,616)(3,003)
Total net investment earnings
$3,746 $3,849 $3,761 $4,034 $4,282 $10,476 $12,077 
RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE
US GAAP net investment income rate6.66 %6.57 %6.44 %6.50 %6.69 %6.51 %6.54 %
Change in fair value of reinsurance assets(0.11)%(0.11)%(0.13)%(0.14)%(0.22)%(0.10)%(0.16)%
VIE earnings and noncontrolling interests0.59 %0.56 %0.39 %0.57 %0.54 %0.61 %0.50 %
Forward points adjustment on foreign exchange derivative hedges0.05 %0.04 %0.04 %0.02 %0.01 %0.04 %0.02 %
Held-for-trading amortization(0.10)%(0.08)%(0.08)%(0.06)%(0.03)%(0.07)%(0.05)%
Reinsurance impacts(0.06)%(0.05)%(0.04)%(0.04)%(0.04)%(0.06)%(0.04)%
ACRA noncontrolling interests(1.78)%(1.74)%(1.68)%(1.71)%(1.70)%(1.73)%(1.70)%
Other0.09 %0.13 %0.14 %0.11 %0.13 %0.01 %0.13 %
Total adjustments to arrive at net investment earned rate
(1.32)%(1.25)%(1.36)%(1.25)%(1.31)%(1.30)%(1.30)%
Net investment earned rate5.34 %5.32 %5.08 %5.25 %5.38 %5.21 %5.24 %
Average net invested assets$280,607 $289,295 $296,352 $307,190 $318,291 $268,056 $307,321 
24




Non-GAAP Reconciliations, continued
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
Quarterly TrendsYear-to-Date
3Q’254Q’251Q’262Q’263Q’2620252026
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS
US GAAP benefits and expenses$5,854 $6,757 $3,477 $7,248 $4,804 $13,813 $15,529 
Premiums(117)(2,277)(217)(170)(190)(351)(577)
Product charges(292)(306)(281)(299)(299)(831)(879)
Other revenues(6)(9)(4)(4)(3)(16)(11)
Indexed annuity option costs469 487 502 523 556 1,348 1,581 
Reinsurance impacts(27)(27)(22)(25)(24)(84)(71)
Non-operating change in insurance liabilities and embedded derivatives(1,685)(614)399 (2,594)(281)(2,777)(2,476)
Policy and other operating expenses, excluding policy acquisition expenses(455)(496)(504)(483)(548)(1,336)(1,535)
Forward points adjustment on foreign exchange derivative hedges75 77 76 77 78 201 231 
AmerUs Closed Block fair value liability(20)2 11 (4)55 (44)62 
ACRA noncontrolling interests(1,220)(933)(704)(1,362)(985)(2,803)(3,051)
Other85 81 74 35 61 221 170 
Total adjustments to arrive at cost of funds(3,193)(4,015)(670)(4,306)(1,580)(6,472)(6,556)
Total cost of funds$2,661 $2,742 $2,807 $2,942 $3,224 $7,341 $8,973 
RECONCILIATION OF BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE
US GAAP benefits and expenses8.34 %9.34 %4.69 %9.44 %6.04 %6.87 %6.74 %
Premiums(0.17)%(3.15)%(0.29)%(0.22)%(0.24)%(0.18)%(0.25)%
Product charges(0.41)%(0.42)%(0.38)%(0.39)%(0.38)%(0.41)%(0.38)%
Other revenues(0.01)%(0.01)%— %(0.01)%(0.01)%(0.01)%(0.01)%
Indexed annuity option costs0.67 %0.67 %0.68 %0.68 %0.70 %0.67 %0.68 %
Reinsurance impacts(0.04)%(0.04)%(0.03)%(0.03)%(0.03)%(0.04)%(0.03)%
Non-operating change in insurance liabilities and embedded derivatives(2.40)%(0.85)%0.54 %(3.38)%(0.35)%(1.38)%(1.07)%
Policy and other operating expenses, excluding policy acquisition expenses(0.65)%(0.68)%(0.68)%(0.63)%(0.69)%(0.67)%(0.67)%
Forward points adjustment on foreign exchange derivative hedges0.11 %0.11 %0.10 %0.10 %0.10 %0.10 %0.10 %
AmerUs Closed Block fair value liability(0.03)%— %0.01 %(0.01)%0.07 %(0.02)%0.03 %
ACRA noncontrolling interests(1.74)%(1.29)%(0.95)%(1.77)%(1.24)%(1.39)%(1.32)%
Other0.12 %0.11 %0.10 %0.05 %0.08 %0.11 %0.07 %
Total adjustments to arrive at cost of funds(4.55)%(5.55)%(0.90)%(5.61)%(1.99)%(3.22)%(2.85)%
Total cost of funds3.79 %3.79 %3.79 %3.83 %4.05 %3.65 %3.89 %
Average net invested assets$280,607 $289,295 $296,352 $307,190 $318,291 $268,056 $307,321 
25




Non-GAAP Reconciliations, continued
Unaudited (in millions)
athene-logo_rgb.jpg
Quarterly TrendsYear-to-Date
3Q’254Q’251Q’262Q’263Q’2620252026
RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OTHER OPERATING EXPENSES
US GAAP policy and other operating expenses$591 $627 $651 $614 $690 $1,727 $1,955 
Interest expense(196)(228)(224)(216)(246)(541)(686)
Policy acquisition expenses, net of deferrals(136)(131)(147)(131)(142)(391)(420)
Integration, restructuring and other non-operating items(37)(23)(33)(41)(32)(98)(106)
Stock compensation expense(13)(14)(10)(12)(12)(35)(34)
ACRA noncontrolling interests(84)(90)(104)(94)(140)(281)(338)
Other(17)(22)(15)(9)(13)(48)(37)
Total adjustments to arrive at other operating expenses(483)(508)(533)(503)(585)(1,394)(1,621)
Other operating expenses$108 $119 $118 $111 $105 $333 $334 
December 31, 2025September 30, 2026
RECONCILIATION OF INVESTMENT FUNDS, INCLUDING RELATED PARTIES AND CONSOLIDATED VIES, TO NET ALTERNATIVE INVESTMENTS
Investment funds, including related parties and consolidated VIEs$26,327 $32,675 
Investment funds within funds withheld at interest859 818 
Net assets of VIEs, excluding investment funds(9,098)(11,689)
Unrealized (gains) losses(49)21 
Investment in ADIP(231)(224)
Other assets(169)(169)
Total adjustments to arrive at gross alternative investments(8,688)(11,243)
Gross alternative investments17,639 21,432 
ACRA noncontrolling interests(3,771)(5,152)
Net alternative investments
$13,868 $16,280 
    










26




Non-GAAP Reconciliations, continued
Unaudited (in millions)
athene-logo_rgb.jpg
Quarterly Trends
3Q’254Q’251Q’262Q’263Q’26
RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS
Total investments, including related parties$346,389 $356,457 $358,127 $377,369 $384,303 
Derivative assets(8,884)(9,190)(8,352)(11,034)(10,950)
Cash and cash equivalents (including restricted cash)16,950 16,326 19,011 23,540 18,392 
Accrued investment income3,735 3,395 3,601 4,015 4,626 
Net receivable (payable) for collateral on derivatives(4,197)(3,458)(2,718)(5,010)(4,840)
Reinsurance impacts(5,904)(6,350)(6,078)(6,725)(6,725)
VIE and VOE assets, liabilities and noncontrolling interests18,808 19,023 19,360 19,825 20,502 
Unrealized (gains) losses9,860 10,002 13,230 13,476 24,075 
Ceded policy loans(161)(160)(156)(154)(152)
Net investment receivables (payables)(69)217 120 (2,360)(6,256)
Allowance for credit losses788 763 748 709 768 
Other investments(135)(52)(59)(53)(48)
Total adjustments to arrive at gross invested assets
30,791 30,516 38,707 36,229 39,392 
Gross invested assets
377,180 386,973 396,834 413,598 423,695 
ACRA noncontrolling interests(91,006)(94,559)(96,544)(99,508)(101,204)
Net invested assets
$286,174 $292,414 $300,290 $314,090 $322,491 
RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES
Total liabilities$396,874 $406,567 $414,104 $438,074 $448,427 
Debt(7,856)(7,848)(7,840)(7,832)(8,813)
Derivative liabilities(4,853)(5,742)(5,835)(6,241)(6,757)
Payables for collateral on derivatives and short-term securities to repurchase(6,319)(7,838)(5,285)(7,955)(7,854)
Other liabilities(9,619)(8,888)(9,404)(13,099)(16,937)
Liabilities of consolidated VIEs(1,700)(1,712)(2,131)(1,401)(694)
Reinsurance impacts(12,867)(13,209)(12,763)(13,390)(13,775)
Ceded policy loans(161)(160)(156)(154)(152)
Market risk benefit asset(222)(212)(183)(168)(171)
Total adjustments to arrive at gross reserve liabilities(43,597)(45,609)(43,597)(50,240)(55,153)
Gross reserve liabilities353,277 360,958 370,507 387,834 393,274 
ACRA noncontrolling interests(86,826)(89,725)(91,318)(94,536)(95,156)
Net reserve liabilities
$266,451 $271,233 $279,189 $293,298 $298,118 
27

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