Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

November 10, 2025

Documents

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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 September 30, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37963
Athene-Logo_rgb.jpg
ATHENE HOLDING LTD.
(Exact name of registrant as specified in its charter)
Delaware98-0630022
(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 classTrading SymbolName 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 AATHPrANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a
5.625% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series BATHPrBNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a
4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series DATHPrDNew 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 EATHPrENew York Stock Exchange
7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064ATHSNew 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 November 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


PART II—OTHER INFORMATION




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 AcronymDefinition
AAAApollo Aligned Alternatives Aggregator, LP
AAIAAthene Annuity and Life Company
AAMApollo Asset Management, Inc.
AAReAthene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ACRAACRA 1 and ACRA 2
ACRA 1Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries
ACRA 2Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., together with its subsidiaries
ADIPADIP I and ADIP II
ADIP IApollo/Athene Dedicated Investment Program
ADIP IIApollo/Athene Dedicated Investment Program II
AGMApollo Global Management, Inc.
AHLAthene Holding Ltd.
ALReAthene Life Re Ltd., a Bermuda reinsurance subsidiary
ALReIAthene Life Re International Ltd., a Bermuda reinsurance subsidiary
ApolloApollo 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
AthoraAthora Holding Ltd.
BMABermuda Monetary Authority
ISGApollo Insurance Solutions Group LP
LIMRALife Insurance and Market Research Association
MidCap FinancialMidCap FinCo Designated Activity Company
NAICNational Association of Insurance Commissioners
US TreasuryUnited States Department of the Treasury
VenerableVenerable Holdings, Inc., together with its subsidiaries
VIACVenerable Insurance and Annuity Company
WheelsWheels, Inc.

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Certain Terms & Acronyms
Term or AcronymDefinition
ABSAsset-backed securities
ALMAsset liability management
Alternative investmentsAlternative 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 earningsEarnings generated from our results of operations and the underlying profitability drivers of our business
Bermuda capitalThe 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 RBCThe 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 reinsuranceA transaction in which the ceding company cedes all or a portion of a block of previously issued annuity contracts through a reinsurance agreement
BSCRBermuda Solvency Capital Requirement
CALCompany action level risk-based capital as defined by the model created by the NAIC
CLOCollateralized loan obligation
CMBSCommercial mortgage-backed securities
CMLCommercial mortgage loan
Consolidated RBCThe consolidated risk-based capital ratio of our non-US reinsurance and US insurance subsidiaries calculated by aggregating US RBC and Bermuda RBC.
Cost of fundsCost 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.
DACDeferred acquisition costs
Deferred annuitiesFixed indexed annuities, annual reset annuities, multi-year guaranteed annuities and registered index-linked annuities
DSIDeferred sales inducement
Excess equity capitalCapital in excess of the level management believes is needed to support our current operating strategy
FIAFixed 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 annuitiesFIAs together with fixed rate annuities
Fixed rate annuityAn 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 reinsuranceA transaction in which the ceding company cedes a portion of newly issued policies to the reinsurer
Funds withheldFunds withheld modified coinsurance
GLWBGuaranteed lifetime withdrawal benefit
GMDBGuaranteed minimum death benefit
Gross invested assetsRepresent 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.
IMOIndependent marketing organization
Liability outflowsThe 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 benefitsGuaranteed lifetime withdrawal benefits and guaranteed minimum death benefits
ModcoModified coinsurance
MVAMarket value adjustment
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Term or AcronymDefinition
Net invested assetsRepresent 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 rateComputed 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 spreadNet 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 liabilitiesRepresent 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 annuitiesAnnuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements
Policy loanA loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy
RBCRisk-based capital
RILARegistered 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
RMBSResidential mortgage-backed securities
RMLResidential mortgage loan
SalesAll 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 SREPre-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 assetsAssets in excess of policyholder obligations, determined in accordance with the applicable domiciliary jurisdiction’s statutory accounting principles
TACTotal adjusted capital as defined by the model created by the NAIC
UnlockingAssumption unlocking is the annual process of revising current assumptions that impact the projection of benefits to align with recent experience. This may result in an immediate impact that may be favorable, resulting in a reduction in reserves or an increase in VOBA, or unfavorable, resulting in an increase in reserves or a decrease in VOBA.
US GAAPAccounting principles generally accepted in the United States of America
US RBCThe CAL RBC ratio for AAIA, our parent US insurance company
VIEVariable interest entity
VOBAValue of business acquired


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Item 1. Financial Statements


Index to Condensed Consolidated Financial Statements (unaudited)


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ATHENE HOLDING LTD.
Condensed Consolidated Balance Sheets (Unaudited)

(In millions)September 30, 2025December 31, 2024
Assets
Investments
Available-for-sale securities, at fair value (amortized cost: 2025 – $203,087 and 2024 – $180,716; allowance for credit losses: 2025 – $782 and 2024 – $708)
$194,021 $165,364 
Trading securities, at fair value5,352 1,583 
Equity securities, at fair value1,042 1,290 
Mortgage loans, at fair value81,891 63,239 
Investment funds 111 107 
Policy loans304 318 
Funds withheld at interest (portion at fair value: 2025 – $(2,473) and 2024 – $(3,035))
16,388 18,866 
Derivative assets8,884 8,154 
Short-term investments (portion at fair value: 2025 – $22 and 2024 – $255)
187 447 
Other investments (portion at fair value: 2025 – $1,823 and 2024 – $1,606)
4,178 2,915 
Total investments312,358 262,283 
Cash and cash equivalents14,183 12,733 
Restricted cash2,767 943 
Investments in related parties
Available-for-sale securities, at fair value (amortized cost: 2025 – $25,024 and 2024 – $19,531; allowance for credit losses: 2025 – $1 and 2024 – $1)
25,054 19,127 
Trading securities, at fair value411 573 
Equity securities, at fair value265 234 
Mortgage loans, at fair value1,375 1,297 
Investment funds (portion at fair value: 2025 – $1,306 and 2024 – $1,139)
2,135 1,853 
Funds withheld at interest (portion at fair value: 2025 – $(405) and 2024 – $(615))
4,428 5,050 
Short-term investments18 743 
Other investments, at fair value345 331 
Accrued investment income (related party: 2025 – $215 and 2024 – $193)
3,735 2,816 
Reinsurance recoverable (related party: 2025 – $5,907 and 2024 – $4,309; portion at fair value: 2025 – $1,901 and 2024 – $1,661)
9,948 8,194 
Deferred acquisition costs, deferred sales inducements and value of business acquired8,370 7,173 
Goodwill4,072 4,063 
Other assets (related party: 2025 – $281 and 2024 – $203)
12,078 11,253 
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value (related party: 2025 – $935 and 2024 – $711)
2,897 2,301 
Mortgage loans, at fair value (related party: 2025 – $1 and 2024 – $384)
2,080 2,579 
Investment funds, at fair value (related party: 2025 – $20,295 and 2024 – $16,986)
20,581 17,765 
Other investments (related party: 2025 – $87 and 2024 – $86; portion at fair value: 2025 – $664 and 2024 – $107)
1,506 884 
Cash and cash equivalents (restricted cash: 2025 – $17 and 2024 – $10)
1,016 583 
Other assets293 565 
Total assets$429,915 $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)September 30, 2025December 31, 2024
Liabilities and Equity
Liabilities
Interest sensitive contract liabilities (related party: 2025 – $5,695 and 2024 – $6,678; portion at fair value: 2025 – $15,076 and 2024 – $11,984)
$309,737 $253,637 
Future policy benefits (related party: 2025 – $32 and 2024 – $25; portion at fair value: 2025 – $1,650 and 2024 – $1,640)
49,006 49,902 
Market risk benefits (related party: 2025 – $287 and 2024 – $239)
4,835 4,028 
Debt7,856 6,309 
Derivative liabilities4,853 3,556 
Payables for collateral on derivatives and securities to repurchase9,066 11,652 
Other liabilities (related party: 2025 – $6,202 and 2024 – $4,707)
9,821 6,745 
Liabilities of consolidated variable interest entities (related party: 2025 – $190 and 2024 – $374)
1,700 1,640 
Total liabilities396,874 337,469 
Commitments and Contingencies (Note 12)
Equity
Preferred stock— — 
Common stock— — 
Additional paid-in capital19,187 19,588 
Retained earnings3,710 2,237 
Accumulated other comprehensive loss (related party: 2025 – $(100) and 2024 – $(245))
(2,486)(5,465)
Total Athene Holding Ltd. stockholders’ equity20,411 16,360 
Noncontrolling interests 12,630 9,514 
Total equity33,041 25,874 
Total liabilities and equity$429,915 $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 September 30,Nine months ended September 30,
(In millions)2025202420252024
Revenues
Premiums $117 $389 $351 $1,163 
Product charges292 267 831 756 
Net investment income (related party investment income of $497 and $482 for the three months ended and $1,502 and $1,295 for the nine months ended September 30, 2025 and 2024, respectively; and related party investment expense of $364 and $327 for the three months ended and $1,118 and $920 for the nine months ended September 30, 2025 and 2024, respectively)
4,672 3,777 13,092 10,578 
Investment related gains (losses) (related party of $(36) and $144 for the three months ended and $8 and $78 for the nine months ended September 30, 2025 and 2024, respectively)
2,254 1,539 1,421 3,082 
Other revenues6 4 16 9 
Revenues of consolidated variable interest entities
Net investment income (related party of $15 and $(5) for the three months ended and $49 and $13 for the nine months ended September 30, 2025 and 2024, respectively)
92 77 249 210 
Investment related gains (losses) (related party of $498 and $421 for the three months ended and $1,492 and $1,118 for the nine months ended September 30, 2025 and 2024, respectively)
565 469 1,583 1,109 
Total revenues7,998 6,522 17,543 16,907 
Benefits and expenses
Interest sensitive contract benefits (related party of $(74) and $(52) for the three months ended and $(168) and $(44) for the nine months ended September 30, 2025 and 2024, respectively)
4,164 2,599 9,086 7,307 
Future policy and other policy benefits (related party of $5 and $5 for the three months ended and $15 and $19 for the nine months ended September 30, 2025 and 2024, respectively; and remeasurement (gains) losses of $52 and $(111) for the three months ended and $(8) and $(104) for the nine months ended September 30, 2025 and 2024, respectively)
613 793 1,681 2,431 
Market risk benefits remeasurement (gains) losses (related party of $11 and $12 for the three months ended and $23 and $(3) for the nine months ended September 30, 2025 and 2024, respectively)
131 524 405 354 
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired355 244 914 678 
Policy and other operating expenses (related party of $67 and $15 for the three months ended and $211 and $16 for the nine months ended September 30, 2025 and 2024, respectively)
591 687 1,727 1,653 
Total benefits and expenses5,854 4,847 13,813 12,423 
Income before income taxes2,144 1,675 3,730 4,484 
Income tax expense266 191 407 659 
Net income1,878 1,484 3,323 3,825 
Less: Net income attributable to noncontrolling interests619 859 1,135 1,379 
Net income attributable to Athene Holding Ltd. stockholders1,259 625 2,188 2,446 
Less: Preferred stock dividends36 45 126 136 
Add: Preferred stock redemption— — 84 — 
Net income available to Athene Holding Ltd. common stockholder$1,223 $580 $2,146 $2,310 

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 September 30,Nine months ended September 30,
(In millions)2025202420252024
Net income$1,878 $1,484 $3,323 $3,825 
Other comprehensive income, before tax
Unrealized investment gains (losses) on available-for-sale securities2,059 5,476 4,947 3,760 
Unrealized gains (losses) on hedging instruments67 221 288 229 
Remeasurement gains (losses) on future policy benefits related to discount rate(235)(2,263)(808)(832)
Remeasurement gains (losses) on market risk benefits related to credit risk(113)(93)(132)(87)
Foreign currency translation and other adjustments(36)36 78 15 
Other comprehensive income, before tax1,742 3,377 4,373 3,085 
Income tax expense related to other comprehensive income356 680 889 632 
Other comprehensive income1,386 2,697 3,484 2,453 
Comprehensive income3,264 4,181 6,807 6,278 
Less: Comprehensive income attributable to noncontrolling interests803 1,214 1,640 1,730 
Comprehensive income attributable to Athene Holding Ltd. stockholders$2,461 $2,967 $5,167 $4,548 
    

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 stockCommon stockAdditional paid-in capitalRetained earnings (accumulated deficit)Accumulated other comprehensive income (loss)Total Athene Holding Ltd. stockholders’ equityNoncontrolling interestsTotal equity
Balance at June 30, 2025$— $— $19,161 $2,675 $(3,688)$18,148 $11,056 $29,204 
Net income— — — 1,259 — 1,259 619 1,878 
Other comprehensive income— — — — 1,202 1,202 184 1,386 
Stock-based compensation allocation from parent— — 11 — — 11 — 11 
Preferred stock dividends— — — (36)— (36)— (36)
Common stock dividends— — — (188)— (188)— (188)
Contribution from parent— — 15 — — 15 — 15 
Contributions from noncontrolling interests— — — — — — 158 158 
Distributions to noncontrolling interests— — — — — — (64)(64)
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other— — — — — — 677 677 
Balance at September 30, 2025$— $— $19,187 $3,710 $(2,486)$20,411 $12,630 $33,041 
Three months ended
Balance at June 30, 2024$— $— $19,543 $1,264 $(5,809)$14,998 $9,334 $24,332 
Net income— — — 625 — 625 859 1,484 
Other comprehensive income— — — — 2,342 2,342 355 2,697 
Stock-based compensation allocation from parent— — 11 — — 11 — 11 
Preferred stock dividends— — — (45)— (45)— (45)
Common stock dividends— — — (499)— (499)— (499)
Contribution from parent— — 13 — — 13 — 13 
Contributions from noncontrolling interests— — — — — — 126 126 
Distributions to noncontrolling interests— — — — — — (95)(95)
Distributions to noncontrolling interests of consolidated variable interest entities, net of contributions and other— — — — — — (919)(919)
Subsidiary issuance of equity interests and other— — — — — 6 6 
Balance at September 30, 2024$— $— $19,567 $1,345 $(3,467)$17,445 $9,666 $27,111 

See accompanying notes to the unaudited condensed consolidated financial statements


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ATHENE HOLDING LTD.
Condensed Consolidated Statements of Equity (Unaudited)

Nine months ended
(In millions)Preferred stockCommon stockAdditional paid-in capitalRetained earnings (accumulated deficit)Accumulated other comprehensive income (loss)Total Athene Holding Ltd. stockholders’ equityNoncontrolling interestsTotal equity
Balance at December 31, 2024$— $— $19,588 $2,237 $(5,465)$16,360 $9,514 $25,874 
Net income— — — 2,188 — 2,188 1,135 3,323 
Other comprehensive income— — — — 2,979 2,979 505 3,484 
Stock-based compensation allocation from parent— — 27 — — 27 — 27 
Redemption of preferred stock— — (684)84 — (600)— (600)
Preferred stock dividends— — — (126)— (126)— (126)
Common stock dividends— — — (563)— (563)— (563)
Contributions from (distribution to) parent— — 256 (110)— 146 — 146 
Contributions from noncontrolling interests— — — — — — 284 284 
Distributions to noncontrolling interests— — — — — — (254)(254)
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other— — — — — — 1,446 1,446 
Balance at September 30, 2025$— $— $19,187 $3,710 $(2,486)$20,411 $12,630 $33,041 
Nine months ended
Balance at December 31, 2023$— $— $19,499 $(92)$(5,569)$13,838 $7,397 $21,235 
Net income— — — 2,446 — 2,446 1,379 3,825 
Other comprehensive income— — — — 2,102 2,102 351 2,453 
Stock-based compensation allocation from parent— — 32 — — 32 — 32 
Preferred stock dividends— — — (136)— (136)— (136)
Common stock dividends— — — (873)— (873)— (873)
Contributions from parent— — 36 — — 36 — 36 
Contributions from noncontrolling interests— — — — — — 831 831 
Distributions to noncontrolling interests— — — — — — (603)(603)
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other— — — — — — 305 305 
Subsidiary issuance of equity interests and other— — — — — — 6 6 
Balance at September 30, 2024$— $— $19,567 $1,345 $(3,467)$17,445 $9,666 $27,111 

See accompanying notes to the unaudited condensed consolidated financial statements
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ATHENE HOLDING LTD.
Condensed Consolidated Statements of Cash Flows (Unaudited)

Nine months ended September 30,
(In millions)20252024
Cash flows from operating activities
Net income$3,323 $3,825 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired914 678 
Net accretion of net investment premiums, discounts and other(135)(47)
Net investment income (related party: 2025 – $(231) and 2024 – $(22))
(183)(100)
Net recognized gains on investments and derivatives (related party: 2025 – $(2,066) and 2024 – $(1,194))
(2,669)(3,558)
Policy acquisition costs deferred(1,493)(1,191)
Changes in operating assets and liabilities:
Accrued investment income(919)(762)
Interest sensitive contract liabilities (related party: 2025 – $54 and 2024 – $68)
5,867 4,948 
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2025 – $(199) and 2024 – $(125))
(1,520)(1,135)
Funds withheld assets (related party: 2025 – $(215) and 2024 – $(290))
(1,346)(1,933)
Other assets and liabilities279 765 
Net cash provided by operating activities2,118 1,490 
Cash flows from investing activities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2025 – $4,251 and 2024 – $4,778)
43,678 33,603 
Trading securities (related party: 2025 – $330 and 2024 – $266)
1,784 482 
Equity securities (related party: 2025 – $0 and 2024 – $62)
459 394 
Mortgage loans (related party: 2025 – $484 and 2024 – $63)
9,882 5,691 
Investment funds (related party: 2025 – $344 and 2024 – $93)
845 109 
Derivative instruments and other investments2,658 2,533 
Short-term investments (related party: 2025 – $967 and 2024 – $1,281)
1,378 2,240 
Purchases of:
Available-for-sale securities (related party: 2025 – $(9,160) and 2024 – $(8,156))
(71,351)(63,102)
Trading securities (related party: 2025 – $(405) and 2024 – $(80))
(5,389)(417)
Equity securities(376)(625)
Mortgage loans(25,977)(19,319)
Investment funds (related party: 2025 – $(2,127) and 2024 – $(1,452))
(2,137)(1,745)
Derivative instruments and other investments (4,973)(2,845)
Short-term investments (related party: 2025 – $(241) and 2024 – $(1,144))
(394)(2,360)
Other investing activities, net(391)(47)
Net cash used in investing activities(50,304)(45,408)
(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)

Nine months ended September 30,
(In millions)20252024
Cash flows from financing activities
Deposits on investment-type policies and contracts $69,269 $57,013 
Withdrawals on investment-type policies and contracts (related party: 2025 – $(206) and 2024 – $(314))
(16,821)(16,054)
Proceeds from debt1,591 1,569 
Capital contributions from parent211 — 
Capital contributions from noncontrolling interests284 831 
Capital contributions from noncontrolling interests of consolidated variable interest entities1,641 1,555 
Capital distributions to noncontrolling interests(254)(603)
Net change in cash collateral posted for derivative transactions and securities to repurchase(2,586)416 
Preferred stock dividends(126)(181)
Common stock dividends(563)(374)
Redemption of preferred stock(600)— 
Other financing activities, net(166)(280)
Net cash provided by financing activities51,880 43,892 
Effect of exchange rate changes on cash and cash equivalents13 3 
Net increase (decrease) in cash and cash equivalents3,707 (23)
Cash and cash equivalents at beginning of year1
14,259 14,879 
Cash and cash equivalents at end of period1
$17,966 $14,856 
Supplementary information
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2025 – $(1,423) and 2024 – $(3,201))
$(1,388)$(3,152)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2025 – $752 and 2024 – $1,267)
4,402 6,092 
Investments received from settlements on related party reinsurance agreements— 48 
Investments received from pension group annuity premiums— 521 
Investments distributed as common stock dividends— 499 
Distribution of investments to noncontrolling interests of consolidated variable interest entities— 1,107 
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

Derivatives and Hedging and Revenue from Contracts with Customers – Derivative Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (Accounting Standards Update (ASU) 2025-07)

The amendments in this update refine the scope of derivatives in Topic 815 by excluding certain non-exchange-traded contracts for which settlement is based on operations or activities specific to a party, unless settlement involves a market-based variable or a financial instrument. The updates also clarify that share-based noncash consideration from a customer in a revenue contract should be accounted for under Topic 606 until the entity’s right to receive or retain the consideration becomes unconditional. The updates are effective for annual periods beginning after December 15, 2026; early adoption is permitted. We are 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)
Intangibles – Goodwill and Other – Internal-Use Software – Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)

The amendments in this update simplifies accounting for internal-use software by eliminating references to specific development project stages and clarifies the threshold entities should apply to begin capitalizing costs. The effective date for the standard is for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years; early adoption is permitted. The amendments can be applied prospectively, retrospectively, or utilizing a modified transition approach. We are evaluating the impact of this guidance on our consolidated financial statements.

Business Combinations and Consolidation – Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (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 Accounting Standards Codification (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 evaluating the impact of this guidance on our consolidated financial statements.

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 evaluating the impact of this new guidance on our consolidated financial statements.

Income Taxes—Improvements to Income Tax Disclosures (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. We are evaluating the impact of this guidance and plan to include updated financial statement disclosures in our consolidated financial statements for the year ended December 31, 2025.

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 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.


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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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.

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:
September 30, 2025
(In millions)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
US government and agencies$14,459 $— $141 $(1,100)$13,500 
US state, municipal and political subdivisions
1,043 — — (211)832 
Foreign governments2,244 — 40 (544)1,740 
Corporate101,132 (151)1,530 (9,001)93,510 
CLO29,252 — 781 (81)29,952 
ABS30,437 (160)745 (422)30,600 
CMBS13,607 (67)126 (347)13,319 
RMBS10,913 (404)351 (292)10,568 
Total AFS securities203,087 (782)3,714 (11,998)194,021 
AFS securities – related parties
Corporate2,662 — 60 (31)2,691 
CLO7,227 — 147 (8)7,366 
ABS
14,973 (1)48 (184)14,836 
CMBS162 — — (1)161 
Total AFS securities – related parties25,024 (1)255 (224)25,054 
Total AFS securities, including related parties$228,111 $(783)$3,969 $(12,222)$219,075 


December 31, 2024
(In millions)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized Losses
Fair Value
AFS securities
US government and agencies$8,413 $— $8 $(1,270)$7,151 
US state, municipal and political subdivisions1,167 — — (246)921 
Foreign governments2,082 — — (514)1,568 
Corporate95,006 (175)485 (11,731)83,585 
CLO29,524 — 266 (608)29,182 
ABS24,779 (76)138 (640)24,201 
CMBS11,158 (60)75 (432)10,741 
RMBS8,587 (397)228 (403)8,015 
Total AFS securities180,716 (708)1,200 (15,844)165,364 
AFS securities – related parties
Corporate2,502 — 18 (59)2,461 
CLO6,130 — 18 (113)6,035 
ABS10,899 (1)21 (288)10,631 
Total AFS securities – related parties19,531 (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:    
September 30, 2025
(In millions)Amortized CostFair Value
AFS securities
Due in one year or less$2,262 $2,241 
Due after one year through five years23,049 23,141 
Due after five years through ten years27,734 26,909 
Due after ten years65,833 57,291 
CLO, ABS, CMBS and RMBS84,209 84,439 
Total AFS securities203,087 194,021 
AFS securities – related parties
Due after one year through five years1,141 1,155 
Due after five years through ten years821 830 
Due after ten years700 706 
CLO, ABS and CMBS22,362 22,363 
Total AFS securities – related parties25,024 25,054 
Total AFS securities, including related parties$228,111 $219,075 

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:
September 30, 2025
Less than 12 months12 months or moreTotal
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS securities
US government and agencies
$2,624 $(35)$3,796 $(1,065)$6,420 $(1,100)
US state, municipal and political subdivisions
41 (2)766 (209)807 (211)
Foreign governments100 (7)1,404 (537)1,504 (544)
Corporate9,873 (276)39,948 (8,685)49,821 (8,961)
CLO4,859 (14)1,545 (64)6,404 (78)
ABS5,847 (152)2,624 (210)8,471 (362)
CMBS
2,100 (42)1,523 (221)3,623 (263)
RMBS
340 (5)1,065 (110)1,405 (115)
Total AFS securities
25,784 (533)52,671 (11,101)78,455 (11,634)
AFS securities – related parties
Corporate386 (3)373 (16)759 (19)
CLO1,987 (6)158 (2)2,145 (8)
ABS
2,306 (7)2,669 (160)4,975 (167)
CMBS
59 (1)8 — 67 (1)
Total AFS securities – related parties4,738 (17)3,208 (178)7,946 (195)
Total AFS securities, including related parties$30,522 $(550)$55,879 $(11,279)$86,401 $(11,829)

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
December 31, 2024
Less than 12 months12 months or moreTotal
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS securities
US government and agencies$3,010 $(114)$3,462 $(1,156)$6,472 $(1,270)
US state, municipal and political subdivisions67 (3)842 (243)909 (246)
Foreign governments830 (205)738 (309)1,568 (514)
Corporate19,530 (673)44,051 (10,997)63,581 (11,670)
CLO2,675 (48)2,325 (215)5,000 (263)
ABS9,361 (155)4,070 (309)13,431 (464)
CMBS1,868 (56)1,773 (315)3,641 (371)
RMBS825 (13)1,261 (157)2,086 (170)
Total AFS securities38,166 (1,267)58,522 (13,701)96,688 (14,968)
AFS securities – related parties
Corporate499 (9)446 (47)945 (56)
CLO586 (10)544 (56)1,130 (66)
ABS2,533 (43)3,355 (235)5,888 (278)
Total AFS securities – related parties3,618 (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:
September 30, 2025
Unrealized loss positionUnrealized loss position 12 months or more
AFS securities6,278 5,383 
AFS securities – related parties151 72 

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 September 30, 2025
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS securities
Corporate$174 $— $(22)$(1)$151 
ABS130 — — 30 160 
CMBS62 2 — 3 67 
RMBS394 2 (3)11 404 
Total AFS securities760 4 (25)43 782 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$761 $4 $(25)$43 $783 

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Three months ended September 30, 2024
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS securities
Corporate$168 $— $— $— $168 
CLO— 1 — — 1 
ABS67 13 (14)8 74 
CMBS57 1 — (1)57 
RMBS378 5 (4)(2)377 
Total AFS securities670 20 (18)5 677 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$671 $20 $(18)$5 $678 

Nine months ended September 30, 2025
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS securities
Corporate$175 $— $(22)$(2)$151 
ABS76 40 (3)47 160 
CMBS60 2 — 5 67 
RMBS397 7 (13)13 404 
Total AFS securities708 49 (38)63 782 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$709 $49 $(38)$63 $783 

Nine months ended September 30, 2024
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS securities
Corporate$129 $48 $(8)$(1)$168 
CLO2 1 — (2)1 
ABS49 25 (15)15 74 
CMBS29 27 — 1 57 
RMBS381 10 (14)— 377 
Total AFS securities590 111 (37)13 677 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$591 $111 $(37)$13 $678 

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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 September 30,Nine months ended September 30,
(In millions)2025202420252024
AFS securities$3,029 $2,520 $8,584 $6,997 
Trading securities90 40 198 125 
Equity securities18 19 62 65 
Mortgage loans1,397 1,007 3,782 2,711 
Investment funds37 42 206 36 
Funds withheld at interest232 279 741 1,001 
Other268 218 729 621 
Investment revenue5,071 4,125 14,302 11,556 
Investment expenses(399)(348)(1,210)(978)
Net investment income$4,672 $3,777 $13,092 $10,578 

Investment Related Gains (Losses)—Investment related gains (losses) by asset class consists of the following:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
AFS securities1
Gross realized gains on investment activity$199 $744 $2,432 $936 
Gross realized losses on investment activity(339)(237)(717)(802)
Net realized investment gains (losses) on AFS securities(140)507 1,715 134 
Net recognized investment gains on trading securities44 119 385 21 
Net recognized investment gains on equity securities11 38 62 65 
Net recognized investment gains on mortgage loans204 1,139 2,003 874 
Derivative gains (losses)1,633 1,608 (954)2,486 
Provision for credit losses(19)(14)(83)(114)
Other gains (losses)521 (1,858)(1,707)(384)
Investment related gains (losses)$2,254 $1,539 $1,421 $3,082 
1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

Proceeds from sales of AFS securities were $9,177 million and $8,539 million for the three months ended September 30, 2025 and 2024, respectively, and $23,987 million and $19,305 million for the nine months ended September 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 September 30,Nine months ended September 30,
(In millions)2025202420252024
Trading securities$73 $82 $209 $40 
Equity securities11 38 46 58 

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)September 30, 2025December 31, 2024
Less than 30 days$75 $2,752 
30 – 90 days— 300 
91 days to 1 year— 1,095 
Greater than 1 year2,747 1,569 
Payables for repurchase agreements$2,822 $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:
September 30, 2025December 31, 2024
(In millions)Amortized CostFair ValueAmortized CostFair Value
AFS securities
US government and agencies$— $— $3,253 $2,693 
Foreign governments241 185 159 107 
Corporate1,876 1,690 1,877 1,573 
CLO587 587 587 588 
ABS601 569 596 552 
RMBS— — 369 365 
Total securities pledged under repurchase agreements$3,305 $3,031 $6,841 $5,878 

Reverse Repurchase Agreements—As of September 30, 2025 and December 31, 2024, amounts loaned under reverse repurchase agreements were $183 million and $935 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities, was $1,014 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)September 30, 2025December 31, 2024
Commercial mortgage loans$37,138 $32,544 
Commercial mortgage loans under development2,031 1,987 
Total commercial mortgage loans39,169 34,531 
Mark to fair value(1,730)(2,099)
Commercial mortgage loans37,439 32,432 
Residential mortgage loans47,318 35,223 
Mark to fair value589 (540)
Residential mortgage loans47,907 34,683 
Mortgage loans$85,346 $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:
September 30, 2025December 31, 2024
(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of Total
Property type
Apartment$14,906 39.8 %$11,746 36.2 %
Industrial8,244 22.0 %6,793 21.0 %
Office building4,529 12.1 %4,162 12.8 %
Hotels2,865 7.7 %2,786 8.6 %
Retail1,998 5.3 %2,269 7.0 %
Other commercial4,897 13.1 %4,676 14.4 %
Total commercial mortgage loans$37,439 100.0 %$32,432 100.0 %
US region
East North Central$1,810 4.8 %$1,546 4.8 %
East South Central426 1.1 %438 1.3 %
Middle Atlantic10,074 26.9 %8,386 25.9 %
Mountain1,572 4.2 %1,322 4.1 %
New England1,086 2.9 %1,118 3.4 %
Pacific6,106 16.3 %5,768 17.8 %
South Atlantic6,465 17.3 %6,198 19.1 %
West North Central523 1.4 %221 0.7 %
West South Central2,769 7.4 %1,971 6.1 %
Total US region30,831 82.3 %26,968 83.2 %
International region
United Kingdom2,874 7.7 %2,281 7.0 %
Other international1
3,734 10.0 %3,183 9.8 %
Total international region6,608 17.7 %5,464 16.8 %
Total commercial mortgage loans$37,439 100.0 %$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:
September 30, 2025December 31, 2024
US States
California25.9 %25.6 %
Florida11.8 %12.4 %
Texas7.4 %7.4 %
Other1
46.8 %45.5 %
Total US residential mortgage loan percentage91.9 %90.9 %
International1
8.1 %9.1 %
Total residential mortgage loan percentage100.0 %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:
September 30, 2025December 31, 2024
(In millions, except percentages)Carrying valuePercentage of totalCarrying valuePercentage of total
Investment funds
Equity$111 0.5 %$107 0.5 %
Investment funds – related parties
Origination platforms33 0.2 %29 0.2 %
Retirement services platforms1,526 6.7 %1,317 6.7 %
Equity244 1.1 %244 1.2 %
Credit327 1.4 %253 1.3 %
Other5 0.0 %10 0.1 %
Total investment funds – related parties2,135 9.4 %1,853 9.5 %
Investment funds – consolidated VIEs
Origination platforms7,715 33.8 %6,347 32.2 %
Equity7,609 33.3 %7,702 39.0 %
Credit4,477 19.6 %3,062 15.5 %
Other780 3.4 %654 3.3 %
Total investment funds – consolidated VIEs20,581 90.1 %17,765 90.0 %
Total investment funds, including related parties and consolidated VIEs$22,827 100.0 %$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:
September 30, 2025December 31, 2024
(In millions)Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment funds$111 $490 $107 $987 
Investment in related parties – investment funds2,135 5,796 1,853 3,226 
Assets of consolidated VIEs – investment funds20,581 26,885 17,765 23,597 
Investment in fixed maturity securities84,976 88,227 72,523 74,797 
Investment in related parties – fixed maturity securities22,774 24,831 17,239 21,793 
Investment in related parties – equity securities265 265 234 234 
Total non-consolidated investments$130,842 $146,494 $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)September 30, 2025
Investment-grade ABS debt issued by AP Grange Holdings, LLC$4,975 
Investments in Atlas Securitized Products Holdings LP (Atlas)1
3,759 
Investment-grade ABS debt issued by Apollo Multi-Asset Prime Securities (AMAPS) 1, LLC1
3,250 
Investment-grade ABS debt issued by Fox Hedge L.P.3,187 
Investment-grade debt issued by Blackstone Private Credit Fund2
2,070 
Investment-grade ABS debt issued by SVF II Finco Cayman L.P.2,064 
December 31, 2024
Investment-grade ABS debt issued by AP Grange Holdings, LLC$4,661 
Investments in Atlas1
3,172 
Investment-grade ABS debt issued by Fox Hedge L.P.2,924 
1 Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See Note 11 – Related Parties for additional details on Atlas.
2 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:
September 30, 2025December 31, 2024
Notional AmountFair ValueNotional AmountFair Value
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps23,466 $643 $878 15,669 $938 $211 
Forwards2,626 82 40 3,139 331 5 
Interest rate swaps4,382 78 257 4,506 — 654 
Forwards on net investments236 3 — 218 11 — 
Interest rate swaps28,196 142 32 24,885 55 138 
Total derivatives designated as hedges948 1,207 1,335 1,008 
Derivatives not designated as hedges
Equity options93,793 6,808 155 85,452 5,002 126 
Futures50 155 7 37 93 11 
Foreign currency swaps17,816 248 821 14,908 600 199 
Interest rate swaps and forwards13,235 73 300 3,255 67 124 
Other swaps2,285 8 — 2,644 3 5 
Foreign currency forwards41,581 644 2,363 39,598 1,054 2,083 
Embedded derivatives
Funds withheld, including related parties(2,878)172 (3,650)4 
Interest sensitive contract liabilities— 14,299 — 11,242 
Total derivatives not designated as hedges5,058 18,117 3,169 13,794 
Total derivatives$6,006 $19,324 $4,504 $14,802 

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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 June 2032. During the three months ended September 30, 2025 and 2024, we recognized gains of $14 million and $152 million, respectively, in other comprehensive income (OCI) associated with these hedges. During the nine months ended September 30, 2025 and 2024, we recognized gains of $186 million and $149 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025, no amounts were expected to be reclassified to income within the next 12 months.

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 $17,684 million and $16,307 million as of September 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 $8,771 million and $2,426 million as of September 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:
September 30, 2025December 31, 2024
(In millions)Carrying amount of the hedged liabilities
Cumulative amount of fair value hedging gains (losses)1
Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)
Interest sensitive contract liabilities
Foreign currency interest rate swaps$4,276 $82 $3,946 $488 
Interest rate swaps17,285 (51)17,873 130 
1 Excludes gains (losses) related to foreign currency risk.

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair value
Three months ended September 30, 2025
Investment related gains (losses)
Foreign currency forwards$15 $(25)$(10)$8 $— 
Foreign currency swaps(9)29 20 — — 
Foreign currency interest rate swaps(34)13 (21)— — 
Interest rate swaps24 (17)7 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps23 (23)— — — 
Three months ended September 30, 2024
Investment related gains (losses)
Foreign currency forwards$(180)$184 $4 $4 $8 
Foreign currency swaps(313)282 (31)— — 
Foreign currency interest rate swaps255 (258)(3)— — 
Interest rate swaps382 (386)(4)— — 
Interest sensitive contract benefits
Foreign currency interest rate swaps26 (25)1 — — 
Nine months ended September 30, 2025
Investment related gains (losses)
Foreign currency forwards$(335)$307 $(28)$27 $— 
Foreign currency swaps(1,022)1,087 65 — — 
Foreign currency interest rate swaps447 (451)(4)— — 
Interest rate swaps218 (191)27 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps71 (70)1 — — 
Nine months ended September 30, 2024
Investment related gains (losses)
Foreign currency forwards$(1)$1 $— $35 $14 
Foreign currency swaps(158)144 (14)— — 
Foreign currency interest rate swaps132 (135)(3)— — 
Interest rate swaps267 (310)(43)— — 
Interest sensitive contract benefits
Foreign currency interest rate swaps66 (64)2 — — 

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Foreign currency forwards$12 $13 $41 $(2)
Foreign currency swaps41 56 61 82 

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 September 30, 2025 and 2024, these derivatives had gains of $8 million and losses of $14 million, respectively. During the nine months ended September 30, 2025 and 2024, these derivatives had losses of $14 million and $11 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income. As of September 30, 2025 and December 31, 2024, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $15 million and $29 million, respectively. During the three and nine months ended September 30, 2025 and 2024, there were no amounts deemed ineffective.

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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.

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 September 30,Nine months ended September 30,
(In millions)2025202420252024
Equity options$1,627 $596 $1,562 $2,298 
Futures123 26 107 152 
Interest rate swaps and forwards and other swaps91 (126)(1,334)(156)
Foreign currency forwards(361)209 (972)(657)
Embedded derivatives on funds withheld149 747 348 560 
Amounts recognized in investment related gains (losses)1,629 1,452 (289)2,197 
Embedded derivatives in indexed annuity products1
(1,260)(275)(1,144)(1,270)
Total gains (losses) on derivatives not designated as hedges$369 $1,177 $(1,433)$927 
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.
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

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)/pledgedNet amount
Off-balance sheet securities collateral3
Net amount after securities collateral
September 30, 2025
Derivative assets$8,884 $(2,406)$(6,186)$292 $(75)$217 
Derivative liabilities(4,853)2,406 2,047 (400)269 (131)
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 September 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.

The following summarizes the income statement activity of the consolidated VIEs:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Trading securities$54 $39 $155 $104 
Mortgage loans41 30 122 91 
Investment funds7 22 28 43 
Other(10)(14)(56)(28)
Net investment income$92 $77 $249 $210 
Net recognized investment gains on trading securities
$6 $29 $12 $21 
Net recognized investment gains (losses) on mortgage loans
8 24 15 (4)
Net recognized investment gains on investment funds
521 414 1,509 1,099 
Other gains (losses)
30 2 47 (7)
Investment related gains (losses)$565 $469 $1,583 $1,109 


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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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:
September 30, 2025
(In millions)TotalNAVLevel 1Level 2Level 3
Assets
AFS securities
US government and agencies$13,500 $— $13,500 $— $— 
US state, municipal and political subdivisions
832 — — 832 — 
Foreign governments1,740 — 581 1,136 23 
Corporate93,510 — 10 87,017 6,483 
CLO29,952 — — 29,952 — 
ABS30,600 — — 13,613 16,987 
CMBS13,319 — — 13,319 — 
RMBS10,568 — — 10,079 489 
Total AFS securities194,021 — 14,091 155,948 23,982 
Trading securities5,352 — 24 5,316 12 
Equity securities1,042 — 192 843 7 
Mortgage loans81,891 — — — 81,891 
Funds withheld at interest – embedded derivative(2,473)— — — (2,473)
Derivative assets8,884 — 174 8,708 2 
Short-term investments22 — — 4 18 
Other investments1,823 — — 954 869 
Cash and cash equivalents14,183 — 14,183 — — 
Restricted cash2,767 — 2,767 — — 
Investments in related parties
AFS securities
Corporate2,691 — — 1,099 1,592 
CLO7,366 — — 6,668 698 
ABS14,836 — — 1,000 13,836 
CMBS161 — — 161 — 
Total AFS securities – related parties25,054 — — 8,928 16,126 
Trading securities411 — — — 411 
Equity securities265 — — — 265 
Mortgage loans1,375 — — — 1,375 
Investment funds1,306 — — — 1,306 
Funds withheld at interest – embedded derivative(405)— — — (405)
Other investments345 — — — 345 
Reinsurance recoverable1,901 — — — 1,901 
Other assets223 — — — 223 
Assets of consolidated VIEs
Trading securities2,897 — — 939 1,958 
Mortgage loans2,080 — — — 2,080 
Investment funds20,581 20,318 — — 263 
Other investments664 — — — 664 
Cash and cash equivalents1,016 — 1,016 — — 
Total assets measured at fair value$365,225 $20,318 $32,447 $181,640 $130,820 
Liabilities
Interest sensitive contract liabilities
Embedded derivative$14,299 $— $— $— $14,299 
Universal life benefits777 — — — 777 
Future policy benefits
AmerUs Life Insurance Company (AmerUs) Closed Block1,102 — — — 1,102 
Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits548 — — — 548 
Market risk benefits4,835 — — — 4,835 
Derivative liabilities4,853 — 39 4,814 — 
Other liabilities308 — — — 308 
Total liabilities measured at fair value$26,722 $— $39 $4,814 $21,869 

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
December 31, 2024
(In millions)TotalNAVLevel 1Level 2Level 3
Assets
AFS securities
US government and agencies$7,151 $— $7,149 $2 $— 
US state, municipal and political subdivisions
921 — — 921 — 
Foreign governments1,568 — 658 881 29 
Corporate83,585 — 11 79,253 4,321 
CLO29,182 — — 29,182 — 
ABS24,201 — — 7,672 16,529 
CMBS10,741 — — 10,741 — 
RMBS8,015 — — 7,759 256 
Total AFS securities165,364 — 7,818 136,411 21,135 
Trading securities1,583 — 22 1,539 22 
Equity securities1,290 — 190 1,073 27 
Mortgage loans63,239 — — — 63,239 
Funds withheld at interest – embedded derivative(3,035)— — — (3,035)
Derivative assets8,154 — 121 8,032 1 
Short-term investments255 — — 86 169 
Other investments1,606 — — 711 895 
Cash and cash equivalents12,733 — 12,733 — — 
Restricted cash943 — 943 — — 
Investments in related parties
AFS securities
Corporate2,461 — — 1,029 1,432 
CLO6,035 — — 5,339 696 
ABS10,631 — — 890 9,741 
Total AFS securities – related parties19,127 — — 7,258 11,869 
Trading securities573 — — — 573 
Equity securities234 — — — 234 
Mortgage loans1,297 — — — 1,297 
Investment funds1,139 — — — 1,139 
Funds withheld at interest – embedded derivative(615)— — — (615)
Other investments331 — — — 331 
Reinsurance recoverable1,661 — — — 1,661 
Other assets313 — — — 313 
Assets of consolidated VIEs
Trading securities2,301 — — 347 1,954 
Mortgage loans2,579 — — — 2,579 
Investment funds17,765 16,995 — — 770 
Other investments107 — 4 — 103 
Cash and cash equivalents583 — 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 benefits742 — — — 742 
Future policy benefits
AmerUs Closed Block
1,102 — — — 1,102 
ILICO Closed Block and life benefits
538 — — — 538 
Market risk benefits4,028 — — — 4,028 
Derivative liabilities3,556 — 19 3,536 1 
Other liabilities225 — — — 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. For mortgage loans that we have entered into an agreement to sell at a specified price, the fair value is based on the agreed upon price. 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 in force 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 September 30,Nine months ended September 30,
(In millions)2025202420252024
Trading securities$43 $131 $379 $31 
Mortgage loans197 1,186 2,130 868 
Investment funds36 37 239 18 
Future policy benefits(5)(46)— 12 
Other14 5 (3)9 
Total gains (losses)$285 $1,313 $2,745 $938 

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)September 30, 2025December 31, 2024
Unpaid principal balance$86,487 $69,754 
Mark to fair value(1,141)(2,639)
Fair value$85,346 $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)September 30, 2025December 31, 2024
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status$642 $195 
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status(276)(102)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status$366 $93 
Fair value of commercial mortgage loans 90 days or more past due$282 $31 
Fair value of commercial mortgage loans in non-accrual status366 93 

The following represents our residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:
(In millions)September 30, 2025December 31, 2024
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status$887 $898 
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status(87)(51)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status$800 $847 
Fair value of residential mortgage loans 90 days or more past due1
$800 $847 
Fair value of residential mortgage loans in non-accrual status753 765 
1 As of September 30, 2025 and December 31, 2024 includes $47 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 September 30,Nine months ended September 30,
(In millions)2025202420252024
Mortgage loans$(21)$(19)$(44)$(49)

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 September 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets
AFS securities
Foreign governments$23 $— $— $— $— $23 $— $— 
Corporate7,392 (29)7 368 (1,255)6,483 (5)29 
ABS14,144 (8)52 3,346 (547)16,987 2 37 
RMBS498 4 1 (14)— 489 — 1 
Trading securities18 (5)— (1)— 12 (5)— 
Equity securities8 (1)— — — 7 — — 
Mortgage loans77,289 166 — 4,436 — 81,891 173 — 
Funds withheld at interest – embedded derivative(2,743)270 — — — (2,473)— — 
Derivative assets1 1 — — — 2 — — 
Short-term investments12 — — 6 — 18 — — 
Other investments741 — — 128 — 869 (1)— 
Investments in related parties
AFS securities
Corporate1,476 — 9 107 — 1,592 — 9 
CLO1,070 — 1 (373)— 698 — 1 
ABS10,810 — 51 2,983 (8)13,836 — 48 
Trading securities399 (5)— 16 1 411 — — 
Equity securities266 (1)— — — 265 (1)— 
Mortgage loans1,275 30 — 70 — 1,375 30 — 
Investment funds1,297 9 — — — 1,306 9 — 
Funds withheld at interest – embedded derivative(478)73 — — — (405)— — 
Other investments339 6 — — — 345 6 — 
Reinsurance recoverable1,780 69 — 52 — 1,901 — — 
Assets of consolidated VIEs
Trading securities2,338 (4)— (378)2 1,958 (67)— 
Mortgage loans2,544 1 — (464)(1)2,080 — — 
Investment funds270 (6)— (1)— 263 (8)— 
Other investments366 2 — 301 (5)664 4 — 
Total Level 3 assets$121,135 $572 $121 $10,582 $(1,813)$130,597 $137 $125 
Liabilities
Interest sensitive contract liabilities
Embedded derivative$(12,276)$(1,260)$— $(763)$— $(14,299)$— $— 
Universal life benefits(755)(22)— — — (777)— — 
Future policy benefits
AmerUs Closed Block(1,097)(5)— — — (1,102)— — 
ILICO Closed Block and life benefits(556)8 — — — (548)— — 
Other liabilities(295)(98)— 85 — (308)— — 
Total Level 3 liabilities$(14,979)$(1,377)$— $(678)$— $(17,034)$— $— 
1 Related to instruments held at end of period.

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Three months ended September 30, 2024
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets
AFS securities
Foreign governments$34 $— $1 $— $— $35 $— $— 
Corporate8,114 6 80 775 (4,800)4,175 2 98 
ABS8,420 1 313 2,202 4,679 15,615 — 301 
CMBS20 2 (5)— — 17 — (3)
RMBS261 2 2 78 — 343 — 2 
Trading securities37 1 — (1)— 37 1 — 
Equity securities36 (1)— — (9)26 — — 
Mortgage loans52,645 1,096 — 4,846 — 58,587 1,236 — 
Funds withheld at interest – embedded derivative(3,283)702 — — — (2,581)— — 
Derivative assets1 — — — — 1 — — 
Short-term investments80 — — 166 (78)168 — — 
Other investments904 — — — — 904 (1)— 
Investments in related parties
AFS securities
Corporate1,194 (3)12 (23)201 1,381 — 9 
CLO521 — 2 42 — 565 — 2 
ABS10,580 28 75 (874)— 9,809 7 73 
Trading securities719 — — (100)— 619 (1)— 
Equity securities247 10 — — — 257 10 — 
Mortgage loans1,320 39 — (14)— 1,345 (43)— 
Investment funds1,066 40 — — — 1,106 40 — 
Funds withheld at interest – embedded derivative(717)187 — — — (530)— — 
Other investments335 13 — — — 348 13 — 
Reinsurance recoverable1,518 99 — 93 — 1,710 — — 
Assets of consolidated VIEs
Trading securities1,876 82 — 34 (54)1,938 82 — 
Mortgage loans2,120 51 — 55 — 2,226 51 — 
Investment funds913 (1)— 338 (432)818 (1)— 
Other investments113 4 — 37 — 154 4 — 
Total Level 3 assets$89,074 $2,358 $480 $7,654 $(493)$99,073 $1,400 $482 
Liabilities
Interest sensitive contract liabilities
Embedded derivative$(11,234)$(275)$— $(487)$— $(11,996)$— $— 
Universal life benefits(769)(51)— — — (820)— — 
Future policy benefits
AmerUs Closed Block(1,120)(46)— — — (1,166)— — 
ILICO Closed Block and life benefits(529)(16)— — — (545)— — 
Derivative liabilities(1)— — — — (1)— — 
Other liabilities(253)(86)— 2 — (337)— — 
Total Level 3 liabilities$(13,906)$(474)$— $(485)$— $(14,865)$— $— 
1 Related to instruments held at end of period.

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Nine months ended September 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet 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 $— $— 
Corporate4,321 41 85 3,469 (1,433)6,483 29 109 
ABS16,529 (3)525 5,428 (5,492)16,987 2 519 
CMBS— (23)(4)28 (1)— — — 
RMBS256 13 2 267 (49)489 — 1 
Trading securities22 (5)— 9 (14)12 (9)— 
Equity securities27 (2)— (18)— 7 (1)— 
Mortgage loans63,239 1,938 — 16,714 — 81,891 1,887 — 
Funds withheld at interest – embedded derivative(3,035)562 — — — (2,473)— — 
Derivative assets1 1 — — — 2 — — 
Short-term investments169 — — (150)(1)18 — — 
Other investments895 2 — (28)— 869 (2)— 
Investments in related parties
AFS securities
Corporate1,432 7 39 114 — 1,592 — 38 
CLO696 — (1)3 — 698 — — 
ABS9,741 3 101 4,014 (23)13,836 — 86 
Trading securities573 (5)— (158)1 411 2 — 
Equity securities234 31 — — — 265 31 — 
Mortgage loans1,297 54 — 24 — 1,375 54 — 
Investment funds1,139 164 — 3 — 1,306 164 — 
Funds withheld at interest – embedded derivative(615)210 — — — (405)— — 
Other investments331 14 — — — 345 14 — 
Reinsurance recoverable1,661 104 — 136 — 1,901 — — 
Assets of consolidated VIEs
Trading securities1,954 213 — (188)(21)1,958 148 — 
Mortgage loans2,579 138 — (636)(1)2,080 95 — 
Investment funds770 (9)— (498)— 263 (22)— 
Other investments103 2 — 564 (5)664 11 — 
Total Level 3 assets$104,348 $3,449 $747 $29,092 $(7,039)$130,597 $2,403 $753 
Liabilities
Interest sensitive contract liabilities
Embedded derivative$(11,242)$(1,144)$— $(1,913)$— $(14,299)$— $— 
Universal life benefits(742)(35)— — — (777)— — 
Future policy benefits
AmerUs Closed Block(1,102)— — — — (1,102)— — 
ILICO Closed Block and life benefits(538)(10)— — — (548)— — 
Derivative liabilities(1)1 — — — — — — 
Other liabilities(225)(169)— 86 — (308)— — 
Total Level 3 liabilities$(13,850)$(1,357)$— $(1,827)$— $(17,034)$— $— 
1 Related to instruments held at end of period.
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Nine months ended September 30, 2024
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets
AFS securities
Foreign governments
$40 $— $1 $(6)$— $35 $— $1 
Corporate2,525 3 87 2,387 (827)4,175 — 110 
ABS
6,943 (14)314 8,371 1 15,615 — 298 
CMBS
21 1 (5)— — 17 — (3)
RMBS
265 5 3 72 (2)343 — 2 
Trading securities
28 1 — (6)14 37 — — 
Equity securities
26 (1)— 1 — 26 — — 
Mortgage loans44,115 825 — 13,647 — 58,587 965 — 
Funds withheld at interest – embedded derivative(3,379)798 — — — (2,581)— — 
Derivative assets— — — — 1 1 — — 
Short-term investments105 — — 142 (79)168 — — 
Other investments630 (6)— 280 — 904 (7)— 
Investments in related parties
AFS securities
Corporate1,171 (2)33 (22)201 1,381 — 31 
CLO
506 — 17 42 — 565 — 18 
ABS7,826 46 22 1,915 — 9,809 2 20 
Trading securities838 (1)— (218)— 619 (2)— 
Equity securities255 2 — — — 257 2 — 
Mortgage loans1,281 41 — 23 — 1,345 (41)— 
Investment funds1,082 24 — — — 1,106 24 — 
Funds withheld at interest – embedded derivative
(721)191 — — — (530)— — 
Other investments343 5 — — — 348 5 — 
Reinsurance recoverable1,367 51 — 292 — 1,710 — — 
Assets of consolidated VIEs
Trading securities1,852 31 — 103 (48)1,938 30 — 
Mortgage loans2,173 2 — 51 — 2,226 2 — 
Investment funds977 (66)— 339 (432)818 (66)— 
Other investments101 — — 53 — 154 1 — 
Total Level 3 assets
$70,370 $1,936 $472 $27,466 $(1,171)$99,073 $915 $477 
Liabilities
Interest sensitive contract liabilities
Embedded derivative
$(9,059)$(1,270)$— $(1,667)$— $(11,996)$— $— 
Universal life benefits
(834)14 — — — (820)— — 
Future policy benefits
AmerUs Closed Block
(1,178)12 — — — (1,166)— — 
ILICO Closed Block and life benefits
(522)(23)— — — (545)— — 
Derivative liabilities(1)— — — — (1)— — 
Other liabilities(330)(123)— 52 64 (337)— — 
Total Level 3 liabilities
$(11,924)$(1,390)$— $(1,615)$64 $(14,865)$— $— 
1 Related to instruments held at end of period.

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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 September 30, 2025
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers inTransfers outNet transfers in (out)
Assets
AFS securities
Corporate$526 $— $(94)$(64)$368 $78 $(1,333)$(1,255)
ABS
4,385 — (3)(1,036)3,346 — (547)(547)
RMBS
18 — — (32)(14)— — — 
Trading securities
— — — (1)(1)— — — 
Mortgage loans8,160 — — (3,724)4,436 — — — 
Short-term investments18 — — (12)6 — — — 
Other investments199 — — (71)128 — — — 
Investments in related parties
AFS securities
Corporate109 — — (2)107 — — — 
CLO
— — — (373)(373)— — — 
ABS3,712 — (179)(550)2,983 — (8)(8)
Trading securities
28 — — (12)16 1 — 1 
Mortgage loans75 — — (5)70 — — — 
Reinsurance recoverable
— 56 — (4)52 — — — 
Assets of consolidated VIEs
Trading securities108 — (486)— (378)2 — 2 
Mortgage loans32 — (436)(60)(464)— (1)(1)
Investment funds— — (1)— (1)— — — 
Other investments 301 — — — 301 — (5)(5)
Total Level 3 assets
$17,671 $56 $(1,199)$(5,946)$10,582 $81 $(1,894)$(1,813)
Liabilities
Interest sensitive contract liabilities – embedded derivative
$— $(1,002)$— $239 $(763)$— $— $— 
Other liabilities— — — 85 85 — — — 
Total Level 3 liabilities
$— $(1,002)$— $324 $(678)$— $— $— 
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Three months ended September 30, 2024
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers inTransfers outNet transfers in (out)
Assets
AFS securities
Corporate$912 $— $(16)$(121)$775 $68 $(4,868)$(4,800)
ABS
3,004 — (351)(451)2,202 4,897 (218)4,679 
RMBS
81 — — (3)78 — — — 
Trading securities
— — — (1)(1)— — — 
Equity securities— — — — — — (9)(9)
Mortgage loans7,518 — — (2,672)4,846 — — — 
Short-term investments168 — — (2)166 — (78)(78)
Investments in related parties
AFS securities
Corporate45 — (65)(3)(23)201 — 201 
CLO
42 — — — 42 — — — 
ABS1,193 — — (2,067)(874)— — — 
Trading securities
— — — (100)(100)— — — 
Mortgage loans— — — (14)(14)— — — 
Reinsurance recoverable
— 94 — (1)93 — — — 
Assets of consolidated VIEs
Trading securities38 — (4)— 34 34 (88)(54)
Mortgage loans70 — — (15)55 — — — 
Investment funds338 — — — 338 — (432)(432)
Other investments 37 — — — 37 — — — 
Total Level 3 assets
$13,446 $94 $(436)$(5,450)$7,654 $5,200 $(5,693)$(493)
Liabilities
Interest sensitive contract liabilities – embedded derivative
$— $(750)$— $263 $(487)$— $— $— 
Other liabilities— — — 2 2 — — — 
Total Level 3 liabilities
$— $(750)$— $265 $(485)$— $— $— 
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Nine months ended September 30, 2025
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers inTransfers outNet transfers in (out)
Assets
AFS securities
Foreign governments
$— $— $— $(5)$(5)$— $— $— 
Corporate3,983 — (100)(414)3,469 174 (1,607)(1,433)
ABS
7,414 — (26)(1,960)5,428 242 (5,734)(5,492)
CMBS
28 — — — 28 13 (14)(1)
RMBS
315 — — (48)267 — (49)(49)
Trading securities
11 — — (2)9 — (14)(14)
Equity securities— — — (18)(18)— — — 
Mortgage loans25,920 — (172)(9,034)16,714 — — — 
Short-term investments30 — — (180)(150)— (1)(1)
Other investments199 — — (227)(28)— — — 
Investments in related parties
AFS securities
Corporate122 — — (8)114 — — — 
CLO
376 — — (373)3 — — — 
ABS5,985 — (179)(1,792)4,014 — (23)(23)
Trading securities
100 — (91)(167)(158)1 — 1 
Mortgage loans75 — (15)(36)24 — — — 
Investment funds
3 — — — 3 — — — 
Reinsurance recoverable
— 146 — (10)136 — — — 
Assets of consolidated VIEs
Trading securities633 — (821)— (188)2 (23)(21)
Mortgage loans66 — (446)(256)(636)— (1)(1)
Investment funds— — (498)— (498)— — — 
Other investments 580 — (16)— 564 — (5)(5)
Total Level 3 assets
$45,840 $146 $(2,364)$(14,530)$29,092 $432 $(7,471)$(7,039)
Liabilities
Interest sensitive contract liabilities – embedded derivative
$— $(2,615)$— $702 $(1,913)$— $— $— 
Other liabilities— — — 86 86 — — — 
Total Level 3 liabilities
$— $(2,615)$— $788 $(1,827)$— $— $— 

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Nine months ended September 30, 2024
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers inTransfers outNet transfers in (out)
Assets
AFS securities
Foreign governments
$— $— $— $(6)$(6)$— $— $— 
Corporate2,623 — (18)(218)2,387 166 (993)(827)
ABS
9,635 — (423)(841)8,371 748 (747)1 
RMBS
81 — — (9)72 — (2)(2)
Trading securities— — — (6)(6)14 — 14 
Equity securities2 — (1)— 1 9 (9)— 
Mortgage loans19,226 — (26)(5,553)13,647 — — — 
Derivative assets— — — — — 1 — 1 
Short-term investments
171 — (6)(23)142 — (79)(79)
Other investments280 — — — 280 — — — 
Investments in related parties
AFS securities
Corporate51 — (66)(7)(22)201 — 201 
CLO42 — — — 42 — — — 
ABS5,780 — (504)(3,361)1,915 — — — 
Trading securities4 — — (222)(218)— — — 
Mortgage loans87 — — (64)23 — — — 
Reinsurance recoverable
— 294 — (2)292 — — — 
Assets of consolidated VIEs
Trading securities201 — (91)(7)103 40 (88)(48)
Mortgage loans125 — — (74)51 — — — 
Investment funds339 — — — 339 — (432)(432)
Other investments56 — (3)— 53 — — — 
Total Level 3 assets
$38,703 $294 $(1,138)$(10,393)$27,466 $1,179 $(2,350)$(1,171)
Liabilities
Interest sensitive contract liabilities – embedded derivative
$— $(2,408)$— $741 $(1,667)$— $— $— 
Other liabilities— — — 52 52 64 — 64 
Total Level 3 liabilities
$— $(2,408)$— $793 $(1,615)$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. For mortgage loans that we have entered into an agreement to sell at a specified price, the fair value is based on the estimated proceeds of the sale.

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

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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.

The following summarizes our significant unobservable inputs:
September 30, 2025
(In millions, except percentages)Fair valueValuation techniqueUnobservable inputsMinimumMaximumWeighted averageImpact of an increase in the input on fair value
AFS, trading and equity securities$31,695 Discounted cash flowDiscount rate2.4 %22.6 %6.5 %
1
Decrease
Mortgage loans85,164 Discounted cash flowDiscount rate1.2 %31.4 %6.2 %
1
Decrease
182 RecoverabilityEstimated proceedsN/AN/AN/AN/A
Investment funds1,303 Discounted cash flowDiscount rate
13.0%
14.0%
13.1%
1
Decrease
286 RecoverabilityEstimated proceeds
N/A
N/A
N/A
N/A
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives14,299 Discounted cash flowNonperformance risk0.4 %1.0 %0.6 %
2
Decrease
Option budget0.5 %6.0 %3.1 %
3
Increase
Surrender rate5.9 %14.1 %9.6 %
3
Decrease
December 31, 2024
(In millions, except percentages)
Fair value
Valuation techniqueUnobservable inputsMinimumMaximumWeighted averageImpact of an increase in the input on fair value
AFS, trading and equity securities
$28,774 Discounted cash flowDiscount rate4.7 %20.0 %7.1 %
1
Decrease
Mortgage loans67,115 Discounted cash flowDiscount rate1.8 %43.1 %6.7 %
1
Decrease
Investment funds1,909 Discounted cash flowDiscount rate6.6 %14.0 %10.8 %
1
Decrease
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives11,242 Discounted cash flowNonperformance risk0.4 %1.1 %0.7 %
2
Decrease
Option budget0.5 %6.0 %2.8 %
3
Increase
Surrender rate6.0 %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.

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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:
September 30, 2025
(In millions)Carrying ValueFair ValueNAVLevel 1Level 2Level 3
Financial assets
Investment funds$111 $111 $111 $— $— $— 
Policy loans304 304 — — 304 — 
Funds withheld at interest18,861 18,861 — — — 18,861 
Short-term investments165 165 — — — 165 
Other investments140 53 — — — 53 
Investments in related parties
Investment funds829 829 829 — — — 
Funds withheld at interest4,833 4,833 — — — 4,833 
Short-term investments18 18 — — 18 — 
Total financial assets not carried at fair value$25,261 $25,174 $940 $— $322 $23,912 
Financial liabilities
Interest sensitive contract liabilities$251,613 $248,815 $— $— $— $248,815 
Debt7,856 7,669 — 591 7,078 — 
Securities to repurchase2,822 2,822 — — 2,822 — 
Funds withheld liability5,340 5,340 — — — 5,340 
Total financial liabilities not carried at fair value$267,631 $264,646 $— $591 $9,900 $254,155 

December 31, 2024
(In millions)Carrying ValueFair ValueNAVLevel 1Level 2Level 3
Financial assets
Investment funds$107 $107 $107 $— $— $— 
Policy loans318 318 — — 318 — 
Funds withheld at interest21,901 21,901 — — — 21,901 
Short-term investments192 192 — — — 192 
Other investments93 101 — — — 101 
Investments in related parties
Investment funds714 714 714 — — — 
Funds withheld at interest5,665 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 
Debt6,309 5,844 — 581 5,263 — 
Securities to repurchase5,716 5,716 — — 5,716 — 
Funds withheld liability4,331 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 September 30, 2025 are expected to be used during the year ending December 31, 2025.

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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.


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.

Nine months ended September 30, 2025
DACDSIVOBATotal DAC, DSI and VOBA
(In millions)Traditional deferred annuitiesIndexed annuitiesFunding agreementsOther investment-type and otherIndexed annuities
Balance at December 31, 2024$1,158 $2,278 $40 $11 $1,476 $2,210 $7,173 
Additions572 863 51 7 617 — 2,110 
Amortization(265)(195)(17)(1)(136)(300)(914)
Other1 — — — — — 1 
Balance at September 30, 2025$1,466 $2,946 $74 $17 $1,957 $1,910 $8,370 

Nine months ended September 30, 2024
DACDSIVOBATotal DAC, DSI and VOBA
(In millions)Traditional deferred annuitiesIndexed annuitiesFunding agreementsOther investment-type and otherIndexed annuities
Balance at December 31, 2023$890 $1,517 $10 $11 $970 $2,581 $5,979 
Additions404 751 36 — 479 — 1,670 
Amortization(176)(131)(8)(1)(88)(274)(678)
Balance at September 30, 2024$1,118 $2,137 $38 $10 $1,361 $2,307 $6,971 

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.

Nine months ended September 30, 2025
(In millions, except percentages)Traditional deferred annuitiesIndexed annuitiesFunding agreementsOther investment-typeTotal
Balance at December 31, 2024$86,661 $97,861 $54,768 $8,030 $247,320 
Deposits23,596 13,957 31,400 964 69,917 
Policy charges(1)(583)— — (584)
Surrenders and withdrawals(6,537)(8,507)— (127)(15,171)
Benefit payments(1,044)(1,170)(6,026)(211)(8,451)
Interest credited3,272 2,091 2,340 169 7,872 
Foreign exchange226 6 892 301 1,425 
Other — — 233 (57)176 
Balance at September 30, 2025$106,173 $103,655 $83,607 $9,069 $302,504 
Weighted average crediting rate4.7 %2.7 %4.7 %2.8 %
Net amount at risk$423 $17,195 $— $31 
Cash surrender value100,279 96,273 — 7,089 

Nine months ended September 30, 2024
(In millions, except percentages)Traditional deferred annuitiesIndexed annuitiesFunding agreementsOther investment-typeTotal
Balance at December 31, 2023$64,763 $93,147 $32,350 $7,629 $197,889 
Deposits19,786 12,761 24,083 933 57,563 
Policy charges(2)(522)— — (524)
Surrenders and withdrawals(3,691)(9,724)— (63)(13,478)
Benefit payments(830)(1,204)(7,746)(173)(9,953)
Interest credited2,323 2,313 1,173 152 5,961 
Foreign exchange(1)1 116 (56)60 
Other— — 421 (74)347 
Balance at September 30, 2024$82,348 $96,772 $50,397 $8,348 $237,865 
Weighted average crediting rate4.3 %2.6 %4.5 %2.6 %
Net amount at risk$427 $15,221 $— $65 
Cash surrender value78,049 89,378 — 7,112 

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

September 30,
(In millions)20252024
Traditional deferred annuities$106,173 $82,348 
Indexed annuities103,655 96,772 
Funding agreements83,607 50,397 
Other investment-type9,069 8,348 
Reconciling items1
7,233 7,571 
Interest sensitive contract liabilities$309,737 $245,436 
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.

September 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%
$5,154 $1,936 $84,880 $91,970 
2.0% – < 4.0%
5,769 588 3,291 9,648 
4.0% – < 6.0%
4,551 1 — 4,552 
6.0% and greater
3 — — 3 
Total traditional deferred annuities$15,477 $2,525 $88,171 $106,173 
Indexed annuities
< 2.0%
$1,519 $1,104 $3,522 $6,145 
2.0% – < 4.0%
3,883 93 — 3,976 
Total indexed annuities with GMCR5,402 1,197 3,522 10,121 
Other1
93,534 
Total indexed annuities$103,655 
1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.

September 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%
$4,607 $2,712 $62,734 $70,053 
2.0% – < 4.0%
6,873 424 1,690 8,987 
4.0% – < 6.0%
3,296 8 1 3,305 
6.0% and greater
3 — — 3 
Total traditional deferred annuities$14,779 $3,144 $64,425 $82,348 
Indexed annuities
< 2.0%
$1,899 $1,355 $3,078 $6,332 
2.0% – < 4.0%
4,658 35 68 4,761 
Total indexed annuities with GMCR6,557 1,390 3,146 11,093 
Other1
85,679 
Total indexed annuities$96,772 
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:

Nine months ended September 30, 2025
(In millions, except percentages and years)Payout annuities with life contingenciesWhole lifeTotal
Present value of expected net premiums
Beginning balance$— $880 $880 
Effect of changes in discount rate assumptions— (30)(30)
Effect of foreign exchange on the change in discount rate assumptions— 2 2 
Beginning balance at original discount rate— 852 852 
Effect of changes in cash flow assumptions— 54 54 
Effect of actual to expected experience— (14)(14)
Adjusted balance— 892 892 
Issuances— 15 15 
Interest accrual— 15 15 
Net premium collected— (139)(139)
Foreign exchange— 54 54 
Other— 10 10 
Ending balance at original discount rate— 847 847 
Effect of changes in discount rate assumptions— 13 13 
Effect of foreign exchange on the change in discount rate assumptions— (1)(1)
Ending balance, present value of expected net premiums$— $859 $859 
Present value of expected future policy benefits
Beginning balance$42,261 $2,711 $44,972 
Effect of changes in discount rate assumptions7,378 206 7,584 
Effect of foreign exchange on the change in discount rate assumptions(5)(1)(6)
Beginning balance at original discount rate49,634 2,916 52,550 
Effect of changes in cash flow assumptions(53)184 131 
Effect of actual to expected experience(48)(51)(99)
Adjusted balance49,533 3,049 52,582 
Issuances205 15 220 
Interest accrual1,311 55 1,366 
Benefit payments(3,329)(77)(3,406)
Foreign exchange58 186 244 
Other— 11 11 
Ending balance at original discount rate47,778 3,239 51,017 
Effect of changes in discount rate assumptions(5,849)(944)(6,793)
Effect of foreign exchange on the change in discount rate assumptions(20)(7)(27)
Ending balance, present value of expected future policy benefits41,909 2,288 44,197 
Less: Present value of expected net premiums— 859 859 
Net future policy benefits$41,909 $1,429 $43,338 
Weighted-average liability duration (in years)
9.323.0
Weighted-average interest accretion rate3.7 %5.0 %
Weighted-average current discount rate5.2 %6.6 %
Expected future gross premiums, undiscounted$— $1,102 
Expected future gross premiums, discounted1
— 920 
Expected future benefit payments, undiscounted69,682 8,136 
1 Discounted at the original discount rate.

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Nine months ended September 30, 2024
(In millions, except percentages and years)Payout annuities with life contingenciesWhole lifeTotal
Present value of expected net premiums
Beginning balance$— $1,182 $1,182 
Effect of changes in discount rate assumptions— (45)(45)
Effect of foreign exchange on the change in discount rate assumptions— (2)(2)
Beginning balance at original discount rate— 1,135 1,135 
Effect of actual to expected experience— (4)(4)
Adjusted balance— 1,131 1,131 
Interest accrual— 17 17 
Net premium collected— (144)(144)
Foreign exchange— (28)(28)
Ending balance at original discount rate— 976 976 
Effect of changes in discount rate assumptions— 41 41 
Effect of foreign exchange on the change in discount rate assumptions— 1 1 
Ending balance, present value of expected net premiums$— $1,018 $1,018 
Present value of expected future policy benefits
Beginning balance$45,001 $3,371 $48,372 
Effect of changes in discount rate assumptions6,233 (89)6,144 
Effect of foreign exchange on the change in discount rate assumptions1 (6)(5)
Beginning balance at original discount rate51,235 3,276 54,511 
Effect of changes in cash flow assumptions(104)— (104)
Effect of actual to expected experience(89)(4)(93)
Adjusted balance51,042 3,272 54,314 
Issuances1,010 — 1,010 
Interest accrual1,353 52 1,405 
Benefit payments(3,355)(66)(3,421)
Foreign exchange33 (64)(31)
Ending balance at original discount rate50,083 3,194 53,277 
Effect of changes in discount rate assumptions(5,362)46 (5,316)
Effect of foreign exchange on the change in discount rate assumptions(16)(3)(19)
Ending balance, present value of expected future policy benefits44,705 3,237 47,942 
Less: Present value of expected net premiums— 1,018 1,018 
Net future policy benefits$44,705 $2,219 $46,924 
Weighted-average liability duration (in years)
9.431.3
Weighted-average interest accretion rate3.7 %4.8 %
Weighted-average current discount rate5.0 %4.0 %
Expected future gross premiums, undiscounted$— $1,255 
Expected future gross premiums, discounted1
— 1,064 
Expected future benefit payments, undiscounted73,523 10,235 
1 Discounted at the original discount rate.

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

September 30,
(In millions)20252024
Payout annuities with life contingencies$41,909 $44,705 
Whole life1,429 2,219 
Reconciling items1
5,668 6,038 
Future policy benefits$49,006 $52,962 
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:

PremiumsInterest expense
Nine months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Payout annuities with life contingencies$190 $985 $1,312 $1,353 
Whole life145 154 40 35 
Reconciling items1
16 24 — — 
Total$351 $1,163 $1,352 $1,388 
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 nine months ended September 30, 2025, the present value of expected future policy benefits decreased by $775 million, which was driven by $3,406 million of benefit payments and $99 million related to the effect of actual to expected experience, offset by $1,366 million of interest accruals, an $808 million change in discount rate assumptions related to a decrease in market observable rates, a $244 million change in foreign exchange, $220 million of issuances and $131 million related to the effect of changes in cash flow assumptions.

During the nine months ended September 30, 2024, the present value of expected future policy benefits decreased by $430 million, which was driven by $3,421 million of benefit payments and $104 million related to the effect of changes in cash flow assumptions, offset by $1,405 million of interest accruals, $1,010 million of issuances, primarily pension group annuities, and an $832 million change in discount rate assumptions related to a decrease in market observable rates.

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of income:
Nine months ended September 30,
(In millions)20252024
Reserves$8 $193 
Deferred profit liability(38)(37)
Negative VOBA38 (52)
Total remeasurement gains (losses)$8 $104 

During the nine months ended September 30, 2025 and 2024, we recorded reserve increases of $45 million and $15 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:
Nine months ended September 30, 2025
(In millions, except years)Traditional deferred annuitiesIndexed annuitiesTotal
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 risk187 3,371 3,558 
Issuances— 346 346 
Interest accrual7 136 143 
Attributed fees collected1 288 289 
Benefit payments(3)(48)(51)
Effect of changes in interest rates7 109 116 
Effect of changes in equity— (106)(106)
Effect of actual policyholder behavior compared to expected behavior2