August 7, 2025 - 10-Q: Quarterly report [Sections 13 or 15(d)]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37963

ATHENE HOLDING LTD.

(Exact name of registrant as specified in its charter)

Delaware

98-0630022

(State or other jurisdiction of

(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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name 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

ATHPrA

New 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

ATHPrB

New 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

ATHPrD

New 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

ATHPrE

New York Stock Exchange

7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064

ATHS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer ☑

Smaller reporting company ☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of August 5, 2025, 203,805 shares of our common stock were outstanding, all of which are held by Apollo Global Management, Inc.

TABLE OF CONTENTS

PART I—FINANCIAL INFORMATION


Item 1.	Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	62
Item 3.	Quantitative and Qualitative Disclosures About Market Risks	105
Item 4.	Controls and Procedures	106

PART II—OTHER INFORMATION


Item 1.	Legal Proceedings	107
Item 1A.	Risk Factors	107
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	107


Item 5.	Other Information	107
Item 6.	Exhibits	108
Exhibit Index		109
Signatures		110

Table of Contents

As used in this Quarterly Report on Form 10-Q (report), unless the context otherwise indicates, any reference to “Athene,” “our Company,” “the Company,” “us,” “we” and “our” refer to Athene Holding Ltd. together with its consolidated subsidiaries and any reference to “AHL” refers to Athene Holding Ltd. only.

Forward-Looking Statements

Certain statements in this report are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “seek,” “assume,” “believe,” “may,” “will,” “should,” “could,” “would,” “likely” and other words and terms of similar meaning, including the negative of these or similar words and terms, in connection with any discussion of the timing or nature of future operating or financial performance or other events. However, not all forward-looking statements contain these identifying words. Forward-looking statements appear in a number of places throughout and give our current expectations and projections relating to our business, financial condition, results of operations, plans, strategies, objectives, future performance and other matters.

We caution you that forward-looking statements are not guarantees of future performance and that our actual consolidated financial condition, results of operations, liquidity, cash flows and performance may differ materially from that made in or suggested by the forward-looking statements contained in this report. A number of important factors could cause actual results or conditions to differ materially from those contained or implied by the forward-looking statements, including the risks discussed in Part II–Item 1A. Risk Factors included in this report and Part I–Item 1A. Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Annual Report). Factors that could cause actual results or conditions to differ from those reflected in the forward-looking statements contained in this report include:

•the accuracy of management’s assumptions and estimates;

•variability in the amount of statutory capital that our insurance and reinsurance subsidiaries have or are required to hold;

•interest rate and/or foreign currency fluctuations;

•our potential need for additional capital in the future and the potential unavailability of such capital to us on favorable terms or at all;

•major public health issues, such as the pandemic caused by the effects of the spread of the Coronavirus Disease of 2019 (COVID-19);

•changes in relationships with important parties in our product distribution network;

•the activities of our competitors and our ability to grow our retail business in a highly competitive environment;

•the impact of general economic conditions on our ability to sell our products and on the fair value of our investments;

•our ability to successfully acquire new companies or businesses and/or integrate such acquisitions into our existing framework;

•downgrades, potential downgrades or other negative actions by rating agencies;

•our dependence on key executives and inability to attract qualified personnel;

•market and credit risks that could diminish the value of our investments;

•changes to the creditworthiness of our reinsurance and derivative counterparties;

•changes in consumer perception regarding the desirability of annuities as retirement savings products;

•potential litigation (including class action litigation), enforcement investigations or regulatory scrutiny against us and our subsidiaries, which we may be required to defend against or respond to;

•the impact of new accounting rules or changes to existing accounting rules on our business;

•interruption or other operational failures in telecommunication and information technology and other operating systems, including as a result of threat actors attempting to attack those systems, as well as our ability to maintain the security of those systems;

•the dependence of Apollo Global Management, Inc. and its subsidiaries (other than us or our subsidiaries, Apollo) on key executives and Apollo’s inability to attract qualified personnel;

•the accuracy of our estimates regarding the future performance of our investment portfolio;

•increased regulation or scrutiny of alternative investment advisers and certain trading methods;

•potential changes to laws or regulations affecting, among other things, group supervision and/or group capital requirements, entity-level regulatory capital standards, transactions with our affiliates, the ability of our subsidiaries to make dividend payments or distributions to AHL, acquisitions by or of us, minimum capitalization and statutory reserve requirements for insurance companies and fiduciary obligations on parties who distribute our products;

•the failure to obtain or maintain licenses and/or other regulatory approvals as required for the operation of our insurance subsidiaries;

•increases in our tax liability resulting from the implementation in various jurisdictions of measures to introduce the Organisation for Economic Cooperation and Development’s (OECD) “Pillar Two” global minimum tax initiative, or similar rules in other jurisdictions (including the recently enacted corporate income tax in Bermuda or otherwise);

•certain of our non-United States (US) subsidiaries becoming subject to US federal income taxation in amounts greater than expected;

•adverse changes in tax law;

•the failure to achieve the economic benefits expected to be derived from Athene Co-Invest Reinsurance Affiliate Holding Ltd. and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with their subsidiaries, ACRA), or future ACRA capital raises;

•the failure of third-party ACRA investors to fund their capital commitment obligations; and

•other risks and factors listed in Part II–Item 1A. Risk Factors included in this report, Part I—Item 1A. Risk Factors included in our 2024 Annual Report and those discussed elsewhere in this report and in our 2024 Annual Report.

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We caution you that the important factors referenced above may not be exhaustive. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect or anticipate. In light of these risks, you should not place undue reliance on any forward-looking statements contained in this report. Unless an earlier date is specified, the forward-looking statements included in this report are made only as of the date that this report was filed with the US Securities and Exchange Commission (SEC). We undertake no obligation, except as may be required by law, to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should only be viewed as historical data.

GLOSSARY OF SELECTED TERMS

Unless otherwise indicated in this report, the following terms have the meanings set forth below:

Entities


Term or Acronym						Definition
AAA						Apollo Aligned Alternatives Aggregator, LP
AAIA						Athene Annuity and Life Company
AAM						Apollo Asset Management, Inc.
AARe						Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ACRA						ACRA 1 and ACRA 2
ACRA 1						Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries
ACRA 1 HoldCo						Athene Co-Invest Reinsurance Affiliate Holding Ltd.
ACRA 2						Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., together with its subsidiaries
ACRA 2 HoldCo						Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd.
ADIP						ADIP I and ADIP II
ADIP I						Apollo/Athene Dedicated Investment Program
ADIP II						Apollo/Athene Dedicated Investment Program II
AGM						Apollo Global Management, Inc.
AHL						Athene Holding Ltd.
ALRe						Athene Life Re Ltd., a Bermuda reinsurance subsidiary
ALReI						Athene Life Re International Ltd., a Bermuda reinsurance subsidiary
Apollo						Apollo Global Management, Inc., together with its subsidiaries (other than us or our subsidiaries)
Apollo Group						(1) AGM and its subsidiaries, including AAM, (2) any investment fund or other collective investment vehicle whose general partner or managing member is owned, directly or indirectly, by clause (1), (3) BRH Holdings GP, Ltd. and each of its shareholders, (4) any executive officer or employee of AGM or AGM’s subsidiaries, and (5) any affiliate of a person described in clauses (1), (2), (3) or (4) above; provided none of AHL or its subsidiaries (other than ACRA) will be deemed to be a member of the Apollo Group
Athora						Athora Holding Ltd.

BMA						Bermuda Monetary Authority
ISG						Apollo Insurance Solutions Group LP
Jackson						Jackson Financial, Inc., together with its subsidiaries
LIMRA						Life Insurance and Market Research Association
MidCap Financial						MidCap FinCo Designated Activity Company
NAIC						National Association of Insurance Commissioners
US Treasury						United States Department of the Treasury
Venerable						Venerable Holdings, Inc., together with its subsidiaries
VIAC						Venerable Insurance and Annuity Company
Wheels						Wheels, Inc.

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Certain Terms & Acronyms


Term or Acronym						Definition
ABS						Asset-backed securities
ALM						Asset liability management
Alternative investments						Alternative investments, including investment funds and certain VIEs, adjusted for reinsurance impacts and to include our proportionate share of ACRA alternative investments based on our economic ownership.
Base of earnings						Earnings generated from our results of operations and the underlying profitability drivers of our business
Bermuda capital						The capital of Athene’s non-US reinsurance subsidiaries as reported in the Bermuda statutory financial statements and applying US statutory accounting principles for policyholder reserve liabilities which are subjected to US cash flow testing requirements, excluding certain items that do not exist under our applicable Bermuda requirements, such as interest maintenance reserves. There are certain Bermuda statutory accounting differences, primarily (1) marking to market of inception date investment gains or losses relating to reinsurance transactions and (2) admission of certain deferred tax assets, that may from time to time result in material differences from the calculation of statutory capital under US statutory accounting principles.
Bermuda RBC						The risk-based capital ratio of our non-US reinsurance subsidiaries calculated using Bermuda capital and applying NAIC risk-based capital factors on an aggregate basis, excluding US subsidiaries which are included within our US RBC Ratio.
Block reinsurance						A transaction in which the ceding company cedes all or a portion of a block of previously issued annuity contracts through a reinsurance agreement
BSCR						Bermuda Solvency Capital Requirement
CAL						Company action level risk-based capital as defined by the model created by the NAIC
CLO						Collateralized loan obligation
CMBS						Commercial mortgage-backed securities
CML						Commercial mortgage loan
Consolidated RBC						The consolidated risk-based capital ratio of our non-US reinsurance and US insurance subsidiaries calculated by aggregating US RBC and Bermuda RBC.
Cost of funds						Cost of funds includes liability costs related to cost of crediting on both deferred annuities, including, with respect to our fixed indexed annuities, option costs, and institutional costs related to 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. 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, presented on an annualized basis for interim periods.
DAC						Deferred acquisition costs
Deferred annuities						Fixed indexed annuities, annual reset annuities, multi-year guaranteed annuities and registered index-linked annuities
DSI						Deferred sales inducement
Excess equity capital						Capital in excess of the level management believes is needed to support our current operating strategy
FIA						Fixed indexed annuity, which is an insurance contract that earns interest at a crediting rate based on a specified index on a tax-deferred basis
Fixed annuities						FIAs together with fixed rate annuities
Fixed rate annuity						An insurance contract that offers tax-deferred growth and the opportunity to produce a guaranteed stream of retirement income for the lifetime of its policyholder
Flow reinsurance						A transaction in which the ceding company cedes a portion of newly issued policies to the reinsurer
Funds withheld						Funds withheld modified coinsurance
GLWB						Guaranteed lifetime withdrawal benefit
GMDB						Guaranteed minimum death benefit
Gross invested assets						Represent the investments that directly back our gross reserve liabilities, as well as surplus assets. Gross invested assets include (a) total investments on the condensed consolidated balance sheet with available-for-sale 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. Gross invested assets exclude the derivative collateral offsetting the related cash positions. We include the investments supporting assumed funds withheld and modco agreements and exclude the investments related to ceded reinsurance transactions in order to match the assets with the income received. Gross invested assets include the entire investment balance attributable to ACRA as ACRA is 100% consolidated.
IMO						Independent marketing organization
Liability outflows						The aggregate of withdrawals on our deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, repurchases and maturities of our funding agreements and block reinsurance outflows.
Market risk benefits						Guaranteed lifetime withdrawal benefits and guaranteed minimum death benefits
Modco						Modified coinsurance
MVA						Market value adjustment

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Term or Acronym						Definition
Net invested assets						Represent the investments that directly back our net reserve liabilities, as well as surplus assets. Net invested assets include (a) total investments on the condensed consolidated balance sheets, with available-for-sale 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 investments supporting assumed funds withheld and modco agreements and exclude the investments related to ceded reinsurance transactions in order to match the assets with the income received. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.
Net investment earned rate						Computed as the income from our net invested assets divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods. 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) forward points gains and losses on foreign exchange derivative hedges, (c) amortization of premium/discount on held-for-trading securities, (d) the change in fair value of reinsurance assets, (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. Net investment earned rate includes 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 including 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. Net investment earned rate excludes the income and assets on business related to ceded reinsurance transactions.
Net investment spread						Net investment spread measures our investment performance plus our strategic capital management fees less our total cost of funds, presented on an annualized basis for interim periods.
Net reserve liabilities						Represent our policyholder liability obligations net of reinsurance and 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 economic ownership of ACRA reserve liabilities but do not include the 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. Net reserve liabilities include the underlying liabilities assumed through modco reinsurance agreements in order to match the liabilities with the expenses incurred.
Payout annuities						Annuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements
Policy loan						A loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy
RBC						Risk-based capital
RILA						Registered index-linked annuity, which is an insurance contract similar to an FIA that has the potential for higher returns but also has the potential risk of loss to principal and related earnings, subject to a floor
RMBS						Residential mortgage-backed securities
RML						Residential mortgage loan
Sales						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 (excluding internal transfers)
Spread Related Earnings, or SRE						Pre-tax non-GAAP measure used to evaluate our financial performance excluding market volatility (other than with respect to alternative investments), as well as integration, restructuring, stock compensation and certain other expenses which are not part of our underlying profitability drivers.
Surplus assets						Assets in excess of policyholder obligations, determined in accordance with the applicable domiciliary jurisdiction’s statutory accounting principles
TAC						Total adjusted capital as defined by the model created by the NAIC
US GAAP						Accounting principles generally accepted in the United States of America
US RBC						The CAL RBC ratio for AAIA, our parent US insurance company
VIE						Variable interest entity
VOBA						Value of business acquired

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Item 1. Financial Statements

Index to Condensed Consolidated Financial Statements (unaudited)


Condensed Consolidated Balance Sheets (unaudited)		8

Condensed Consolidated Statements of Income (unaudited)		10

Condensed Consolidated Statements of Comprehensive Income (unaudited)		11

Condensed Consolidated Statements of Equity (unaudited)		12

Condensed Consolidated Statements of Cash Flows (unaudited)		14

Notes to Condensed Consolidated Financial Statements (unaudited)		16

	Note 1. Business, Basis of Presentation and Significant Accounting Policies	16

	Note 2. Investments	17

	Note 3. Derivative Instruments	26

	Note 4. Variable Interest Entities	29

	Note 5. Fair Value	30

	Note 6. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	46

	Note 7. Long-duration Contracts	47

	Note 8. Debt	54

	Note 9. Equity	55



	Note 10. Income Taxes	56

	Note 11. Related Parties	57

	Note 12. Commitments and Contingencies	60

	Note 13. Segment Information	60

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ATHENE HOLDING LTD.

Condensed Consolidated Balance Sheets (Unaudited)


(In millions)	June 30, 2025		December 31, 2024
Assets
Investments
Available-for-sale securities, at fair value (amortized cost: 2025 – $199,637 and 2024 – $180,716; allowance for credit losses: 2025 – $760 and 2024 – $708)	$	188,750	$	165,364
Trading securities, at fair value	4,060		1,583
Equity securities, at fair value	1,150		1,290
Mortgage loans, at fair value	77,289		63,239
Investment funds	102		107
Policy loans	310		318
Funds withheld at interest (portion at fair value: 2025 – $(2,743) and 2024 – $(3,035))	16,998		18,866
Derivative assets	6,901		8,154
Short-term investments (portion at fair value: 2025 – $16 and 2024 – $255)	187		447
Other investments (portion at fair value: 2025 – $1,695 and 2024 – $1,606)	3,364		2,915
Total investments	299,111		262,283
Cash and cash equivalents	10,329		12,733
Restricted cash	1,720		943
Investments in related parties
Available-for-sale securities, at fair value (amortized cost: 2025 – $21,943 and 2024 – $19,531; allowance for credit losses: 2025 – $1 and 2024 – $1)	21,916		19,127
Trading securities, at fair value	399		573
Equity securities, at fair value	266		234
Mortgage loans, at fair value	1,275		1,297
Investment funds (portion at fair value: 2025 – $1,297 and 2024 – $1,139)	2,062		1,853
Funds withheld at interest (portion at fair value: 2025 – $(478) and 2024 – $(615))	4,590		5,050
Short-term investments	18		743
Other investments, at fair value	339		331
Accrued investment income (related party: 2025 – $181 and 2024 – $193)	3,176		2,816
Reinsurance recoverable (related party: 2025 – $5,269 and 2024 – $4,309; portion at fair value: 2025 – $1,780 and 2024 – $1,661)	9,273		8,194
Deferred acquisition costs, deferred sales inducements and value of business acquired	7,981		7,173
Goodwill	4,075		4,063
Other assets (related party: 2025 – $237 and 2024 – $203)	11,886		11,253
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value (related party: 2025 – $899 and 2024 – $711)	3,265		2,301

Mortgage loans, at fair value (related party: 2025 – $441 and 2024 – $384)	2,544		2,579
Investment funds, at fair value (related party: 2025 – $19,057 and 2024 – $16,986)	19,348		17,765
Other investments (related party: 2025 – $94 and 2024 – $86; portion at fair value: 2025 – $383 and 2024 – $107)	1,204		884
Cash and cash equivalents (restricted cash: 2025 – $17 and 2024 – $10)	191		583
Other assets	341		565
Total assets	$	405,309	$	363,343

(Continued)

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Balance Sheets (Unaudited)


(In millions)	June 30, 2025		December 31, 2024
Liabilities and Equity
Liabilities
Interest sensitive contract liabilities (related party: 2025 – $5,969 and 2024 – $6,678; portion at fair value: 2025 – $13,031 and 2024 – $11,984)	$	292,238	$	253,637
Future policy benefits (related party: 2025 – $30 and 2024 – $25; portion at fair value: 2025 – $1,653 and 2024 – $1,640)	49,400		49,902
Market risk benefits (related party: 2025 – $260 and 2024 – $239)	4,489		4,028
Debt	7,864		6,309
Derivative liabilities	4,889		3,556
Payables for collateral on derivatives and securities to repurchase	7,260		11,652
Other liabilities (related party: 2025 – $5,577 and 2024 – $4,707)	8,205		6,745
Liabilities of consolidated variable interest entities (related party: 2025 – $282 and 2024 – $374)	1,760		1,640
Total liabilities	376,105		337,469
Commitments and Contingencies (Note 12)
Equity
Preferred stock	—		—
Common stock	—		—
Additional paid-in capital	19,161		19,588
Retained earnings	2,675		2,237
Accumulated other comprehensive loss (related party: 2025 – $(150) and 2024 – $(245))	(3,688)		(5,465)
Total Athene Holding Ltd. stockholders’ equity	18,148		16,360
Noncontrolling interests	11,056		9,514
Total equity	29,204		25,874
Total liabilities and equity	$	405,309	$	363,343

(Concluded)

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Income (Unaudited)


	Three months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
Revenues
Premiums	$	107	$	673	$	234	$	774
Product charges	274		251		539		489
Net investment income (related party investment income of $562 and $423 for the three months ended and $1,005 and $813 for the six months ended June 30, 2025 and 2024, respectively; and related party investment expense of $383 and $304 for the three months ended and $754 and $593 for the six months ended June 30, 2025 and 2024, respectively)	4,429		3,509		8,420		6,801
Investment related gains (losses) (related party of $(21) and $(26) for the three months ended and $44 and $(66) for the six months ended June 30, 2025 and 2024, respectively)	(5)		(134)		(833)		1,543
Other revenues	6		3		10		5
Revenues of consolidated variable interest entities
Net investment income (related party of $19 and $7 for the three months ended and $34 and $18 for the six months ended June 30, 2025 and 2024, respectively)	80		56		157		133
Investment related gains (losses) (related party of $473 and $327 for the three months ended and $994 and $697 for the six months ended June 30, 2025 and 2024, respectively)	468		306		1,018		640
Total revenues	5,359		4,664		9,545		10,385
Benefits and expenses
Interest sensitive contract benefits (related party of $(61) and $(13) for the three months ended and $(94) and $8 for the six months ended June 30, 2025 and 2024, respectively)	3,428		1,824		4,922		4,708
Future policy and other policy benefits (related party of $5 and $7 for the three months ended and $10 and $14 for the six months ended June 30, 2025 and 2024, respectively; and remeasurement (gains) losses of $(19) and $(5) for the three months ended and $(60) and $7 for the six months ended June 30, 2025 and 2024, respectively)	527		1,095		1,068		1,638
Market risk benefits remeasurement (gains) losses (related party of $(3) and $(1) for the three months ended and $12 and $(15) for the six months ended June 30, 2025 and 2024, respectively)	(111)		(16)		274		(170)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	292		227		559		434
Policy and other operating expenses (related party of $72 and $17 for the three months ended and $144 and $1 for the six months ended June 30, 2025 and 2024, respectively)	571		507		1,136		966
Total benefits and expenses	4,707		3,637		7,959		7,576
Income before income taxes	652		1,027		1,586		2,809
Income tax expense (benefit)	(34)		161		141		468
Net income	686		866		1,445		2,341
Less: Net income attributable to noncontrolling interests	222		237		516		520
Net income attributable to Athene Holding Ltd. stockholders	464		629		929		1,821
Less: Preferred stock dividends	45		46		90		91
Add: Preferred stock redemption	84		—		84		—
Net income available to Athene Holding Ltd. common stockholder	$	503	$	583	$	923	$	1,730

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)


	Three months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
Net income	$	686	$	866	$	1,445	$	2,341
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	1,396		(979)		2,888		(1,716)
Unrealized gains (losses) on hedging instruments	(8)		84		221		8
Remeasurement gains (losses) on future policy benefits related to discount rate	(45)		628		(573)		1,431
Remeasurement gains (losses) on market risk benefits related to credit risk	(135)		34		(19)		6
Foreign currency translation and other adjustments	78		(5)		114		(21)
Other comprehensive income (loss), before tax	1,286		(238)		2,631		(292)
Income tax expense (benefit) related to other comprehensive income (loss)	260		(44)		533		(48)
Other comprehensive income (loss)	1,026		(194)		2,098		(244)
Comprehensive income	1,712		672		3,543		2,097
Less: Comprehensive income attributable to noncontrolling interests	375		224		837		516
Comprehensive income attributable to Athene Holding Ltd. stockholders	$	1,337	$	448	$	2,706	$	1,581

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Equity (Unaudited)


	Three months ended
(In millions)	Preferred stock		Common stock		Additional paid-in capital		Retained earnings (accumulated deficit)		Accumulated other comprehensive income (loss)		Total Athene Holding Ltd. stockholders’ equity		Noncontrolling interests		Total equity
Balance at March 31, 2025	$	—	$	—	$	19,611	$	2,469	$	(4,561)	$	17,519	$	10,255	$	27,774
Net income	—		—		—		464		—		464		222		686
Other comprehensive income	—		—		—		—		873		873		153		1,026


Stock-based compensation allocation from parent	—		—		8		—		—		8		—		8
Redemption of preferred stock	—		—		(684)		84		—		(600)		—		(600)
Preferred stock dividends	—		—		—		(45)		—		(45)		—		(45)
Common stock dividends	—		—		—		(187)		—		(187)		—		(187)
Contribution from (distribution to) parent	—		—		226		(110)		—		116		—		116

Contributions from noncontrolling interests	—		—		—		—		—		—		126		126
Distributions to noncontrolling interests	—		—		—		—		—		—		(95)		(95)
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other	—		—		—		—		—		—		395		395

Balance at June 30, 2025	$	—	$	—	$	19,161	$	2,675	$	(3,688)	$	18,148	$	11,056	$	29,204


	Three months ended
Balance at March 31, 2024	$	—	$	—	$	19,520	$	868	$	(5,628)	$	14,760	$	8,396	$	23,156


Net income	—		—		—		629		—		629		237		866
Other comprehensive loss	—		—		—		—		(181)		(181)		(13)		(194)


Stock-based compensation allocation from parent	—		—		11		—		—		11		—		11

Preferred stock dividends	—		—		—		(46)		—		(46)		—		(46)
Common stock dividends	—		—		—		(187)		—		(187)		—		(187)
Contribution from parent	—		—		12		—		—		12		—		12

Contributions from noncontrolling interests	—		—		—		—		—		—		300		300
Distributions to noncontrolling interests	—		—		—		—		—		—		(254)		(254)
Contributions from noncontrolling interests of consolidated variable interest entities and other	—		—		—		—		—		—		668		668


Balance at June 30, 2024	$	—	$	—	$	19,543	$	1,264	$	(5,809)	$	14,998	$	9,334	$	24,332

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Equity (Unaudited)


	Six months ended
(In millions)	Preferred stock		Common stock		Additional paid-in capital		Retained earnings (accumulated deficit)		Accumulated other comprehensive income (loss)		Total Athene Holding Ltd. stockholders’ equity		Noncontrolling interests		Total equity
Balance at December 31, 2024	$	—	$	—	$	19,588	$	2,237	$	(5,465)	$	16,360	$	9,514	$	25,874

Net income	—		—		—		929		—		929		516		1,445
Other comprehensive income	—		—		—		—		1,777		1,777		321		2,098


Stock-based compensation allocation from parent	—		—		16		—		—		16		—		16
Redemption of preferred stock	—		—		(684)		84		—		(600)		—		(600)
Preferred stock dividends	—		—		—		(90)		—		(90)		—		(90)
Common stock dividends	—		—		—		(375)		—		(375)		—		(375)
Contribution from (distribution to) parent	—		—		241		(110)		—		131		—		131

Contributions from noncontrolling interests	—		—		—		—		—		—		126		126
Distributions to noncontrolling interests	—		—		—		—		—		—		(190)		(190)
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other	—		—		—		—		—		—		769		769

Balance at June 30, 2025	$	—	$	—	$	19,161	$	2,675	$	(3,688)	$	18,148	$	11,056	$	29,204


	Six months ended
Balance at December 31, 2023	$	—	$	—	$	19,499	$	(92)	$	(5,569)	$	13,838	$	7,397	$	21,235


Net income	—		—		—		1,821		—		1,821		520		2,341
Other comprehensive loss	—		—		—		—		(240)		(240)		(4)		(244)


Stock-based compensation allocation from parent	—		—		21		—		—		21		—		21

Preferred stock dividends	—		—		—		(91)		—		(91)		—		(91)
Common stock dividends	—		—		—		(374)		—		(374)		—		(374)
Contributions from parent	—		—		23		—		—		23		—		23

Contributions from noncontrolling interests	—		—		—		—		—		—		705		705
Distributions to noncontrolling interests	—		—		—		—		—		—		(508)		(508)
Contributions from noncontrolling interests of consolidated variable interest entities and other	—		—		—		—		—		—		1,224		1,224


Balance at June 30, 2024	$	—	$	—	$	19,543	$	1,264	$	(5,809)	$	14,998	$	9,334	$	24,332

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Six months ended June 30,
(In millions)	2025		2024
Cash flows from operating activities
Net income	$	1,445	$	2,341
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	559		434
Net accretion of net investment premiums, discounts and other	(90)		(27)


Net investment (income) loss (related party: 2025 – $(149) and 2024 – $15)	(284)		10
Net recognized (gains) losses on investments and derivatives (related party: 2025 – $(1,488) and 2024 – $(620))	42		(2,409)
Policy acquisition costs deferred	(957)		(828)
Changes in operating assets and liabilities:
Accrued investment income	(360)		(574)
Interest sensitive contract liabilities (related party: 2025 – $25 and 2024 – $61)	2,977		3,225
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2025 – $(108) and 2024 – $(17))	(1,073)		(1,214)
Funds withheld assets (related party: 2025 – $(136) and 2024 – $(90))	(820)		(711)
Other assets and liabilities	43		463
Net cash provided by operating activities	1,482		710


Cash flows from investing activities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2025 – $2,703 and 2024 – $2,356)	26,495		18,256
Trading securities (related party: 2025 – $342 and 2024 – $163)	1,030		306
Equity securities	334		285
Mortgage loans	5,694		2,998
Investment funds (related party: 2025 – $307 and 2024 – $62)	803		77
Derivative instruments and other investments	1,610		1,561
Short-term investments (related party: 2025 – $966 and 2024 – $1,024)	1,241		1,269
Purchases of:
Available-for-sale securities (related party: 2025 – $(4,710) and 2024 – $(5,311))	(47,760)		(38,006)
Trading securities (related party: 2025 – $(365) and 2024 – $(22))	(3,776)		(318)
Equity securities	(370)		(424)
Mortgage loans	(17,779)		(11,743)
Investment funds (related party: 2025 – $(1,345) and 2024 – $(1,194))	(1,346)		(1,198)
Derivative instruments and other investments	(2,537)		(1,938)
Short-term investments (related party: 2025 – $(241) and 2024 – $(832))	(257)		(1,383)

Other investing activities, net	(243)		(744)
Net cash used in investing activities	(36,861)		(31,002)

			(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Six months ended June 30,
(In millions)	2025		2024
Cash flows from financing activities
Deposits on investment-type policies and contracts	$	45,973	$	37,102
Withdrawals on investment-type policies and contracts (related party: 2025 – $(147) and 2024 – $(222))	(9,604)		(11,636)





Proceeds from debt	1,591		1,569
Capital contributions from parent	211		—
Capital contributions from noncontrolling interests	126		705
Capital contributions from noncontrolling interests of consolidated variable interest entities	819		1,250
Capital distributions to noncontrolling interests	(190)		(508)

Net change in cash collateral posted for derivative transactions and securities to repurchase	(4,392)		2,340

Preferred stock dividends	(90)		(91)
Common stock dividends	(375)		(374)
Redemption of preferred stock	(600)		—
Other financing activities, net	(122)		(288)
Net cash provided by financing activities	33,347		30,069
Effect of exchange rate changes on cash and cash equivalents	13		(2)
Net decrease in cash and cash equivalents	(2,019)		(225)
Cash and cash equivalents at beginning of year1	14,259		14,879
Cash and cash equivalents at end of period1	$	12,240	$	14,654

Supplementary information
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2025 – $(875) and 2024 – $(2,120))	$	(851)	$	(2,086)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2025 – $545 and 2024 – $900)	3,123		4,090
Investments received from settlements on related party reinsurance agreements	—		48

Investments received from pension group annuity premiums	—		521











1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities.

(Concluded)

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Significant Accounting Policies

Athene Holding Ltd. (AHL), together with its subsidiaries (collectively, Athene, we, our, us, or the Company), is a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products in the United States (US) and internationally. We are a direct subsidiary of Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo).

We conduct business primarily through the following consolidated subsidiaries:

•Our non-US reinsurance subsidiaries, to which AHL’s other insurance subsidiaries and third-party ceding companies directly and indirectly reinsure a portion of their liabilities, including Athene Life Re Ltd. (ALRe), Athene Annuity Re Ltd. (AARe) and Athene Life Re International Ltd. (ALReI); and

•Athene Annuity and Life Company (AAIA), our parent US insurance company, and its subsidiaries.

In addition, we consolidate certain variable interest entities (VIEs) for which we have determined we are the primary beneficiary. See Note 4 – Variable Interest Entities for further information on VIEs.

Consolidation and Basis of Presentation—We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and the United States Securities and Exchange Commission’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the results for the interim periods presented. Certain reclassifications have been made to conform with current year presentation. All intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year.

For entities that are consolidated, but not wholly owned, we allocate a portion of the income or loss and corresponding equity to the owners other than us. We include the aggregate of the income or loss and corresponding equity that is not owned by us in noncontrolling interests in the condensed consolidated financial statements.

The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements, but does not include all of the information and footnotes required by US GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. The preparation of financial statements requires the use of management estimates. Actual results may differ from estimates used in preparing the condensed consolidated financial statements.

Summary of Significant Accounting Policies

Income Taxes—Any difference between the tax provision (or benefit) allocated to us under the separate-return method and payments to be made to (or received from) AGM for tax expense is treated as either a dividend or a capital contribution.

In 2025, we executed a US and UK tax sharing agreement with AGM. As a result of this tax sharing agreement, AGM made a tax settlement payment to us for the usage of a portion of our tax attributes. We previously recorded deferred tax assets (DTA) for these tax attributes in our separate company financials. We have elected to distribute these hypothetical DTAs and no longer include them on our separate company balance sheet. We will continue to evaluate the likelihood of realizing the benefit of these hypothetical deferred tax assets and may record a valuation allowance for these hypothetical DTAs, if based on all available evidence, we determine that it is more likely than not that some portion of the tax benefit will not be realized on a separate company basis.

Recently Issued Accounting Pronouncements

Business Combinations and Consolidation – Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (Accounting Standards Update (ASU) 2025-03)

This amendments in this update clarify the guidance in determining the accounting acquirer in a business combination involving a VIE. The amendments require that an entity apply the general guidance of identifying the Acquirer under ASC 805, Business Combination, even when the legal acquiree is a VIE and the transaction is primarily effected by exchanging equity interests. This guidance is effective for us for the 2027 annual and interim periods; early adoption is permitted. The amendments are required to be applied prospectively to any acquisition transaction that occurs after the initial application date. We are currently evaluating the impact of this guidance on our consolidated financial statements.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (ASU 2024-03)

The amendments in this update require disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU requires tabular presentation of each relevant expense caption on the face of the income statement including employee compensation, depreciation, intangible asset amortization and certain other expenses, when applicable. The guidance is effective for us for the 2027 annual period and in interim periods in 2028; early adoption is permitted. We are currently evaluating the impact of this new guidance on our consolidated financial statements.

Income Taxes—Improvements to Income Tax Disclosures (Accounting Standards Update (ASU) 2023-09)

The amendments in this update revise certain disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state and foreign taxes. The guidance is effective for us for annual periods beginning in 2025. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Adopted Accounting Pronouncements

Compensation – Stock Compensation (ASU 2024-01)

The amendments in this update clarify how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with Accounting Standards Codification (ASC) 718 Compensation – Stock Compensation or other guidance. The ASU provides specific examples on when profits interest awards should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 Compensation – General or other ASC topics. We adopted this guidance effective January 1, 2025. The adoption of this update was applied on a prospective basis and did not have a material effect on our consolidated financial statements.

Business Combinations – Joint Venture Formations (ASU 2023-05)

The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value. The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. The adoption of this update was applied on a prospective basis and did not have a material effect on our consolidated financial statements.

2. Investments

AFS Securities—Our AFS investment portfolio includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and redeemable preferred stock. Our AFS investment portfolio includes related party investments, primarily comprised of investments over which Apollo can exercise significant influence, which are presented as investments in related parties on the condensed consolidated balance sheets, and are separately disclosed below.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type:


	June 30, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
US government and agencies	$	10,117	$	—	$	67	$	(1,161)	$	9,023
US state, municipal and political subdivisions	1,068		—		—		(228)		840
Foreign governments	2,260		—		52		(560)		1,752
Corporate	103,597		(174)		1,237		(10,097)		94,563
CLO	30,620		—		868		(100)		31,388
ABS	27,405		(130)		563		(476)		27,362
CMBS	13,854		(62)		102		(394)		13,500
RMBS	10,716		(394)		322		(322)		10,322
Total AFS securities	199,637		(760)		3,211		(13,338)		188,750
AFS securities – related parties
Corporate	2,556		—		54		(41)		2,569
CLO	7,384		—		163		(9)		7,538
ABS	12,003		(1)		36		(229)		11,809

Total AFS securities – related parties	21,943		(1)		253		(279)		21,916
Total AFS securities, including related parties	$	221,580	$	(761)	$	3,464	$	(13,617)	$	210,666


	December 31, 2024
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
US government and agencies	$	8,413	$	—	$	8	$	(1,270)	$	7,151
US state, municipal and political subdivisions	1,167		—		—		(246)		921
Foreign governments	2,082		—		—		(514)		1,568
Corporate	95,006		(175)		485		(11,731)		83,585
CLO	29,524		—		266		(608)		29,182
ABS	24,779		(76)		138		(640)		24,201
CMBS	11,158		(60)		75		(432)		10,741
RMBS	8,587		(397)		228		(403)		8,015
Total AFS securities	180,716		(708)		1,200		(15,844)		165,364
AFS securities – related parties
Corporate	2,502		—		18		(59)		2,461
CLO	6,130		—		18		(113)		6,035
ABS	10,899		(1)		21		(288)		10,631
Total AFS securities – related parties	19,531		(1)		57		(460)		19,127
Total AFS securities, including related parties	$	200,247	$	(709)	$	1,257	$	(16,304)	$	184,491

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:


	June 30, 2025
(In millions)	Amortized Cost		Fair Value
AFS securities
Due in one year or less	$	2,385	$	2,355
Due after one year through five years	25,853		25,861
Due after five years through ten years	29,743		28,473
Due after ten years	59,061		49,489
CLO, ABS, CMBS and RMBS	82,595		82,572
Total AFS securities	199,637		188,750
AFS securities – related parties

Due after one year through five years	1,142		1,150
Due after five years through ten years	823		832
Due after ten years	591		587
CLO and ABS	19,387		19,347
Total AFS securities – related parties	21,943		21,916
Total AFS securities, including related parties	$	221,580	$	210,666

Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Unrealized Losses on AFS Securities—The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:


	June 30, 2025
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
US government and agencies	$	1,724	$	(74)	$	3,206	$	(1,087)	$	4,930	$	(1,161)
US state, municipal and political subdivisions	65		(3)		768		(225)		833		(228)
Foreign governments	146		(6)		1,411		(554)		1,557		(560)
Corporate	13,910		(568)		41,302		(9,500)		55,212		(10,068)
CLO	6,179		(20)		1,697		(77)		7,876		(97)
ABS	5,044		(157)		3,475		(240)		8,519		(397)
CMBS	4,277		(77)		1,529		(261)		5,806		(338)
RMBS	565		(9)		1,129		(123)		1,694		(132)
Total AFS securities	31,910		(914)		54,517		(12,067)		86,427		(12,981)
AFS securities – related parties
Corporate	371		(12)		372		(17)		743		(29)
CLO	2,213		(7)		159		(2)		2,372		(9)
ABS	2,997		(16)		3,678		(198)		6,675		(214)

Total AFS securities – related parties	5,581		(35)		4,209		(217)		9,790		(252)
Total AFS securities, including related parties	$	37,491	$	(949)	$	58,726	$	(12,284)	$	96,217	$	(13,233)

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	December 31, 2024
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
US government and agencies	$	3,010	$	(114)	$	3,462	$	(1,156)	$	6,472	$	(1,270)
US state, municipal and political subdivisions	67		(3)		842		(243)		909		(246)
Foreign governments	830		(205)		738		(309)		1,568		(514)
Corporate	19,530		(673)		44,051		(10,997)		63,581		(11,670)
CLO	2,675		(48)		2,325		(215)		5,000		(263)
ABS	9,361		(155)		4,070		(309)		13,431		(464)
CMBS	1,868		(56)		1,773		(315)		3,641		(371)
RMBS	825		(13)		1,261		(157)		2,086		(170)
Total AFS securities	38,166		(1,267)		58,522		(13,701)		96,688		(14,968)
AFS securities – related parties
Corporate	499		(9)		446		(47)		945		(56)
CLO	586		(10)		544		(56)		1,130		(66)
ABS	2,533		(43)		3,355		(235)		5,888		(278)
Total AFS securities – related parties	3,618		(62)		4,345		(338)		7,963		(400)
Total AFS securities, including related parties	$	41,784	$	(1,329)	$	62,867	$	(14,039)	$	104,651	$	(15,368)

The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded:


	June 30, 2025
	Unrealized loss position	Unrealized loss position 12 months or more
AFS securities	6,857	5,525
AFS securities – related parties	165	68

The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since the application of pushdown accounting or acquisition. We did not recognize the unrealized losses in income, unless as required for hedge accounting, as we intend to hold these securities and it is not more likely than not we will be required to sell a security before the recovery of its amortized cost.

Allowance for Credit Losses—The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:


	Three months ended June 30, 2025
			Additions		Reductions
(In millions)	Beginning balance		Initial credit losses			Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities



Corporate	$	174	$	—		$	—	$	—	$	174

ABS	82		39			(2)		11		130
CMBS	60		—			—		2		62
RMBS	392		3			(3)		2		394
Total AFS securities	708		42			(5)		15		760



AFS securities – related parties, ABS	1		—			—		—		1


Total AFS securities, including related parties	$	709	$	42		$	(5)	$	15	$	761

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Three months ended June 30, 2024
			Additions		Reductions
(In millions)	Beginning balance		Initial credit losses			Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities



Corporate	$	127	$	41		$	—	$	—	$	168
CLO	1		—			—		(1)		—
ABS	51		10			(1)		7		67
CMBS	31		25			—		1		57
RMBS	387		1			(6)		(4)		378
Total AFS securities	597		77			(7)		3		670



AFS securities – related parties, ABS	1		—			—		—		1

Total AFS securities, including related parties	$	598	$	77		$	(7)	$	3	$	671


	Six months ended June 30, 2025
			Additions		Reductions
(In millions)	Beginning balance		Initial credit losses			Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities



Corporate	$	175	$	—		$	—	$	(1)	$	174

ABS	76		40			(3)		17		130
CMBS	60		—			—		2		62
RMBS	397		5			(10)		2		394
Total AFS securities	708		45			(13)		20		760



AFS securities – related parties, ABS	1		—			—		—		1

Total AFS securities, including related parties	$	709	$	45		$	(13)	$	20	$	761


	Six months ended June 30, 2024
			Additions		Reductions
(In millions)	Beginning balance		Initial credit losses			Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities



Corporate	$	129	$	48		$	(8)	$	(1)	$	168
CLO	2		—			—		(2)		—
ABS	49		12			(1)		7		67
CMBS	29		26			—		2		57
RMBS	381		5			(10)		2		378
Total AFS securities	590		91			(19)		8		670



AFS securities – related parties, ABS	1		—			—		—		1

Total AFS securities, including related parties	$	591	$	91		$	(19)	$	8	$	671

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Net Investment Income—Net investment income by asset class consists of the following:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
AFS securities	$	2,884	$	2,340	$	5,555	$	4,477
Trading securities	66		44		108		85
Equity securities	29		29		44		46
Mortgage loans	1,262		890		2,385		1,704
Investment funds	129		(17)		169		(6)
Funds withheld at interest	244		359		509		722
Other	229		191		461		403
Investment revenue	4,843		3,836		9,231		7,431
Investment expenses	(414)		(327)		(811)		(630)
Net investment income	$	4,429	$	3,509	$	8,420	$	6,801

Investment Related Gains (Losses)—Investment related gains (losses) by asset class consists of the following:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
AFS securities1
Gross realized gains on investment activity	$	1,522	$	125	$	2,233	$	192
Gross realized losses on investment activity	(143)		(218)		(378)		(565)
Net realized investment gains (losses) on AFS securities	1,379		(93)		1,855		(373)
Net recognized investment gains (losses) on trading securities	261		(33)		341		(98)
Net recognized investment gains (losses) on equity securities	36		(12)		51		27
Net recognized investment gains (losses) on mortgage loans	785		93		1,799		(265)
Derivative gains (losses)	(1,075)		(553)		(2,587)		878
Provision for credit losses	(56)		(90)		(64)		(100)
Other gains (losses)	(1,335)		554		(2,228)		1,474
Investment related gains (losses)	$	(5)	$	(134)	$	(833)	$	1,543

1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

Proceeds from sales of AFS securities were $5,865 million and $7,048 million for the three months ended June 30, 2025 and 2024, respectively, and $14,810 million and $10,766 million for the six months ended June 30, 2025 and 2024, respectively.

The following table summarizes the change in unrealized gains (losses) on trading and equity securities we held as of the respective period end:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
Trading securities	$	118	$	(21)	$	140	$	(41)
Equity securities	27		(8)		39		24

Repurchase Agreements—The following table summarizes the remaining contractual maturities of our repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets:


(In millions)	June 30, 2025		December 31, 2024

Less than 30 days	$	790	$	2,752
30 – 90 days	—		300
91 days to 1 year	—		1,095
Greater than 1 year	2,747		1,569
Payables for repurchase agreements	$	3,537	$	5,716

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table summarizes the securities pledged as collateral for repurchase agreements:


	June 30, 2025				December 31, 2024
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
AFS securities
US government and agencies	$	711	$	514	$	3,253	$	2,693

Foreign governments	243		179		159		107
Corporate	2,113		1,894		1,877		1,573
CLO	585		588		587		588
ABS	598		561		596		552

RMBS	—		—		369		365

Total securities pledged under repurchase agreements	$	4,250	$	3,736	$	6,841	$	5,878

Reverse Repurchase Agreements—As of June 30, 2025 and December 31, 2024, amounts loaned under reverse repurchase agreements were $189 million and $935 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities, was $1,034 million and $2,208 million, respectively.

Mortgage Loans, including related parties and consolidated VIEs—Mortgage loans include both commercial and residential loans. We have elected the fair value option on our mortgage loan portfolio. See Note 5 – Fair Value for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:


(In millions)	June 30, 2025		December 31, 2024
Commercial mortgage loans	$	37,482	$	32,544
Commercial mortgage loans under development	1,782		1,987
Total commercial mortgage loans	39,264		34,531
Mark to fair value	(1,997)		(2,099)
Commercial mortgage loans	37,267		32,432
Residential mortgage loans	43,445		35,223
Mark to fair value	396		(540)
Residential mortgage loans	43,841		34,683
Mortgage loans	$	81,108	$	67,115

We invest in commercial mortgage loans, primarily on income-producing properties including office and retail buildings, apartments, hotels, and industrial properties. We diversify the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. We evaluate mortgage loans based on relevant current information to confirm whether properties are performing at a consistent and acceptable level to secure the related debt.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The distribution of commercial mortgage loans, including those under development, by property type and geographic region, is as follows:


	June 30, 2025				December 31, 2024
(In millions, except percentages)	Fair Value		Percentage of Total		Fair Value		Percentage of Total
Property type
Apartment	$	14,559	39.1	%	$	11,746	36.2	%
Industrial	7,849		21.0	%	6,793		21.0	%
Office building	4,217		11.3	%	4,162		12.8	%
Hotels	2,864		7.7	%	2,786		8.6	%
Retail	2,422		6.5	%	2,269		7.0	%
Other commercial	5,356		14.4	%	4,676		14.4	%
Total commercial mortgage loans	$	37,267	100.0	%	$	32,432	100.0	%

US region
East North Central	$	1,672	4.5	%	$	1,546	4.8	%
East South Central	430		1.2	%	438		1.3	%
Middle Atlantic	9,980		26.8	%	8,386		25.9	%
Mountain	1,544		4.2	%	1,322		4.1	%
New England	1,093		2.9	%	1,118		3.4	%
Pacific	6,386		17.1	%	5,768		17.8	%
South Atlantic	6,679		17.9	%	6,198		19.1	%
West North Central	308		0.8	%	221		0.7	%
West South Central	2,391		6.4	%	1,971		6.1	%
Total US region	30,483		81.8	%	26,968		83.2	%
International region
United Kingdom	2,988		8.0	%	2,281		7.0	%
Other international1	3,796		10.2	%	3,183		9.8	%
Total international region	6,784		18.2	%	5,464		16.8	%
Total commercial mortgage loans	$	37,267	100.0	%	$	32,432	100.0	%

1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

Our residential mortgage loan portfolio primarily consists of first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:


	June 30, 2025		December 31, 2024
US States
California	25.9	%	25.6	%
Florida	12.0	%	12.4	%
Texas	7.4	%	7.4	%

Other1	46.5	%	45.5	%
Total US residential mortgage loan percentage	91.8	%	90.9	%



International1	8.2	%	9.1	%

Total residential mortgage loan percentage	100.0	%	100.0	%

1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio.

Investment Funds—Our investment fund portfolio strategy primarily focuses on core holdings of origination and retirement services platforms, equity and credit, and other funds. Origination platforms include investments sourced by affiliated platforms that originate loans to third parties and in which we gain exposure directly to the loan or indirectly through our ownership of the origination platform and/or securitizations of assets originated by the origination platform. Retirement services platforms include investments in equity of financial services companies. Our credit strategy comprises direct origination, asset-backed, multi-credit and opportunistic credit funds focused on generating excess returns through high-quality credit underwriting and origination. Our equity strategy comprises private equity, hybrid value, secondaries equity, real estate equity, impact investing, infrastructure and clean transition equity funds that raise capital from investors to pursue control-oriented investments across the universe of private assets. Our investment funds can meet the definition of a VIE, which are discussed further in Note 4 – Variable Interest Entities. Our investment funds do not specify timing of distributions on the funds’ underlying assets.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following summarizes our investment funds, including related parties and consolidated VIEs:


	June 30, 2025				December 31, 2024
(In millions, except percentages)	Carrying value		Percentage of total		Carrying value		Percentage of total
Investment funds
Equity	$	102	0.5	%	$	107	0.5	%



Investment funds – related parties
Origination platforms	31		0.1	%	29		0.2	%
Retirement services platforms	1,492		6.9	%	1,317		6.7	%
Equity	218		1.0	%	244		1.2	%
Credit	314		1.5	%	253		1.3	%
Other	7		—	%	10		0.1	%
Total investment funds – related parties	2,062		9.5	%	1,853		9.5	%
Investment funds – consolidated VIEs
Origination platforms	7,536		35.1	%	6,347		32.2	%

Equity	7,383		34.3	%	7,702		39.0	%
Credit	3,735		17.4	%	3,062		15.5	%
Other	694		3.2	%	654		3.3	%
Total investment funds – consolidated VIEs	19,348		90.0	%	17,765		90.0	%
Total investment funds, including related parties and consolidated VIEs	$	21,512	100.0	%	$	19,725	100.0	%

Non-Consolidated Securities and Investment Funds

Fixed maturity securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the structure that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by US GAAP, with the related parties, nor are substantially all of the activities conducted on our behalf; therefore, we are not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value and classified as AFS or trading securities on the condensed consolidated balance sheets.

Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures.

Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure.

Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.

The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:


	June 30, 2025				December 31, 2024
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	102	$	745	$	107	$	987
Investment in related parties – investment funds	2,062		3,119		1,853		3,226
Assets of consolidated VIEs – investment funds	19,348		25,691		17,765		23,597
Investment in fixed maturity securities	83,063		83,542		72,523		74,797
Investment in related parties – fixed maturity securities	19,746		22,521		17,239		21,793
Investment in related parties – equity securities	266		315		234		234
Total non-consolidated investments	$	124,587	$	135,933	$	109,721	$	124,634

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Concentrations—The following table represents our investment concentrations in excess of 10% of AHL stockholders’ equity:


(In millions)	June 30, 2025
AP Grange Holdings, LLC1	$	4,773
Atlas Securitized Products Holdings LP (Atlas)2	3,732
Fox Hedge L.P.1	3,175
Investment-grade debt issued by Blackstone Private Credit Fund3	2,021

	December 31, 2024
AP Grange Holdings, LLC1	$	4,661
Atlas2	3,172
Fox Hedge L.P.1	2,924

1 Investment-grade ABS.
2 See Note 11 – Related Parties for additional details on Atlas. Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party.
3 Senior unsecured investment-grade debt issued by a non-exchange traded business development company.

3. Derivative Instruments

We use a variety of derivative instruments to manage risks, primarily equity, interest rate, foreign currency and market volatility. See Note 5 – Fair Value for information about the fair value hierarchy for derivatives.

The following table presents the notional amount and fair value of derivative instruments:


	June 30, 2025					December 31, 2024
	Notional Amount	Fair Value				Notional Amount	Fair Value
(In millions)		Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps	20,404	$	623	$	964	15,669	$	938	$	211
Forwards	2,721	60		49		3,139	331		5
Interest rate swaps	4,382	102		247		4,506	—		654
Forwards on net investments	224	—		15		218	11		—
Interest rate swaps	29,423	142		41		24,885	55		138
Total derivatives designated as hedges		927		1,316			1,335		1,008
Derivatives not designated as hedges
Equity options	91,009	5,069		146		85,452	5,002		126
Futures	59	133		—		37	93		11
Foreign currency swaps	18,216	185		1,064		14,908	600		199
Interest rate swaps and forwards	3,249	63		252		3,255	67		124
Other swaps	2,066	12		—		2,644	3		5
Foreign currency forwards	39,990	512		2,111		39,598	1,054		2,083
Embedded derivatives
Funds withheld, including related parties		(3,221)		60			(3,650)		4
Interest sensitive contract liabilities		—		12,276			—		11,242
Total derivatives not designated as hedges		2,753		15,909			3,169		13,794
Total derivatives		$	3,680	$	17,225		$	4,504	$	14,802

Derivatives Designated as Hedges

Cash Flow Hedges – We use interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by May 2035. During the three months ended June 30, 2025 and 2024, we recognized gains of $76 million and $18 million, respectively, in other comprehensive income (OCI) associated with these hedges. During the six months ended June 30, 2025 and 2024, we recognized gains of $172 million and losses of $3 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025, no amounts were expected to be reclassified to income within the next 12 months.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Fair Value Hedges – We use foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The amortized cost of AFS debt securities in qualifying fair value hedges of foreign currency risk was $17,818 million and $16,307 million as of June 30, 2025 and December 31, 2024, respectively. The carrying value of interest sensitive contract liabilities in qualifying fair value hedges of foreign currency swaps was $6,012 million and $2,426 million as of June 30, 2025 and December 31, 2024, respectively.

The following represents the carrying amount and the cumulative fair value of hedging adjustments of hedged liabilities, excluding those solely hedging foreign currency risk:


	June 30, 2025				December 31, 2024
(In millions)	Carrying amount of the hedged liabilities		Cumulative amount of fair value hedging gains (losses)1		Carrying amount of the hedged liabilities		Cumulative amount of fair value hedging gains (losses)
Interest sensitive contract liabilities
Foreign currency interest rate swaps	$	4,315	$	85	$	3,946	$	488
Interest rate swaps	17,327		(34)		17,873		130

1 Excludes gains (losses) related to foreign currency risk.

The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:


							Amounts excluded
(In millions)	Derivatives		Hedged items		Net		Recognized in income through amortization approach		Recognized in income through changes in fair value
Three months ended June 30, 2025
Investment related gains (losses)
Foreign currency forwards	$	(235)	$	228	$	(7)	$	9	$	—
Foreign currency swaps	(681)		699		18		—		—
Foreign currency interest rate swaps	344		(330)		14		—		—
Interest rate swaps	65		(49)		16		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	25		(24)		1		—		—

Three months ended June 30, 2024
Investment related gains (losses)
Foreign currency forwards	$	43	$	(51)	$	(8)	$	13	$	(3)
Foreign currency swaps	43		(24)		19		—		—
Foreign currency interest rate swaps	(7)		6		(1)		—		—
Interest rate swaps	(9)		1		(8)		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	24		(23)		1		—		—

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


							Amounts excluded
(In millions)	Derivatives		Hedged items		Net		Recognized in income through amortization approach		Recognized in income through changes in fair value
Six months ended June 30, 2025
Investment related gains (losses)
Foreign currency forwards	$	(350)	$	332	$	(18)	$	19	$	—
Foreign currency swaps	(1,013)		1,058		45		—		—
Foreign currency interest rate swaps	481		(464)		17		—		—
Interest rate swaps	194		(174)		20		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	48		(47)		1		—		—

Six months ended June 30, 2024
Investment related gains (losses)
Foreign currency forwards	$	179	$	(183)	$	(4)	$	31	$	6
Foreign currency swaps	155		(138)		17		—		—
Foreign currency interest rate swaps	(123)		123		—		—		—
Interest rate swaps	(115)		76		(39)		—		—
Interest sensitive contract benefits

Foreign currency interest rate swaps	40		(39)		1		—		—

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
Foreign currency forwards	$	3	$	2	$	29	$	(15)
Foreign currency swaps	(87)		64		20		26

Net Investment Hedges – We use foreign currency forwards to hedge the foreign currency exchange rate risk of our investments in subsidiaries that have a reporting currency other than the US dollar. We assess hedge effectiveness based on the changes in forward rates. During the three months ended June 30, 2025 and 2024, these derivatives had losses of $14 million and $0 million, respectively. During the six months ended June 30, 2025 and 2024, these derivatives had losses of $22 million and gains of $3 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of June 30, 2025 and December 31, 2024, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $7 million and $29 million, respectively. During the three and six months ended June 30, 2025 and 2024, there were no amounts deemed ineffective.

Derivatives Not Designated as Hedges

Equity options – We use equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, including the S&P 500 and other bespoke indices. To hedge against adverse changes in equity indices, we enter into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.

Futures – Futures contracts are purchased to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. We enter into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, we agree to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts.

Interest rate swaps and forwards – We use interest rate swaps and forwards to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, we agree with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals.

Other swaps – Other swaps include total return swaps, credit default swaps and swaptions. We purchase total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Credit default swaps provide a measure of protection against the default of an issuer or allow us to gain credit exposure to an issuer or traded index. We use credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. Swaptions provide an option to enter into an interest rate swap and are used to hedge against interest rate exposure.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Embedded derivatives – We have embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on a modco or funds withheld basis and indexed annuity products.

The following is a summary of the gains (losses) related to derivatives not designated as hedges:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
Equity options	$	871	$	105	$	(65)	$	1,702
Futures	(9)		(1)		(16)		126
Interest rate swaps and forwards and other swaps	(1,079)		(69)		(1,425)		(30)
Foreign currency forwards	(401)		(556)		(611)		(866)
Embedded derivatives on funds withheld	41		(112)		199		(187)
Amounts recognized in investment related gains (losses)	(577)		(633)		(1,918)		745
Embedded derivatives in indexed annuity products1	(887)		182		116		(995)
Total gains (losses) on derivatives not designated as hedges	$	(1,464)	$	(451)	$	(1,802)	$	(250)

1 Included in interest sensitive contract benefits on the condensed consolidated statements of income.

Credit Risk—We may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of our derivative contracts is the fair value at the reporting date less any collateral received from the counterparty.

We manage credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, we maintain collateral arrangements and use master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. We have also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure.

Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in our financial strength rating to a specified level can result in settlement of the derivative position.

The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:


			Gross amounts not offset on the condensed consolidated balance sheets
(In millions)	Gross amount recognized1		Financial instruments2		Collateral (received)/pledged		Net amount		Off-balance sheet securities collateral3		Net amount after securities collateral
June 30, 2025
Derivative assets	$	6,901	$	(2,496)	$	(3,685)	$	720	$	(536)	$	184
Derivative liabilities	(4,889)		2,496		2,041		(352)		209		(143)

December 31, 2024
Derivative assets	$	8,154	$	(2,209)	$	(5,922)	$	23	$	—	$	23
Derivative liabilities	(3,556)		2,209		1,333		(14)		2		(12)

1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of June 30, 2025 and December 31, 2024, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets.
3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

4. Variable Interest Entities

We determined that we are required to consolidate certain Apollo-managed investment funds and other Apollo-managed structures. Since the criteria for the primary beneficiary are satisfied by our related party group, we are deemed the primary beneficiary. In addition, we consolidate certain securitization entities where we are deemed the primary beneficiary. No arrangement exists requiring us to provide additional funding in excess of our committed capital investment, liquidity, or the funding of losses or an increase to our loss exposure in excess of our investment in any of the consolidated VIEs.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following summarizes the income statement activity of the consolidated VIEs:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
Trading securities	$	54	$	30	$	101	$	65

Mortgage loans	38		31		81		61
Investment funds	20		—		21		21
Other	(32)		(5)		(46)		(14)
Net investment income	$	80	$	56	$	157	$	133

Net recognized investment gains (losses) on trading securities	$	4	$	(8)	$	6	$	(8)
Net recognized investment gains (losses) on mortgage loans	(13)		(2)		7		(28)
Net recognized investment gains on investment funds	461		321		988		685
Other gains (losses)	16		(5)		17		(9)
Investment related gains (losses)	$	468	$	306	$	1,018	$	640

5. Fair Value

Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following fair value hierarchy:

Level 1 – Unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2 – Quoted prices for inactive markets or valuation techniques that require observable direct or indirect inputs for substantially the full term of the asset or liability. Level 2 inputs include the following:

•Quoted prices for similar assets or liabilities in active markets,

•Observable inputs other than quoted market prices, and

•Observable inputs derived principally from market data through correlation or other means.

Level 3 – Prices or valuation techniques with unobservable inputs significant to the overall fair value estimate. These valuations use critical assumptions not readily available to market participants. Level 3 valuations are based on market standard valuation methodologies, including discounted cash flows, matrix pricing or other similar techniques.

Net Asset Value (NAV) – Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model.

The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the instrument’s fair value measurement.

We use a number of valuation sources to determine fair values. Valuation sources can include quoted market prices; third-party commercial pricing services; third-party brokers; industry-standard, vendor modeling software that uses market observable inputs; and other internal modeling techniques based on projected cash flows. We periodically review the assumptions and inputs of third-party commercial pricing services through internal valuation price variance reviews, comparisons to internal pricing models, back testing to recent trades, or monitoring trading volumes.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis:


	June 30, 2025
(In millions)	Total		NAV		Level 1		Level 2		Level 3
Assets
AFS securities
US government and agencies	$	9,023	$	—	$	9,023	$	—	$	—
US state, municipal and political subdivisions	840		—		—		840		—
Foreign governments	1,752		—		622		1,107		23
Corporate	94,563		—		9		87,162		7,392
CLO	31,388		—		—		31,388		—
ABS	27,362		—		—		13,218		14,144
CMBS	13,500		—		—		13,500		—
RMBS	10,322		—		—		9,824		498
Total AFS securities	188,750		—		9,654		157,039		22,057
Trading securities	4,060		—		24		4,018		18
Equity securities	1,150		—		182		960		8
Mortgage loans	77,289		—		—		—		77,289

Funds withheld at interest – embedded derivative	(2,743)		—		—		—		(2,743)
Derivative assets	6,901		—		149		6,751		1
Short-term investments	16		—		—		4		12
Other investments	1,695		—		—		954		741
Cash and cash equivalents	10,329		—		10,329		—		—
Restricted cash	1,720		—		1,720		—		—
Investments in related parties
AFS securities
Corporate	2,569		—		—		1,093		1,476
CLO	7,538		—		—		6,468		1,070
ABS	11,809		—		—		999		10,810

Total AFS securities – related parties	21,916		—		—		8,560		13,356
Trading securities	399		—		—		—		399
Equity securities	266		—		—		—		266
Mortgage loans	1,275		—		—		—		1,275
Investment funds	1,297		—		—		—		1,297
Funds withheld at interest – embedded derivative	(478)		—		—		—		(478)

Other investments	339		—		—		—		339
Reinsurance recoverable	1,780		—		—		—		1,780
Other assets	277		—		—		—		277
Assets of consolidated VIEs
Trading securities	3,265		—		—		927		2,338

Mortgage loans	2,544		—		—		—		2,544
Investment funds	19,348		19,078		—		—		270
Other investments	383		—		5		12		366
Cash and cash equivalents	191		—		191		—		—
Total assets measured at fair value	$	341,969	$	19,078	$	22,254	$	179,225	$	121,412
Liabilities
Interest sensitive contract liabilities
Embedded derivative	$	12,276	$	—	$	—	$	—	$	12,276
Universal life benefits	755		—		—		—		755
Future policy benefits
AmerUs Life Insurance Company (AmerUs) Closed Block	1,097		—		—		—		1,097
Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits	556		—		—		—		556
Market risk benefits	4,489		—		—		—		4,489
Derivative liabilities	4,889		—		10		4,879		—
Other liabilities	295		—		—		—		295
Total liabilities measured at fair value	$	24,357	$	—	$	10	$	4,879	$	19,468

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	December 31, 2024
(In millions)	Total		NAV		Level 1		Level 2		Level 3
Assets
AFS securities
US government and agencies	$	7,151	$	—	$	7,149	$	2	$	—
US state, municipal and political subdivisions	921		—		—		921		—
Foreign governments	1,568		—		658		881		29
Corporate	83,585		—		11		79,253		4,321
CLO	29,182		—		—		29,182		—
ABS	24,201		—		—		7,672		16,529
CMBS	10,741		—		—		10,741		—
RMBS	8,015		—		—		7,759		256
Total AFS securities	165,364		—		7,818		136,411		21,135
Trading securities	1,583		—		22		1,539		22
Equity securities	1,290		—		190		1,073		27
Mortgage loans	63,239		—		—		—		63,239

Funds withheld at interest – embedded derivative	(3,035)		—		—		—		(3,035)
Derivative assets	8,154		—		121		8,032		1
Short-term investments	255		—		—		86		169
Other investments	1,606		—		—		711		895
Cash and cash equivalents	12,733		—		12,733		—		—
Restricted cash	943		—		943		—		—
Investments in related parties
AFS securities
Corporate	2,461		—		—		1,029		1,432
CLO	6,035		—		—		5,339		696
ABS	10,631		—		—		890		9,741
Total AFS securities – related parties	19,127		—		—		7,258		11,869
Trading securities	573		—		—		—		573
Equity securities	234		—		—		—		234
Mortgage loans	1,297		—		—		—		1,297
Investment funds	1,139		—		—		—		1,139
Funds withheld at interest – embedded derivative	(615)		—		—		—		(615)

Other investments	331		—		—		—		331
Reinsurance recoverable	1,661		—		—		—		1,661
Other assets	313		—		—		—		313
Assets of consolidated VIEs
Trading securities	2,301		—		—		347		1,954
Mortgage loans	2,579		—		—		—		2,579
Investment funds	17,765		16,995		—		—		770
Other investments	107		—		4		—		103
Cash and cash equivalents	583		—		583		—		—
Total assets measured at fair value	$	299,527	$	16,995	$	22,414	$	155,457	$	104,661
Liabilities
Interest sensitive contract liabilities
Embedded derivative	$	11,242	$	—	$	—	$	—	$	11,242
Universal life benefits	742		—		—		—		742
Future policy benefits
AmerUs Closed Block	1,102		—		—		—		1,102
ILICO Closed Block and life benefits	538		—		—		—		538
Market risk benefits	4,028		—		—		—		4,028
Derivative liabilities	3,556		—		19		3,536		1
Other liabilities	225		—		—		—		225
Total liabilities measured at fair value	$	21,433	$	—	$	19	$	3,536	$	17,878

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Fair Value Valuation Methods—We used the following valuation methods and assumptions to estimate fair value:

AFS and trading securities – We obtain the fair value for most marketable securities without an active market from several commercial pricing services. These are classified as Level 2 assets. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. This category typically includes US and non-US corporate bonds, US agency and government guaranteed securities, CLO, ABS, CMBS and RMBS.

We also have fixed maturity securities priced based on indicative broker quotes or by employing market accepted valuation models. For certain fixed maturity securities, the valuation model uses significant unobservable inputs and these are included in Level 3 in our fair value hierarchy. Significant unobservable inputs used include: discount rates, issue-specific credit adjustments, material non-public financial information, estimation of future earnings and cash flows, default rate assumptions, liquidity assumptions and indicative quotes from market makers.

We value privately placed fixed maturity securities based on the credit quality and duration of comparable marketable securities, which may be securities of another issuer with similar characteristics. In some instances, we use a matrix-based pricing model. These models consider the current level of risk-free interest rates, corporate spreads, credit quality of the issuer and cash flow characteristics of the security. We also consider additional factors such as net worth of the borrower, value of collateral, capital structure of the borrower, presence of guarantees and our evaluation of the borrower’s ability to compete in its relevant market. Privately placed fixed maturity securities are classified as Level 2 or 3.

Equity securities – Fair values of publicly traded equity securities are based on quoted market prices and classified as Level 1. Other equity securities, typically private equities or equity securities not traded on an exchange, we value based on other sources, such as commercial pricing services or brokers, and are classified as Level 2 or 3.

Mortgage loans – We estimate fair value on a monthly basis using discounted cash flow analysis and rates being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The discounted cash flow model uses unobservable inputs, including estimates of discount rates and loan prepayments. Mortgage loans are classified as Level 3.

Investment funds – Certain investment funds for which we elected the fair value option are included in Level 3 and are priced based on market accepted valuation models. The valuation models use significant unobservable inputs, which include material non-public financial information, estimation of future distributable earnings and demographic assumptions.

Other investments – The fair values of other investments are primarily determined using a discounted cash flow model using discount rates for similar investments.

Funds withheld at interest embedded derivatives – Funds withheld at interest embedded derivatives represent the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, and are analogous to a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is measured as the unrealized gain (loss) on the underlying assets and classified as Level 3.

Derivatives – Derivative contracts can be exchange-traded or over-the-counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. We consider and incorporate counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. We also evaluate and include our own nonperformance risk in valuing derivatives. The majority of our derivatives trade in liquid markets; therefore, we can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy.

Cash and cash equivalents, including restricted cash – The carrying amount for cash equals fair value. We estimate the fair value for cash equivalents based on quoted market prices. These assets are classified as Level 1.

Other assets and market risk benefits liability – Other assets at fair value consist of market risk benefit assets. See Note 7 – Long-duration Contracts for additional information on market risk benefits valuation methodology and additional fair value disclosures. Market risk benefits are classified as Level 3.

Interest sensitive contract liabilities embedded derivatives – Embedded derivatives related to interest sensitive contract liabilities with fixed indexed annuity products are classified as Level 3. The valuations include significant unobservable inputs associated with economic assumptions and actuarial assumptions for policyholder behavior.

AmerUs Closed Block – We elected the fair value option for the future policy benefits liability in the AmerUs Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component is the present value of the projected release of required capital and future earnings before income taxes on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. Unobservable inputs include estimates for these items. The AmerUs Closed Block policyholder liabilities and any corresponding reinsurance recoverable are classified as Level 3.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

ILICO Closed Block – We elected the fair value option for the ILICO Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component uses the present value of future cash flows which include commissions, administrative expenses, reinsurance premiums and benefits, and an explicit cost of capital. The discount rate includes a margin to reflect the business and nonperformance risk. Unobservable inputs include estimates for these items. The ILICO Closed Block policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Universal life liabilities and other life benefits – We elected the fair value option for certain blocks of universal and other life business ceded to Global Atlantic. We use a present value of liability cash flows. Unobservable inputs include estimates of mortality, persistency, expenses, premium payments and a risk margin used in the discount rates that reflect the riskiness of the business. These universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Other liabilities – Other liabilities include funds withheld liability embedded derivatives, as described above in funds withheld at interest embedded derivatives, and a ceded modco agreement of certain inforce funding agreement contracts for which we elected the fair value option. We estimate the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is classified as Level 3.

Fair Value Option—The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
Trading securities	$	261	$	(40)	$	336	$	(100)
Mortgage loans	892		82		1,933		(318)
Investment funds	120		5		203		(19)
Future policy benefits	10		31		5		58
Other	(29)		(11)		(17)		4
Total gains (losses)	$	1,254	$	67	$	2,460	$	(375)

Gains and losses on trading securities, mortgage loans, investments of consolidated VIEs, and other are recorded in investment related gains (losses) on the condensed consolidated statements of income. Gains and losses related to investment funds are recorded in net investment income on the condensed consolidated statements of income. We record the change in fair value of future policy benefits in future policy and other policy benefits on the condensed consolidated statements of income.

The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs:


(In millions)	June 30, 2025		December 31, 2024
Unpaid principal balance	$	82,709	$	69,754
Mark to fair value	(1,601)		(2,639)
Fair value	$	81,108	$	67,115

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:


(In millions)	June 30, 2025		December 31, 2024
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	614	$	195
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(257)		(102)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	357	$	93

Fair value of commercial mortgage loans 90 days or more past due	$	108	$	31
Fair value of commercial mortgage loans in non-accrual status	357		93

The following represents our residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:


(In millions)	June 30, 2025		December 31, 2024
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	743	$	898
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	(69)		(51)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	674	$	847

Fair value of residential mortgage loans 90 days or more past due1	$	674	$	847
Fair value of residential mortgage loans in non-accrual status	611		765

1 As of June 30, 2025 and December 31, 2024 includes $63 million and $82 million, respectively, of residential mortgage loans that are guaranteed by US government-sponsored agencies.

The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
Mortgage loans	$	(20)	$	3	$	(23)	$	(30)

We estimated the portion of gains and losses attributable to changes in instrument-specific credit risk by identifying commercial mortgage loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Level 3 Financial Instruments—The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above.


	Three months ended June 30, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets
AFS securities

Foreign governments	$	28	$	—	$	—	$	(5)	$	—	$	23	$	—	$	—
Corporate	5,605		56		51		1,680		—		7,392		51		59

ABS	12,572		(17)		306		1,926		(643)		14,144		3		321
CMBS	—		1		(1)		—		—		—		—		—
RMBS	306		5		2		234		(49)		498		—		1
Trading securities	7		—		—		11		—		18		(6)		—
Equity securities	26		—		—		(18)		—		8		—		—
Mortgage loans	70,916		772		—		5,601		—		77,289		821		—

Funds withheld at interest – embedded derivative	(2,847)		104		—		—		—		(2,743)		—		—
Derivative assets	1		—		—		—		—		1		—		—
Short-term investments	48		—		—		(36)		—		12		—		—
Other investments	896		1		—		(156)		—		741		(1)		—
Investments in related parties
AFS securities
Corporate	1,435		7		33		1		—		1,476		—		32
CLO	1,070		—		—		—		—		1,070		—		—
ABS	10,385		2		31		407		(15)		10,810		—		26

Trading securities	437		—		—		(38)		—		399		1		—
Equity securities	244		22		—		—		—		266		22		—
Mortgage loans	1,296		10		—		(31)		—		1,275		8		—
Investment funds	1,180		114		—		3		—		1,297		115		—
Funds withheld at interest – embedded derivative	(540)		62		—		—		—		(478)		—		—

Other investments	340		(1)		—		—		—		339		(1)		—
Reinsurance recoverable	1,729		5		—		46		—		1,780		—		—
Assets of consolidated VIEs
Trading securities	2,170		150		—		29		(11)		2,338		148		—

Mortgage loans	2,519		110		—		(85)		—		2,544		111		—
Investment funds	289		(18)		—		(1)		—		270		(18)		—
Other investments	91		(4)		—		279		—		366		5		—
Total Level 3 assets	$	110,203	$	1,381	$	422	$	9,847	$	(718)	$	121,135	$	1,259	$	439

Liabilities
Interest sensitive contract liabilities
Embedded derivative	$	(10,747)	$	(887)	$	—	$	(642)	$	—	$	(12,276)	$	—	$	—
Universal life benefits	(769)		14		—		—		—		(755)		—		—
Future policy benefits
AmerUs Closed Block	(1,107)		10		—		—		—		(1,097)		—		—
ILICO Closed Block and life benefits	(556)		—		—		—		—		(556)		—		—

Other liabilities	(230)		(65)		—		—		—		(295)		—		—
Total Level 3 liabilities	$	(13,409)	$	(928)	$	—	$	(642)	$	—	$	(14,979)	$	—	$	—

1 Related to instruments held at end of period.

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Three months ended June 30, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets
AFS securities

Foreign governments	$	40	$	—	$	—	$	(6)	$	—	$	34	$	—	$	—
Corporate	3,378		(1)		5		5,463		(731)		8,114		(1)		21

ABS	7,165		(17)		(12)		1,349		(65)		8,420		—		(15)
CMBS	21		(1)		—		—		—		20		—		(1)
RMBS	265		2		1		(5)		(2)		261		—		(1)
Trading securities	40		—		—		(3)		—		37		—		—
Equity securities	27		—		—		—		9		36		—		—
Mortgage loans	48,207		70		—		4,368		—		52,645		69		—

Funds withheld at interest – embedded derivative	(3,362)		79		—		—		—		(3,283)		—		—
Derivative assets	1		—		—		—		—		1		—		—
Short-term investments	101		—		—		(20)		(1)		80		—		—
Other investments	751		(3)		—		156		—		904		(3)		—
Investments in related parties
AFS securities
Corporate	1,175		—		22		(3)		—		1,194		—		22
CLO	520		—		1		—		—		521		—		1
ABS	10,043		17		(39)		559		—		10,580		(1)		(40)

Trading securities	781		(1)		—		(61)		—		719		(1)		—
Equity securities	249		(2)		—		—		—		247		(2)		—
Mortgage loans	1,263		19		—		38		—		1,320		19		—
Investment funds	1,067		(1)		—		—		—		1,066		(1)		—
Funds withheld at interest – embedded derivative	(723)		6		—		—		—		(717)		—		—

Other investments	336		(1)		—		—		—		335		(1)		—
Reinsurance recoverable	1,468		(40)		—		90		—		1,518		—		—
Assets of consolidated VIEs
Trading securities	1,770		(18)		—		124		—		1,876		(18)		—

Mortgage loans	2,147		(7)		—		(20)		—		2,120		(7)		—
Investment funds	951		(38)		—		—		—		913		(38)		—
Other investments	115		(2)		—		—		—		113		(2)		—
Total Level 3 assets	$	77,796	$	61	$	(22)	$	12,029	$	(790)	$	89,074	$	13	$	(13)

Liabilities
Interest sensitive contract liabilities
Embedded derivative	$	(10,908)	$	182	$	—	$	(508)	$	—	$	(11,234)	$	—	$	—
Universal life benefits	(788)		19		—		—		—		(769)		—		—
Future policy benefits
AmerUs Closed Block	(1,151)		31		—		—		—		(1,120)		—		—
ILICO Closed Block and life benefits	(553)		24		—		—		—		(529)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(229)		(27)		—		3		—		(253)		—		—
Total Level 3 liabilities	$	(13,630)	$	229	$	—	$	(505)	$	—	$	(13,906)	$	—	$	—

1 Related to instruments held at end of period.

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Six months ended June 30, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets
AFS securities

Foreign governments	$	29	$	(1)	$	—	$	(5)	$	—	$	23	$	—	$	—
Corporate	4,321		70		78		3,101		(178)		7,392		63		72

ABS	16,529		5		473		2,082		(4,945)		14,144		4		494
CMBS	—		(23)		(4)		28		(1)		—		—		—
RMBS	256		9		1		281		(49)		498		—		1
Trading securities	22		—		—		10		(14)		18		(6)		—
Equity securities	27		(1)		—		(18)		—		8		(1)		—
Mortgage loans	63,239		1,772		—		12,278		—		77,289		1,750		—

Funds withheld at interest – embedded derivative	(3,035)		292		—		—		—		(2,743)		—		—
Derivative assets	1		—		—		—		—		1		—		—
Short-term investments	169		—		—		(156)		(1)		12		—		—
Other investments	895		2		—		(156)		—		741		(1)		—
Investments in related parties
AFS securities
Corporate	1,432		7		30		7		—		1,476		—		29
CLO	696		—		(2)		376		—		1,070		—		(2)
ABS	9,741		3		50		1,031		(15)		10,810		—		41

Trading securities	573		—		—		(174)		—		399		1		—
Equity securities	234		32		—		—		—		266		32		—
Mortgage loans	1,297		24		—		(46)		—		1,275		25		—
Investment funds	1,139		155		—		3		—		1,297		155		—
Funds withheld at interest – embedded derivative	(615)		137		—		—		—		(478)		—		—

Other investments	331		8		—		—		—		339		8		—
Reinsurance recoverable	1,661		35		—		84		—		1,780		—		—
Assets of consolidated VIEs
Trading securities	1,954		217		—		190		(23)		2,338		214		—

Mortgage loans	2,579		137		—		(172)		—		2,544		141		—
Investment funds	770		(3)		—		(497)		—		270		(15)		—
Other investments	103		—		—		263		—		366		7		—
Total Level 3 assets	$	104,348	$	2,877	$	626	$	18,510	$	(5,226)	$	121,135	$	2,377	$	635

Liabilities
Interest sensitive contract liabilities
Embedded derivative	$	(11,242)	$	116	$	—	$	(1,150)	$	—	$	(12,276)	$	—	$	—
Universal life benefits	(742)		(13)		—		—		—		(755)		—		—
Future policy benefits
AmerUs Closed Block	(1,102)		5		—		—		—		(1,097)		—		—
ILICO Closed Block and life benefits	(538)		(18)		—		—		—		(556)		—		—
Derivative liabilities	(1)		1		—		—		—		—		—		—
Other liabilities	(225)		(71)		—		1		—		(295)		—		—
Total Level 3 liabilities	$	(13,850)	$	20	$	—	$	(1,149)	$	—	$	(14,979)	$	—	$	—

1 Related to instruments held at end of period.

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Six months ended June 30, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets
AFS securities

Foreign governments	$	40	$	—	$	—	$	(6)	$	—	$	34	$	—	$	—
Corporate	2,525		(3)		7		6,307		(722)		8,114		(2)		19

ABS	6,943		(15)		1		1,474		17		8,420		—		—
CMBS	21		(1)		—		—		—		20		—		—
RMBS	265		3		1		(6)		(2)		261		—		(1)
Trading securities	28		—		—		(5)		14		37		(1)		—
Equity securities	26		—		—		1		9		36		—		—
Mortgage loans	44,115		(271)		—		8,801		—		52,645		(271)		—

Funds withheld at interest – embedded derivative	(3,379)		96		—		—		—		(3,283)		—		—
Derivative assets	—		—		—		—		1		1		—		—
Short-term investments	105		—		—		(24)		(1)		80		—		—
Other investments	630		(6)		—		280		—		904		(6)		—
Investments in related parties
AFS securities
Corporate	1,171		1		21		1		—		1,194		—		21
CLO	506		—		15		—		—		521		—		15
ABS	7,826		18		(53)		2,789		—		10,580		(6)		(55)

Trading securities	838		(1)		—		(118)		—		719		(1)		—
Equity securities	255		(8)		—		—		—		247		(7)		—
Mortgage loans	1,281		2		—		37		—		1,320		2		—
Investment funds	1,082		(16)		—		—		—		1,066		(16)		—
Funds withheld at interest – embedded derivative	(721)		4		—		—		—		(717)		—		—

Other investments	343		(8)		—		—		—		335		(8)		—
Reinsurance recoverable	1,367		(48)		—		199		—		1,518		—		—
Assets of consolidated VIEs
Trading securities	1,852		(51)		—		69		6		1,876		(52)		—

Mortgage loans	2,173		(49)		—		(4)		—		2,120		(49)		—
Investment funds	977		(65)		—		1		—		913		(64)		—
Other investments	101		(4)		—		16		—		113		(3)		—
Total Level 3 assets	$	70,370	$	(422)	$	(8)	$	19,812	$	(678)	$	89,074	$	(484)	$	(1)

Liabilities
Interest sensitive contract liabilities
Embedded derivative	$	(9,059)	$	(995)	$	—	$	(1,180)	$	—	$	(11,234)	$	—	$	—
Universal life benefits	(834)		65		—		—		—		(769)		—		—
Future policy benefits
AmerUs Closed Block	(1,178)		58		—		—		—		(1,120)		—		—
ILICO Closed Block and life benefits	(522)		(7)		—		—		—		(529)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(330)		(37)		—		50		64		(253)		—		—

Total Level 3 liabilities	$	(11,924)	$	(916)	$	—	$	(1,130)	$	64	$	(13,906)	$	—	$	—

1 Related to instruments held at end of period.

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:


	Three months ended June 30, 2025
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers in		Transfers out		Net transfers in (out)
Assets
AFS securities

Foreign governments	$	—	$	—	$	—	$	(5)	$	(5)	$	—	$	—	$	—
Corporate	1,902		—		—		(222)		1,680		—		—		—

ABS	2,563		—		(11)		(626)		1,926		—		(643)		(643)

RMBS	248		—		—		(14)		234		—		(49)		(49)
Trading securities	11		—		—		—		11		—		—		—
Equity securities	—		—		—		(18)		(18)		—		—		—
Mortgage loans	8,750		—		(40)		(3,109)		5,601		—		—		—



Short-term investments	—		—		—		(36)		(36)		—		—		—
Other investments	—		—		—		(156)		(156)		—		—		—
Investments in related parties
AFS securities
Corporate	4		—		—		(3)		1		—		—		—

ABS	1,069		—		—		(662)		407		—		(15)		(15)

Trading securities	50		—		—		(88)		(38)		—		—		—

Mortgage loans	—		—		—		(31)		(31)		—		—		—
Investment funds	3		—		—		—		3		—		—		—



Reinsurance recoverable	—		49		—		(3)		46		—		—		—
Assets of consolidated VIEs
Trading securities	291		—		(262)		—		29		—		(11)		(11)

Mortgage loans	19		—		(3)		(101)		(85)		—		—		—
Investment funds	—		—		(1)		—		(1)		—		—		—
Other investments	279		—		—		—		279		—		—		—
Total Level 3 assets	$	15,189	$	49	$	(317)	$	(5,074)	$	9,847	$	—	$	(718)	$	(718)

Liabilities

Interest sensitive contract liabilities – embedded derivative	$	—	$	(861)	$	—	$	219	$	(642)	$	—	$	—	$	—






Total Level 3 liabilities	$	—	$	(861)	$	—	$	219	$	(642)	$	—	$	—	$	—

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Three months ended June 30, 2024
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers in		Transfers out		Net transfers in (out)
Assets
AFS securities

Foreign governments	$	—	$	—	$	—	$	(6)	$	(6)	$	—	$	—	$	—
Corporate	5,549		—		(65)		(21)		5,463		89		(820)		(731)

ABS	1,558		—		(7)		(202)		1,349		205		(270)		(65)

RMBS	—		—		—		(5)		(5)		—		(2)		(2)
Trading securities	—		—		—		(3)		(3)		—		—		—
Equity securities	—		—		—		—		—		9		—		9
Mortgage loans	6,022		—		—		(1,654)		4,368		—		—		—



Short-term investments	1		—		—		(21)		(20)		—		(1)		(1)
Other investments	156		—		—		—		156		—		—		—
Investments in related parties
AFS securities
Corporate	—		—		(1)		(2)		(3)		—		—		—

ABS	1,894		—		(304)		(1,031)		559		—		—		—

Trading securities	2		—		—		(63)		(61)		—		—		—

Mortgage loans	87		—		—		(49)		38		—		—		—




Reinsurance recoverable	—		91		—		(1)		90		—		—		—
Assets of consolidated VIEs
Trading securities	163		—		(32)		(7)		124		—		—		—

Mortgage loans	23		—		—		(43)		(20)		—		—		—


Total Level 3 assets	$	15,455	$	91	$	(409)	$	(3,108)	$	12,029	$	303	$	(1,093)	$	(790)

Liabilities

Interest sensitive contract liabilities – embedded derivative	$	—	$	(760)	$	—	$	252	$	(508)	$	—	$	—	$	—





Other liabilities	—		—		—		3		3		—		—		—
Total Level 3 liabilities	$	—	$	(760)	$	—	$	255	$	(505)	$	—	$	—	$	—

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Six months ended June 30, 2025
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers in		Transfers out		Net transfers in (out)
Assets
AFS securities

Foreign governments	$	—	$	—	$	—	$	(5)	$	(5)	$	—	$	—	$	—
Corporate	3,457		—		(6)		(350)		3,101		96		(274)		(178)

ABS	3,029		—		(23)		(924)		2,082		242		(5,187)		(4,945)
CMBS	28		—		—		—		28		13		(14)		(1)
RMBS	297		—		—		(16)		281		—		(49)		(49)
Trading securities	11		—		—		(1)		10		—		(14)		(14)
Equity securities	—		—		—		(18)		(18)		—		—		—
Mortgage loans	17,760		—		(172)		(5,310)		12,278		—		—		—



Short-term investments	12		—		—		(168)		(156)		—		(1)		(1)
Other investments	—		—		—		(156)		(156)		—		—		—
Investments in related parties
AFS securities
Corporate	13		—		—		(6)		7		—		—		—
CLO	376		—		—		—		376		—		—		—
ABS	2,273		—		—		(1,242)		1,031		—		(15)		(15)

Trading securities	72		—		(91)		(155)		(174)		—		—		—

Mortgage loans	—		—		(15)		(31)		(46)		—		—		—
Investment funds	3		—		—		—		3		—		—		—



Reinsurance recoverable	—		90		—		(6)		84		—		—		—
Assets of consolidated VIEs
Trading securities	525		—		(335)		—		190		—		(23)		(23)

Mortgage loans	34		—		(10)		(196)		(172)		—		—		—
Investment funds	—		—		(497)		—		(497)		—		—		—
Other investments	279		—		(16)		—		263		—		—		—
Total Level 3 assets	$	28,169	$	90	$	(1,165)	$	(8,584)	$	18,510	$	351	$	(5,577)	$	(5,226)

Liabilities

Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,613)	$	—	$	463	$	(1,150)	$	—	$	—	$	—





Other liabilities	—		—		—		1		1		—		—		—
Total Level 3 liabilities	$	—	$	(1,613)	$	—	$	464	$	(1,149)	$	—	$	—	$	—

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Six months ended June 30, 2024
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers in		Transfers out		Net transfers in (out)
Assets
AFS securities

Foreign governments	$	—	$	—	$	—	$	(6)	$	(6)	$	—	$	—	$	—
Corporate	6,471		—		(67)		(97)		6,307		98		(820)		(722)

ABS	1,871		—		(7)		(390)		1,474		546		(529)		17

RMBS	—		—		—		(6)		(6)		—		(2)		(2)
Trading securities	—		—		—		(5)		(5)		14		—		14
Equity securities	2		—		(1)		—		1		9		—		9
Mortgage loans	11,708		—		(26)		(2,881)		8,801		—		—		—

Derivative assets	—		—		—		—		—		1		—		1
Short-term investments	3		—		(6)		(21)		(24)		—		(1)		(1)

Other investments	280		—		—		—		280		—		—		—
Investments in related parties
AFS securities
Corporate	6		—		(1)		(4)		1		—		—		—

ABS	4,587		—		(504)		(1,294)		2,789		—		—		—

Trading securities	4		—		—		(122)		(118)		—		—		—

Mortgage loans	87		—		—		(50)		37		—		—		—




Reinsurance recoverable	—		200		—		(1)		199		—		—		—
Assets of consolidated VIEs
Trading securities	163		—		(87)		(7)		69		6		—		6

Mortgage loans	55		—		—		(59)		(4)		—		—		—
Investment funds	1		—		—		—		1		—		—		—
Other investments	19		—		(3)		—		16		—		—		—
Total Level 3 assets	$	25,257	$	200	$	(702)	$	(4,943)	$	19,812	$	674	$	(1,352)	$	(678)

Liabilities

Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,658)	$	—	$	478	$	(1,180)	$	—	$	—	$	—





Other liabilities	—		—		—		50		50		64		—		64

Total Level 3 liabilities	$	—	$	(1,658)	$	—	$	528	$	(1,130)	$	64	$	—	$	64

Significant Unobservable Inputs—Significant unobservable inputs occur when we cannot obtain or corroborate the quantitative detail of the inputs. This applies to fixed maturity securities, equity securities, mortgage loans and certain investment funds, as well as embedded derivatives in liabilities. Additional significant unobservable inputs are described below.

AFS, trading and equity securities – We use discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes, but includes assets for which fair value is provided by affiliated quotes.

Mortgage loans – We use discounted cash flow models from independent commercial pricing services to calculate the fair value of our mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations.

Investment funds – We use various methods of valuing our investment funds from both independent pricing services and affiliated modeling.

Interest sensitive contract liabilities – embedded derivative – Significant unobservable inputs we use in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include:

1.Nonperformance risk – For contracts we issue, we use the credit spread, relative to the US Department of the Treasury (US Treasury) curve based on our public credit rating as of the valuation date. This represents our credit risk used in the fair value estimate of embedded derivatives.

2.Option budget – We assume future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth.

3.Policyholder behavior – We regularly review the full withdrawal (surrender rate) assumptions. These are based on our initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following summarizes our significant unobservable inputs:


	June 30, 2025
(In millions, except percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
AFS, trading and equity securities	$	29,142	Discounted cash flow	Discount rate	2.5	%	22.4	%	6.7	%	1	Decrease
Mortgage loans	81,108		Discounted cash flow	Discount rate	0.1	%	49.6	%	6.4	%	1	Decrease
Investment funds	1,294		Discounted cash flow	Discount rate	13.0%		14.0%		13.1%		1	Decrease

	281		Recoverability	Estimated proceeds	N/A		N/A		N/A			N/A


Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives	12,276		Discounted cash flow	Nonperformance risk	0.3	%	1.1	%	0.7	%	2	Decrease
				Option budget	0.5	%	6.0	%	3.0	%	3	Increase
				Surrender rate	5.7	%	13.5	%	8.8	%	3	Decrease

	December 31, 2024
(In millions, except percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
AFS, trading and equity securities	$	28,774	Discounted cash flow	Discount rate	4.7	%	20.0	%	7.1	%	1	Decrease
Mortgage loans	67,115		Discounted cash flow	Discount rate	1.8	%	43.1	%	6.7	%	1	Decrease
Investment funds	1,909		Discounted cash flow	Discount rate	6.6	%	14.0	%	10.8	%	1	Decrease



Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives	11,242		Discounted cash flow	Nonperformance risk	0.4	%	1.1	%	0.7	%	2	Decrease
				Option budget	0.5	%	6.0	%	2.8	%	3	Increase
				Surrender rate	6.0	%	14.2	%	9.0	%	3	Decrease

1 The discount rate weighted average is calculated based on the relative fair values of the investments.
2 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
3 The option budget and surrender rate weighted averages are calculated based on projected account values.

Fair Value of Financial Instruments Not Carried at Fair Value—The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets:


	June 30, 2025
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets
Investment funds	$	102	$	102	$	102	$	—	$	—	$	—
Policy loans	310		310		—		—		310		—
Funds withheld at interest	19,741		19,741		—		—		—		19,741
Short-term investments	171		171		—		—		—		171
Other investments	225		58		—		—		—		58
Investments in related parties
Investment funds	765		765		765		—		—		—
Funds withheld at interest	5,068		5,068		—		—		—		5,068
Short-term investments	18		18		—		—		18		—





Total financial assets not carried at fair value	$	26,400	$	26,233	$	867	$	—	$	328	$	25,038

Financial liabilities
Interest sensitive contract liabilities	$	236,927	$	232,387	$	—	$	—	$	—	$	232,387
Debt	7,864		7,507		—		577		6,930		—
Securities to repurchase	3,537		3,537		—		—		3,537		—
Funds withheld liability	4,503		4,503		—		—		—		4,503
Total financial liabilities not carried at fair value	$	252,831	$	247,934	$	—	$	577	$	10,467	$	236,890

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	December 31, 2024
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets
Investment funds	$	107	$	107	$	107	$	—	$	—	$	—
Policy loans	318		318		—		—		318		—
Funds withheld at interest	21,901		21,901		—		—		—		21,901
Short-term investments	192		192		—		—		—		192
Other investments	93		101		—		—		—		101
Investments in related parties
Investment funds	714		714		714		—		—		—
Funds withheld at interest	5,665		5,665		—		—		—		5,665
Short-term investments	743		743		—		—		743		—


Total financial assets not carried at fair value	$	29,733	$	29,741	$	821	$	—	$	1,061	$	27,859

Financial liabilities
Interest sensitive contract liabilities	$	200,278	$	192,025	$	—	$	—	$	—	$	192,025

Debt	6,309		5,844		—		581		5,263		—
Securities to repurchase	5,716		5,716		—		—		5,716		—
Funds withheld liability	4,331		4,331		—		—		—		4,331
Total financial liabilities not carried at fair value	$	216,634	$	207,916	$	—	$	581	$	10,979	$	196,356

We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated balance sheets; however, in the case of policy loans, funds withheld at interest and liability, short-term investments and securities to repurchase, the carrying amount approximates fair value.

Other investments – Other investments include investments in low-income housing and transferable energy tax credit structures. For those held using the proportional amortization method, the carrying value may include tax credits which have been received but not yet used, which are excluded from the measurement of the fair value estimate of the investment structures. Tax and other future benefits expected to be generated by these structures are valued using a discounted cash flow model. Received but unused tax credits included in the carrying value as of June 30, 2025 are expected to be used during the year ending December 31, 2025.

Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements, guaranteed investment contracts and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect our nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows.

Debt – We obtain the fair value of debt from commercial pricing services. These are classified as Level 1 or Level 2. The pricing services use quoted market prices, if available, or incorporate a variety of market observable information in their valuation techniques including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

6. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired

The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 7 – Long-duration Contracts for more information on our products.


	Six months ended June 30, 2025
	DAC								DSI		VOBA		Total DAC, DSI and VOBA
(In millions)	Traditional deferred annuities		Indexed annuities		Funding agreements		Other investment-type and other		Indexed annuities
Balance at December 31, 2024	$	1,158	$	2,278	$	40	$	11	$	1,476	$	2,210	$	7,173
Additions	366		560		26		5		408		—		1,365
Amortization	(169)		(122)		(11)		(1)		(84)		(172)		(559)
Other	2		—		—		—		—		—		2
Balance at June 30, 2025	$	1,357	$	2,716	$	55	$	15	$	1,800	$	2,038	$	7,981


	Six months ended June 30, 2024
	DAC								DSI		VOBA		Total DAC, DSI and VOBA
(In millions)	Traditional deferred annuities		Indexed annuities		Funding agreements		Other investment-type and other		Indexed annuities
Balance at December 31, 2023	$	890	$	1,517	$	10	$	11	$	970	$	2,581	$	5,979
Additions	279		525		24		—		328		—		1,156
Amortization	(109)		(82)		(5)		(1)		(55)		(182)		(434)
Other	(2)		—		—		—		—		—		(2)
Balance at June 30, 2024	$	1,058	$	1,960	$	29	$	10	$	1,243	$	2,399	$	6,699

Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance.

Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders).

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

7. Long-duration Contracts

Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include:

▪traditional deferred annuities;

▪indexed annuities consisting of fixed indexed, index-linked variable annuities, and assumed indexed universal life without significant mortality risk;

▪funding agreements; and

▪other investment-type contracts comprising of immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies), guaranteed investment contracts, and assumed endowments without significant mortality risks.

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.


	Six months ended June 30, 2025
(In millions, except percentages)	Traditional deferred annuities			Indexed annuities			Funding agreements			Other investment-type			Total
Balance at December 31, 2024	$	86,661		$	97,861		$	54,768		$	8,030		$	247,320
Deposits	15,357			8,868			21,676			502			46,403
Policy charges	(1)			(382)			—			—			(383)
Surrenders and withdrawals	(2,913)			(5,601)			—			(36)			(8,550)
Benefit payments	(703)			(807)			(3,906)			(153)			(5,569)
Interest credited	2,098			1,376			1,456			110			5,040
Foreign exchange	337			7			1,021			437			1,802
Other	—			—			213			(34)			179
Balance at June 30, 2025	$	100,836		$	101,322		$	75,228		$	8,856		$	286,242

Weighted average crediting rate	4.6		%	2.7		%	4.6		%	2.7		%
Net amount at risk	$	420		$	15,997		$	—		$	39
Cash surrender value	94,874			93,191			—			7,191


	Six months ended June 30, 2024
(In millions, except percentages)	Traditional deferred annuities			Indexed annuities			Funding agreements			Other investment-type			Total
Balance at December 31, 2023	$	64,763		$	93,147		$	32,350		$	7,629		$	197,889
Deposits	13,436			8,823			14,511			708			37,478
Policy charges	(1)			(342)			—			—			(343)
Surrenders and withdrawals	(2,511)			(6,350)			—			(44)			(8,905)
Benefit payments	(557)			(845)			(6,032)			(113)			(7,547)
Interest credited	1,466			1,400			703			100			3,669
Foreign exchange	(357)			(4)			(180)			(583)			(1,124)
Other	—			—			(64)			(50)			(114)
Balance at June 30, 2024	$	76,239		$	95,829		$	41,288		$	7,647		$	221,003

Weighted average crediting rate	4.2		%	2.5		%	4.3		%	2.7		%
Net amount at risk	$	427		$	15,185		$	—		$	71
Cash surrender value	71,380			87,449			—			6,404

The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated balance sheets:


	June 30,
(In millions)	2025		2024
Traditional deferred annuities	$	100,836	$	76,239
Indexed annuities	101,322		95,829

Funding agreements	75,228		41,288
Other investment-type	8,856		7,647

Reconciling items1	5,996		7,386
Interest sensitive contract liabilities	$	292,238	$	228,389

1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following represents policyholder account balances by range of guaranteed minimum crediting rates (GMCR), as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums. Our funding agreements and other investment-type products provide us little to no discretionary ability to change the rates of interest payable to the respective policyholder or institution, and as a result, those policyholder account balances are excluded from the following tables.


	June 30, 2025
(In millions)	At guaranteed minimum		1 basis point – 100 basis points above guaranteed minimum		Greater than 100 basis points above guaranteed minimum		Total
Traditional deferred annuities
< 2.0%	$	5,071	$	1,857	$	80,432	$	87,360
2.0% – < 4.0%	5,962		610		2,598		9,170
4.0% – < 6.0%	4,300		2		1		4,303
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	15,336	$	2,469	$	83,031	$	100,836



Indexed annuities
< 2.0%	$	1,544	$	1,182	$	3,280	$	6,006
2.0% – < 4.0%	4,070		37		—		4,107


Total indexed annuities with GMCR	5,614		1,219		3,280		10,113
Other1							91,209
Total indexed annuities							$	101,322




























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.


	June 30, 2024
(In millions)	At guaranteed minimum		1 basis point – 100 basis points above guaranteed minimum		Greater than 100 basis points above guaranteed minimum		Total
Traditional deferred annuities
< 2.0%	$	4,003	$	3,029	$	56,813	$	63,845
2.0% – < 4.0%	7,127		434		1,466		9,027
4.0% – < 6.0%	3,354		9		1		3,364
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	14,487	$	3,472	$	58,280	$	76,239



Indexed annuities
< 2.0%	$	2,069	$	1,492	$	2,962	$	6,523
2.0% – < 4.0%	4,826		53		17		4,896


Total indexed annuities with GMCR	6,895		1,545		2,979		11,419
Other1							84,410
Total indexed annuities							$	95,829




























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.
Note: The amounts presented in this table have been revised to conform with the current year presentation to provide certain product-level detail and account value allocated to an indexed strategy or other amounts without a GMCR.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies), and whole life insurance contracts.

The following is a rollforward by product within future policy benefits:


	Six months ended June 30, 2025
(In millions, except percentages and years)	Payout annuities with life contingencies			Whole life			Total
Present value of expected net premiums
Beginning balance	$	—		$	880		$	880
Effect of changes in discount rate assumptions	—			(30)			(30)
Effect of foreign exchange on the change in discount rate assumptions	—			2			2
Beginning balance at original discount rate	—			852			852

Effect of actual to expected experience	—			(1)			(1)
Adjusted balance	—			851			851

Interest accrual	—			10			10
Net premium collected	—			(92)			(92)
Foreign exchange	—			76			76
Ending balance at original discount rate	—			845			845
Effect of changes in discount rate assumptions	—			23			23

Ending balance, present value of expected net premiums	$	—		$	868		$	868
Present value of expected future policy benefits
Beginning balance	$	42,261		$	2,711		$	44,972
Effect of changes in discount rate assumptions	7,378			206			7,584
Effect of foreign exchange on the change in discount rate assumptions	(5)			(1)			(6)
Beginning balance at original discount rate	49,634			2,916			52,550

Effect of actual to expected experience	(64)			2			(62)
Adjusted balance	49,570			2,918			52,488
Issuances	133			—			133
Interest accrual	879			35			914
Benefit payments	(2,238)			(49)			(2,287)
Foreign exchange	75			270			345

Ending balance at original discount rate	48,419			3,174			51,593
Effect of changes in discount rate assumptions	(6,465)			(553)			(7,018)
Effect of foreign exchange on the change in discount rate assumptions	(28)			(24)			(52)
Ending balance, present value of expected future policy benefits	41,926			2,597			44,523
Less: Present value of expected net premiums	—			868			868
Net future policy benefits	$	41,926		$	1,729		$	43,655

Weighted-average liability duration (in years)	9.4			29.4
Weighted-average interest accretion rate	3.7		%	4.8		%
Weighted-average current discount rate	5.3		%	5.1		%
Expected future gross premiums, undiscounted	$	—		$	1,064
Expected future gross premiums, discounted1	—			919
Expected future benefit payments, undiscounted	70,754			10,085

1 Discounted at the original discount rate.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Six months ended June 30, 2024
(In millions, except percentages and years)	Payout annuities with life contingencies			Whole life			Total
Present value of expected net premiums
Beginning balance	$	—		$	1,182		$	1,182
Effect of changes in discount rate assumptions	—			(45)			(45)
Effect of foreign exchange on the change in discount rate assumptions	—			(2)			(2)
Beginning balance at original discount rate	—			1,135			1,135

Effect of actual to expected experience	—			(6)			(6)
Adjusted balance	—			1,129			1,129

Interest accrual	—			11			11
Net premium collected	—			(98)			(98)
Foreign exchange	—			(135)			(135)
Ending balance at original discount rate	—			907			907
Effect of changes in discount rate assumptions	—			38			38
Effect of foreign exchange on the change in discount rate assumptions	—			(3)			(3)
Ending balance, present value of expected net premiums	$	—		$	942		$	942
Present value of expected future policy benefits
Beginning balance	$	45,001		$	3,371		$	48,372
Effect of changes in discount rate assumptions	6,233			(89)			6,144
Effect of foreign exchange on the change in discount rate assumptions	1			(6)			(5)
Beginning balance at original discount rate	51,235			3,276			54,511

Effect of actual to expected experience	(29)			(9)			(38)
Adjusted balance	51,206			3,267			54,473
Issuances	670			—			670
Interest accrual	901			35			936
Benefit payments	(2,243)			(44)			(2,287)
Foreign exchange	(6)			(404)			(410)

Ending balance at original discount rate	50,528			2,854			53,382
Effect of changes in discount rate assumptions	(7,537)			(45)			(7,582)
Effect of foreign exchange on the change in discount rate assumptions	1			(1)			—
Ending balance, present value of expected future policy benefits	42,992			2,808			45,800
Less: Present value of expected net premiums	—			942			942
Net future policy benefits	$	42,992		$	1,866		$	44,858

Weighted-average liability duration (in years)	9.4			32.2
Weighted-average interest accretion rate	3.7		%	4.8		%
Weighted-average current discount rate	5.6		%	4.4		%
Expected future gross premiums, undiscounted	$	—		$	1,201
Expected future gross premiums, discounted1	—			992
Expected future benefit payments, undiscounted	74,184			10,247


1 Discounted at the original discount rate.

The following is a reconciliation of future policy benefits to the condensed consolidated balance sheets:


	June 30,
(In millions)	2025		2024
Payout annuities with life contingencies	$	41,926	$	42,992
Whole life	1,729		1,866
Reconciling items1	5,745		5,941
Future policy benefits	$	49,400	$	50,799

1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of income:


	Premiums				Interest expense
	Six months ended June 30,				Six months ended June 30,
(In millions)	2025		2024		2025		2024
Payout annuities with life contingencies	$	122	$	655	$	879	$	901
Whole life	101		105		25		23
Reconciling items1	11		14		—		—
Total	$	234	$	774	$	904	$	924

1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.

Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. For whole life products, significant assumptions and inputs include policyholder demographic data, assumptions for mortality, morbidity, and lapse and discount rates.

We base certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, we review all significant cash flow assumptions and update as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of our liabilities.

During the six months ended June 30, 2025, the present value of expected future policy benefits decreased by $449 million, which was driven by $2,287 million of benefit payments, offset by $914 million of interest accruals, a $573 million change in discount rate assumptions related to a decrease in market observable rates, a $345 million change in foreign exchange and $133 million of issuances, primarily pension group annuities.

During the six months ended June 30, 2024, the present value of expected future policy benefits decreased by $2,572 million, which was driven by $2,287 million of benefit payments and a $1,431 million change in discount rate assumptions related to an increase in market observable rates, partially offset by $936 million of interest accrual.

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of income:


	Six months ended June 30,
(In millions)	2025		2024
Reserves	$	61	$	32
Deferred profit liability	2		(29)
Negative VOBA	(3)		(10)
Total remeasurement gains (losses)	$	60	$	(7)

During the six months ended June 30, 2025 and 2024, we recorded reserve increases of $8 million and $35 million, respectively, on the condensed consolidated statements of income as a result of the present value of benefits and expenses exceeding the present value of gross premiums.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Market risk benefits – We issue and reinsure traditional deferred and indexed annuity products that contain guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) riders that meet the criteria to be classified as market risk benefits.

The following is a rollforward of net market risk benefit liabilities by product:


	Six months ended June 30, 2025
(In millions, except years)	Traditional deferred annuities		Indexed annuities		Total
Balance at December 31, 2024	$	190	$	3,525	$	3,715
Effect of changes in instrument-specific credit risk	(3)		(154)		(157)
Balance, beginning of period, before changes in instrument-specific credit risk	187		3,371		3,558
Issuances	—		201		201
Interest accrual	4		89		93
Attributed fees collected	1		189		190
Benefit payments	(3)		(30)		(33)
Effect of changes in interest rates	3		(29)		(26)

Effect of actual policyholder behavior compared to expected behavior	—		53		53


Balance, end of period, before changes in instrument-specific credit risk	192		3,844		4,036
Effect of changes in instrument-specific credit risk	3		173		176
Balance at June 30, 2025	195		4,017		4,212
Less: Reinsurance recoverable	—		50		50
Balance at June 30, 2025, net of reinsurance	$	195	$	3,967	$	4,162

Net amount at risk	$	420	$	15,997
Weighted-average attained age of contract holders (in years)	76		69


	Six months ended June 30, 2024
(In millions, except years)	Traditional deferred annuities		Indexed annuities		Total
Balance at December 31, 2023	$	192	$	3,181

Form: 10-Q

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