Athene Holding Ltd. reported strong quarterly results but a weaker first half of 2026 overall. For the three months ended June 30, 2026, total revenues were $9.15 billion, up from $5.36 billion a year earlier, driven largely by higher net investment income and significant investment-related gains. Net income attributable to Athene shareholders rose to $989 million versus $464 million in the prior-year quarter.
For the six-month period, however, Athene recorded a net loss available to the common stockholder of $1.02 billion, compared with income of $923 million a year earlier, largely reflecting a sharp increase in income tax expense to $1.89 billion. Other comprehensive losses of $890 million, mainly from investment and hedge remeasurement effects, contributed to a decline in Athene shareholders’ equity to $18.56 billion from $20.49 billion at year-end 2025. Total assets grew to $472.88 billion, supported by expansion in available-for-sale securities and mortgage loans, while operating cash flow improved to $2.63 billion. As of August 7, 2026, all 203,805 common shares were held by Apollo Global Management, Inc.
Athene Holding Ltd. issued $1,000,000,000 aggregate principal amount of its 6.150% Senior Notes due 2036, completing an issuance and sale to underwriters led by Wells Fargo Securities, Barclays Capital, BofA Securities and Citigroup Global Markets.
The notes were issued on August 7, 2026 under an existing Indenture, as amended, and an Eleventh Supplemental Indenture with U.S. Bank Trust Company, National Association, as trustee. They are registered under the Securities Act via a shelf registration statement on Form S-3 (File No. 333-276340), with the underwriting agreement and related legal opinion filed as exhibits.
Athene Holding Ltd. is issuing $1,000,000,000 aggregate principal amount of 6.150% Senior Notes due 2036. The notes are priced at 99.857% of principal, with gross proceeds of $998.57 million and proceeds to Athene before expenses of $992.07 million; estimated net proceeds are $989.1 million. Interest is paid semi-annually on February 15 and August 15, starting February 15, 2027, and the notes mature on August 15, 2036.
The notes are senior unsecured obligations of Athene Holding Ltd., ranking pari passu with its other unsecured senior debt, effectively junior to any secured debt, and structurally subordinated to all liabilities of its subsidiaries. As of March 31, 2026, Athene had $6.3 billion of unsecured senior indebtedness and its subsidiaries had $406.1 billion of indebtedness and other liabilities to which the notes are structurally subordinated. Athene may redeem the notes at any time, including at a make-whole price before May 15, 2036 and at par thereafter. Net proceeds are intended for general corporate purposes, including capital contributions to insurance subsidiaries to support organic growth.
Athene Holding Ltd. plans a primary offering of senior unsecured notes under its shelf registration. The notes will be AHL’s direct obligations, ranking pari passu with its existing unsecured senior debt and structurally subordinated to liabilities of its insurance subsidiaries, and are redeemable at AHL’s option under specified make-whole and par call terms. No exchange listing is expected.
As of March 31, 2026, AHL had $6.3 billion of unsecured senior indebtedness and other liabilities, $1.7 billion of junior subordinated debentures and subsidiary liabilities of $406.1 billion. Total debt was $7.84 billion against total equity of $33.7 billion, for total capitalization of $41.54 billion and cash, cash equivalents and restricted cash of $19.31 billion. New revolving credit and liquidity facilities allow up to $1.75 billion and $2.6 billion of borrowings, respectively. Net proceeds are intended for general corporate purposes, including capital contributions to insurance subsidiaries to support organic growth.
Athene Holding Ltd. furnished preliminary, unaudited financial results for the three and six months ended June 30, 2026, including condensed balance sheet, income statement and investment metrics. The figures are management estimates, subject to completion of closing procedures and auditor review, and may change materially.
Preliminary total assets were $472,879 million and total liabilities $438,074 million as of June 30, 2026. For Q2 2026, total revenues were $9,152 million, income before income taxes $1,904 million, net income attributable to Athene stockholders $989 million, and net income available to the common stockholder $953 million versus $503 million in Q2 2025. For the first half of 2026, net loss available to the common stockholder was $(1,020) million versus income of $923 million in the prior-year period. Q2 2026 spread related earnings were $877 million, with a net investment earned rate of 5.25%, cost of funds of 3.83%, net flows of $11,928 million, gross invested assets of $413,598 million and net invested assets of $314,090 million.
Apollo Global Management, Inc. reported GAAP net income attributable to common stockholders of $1.3 billion for the quarter ended June 30 2026, or $2.18 per share. Its primary non‑GAAP metric, Adjusted Net Income, was $1.3 billion, or $2.11 per share.
Fee Related Earnings reached a record $785 million and Spread Related Earnings a record $877 million, together totaling $1.7 billion. Total assets under management were $1.05 trillion, supported by quarterly inflows of $60 billion and $298 billion over the last twelve months, with Fee‑Generating AUM of $858 billion.
The retirement services business, including Athene, produced a net investment spread of 1.47% in 2Q 2026. Year‑to‑date net loss attributable to common stockholders of $594 million reflects a one‑time $1.7 billion tax expense recorded in the first quarter related to Bermuda corporate income tax.
Athene Holding Ltd. is providing preliminary estimates of its second-quarter 2026 alternative net investment income. The company expects about $350 million (pre-tax), which corresponds to an estimated 9% annualized return on alternative net investments for the quarter ended June 30, 2026.
Athene estimates a 10% annualized return on its pooled investment vehicle that holds most of its alternative portfolio and an estimated 6% annualized return on other alternative investments, including retirement services platforms. This income feeds into Athene’s non-GAAP measure, Spread Related Earnings.
The figures are based on management’s preliminary work and have not undergone normal closing procedures or auditor review, so actual results for the period may differ, potentially materially. Full quarterly results are expected with Apollo Global Management’s earnings release and financial supplement scheduled for August 4, 2026.
Athene Holding Ltd. executive Matthew Michelini, who serves as President, filed an initial Form 3 insider ownership report for issuer ticker ATH. The filing does not list any buy, sell, or other insider transactions and shows no derivative positions, serving primarily as a baseline disclosure of his status as an officer.
Athene Holding Ltd. director Robert Lee Brackenbury filed a Form 3 insider ownership report. The provided data show no purchases, sales, exercises, gifts, or other transactions, indicating this filing is an administrative statement of insider status rather than a trading event.
Athene Holding Ltd. entered into two new unsecured revolving credit facilities that replace its prior Citibank and Wells Fargo agreements. The new Citibank facility permits borrowings of up to $1.75 billion, with potential increase to $2.50 billion, and currently matures on June 26, 2031, with two possible one-year extensions.
The Citibank agreement is guaranteed on a joint and several basis by Athene entities and includes covenants such as minimum Consolidated Net Worth of $22,059,963,000 and a Consolidated Debt to Capitalization Ratio not exceeding 40%. A separate Wells Fargo 364-day facility allows borrowings of up to $2.60 billion, potentially rising to $3.10 billion, and currently terminates on June 25, 2027, with options for additional 364-day extensions or term-out of loans.