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 81 83 
Effect of changes in future expected policyholder behavior(5)(38)(43)
Effect of changes in other future expected assumptions3 (15)(12)
Balance, end of period, before changes in instrument-specific credit risk199 4,124 4,323 
Effect of changes in instrument-specific credit risk5 284 289 
Balance at September 30, 2025204 4,408 4,612 
Less: Reinsurance recoverable— 69 69 
Balance at September 30, 2025, net of reinsurance
$204 $4,339 $4,543 
Net amount at risk$423 $17,195 
Weighted-average attained age of contract holders (in years)
7669

Nine months ended September 30, 2024
(In millions, except years)Traditional deferred annuitiesIndexed annuitiesTotal
Balance at December 31, 2023$192 $3,181 $3,373 
Effect of changes in instrument-specific credit risk2 (10)(8)
Balance, beginning of period, before changes in instrument-specific credit risk194 3,171 3,365 
Issuances— 270 270 
Interest accrual8 143 151 
Attributed fees collected1 265 266 
Benefit payments(3)(39)(42)
Effect of changes in interest rates(2)(34)(36)
Effect of changes in equity— (115)(115)
Effect of actual policyholder behavior compared to expected behavior5 64 69 
Effect of changes in future expected policyholder behavior(3)88 85 
Effect of changes in other future expected assumptions— (19)(19)
Balance, end of period, before changes in instrument-specific credit risk200 3,794 3,994 
Effect of changes in instrument-specific credit risk1 94 95 
Balance at September 30, 2024201 3,888 4,089 
Less: Reinsurance recoverable— 40 40 
Balance at September 30, 2024, net of reinsurance
$201 $3,848 $4,049 
Net amount at risk$427 $15,221 
Weighted-average attained age of contract holders (in years)
7669

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following is a reconciliation of market risk benefits to the condensed consolidated balance sheets. Market risk benefit assets are included in other assets on the condensed consolidated balance sheets.
September 30, 2025September 30, 2024
(In millions)AssetLiabilityNet liabilityAssetLiabilityNet liability
Traditional deferred annuities$— $204 $204 $— $201 $201 
Indexed annuities223 4,631 4,408 313 4,201 3,888 
Total$223 $4,835 $4,612 $313 $4,402 $4,089 

During the nine months ended September 30, 2025, net market risk benefit liabilities increased by $897 million, which was primarily driven by $346 million of issuances, $289 million in fees collected from policyholders, $143 million of interest accruals, $132 million of changes in instrument-specific credit risk and a $116 million change in interest rates, offset by $106 million of changes in equity.

During the nine months ended September 30, 2024, net market risk benefit liabilities increased by $716 million, which was primarily driven by $270 million of issuances, $266 million in fees collected from policyholders and $151 million of interest accruals.

The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth.

Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For indexed annuities, assumptions also include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits on the next policy anniversary date and future equity option costs. Assumptions related to the level of option budgets used for determining the future equity option costs and the impact on future policyholder account value growth are considered unobservable inputs.

Policyholder behavior assumptions are unobservable inputs and are established using accepted actuarial valuation methods to estimate withdrawals (surrender rate) and income rider utilization. Assumptions are generally based on industry data and pricing assumptions which are updated for actual experience, if necessary. Actual experience may be limited for recently issued products.

All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For indexed annuities, stochastic equity return scenarios are also included within the range. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows such as variations in policyholder behavior, as well as a credit spread to reflect nonperformance risk, which is considered an unobservable input. We use our public credit rating relative to the US Treasury curve as of the valuation date to reflect our nonperformance risk in the fair value estimate of market risk benefits.

The following summarizes the unobservable inputs for market risk benefits:
September 30, 2025
(In millions, except percentages)Fair valueValuation techniqueUnobservable inputsMinimumMaximumWeighted averageImpact of an increase in the input on fair value
Market risk benefits, net
$4,612 Discounted cash flowNonperformance risk0.4 %1.0 %0.9 %
1
Decrease
Option budget0.5 %6.0 %2.6 %
2
Decrease
Surrender rate3.7 %7.9 %5.2 %
2
Decrease
Utilization rate28.6 %95.0 %86.1 %
3
Increase
September 30, 2024
(In millions, except percentages)
Fair value
Valuation techniqueUnobservable inputsMinimumMaximumWeighted averageImpact of an increase in the input on fair value
Market risk benefits, net
$4,089 Discounted cash flowNonperformance risk0.5 %1.2 %1.1 %
1
Decrease
Option budget0.5 %6.0 %2.2 %
2
Decrease
Surrender rate3.3 %7.0 %4.5 %
2
Decrease
Utilization rate28.6 %95.0 %84.7 %
3
Increase
1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.


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

Liquidity Facility—On June 27, 2025, AHL, AARe, ALRe and AAIA entered into a revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent (Liquidity Facility), which replaced our previous revolving credit agreement dated as of June 28, 2024. The previous credit agreement, and the commitments under it, expired on June 27, 2025. The Liquidity Facility is unsecured and has a commitment termination date of June 26, 2026, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at our election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the Liquidity Facility. In connection with the Liquidity Facility, AARe guaranteed all of the obligations of each other borrower under the Liquidity Facility and the related loan documents. The Liquidity Facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the Liquidity Facility is $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the Liquidity Facility. The Liquidity Facility contains various standard covenants with which we must comply, including the following:

1.AARe minimum consolidated net worth of no less than $23.2 billion; and
2.Restrictions on our ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on AARe’s financial strength rating. Rates and terms are as defined in the Liquidity Facility.

As of September 30, 2025 and December 31, 2024, we had no amounts outstanding under the current or previous liquidity facilities and were in compliance with all financial covenants under the facilities.

Senior Notes—Our senior unsecured notes are callable by AHL at any time. If called prior to a defined period before the scheduled maturity date, typically three or six months, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the treasury rate plus a spread as defined in the applicable prospectus supplement and any accrued and unpaid interest.

During the second quarter of 2025, we issued $1,000 million of 6.625% Senior Notes due May 19, 2055 (2055 Senior Notes). We will accrue interest quarterly and pay interest on the 2055 Senior Notes semi-annually, commencing on November 19, 2025.

Subordinated Notes—We have fixed-rate reset subordinated notes outstanding, which pay interest at the initially stated fixed rate until the interest rate reset dates, at which point the interest rate resets to the Five-Year US Treasury Rate plus a spread. Reset terms are as defined in the applicable prospectus supplement. We may defer interest payments on the subordinated notes for up to five consecutive years.

During the second quarter of 2025, we issued $600 million of 6.875% Fixed-Rate Reset Junior Subordinated Debentures due June 28, 2055 (2055 Subordinated Notes). We will accrue interest quarterly and pay interest at an annual fixed rate of 6.875% on the 2055 Subordinated Notes semi-annually, commencing on December 28, 2025 until June 28, 2035. On June 28, 2035, and every fifth annual anniversary thereafter, the interest rate will reset to the Five-Year US Treasury Rate (as defined in the applicable prospectus supplement) plus 2.582%. We may defer interest payments for up to five consecutive years.

The following is a summary of our debt:
Outstanding Balance
(In millions, except percentages)Issue DateMaturity Date
Principal Balance
September 30, 2025December 31, 2024
4.125% 2028 Senior Notes
January 12, 2018January 12, 2028$1,000 $1,038 $1,050 
6.150% 2030 Senior Notes
April 3, 2020April 3, 2030500 568 579 
3.500% 2031 Senior Notes
October 8, 2020January 15, 2031500 518 520 
6.650% 2033 Senior Notes
November 21, 2022February 1, 2033400 396 395 
5.875% 2034 Senior Notes
December 12, 2023January 15, 2034600 585 584 
3.950% 2051 Senior Notes
May 25, 2021May 25, 2051500 544 544 
3.450% 2052 Senior Notes
December 13, 2021May 15, 2052500 504 504 
6.250% 2054 Senior Notes
March 22, 2024April 1, 20541,000 982 983 
6.625% 2055 Senior Notes
May 19, 2025May 19, 20551,000 979 — 
6.625% 2054 Subordinated Notes
October 10, 2024October 15, 2054600 592 592 
6.875% 2055 Subordinated Notes
June 27, 2025June 28, 2055600 592 — 
7.250% 2064 Subordinated Notes
March 7, 2024March 30, 2064575 558 558 
Total debt$7,775 $7,856 $6,309 


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

Preferred Stock—On June 30, 2025, we redeemed in whole our 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C (Series C) outstanding for $25,000 per share of Series C preferred stock, or $600 million in total.

Common Stock—On August 5, 2025, our board of directors approved a reverse stock split of 1-for-1,000, which reduced our shares of common stock outstanding to 203,805 as of August 5, 2025, all of which continue to be held by AGM.

Common Dividends—We declared and paid $563 million and $374 million of common stock cash dividends for the nine months ended September 30, 2025 and 2024, respectively. Additionally, during the three months ended September 30, 2024, we declared and distributed $499 million of dividends to AGM, which were provided in the form of assets in kind.

Accumulated Other Comprehensive Income (Loss)—The following provides the details and changes in AOCI:

(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at June 30, 2025$(7,381)$(270)$(27)$4,043 $(115)$62 $(3,688)
Other comprehensive income (loss) before reclassifications
1,964 4 75 (235)(113)(36)1,659 
Less: Reclassification adjustments for gains (losses) realized in net income1
(90)(1)8 — — — (83)
Less: Income tax expense (benefit)
424 1 14 (52)(24)(7)356 
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax329 1 16 (144)(17)(1)184 
Balance at September 30, 2025$(6,080)$(267)$10 $4,004 $(187)$34 $(2,486)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at June 30, 2024$(9,670)$(277)$(83)$4,218 $5 $(2)$(5,809)
Other comprehensive income (loss) before reclassifications
5,142 (22)225 (2,263)(93)36 3,025 
Less: Reclassification adjustments for gains (losses) realized in net income1
(348)(8)4 — — — (352)
Less: Income tax expense (benefit)
1,122 (3)47 (472)(20)6 680 
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax886 7 60 (596)(9)7 355 
Balance at September 30, 2024$(6,188)$(295)$31 $3,023 $(59)$21 $(3,467)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at December 31, 2024$(9,171)$(284)$(120)$4,235 $(103)$(22)$(5,465)
Other comprehensive income (loss) before reclassifications
4,560 25 315 (808)(132)78 4,038 
Less: Reclassification adjustments for gains (losses) realized in net income1
(358)(4)27 — — — (335)
Less: Income tax expense (benefit)
1,004 6 60 (168)(28)15 889 
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax823 6 98 (409)(20)7 505 
Balance at September 30, 2025$(6,080)$(267)$10 $4,004 $(187)$34 $(2,486)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at December 31, 2023$(8,672)$(289)$(82)$3,458 $3 $13 $(5,569)
Other comprehensive income (loss) before reclassifications3,528 (19)264 (832)(87)15 2,869 
Less: Reclassification adjustments for gains (losses) realized in net income1
(237)(14)35 — — — (216)
Less: Income tax expense (benefit)
776 (1)49 (176)(18)2 632 
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax505 2 67 (221)(7)5 351 
Balance at September 30, 2024$(6,188)$(295)$31 $3,023 $(59)$21 $(3,467)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.


10. Income Taxes

The income tax expense was $266 million and $191 million for the three months ended September 30, 2025 and 2024, respectively. Our effective tax rate was 12% and 11% for the three months ended September 30, 2025 and 2024, respectively. The income tax expense was $407 million and $659 million for the nine months ended September 30, 2025 and 2024, respectively. Our effective tax rate was 11% and 15% for the nine months ended September 30, 2025 and 2024, respectively. The income tax expense considers US federal, US state, local and foreign income taxes. The most significant reconciling items relate to US noncontrolling interests and Bermuda corporate income tax.

On June 28, 2025, the Group of Seven (G7) – comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States – released a joint statement supporting the exclusion of US-parented multinational groups from the Pillar Two Income Inclusion Rule (IIR) and Undertaxed Profits Rule (UTPR), with respect to both domestic and foreign profits. While such an exclusion would likely apply to our wholly-owned entities, its applicability to ACRA remains uncertain given that we only partially own ACRA. In addition, it is uncertain whether Bermuda will amend its corporate income tax (CIT) regime in response to the G7’s statement. We continue to monitor these developments closely. Our results continue to reflect any impacts of Pillar Two and the Bermuda CIT on our US and non-US income, and if either regime changes, our consolidated financial statements could be affected.

On July 4, 2025, the US government enacted H.R. 1, which includes several tax-related provisions. We have evaluated the enacted legislation and concluded that it does not have a material impact on our consolidated financial statements.


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

Apollo

Fee structure – Substantially all of our investments are managed by Apollo. Apollo provides us with a full suite of services for our investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset diligence, and certain operational support services including investment compliance, tax, legal and risk management support.

Apollo has extensive experience managing our investment portfolio and its knowledge of our liability profile enables it to tailor an asset management strategy to fit our specific needs. This strategy has proven responsive to changing market conditions and focuses on earning incremental yield by taking measured liquidity risk and complexity risk, rather than assuming incremental credit risk. Our partnership has enabled us to take advantage of investment opportunities that would likely not otherwise have been available to us.

Under our fee agreement with Apollo, we pay Apollo a base management fee of (1) 0.225% per year on a monthly basis equal to the lesser of (A) $103.4 billion, which represents the aggregate fair market value of substantially all of the assets in substantially all of the accounts of or relating to us (collectively, the Accounts) as of December 31, 2018 (Backbook Value), and (B) the aggregate book value of substantially all of the assets in the Accounts at the end of the respective month, plus (2) 0.15% per year of the amount, if any, by which the aggregate book value of substantially all of the assets in the Accounts at the end of the respective month exceeds the Backbook Value, subject to certain adjustments. Additionally, we pay a sub-allocation fee based on specified asset class tiers ranging from 0.065% to 0.70% of the book value of such assets, with the higher percentages in this range for asset classes that are designed to have more alpha generating abilities. In addition to the base and sub-allocation fees specified above, we pay Apollo a target annual performance fee of $37.5 million, with the amount of the annual performance fee ranging from between 0% and 200% of such target amount, based on our spread related earnings for the year relative to our targets.

During the three months ended September 30, 2025 and 2024, we incurred management fees, inclusive of the base, sub-allocation and performance fees, of $364 million and $327 million, respectively. During the nine months ended September 30, 2025 and 2024, we incurred management fees, inclusive of the base, sub-allocation and performance fees, of $1,118 million and $920 million, respectively. Management fees also include sub-advisory fees paid to ISG for the benefit of third-party service providers, net of any waivers or rebates, and are included within net investment income on the condensed consolidated statements of income. As of September 30, 2025 and December 31, 2024, management fees payable were $129 million and $127 million, respectively, and are included in other liabilities on the condensed consolidated balance sheets. Such amounts include fees incurred attributable to Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA 1) and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with its subsidiaries, ACRA 2) including any noncontrolling interests associated with ACRA 1 and ACRA 2 (collectively, ACRA).

In addition to the assets on our condensed consolidated balance sheets managed by Apollo, Apollo manages the assets underlying our funds withheld receivable. For these assets, the third-party cedants pay Apollo fees based upon the same fee construct we have with Apollo. Such fees directly reduce the settlement payments that we receive from the third-party cedant and, as such, we indirectly pay those fees. Finally, Apollo charges management fees and carried interest on Apollo-managed funds and other entities in which we invest. Neither the fees paid by such third-party cedants nor the fees or carried interest paid by such Apollo-managed funds or other entities are included in the investment management fee amounts noted above.

Governance – We have an investment and asset liability committee, which includes members of our senior management and reports to the risk committee of our board of directors. The committee focuses on strategic decisions involving our investment portfolio, such as approving investment limits, new asset classes and our allocation strategy, reviewing large asset transactions, as well as monitoring our credit risk, and the management of our assets and liabilities.

AGM owns all of our common stock and James Belardi, our Executive Chairman and Chief Investment Officer, serves as a member of the board of directors and an executive officer of AGM, and Chief Executive Officer (CEO) of Apollo Insurance Solutions Group LP (ISG), which is also a subsidiary of AGM. Mr. Belardi also owns a profit interest in ISG and in connection with such interest receives quarterly distributions equal to 3.35% of base management fees and 4.5% of subadvisory fees, as such fees are defined in our fee agreement with Apollo. Additionally, six of the twelve members of our board of directors (including Mr. Belardi) are employees of or consultants to Apollo. In order to protect against potential conflicts of interest resulting from transactions into which we have entered and will continue to enter into with the Apollo Group, our audit committee reviews and approves material transactions between us and the Apollo Group, subject to certain exceptions.

Other related party transactions

Apollo Aligned Alternatives Aggregator, L.P. (AAA) – We consolidate AAA as a VIE and AAA holds the majority of our alternative investment portfolio. Apollo established AAA to provide a single vehicle through which investors may participate in a portfolio of alternative investments, including those managed by Apollo. Additionally, we believe AAA enhances Apollo’s ability to increase alternative assets under management (AUM) by raising capital from third parties, which allows us to achieve greater scale and diversification for alternatives. During the third quarter of 2024, AAA underwent a restructuring which resulted in a change in consolidation that reduced our noncontrolling interests by $1,107 million and did not represent a withdrawal from AAA.

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Athora Holding Ltd. (Athora) – We had an amended and restated cooperation agreement with Athora, which was terminated effective August 5, 2025. Pursuant to this agreement, among other things, (1) for a period of 30 days from the receipt of notice of a cession, we had the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, and (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by our insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets. As of August 5, 2025, we had not exercised our right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries.

We have investments in Athora’s equity, which we hold as a related party investment fund on the condensed consolidated balance sheets, and non-redeemable preferred equity and corporate debt securities. The following table summarizes our investments in Athora:

(In millions)September 30, 2025December 31, 2024
Investment fund$1,162 $1,033 
Non-redeemable preferred equity and corporate debt securities316 277 
Total investment in Athora$1,478 $1,310 

Additionally, as of September 30, 2025 and December 31, 2024, we had $65 million and $57 million, respectively, of funding agreements outstanding to Athora. As of September 30, 2025, we had commitments to make additional investments in Athora of $2,706 million, which primarily relate to a conditional commitment we made in connection with Athora’s agreement to acquire a UK insurer (Athora transaction). The Athora transaction remains subject to closing conditions, including receipt of regulatory approvals. The amount ultimately funded pursuant to the conditional commitment, and sources of funding, are subject to change as a result of an anticipated capital raise by Athora between signing and closing of the Athora transaction.

Atlas – We have an equity investment in Atlas, an asset-backed specialty lender, through our investment in AAA. As of September 30, 2025 and December 31, 2024, we held $4,615 million and $3,245 million, respectively, of related party AFS securities issued by Atlas or its affiliates. Additionally, we held $724 million of reverse repurchase agreements issued by Atlas as of December 31, 2024, which were included in related party short-term investments on the condensed consolidated balance sheets, and matured during the nine months ended September 30, 2025. As of September 30, 2025, we had commitments to make additional investments in Atlas of $1,363 million. See Note 12 – Commitments and Contingencies for further information on assurance letters issued in support of Atlas.

Catalina – We have an investment in Apollo Rose II (B) (Apollo Rose). Apollo Rose holds common and preferred equity interests in Catalina Holdings (Bermuda) Ltd. (together with its subsidiaries, Catalina). During the third quarter of 2024, we distributed $141 million of our investment in Apollo Rose representing Catalina common equity interests to AGM as a dividend. As of September 30, 2025 and December 31, 2024, we held $215 million and $205 million, respectively, of redeemable preferred equity securities issued by Apollo Rose, which are held as related party AFS securities on the condensed consolidated balance sheets.

We have a strategic modco reinsurance agreement with Catalina to cede certain in force funding agreements. We elected the fair value option on this agreement and had a liability of $136 million and $221 million as of September 30, 2025 and December 31, 2024, respectively, which is included in other liabilities on the condensed consolidated balance sheets. We also have a modco reinsurance agreement with Catalina to cede a quota share of retail deferred annuity products. As of September 30, 2025 and December 31, 2024, we had a reinsurance recoverable balance of $5,907 million and $4,309 million, respectively, related to this agreement.

MidCap FinCo Designated Activity Company (MidCap Financial) – We have various investments in MidCap Financial including an investment through AAA, senior unsecured notes and redeemable preferred stock. We also hold structured securities issued by MidCap Financial affiliates. As of September 30, 2025 and December 31, 2024, we held securities issued by MidCap Financial and its affiliates of $1,808 million and $1,938 million, respectively, which are included in related party AFS or trading securities on the condensed consolidated balance sheets.

Skylign Aviation Holdings, L.P. (together with its subsidiaries, Skylign) – We have investments in Skylign, a leading aviation finance group focused on aviation lending and leasing, both directly through notes issued by PK AirFinance, a subsidiary of Skylign, and indirectly through AAA. We had direct investments in Skylign notes of $1,364 million and $1,616 million as of September 30, 2025 and December 31, 2024, respectively, which are included in related party AFS securities on the condensed consolidated balance sheets. We also had commitments to make additional investments in Skylign of $159 million as of September 30, 2025.

Strategic Partnership – We have an agreement pursuant to which we may invest up to $2.875 billion in funds managed by Apollo entities (Strategic Partnership). This arrangement is intended to permit us to invest across the Apollo alternatives platform in a manner and size that is consistent with our existing investment strategy. Fees for such investments payable by us to Apollo would be more favorable to us than market rates, and consistent with our existing alternative investments, investments made under the Strategic Partnership require approval of ISG and remain subject to our existing governance processes, including approval by our audit committee where applicable. As of September 30, 2025 and December 31, 2024, we held $1,892 million and $1,994 million, respectively, of investments under the Strategic Partnership and these investments are typically included as investments of consolidated VIEs or related party investment funds on the condensed consolidated balance sheets.

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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Venerable – VA Capital Company LLC (VA Capital) is owned by a consortium of investors, led by affiliates of Apollo, Crestview Partners III Management, LLC and Reverence Capital Partners L.P., and is the parent of Venerable Holdings, Inc. (together with its subsidiaries, Venerable). We have coinsurance and modco agreements with Venerable Insurance and Annuity Company (VIAC), which is a subsidiary of Venerable. VIAC is a related party due to our minority equity investment in VA Capital, which is included in related party investment funds on the condensed consolidated balance sheets. We also have AFS securities and term loans receivable, which are included in other investments on the condensed consolidated balance sheets, issued by Venerable. Our investments in VA Capital and Venerable are summarized below.

(In millions)September 30, 2025December 31, 2024
AFS securities$106 $— 
Investment fund223 178 
Other investments345 331 
Total investments in VA Capital and Venerable$674 $509 

Additionally, we consolidate AP Violet ATH Holdings, L.P. and its investment fund primarily represents an interest in VA Capital, which was $141 million and $106 million as of September 30, 2025 and December 31, 2024, respectively.

Wheels Inc. (Wheels) – We invest in Wheels indirectly through our investment in AAA. We also directly hold securities issued by Wheels of $959 million and $984 million as of September 30, 2025 and December 31, 2024, respectively, which are included in related party AFS securities on the condensed consolidated balance sheets. We also had commitments to make additional investments in Wheels of $37 million as of September 30, 2025.

ACRA and Apollo/Athene Dedicated Investment Programs I and II (collectively, ADIP) – ACRA 1 is partially owned by Apollo/Athene Dedicated Investment Program (ADIP I), a series of funds managed by Apollo. ALRe directly holds 37% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I holding the remaining 63% of the economic interests. ACRA 2 is partially owned by Apollo/Athene Dedicated Investment Program II (ADIP II), a fund managed by Apollo. ADIP II owns 63% of the economic interests in ACRA 2, with ALRe directly owning the remaining 37% of the economic interests. ALRe holds all of ACRA 2’s voting interests.

We received capital contributions and paid distributions relating to ACRA of the following:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Contributions from ADIP$158 $126 $284 $831 
Distributions to ADIP(64)(95)(254)(603)

Additionally, as of September 30, 2025 and December 31, 2024, we had $352 million and $289 million, respectively, of related party payables for contingent investment fees payable by ACRA to Apollo. ACRA is obligated to pay the contingent investment fees on behalf of ADIP and, as such, the balance is attributable to the noncontrolling interests.

As of September 30, 2025 and December 31, 2024, we held investments in ADIP of $236 million and $238 million, respectively, which are accounted for as equity method investments and included in related party investment funds on the condensed consolidated balance sheets. As of September 30, 2025, we also had commitments to make additional investments in ADIP of $320 million.

Unsecured Revolving Promissory Note Receivable with AGM – AHL has an unsecured revolving promissory note with AGM which allows AGM to borrow funds from AHL. The note has a borrowing capacity of $500 million. Interest accrues at the US mid-term applicable federal rate per year and has a maturity date of December 13, 2025, or earlier at AHL’s request. The note receivable had an outstanding balance of $226 million and $142 million as of September 30, 2025 and December 31, 2024, respectively.

Unsecured Revolving Promissory Note Payable with AGM – AHL has an unsecured revolving promissory note with AGM which allows AHL to borrow funds from AGM. The note has a borrowing capacity of $500 million. Interest accrues at the US mid-term applicable federal rate per year and has a maturity date of December 13, 2025, or earlier at AGM’s request. There was no outstanding balance on the note payable as of September 30, 2025 and December 31, 2024.



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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
12. Commitments and Contingencies

Contingent Commitments—We had commitments to make investments, inclusive of related party commitments discussed previously and those of consolidated VIEs, of $38.8 billion as of September 30, 2025. These commitments primarily include capital contributions to investment funds and mortgage loan commitments. We expect most of our current commitments will be invested over the next five years; however, these commitments could become due any time upon counterparty request.

Funding Agreements—We are a member of the Federal Home Loan Bank of Des Moines (FHLB) and, through membership, we have issued funding agreements to the FHLB in exchange for cash advances. As of September 30, 2025 and December 31, 2024, we had $21.0 billion and $15.6 billion, respectively, of FHLB funding agreements outstanding. We are required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.

We have a funding agreement backed notes (FABN) program, which allows Athene Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from us. As of September 30, 2025 and December 31, 2024, we had $34.9 billion and $24.1 billion, respectively, of FABN funding agreements outstanding. We had $10.1 billion of board-authorized FABN capacity remaining as of September 30, 2025.

We also issue secured and other funding agreements. Secured funding agreements issued under our funding agreement backed repurchase agreement (FABR) programs involve special-purpose, unaffiliated entities entering into repurchase agreements with a third party, the proceeds of which are used by the special-purpose entities to purchase funding agreements from us. As of September 30, 2025 and December 31, 2024, we had $27.1 billion and $14.8 billion, respectively, of secured and other funding agreements outstanding, of which $21.0 billion and $12.0 billion were issued under the FABR program, respectively, and $6.1 billion and $2.8 billion were direct funding agreements, respectively.

Pledged Assets and Funds in Trust (Restricted Assets)—The restricted investments and cash balances included on the condensed consolidated balance sheets are as follows:
(In millions)September 30, 2025December 31, 2024
AFS securities$57,470 $46,337 
Trading securities3,444 1,665 
Equity securities221 286 
Mortgage loans39,843 27,883 
Investment funds294 777 
Derivative assets174 91 
Short-term investments— 2 
Other investments1,779 1,507 
Restricted cash2,784 953 
Total restricted assets$106,009 $79,501 

The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and secured funding agreements described above.

Letters of Credit—We have undrawn letters of credit totaling $1,142 million as of September 30, 2025. These letters of credit were issued for our reinsurance program and have expirations through June 19, 2028.

Assurance Letter—In connection with our, Apollo and Credit Suisse AG’s (CS) previously announced transaction, Atlas acquired certain assets of the CS Securitized Products Group and agreed to pay CS a deferred purchase obligation of $3.3 billion. In March 2024, in connection with Atlas concluding its investment management agreement with CS, the deferred purchase obligation amount was reduced to $2.5 billion. In addition, certain strategic investors have made equity commitments to Atlas which therefore obligates these investors for a portion of the deferred purchase obligation. This deferred purchase price is an obligation first of Atlas, and (as a result of additional guarantees provided by AAA, Apollo Asset Management, Inc. (AAM) and AHL) second of AAA, third of AAM, fourth of AHL and fifth of AARe. AARe and AAM each issued an assurance letter to CS to guarantee the full amount. Our guarantees are not probable of payment; therefore, no liabilities have been recorded for the guarantees on the condensed consolidated financial statements.


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

We operate our core business strategies through one reportable segment. We conduct our retirement services business through entities domiciled in the US and Bermuda and our revenues are similarly generated primarily in the US and Bermuda. Our CEO is the Chief Operating Decision Maker (CODM), who is also solely responsible for decisions related to the allocation of resources on a company-wide basis. For determining the allocation of resources, the CODM reviews the Company’s performance based on its key measure of condensed consolidated net income to evaluate income generated and determine allocation of resources, among other measures.

Measures that the CODM reviews also include the significant expenses of cost of funds, other operating expenses, and interest and other financing costs that each exclude the proportionate share associated with noncontrolling interests. Cost of funds reflect the cost of crediting on both deferred annuities and institutional products, as well as other liability costs, net of premium from life and life-contingent products and other revenues. Certain expenses within cost of funds, notably future policy and other policy benefits, are partially or fully offset in the presentation of cost of funds with inflows of premium and other fee-related revenues; as a result, other liability costs equal to the amount of premium from life and life-contingent products are added back in the reconciliation below to reflect the expense amount excluded from cost of funds. Other operating expenses consist primarily of employee compensation and general operating costs of the business. Interest and other financing costs consist primarily of preferred stock dividends and interest expense on our debt issuances, as well as other financing.

Additionally, total condensed consolidated assets is the only measure of segment assets that the CODM uses to determine allocation of resources.

The reconciliation of total condensed consolidated revenue to total condensed consolidated net income is as follows:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Revenues$7,998 $6,522 $17,543 $16,907 
Less:
Cost of funds2,661 1,983 7,341 5,586 
Other operating expenses108 114 333 346 
Interest and other financing costs140 118 402 328 
Other liability costs equal to the amount of premium117 389 351 1,163 
Other segment items1
2,828 2,243 5,386 5,000 
Income before income taxes2,144 1,675 3,730 4,484 
Income tax expense266 191 407 659 
Net income$1,878 $1,484 $3,323 $3,825 
1 Other segment items reflect the difference between revenues and significant segment expenses and include the impact of fair value accounting for market risk benefits, embedded derivative remeasurement, the amortization of purchased options on fixed indexed annuities and noncontrolling interests.
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Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations


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Overview

We are a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. AGM is the beneficial owner of 100% of our common stock and controls all of the voting power to elect members to our board of directors. We focus on generating spread income by combining our two core competencies of (1) sourcing long-term, persistent liabilities and (2) using the global scale and reach of Apollo’s asset management business to actively source or originate assets with our preferred risk and return characteristics. Our steady and significant base of earnings generates capital that we opportunistically invest across our business to source attractively priced liabilities and capitalize on opportunities.

We have established a significant base of earnings and, as of September 30, 2025, have an expected annual net investment spread, which measures our investment performance plus strategic capital management fees less the total cost of our liabilities, of 1–2% over the estimated 7.3 year weighted-average life of our net reserve liabilities. The weighted-average life includes deferred annuities, pension group annuities, funding agreements, payout annuities, life insurance contracts, guaranteed investment contracts and other products.

Our total assets have grown to $429.9 billion as of September 30, 2025. For the nine months ended September 30, 2025, we generated an annualized net investment spread of 1.61%.

The following table presents the inflows and outflows generated from our organic and inorganic channels, as well as the breakout between Athene, the ACRA noncontrolling interests and third-party reinsurers:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Retail$10,046 $9,209 $26,784 $27,810 
Flow reinsurance2,542 944 9,506 4,544 
Funding agreements1
9,724 9,570 32,575 23,581 
Pension group annuities— 294 5 871 
Other2
304 — 541 — 
Gross organic inflows22,616 20,017 69,411 56,806 
Gross inorganic inflows— — — — 
Total gross inflows22,616 20,017 69,411 56,806 
Gross outflows3
(10,638)(8,158)(26,260)(26,333)
Net flows$11,978 $11,859 $43,151 $30,473 
Inflows attributable to Athene$17,138 $14,705 $53,094 $40,136 
Inflows attributable to ACRA noncontrolling interests4,962 4,244 14,937 13,505 
Inflows ceded to third-party reinsurers516 1,068 1,380 3,165 
Total gross inflows$22,616 $20,017 $69,411 $56,806 
Outflows attributable to Athene4
$(9,181)$(6,176)$(22,011)$(21,551)
Outflows attributable to ACRA noncontrolling interests(1,457)(1,982)(4,249)(4,782)
Total gross outflows3
$(10,638)$(8,158)$(26,260)$(26,333)
1 Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, which include our FABR program and direct funding agreements, funding agreements issued to the FHLB and long-term repurchase agreements.
2 Other inflows include guaranteed investment and group annuity contracts issued in connection with defined contribution plans as well as structured settlements.
3 Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, payments related to interest, maturities and repurchases of funding agreements and block reinsurance outflows.
4 Year-to-date 2025 outflows exclude maturities of long-term repurchase agreements of $1.1 billion, which may be renewed upon joint agreement of the parties based on a variety of factors.

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Our organic channels, including retail, flow reinsurance, institutional and other products, provided gross inflows of $69.4 billion and $56.8 billion for the nine months ended September 30, 2025 and 2024, respectively, which were underwritten to attractive returns. Gross organic inflows increased $12.6 billion, or 22% from the prior year, reflecting the strength of our multi-channel distribution platform and our ability to quickly pivot into optimal and profitable channels as opportunities arise. Withdrawals on our deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, payments related to interest, maturities and repurchases of funding agreements and block reinsurance outflows (collectively, gross outflows), in the aggregate were $26.3 billion for each of the nine months ended September 30, 2025 and 2024, respectively. The change in gross outflows was primarily driven by a decrease in funding agreement maturities in 2025 and a decrease in outflows related to policies underlying certain reinsurance blocks compared to 2024, offset by an increase in retail annuity policies which have reached the end of the surrender charge period in a higher rate environment. We believe that our credit profile, current product offerings and product design capabilities, as well as our reputation as both a seasoned funding agreement issuer and a reliable pension group annuity counterparty, will continue to enable us to grow our existing organic channels and source additional volumes of profitably underwritten liabilities in various market environments. We intend to continue to grow organically by expanding each of our retail, flow reinsurance, institutional and other distribution channels. We believe that we have the right people, infrastructure, scale and capital discipline to position us for continued growth.

Within our retail channel, we had fixed annuity sales of $26.8 billion and $27.8 billion for the nine months ended September 30, 2025 and 2024, respectively. The decrease in our retail channel was primarily driven by a decrease in the sales of our multi-year guaranteed annuity (MYGA) product, partially offset by an increase resulting from record sales of our fixed indexed annuity (FIA) and registered index-linked annuity (RILA) products. Overall sales were strong across our bank, broker-dealer and independent marketing organization (IMO) channels, exhibiting strong sales execution, the current rate environment, growing product offerings and our continued expansion into large financial institutions. We have maintained our disciplined approach to pricing and our targeted underwritten returns. We aim to continue to grow our retail channel by deepening our relationships with our approximately 41 IMOs and with our network of 17 banks and 163 broker-dealers, collectively representing approximately 149,000 independent agents. Our strong financial position and diverse, capital-efficient products allow us to be dependable partners with IMOs, banks and broker-dealers, as well as to consistently write new business. We expect our retail channel to continue to benefit from our credit profile, product launches and continuous product enhancements as we look to capture new potential distribution opportunities. We believe this can support sales growth at our targeted returns from increased volumes via existing IMO relationships and allow continued expansion of our bank and broker-dealer channels.

Within our flow reinsurance channel, we target reinsurance business consistent with our preferred liability characteristics, which provides us another channel to source liabilities with attractive crediting rates. We generated inflows through our flow reinsurance channel of $9.5 billion and $4.5 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase in our flow reinsurance channel from 2024 was driven by record volumes primarily attributable to a strategic opportunity with a US partner at attractive returns, as well as strong volume from our remaining US and Asia Pacific partners. We continue to expand our presence in Asia with increased partnerships and growing product offerings. We expect that our credit profile and our reputation as a solutions provider will help us continue to source additional reinsurance partners, which will further diversify our flow reinsurance channel.

Within our institutional channel, we generated inflows of $32.6 billion and $24.5 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase in our institutional channel was driven by higher funding agreement inflows, partially offset by lower pension group annuity inflows. We issued funding agreements in the aggregate principal amount of $32.6 billion and $23.6 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase in our funding agreement channel from 2024 was driven by record inflows with diversified activity across sub-channels. Funding agreement inflows for the nine months ended September 30, 2025 consisted of $13.4 billion of FABN issuances, $9.0 billion of FABR issuances, $3.3 billion of direct funding agreement issuances, $5.7 billion of FHLB issuances and $1.2 billion of long-term repurchase agreement issuances. As of September 30, 2025, we had funding agreements outstanding of $34.9 billion under our FABN program, $21.0 billion under our FABR program, $6.1 billion of direct funding agreements, $21.0 billion with the FHLB and $2.7 billion of long-term repurchase agreements. We issued group annuity contracts in the aggregate principal amount of $5 million and $871 million during the nine months ended September 30, 2025 and 2024. The pension group annuity channel continues to be impacted by the competitive environment and litigation against certain of our pension group annuity clients. Since entering the pension group annuity market in 2017, we have closed 49 deals resulting in the issuance or reinsurance of group annuities of $52.7 billion with more than 534,000 plan participants as of September 30, 2025. We expect to grow our institutional channel by continuing to engage in pension group annuity transactions and programmatic issuances of funding agreements.

Within our other channel, inflows include guaranteed investment and group annuity contracts issued in connection with defined contribution plans as well as structured settlements. We generated inflows through our other channel of $541 million and $0 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in our other channel from 2024 was driven by the development of new retirement products within new markets in 2025 to provide solutions to help meet the growing retirement need in a capital efficient way.

Our inorganic channel has contributed significantly to our growth through both acquisitions and block reinsurance transactions. We completed our second block reinsurance transaction in the Japanese market during the fourth quarter of 2025. On October 1, 2025, we entered into an agreement with Sony Life Insurance Co., Ltd., pursuant to which we agreed to reinsure a small block of whole life insurance policies on a coinsurance basis. In conjunction with the transaction, we entered into an agreement on October 1, 2025 to retrocede the mortality risk related to this block of business to Swiss Reinsurance Company Ltd., a leading mortality reinsurer, on a yearly renewable term basis. We plan to continue to grow and diversify our business, both organically and inorganically, with a focus on international expansion, particularly in Asia. We believe our corporate development team, with support from Apollo, has an industry-leading ability to source, underwrite and expeditiously close transactions. With support from Apollo, we are a solutions provider with a proven track record of closing transactions, which we believe makes
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us the ideal partner to insurance companies seeking to restructure their business. We expect that our inorganic channel will continue to be an important source of profitable growth in the future.

To support growth strategies and capital deployment opportunities, we established ACRA 1 as a long-duration, on-demand capital vehicle. ALRe directly owns 37% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I, a series of funds managed by Apollo, owning the remaining 63% of the economic interests. During the commitment period, ACRA 1 participated in certain transactions by drawing a portion of the required capital for such transactions from third-party investors equal to ADIP I’s proportionate economic interests in ACRA 1. The commitment period for ACRA 1 expired in August 2023.

To further support our growth and capital deployment opportunities following the deployment of capital by ACRA 1, we funded ACRA 2 in December 2022 as another long-duration, on-demand capital vehicle. ALRe directly owns 37% of the economic interests in ACRA 2 and all of ACRA 2’s voting interests, with ADIP II, a fund managed by Apollo, owning the remaining 63% of the economic interests. ACRA 2 participates in certain transactions by drawing a portion of the required capital for such transactions from third-party investors equal to ADIP II’s proportionate economic interests in ACRA 2.

These stockholder-friendly, strategic capital solutions allow us the flexibility to simultaneously deploy capital across multiple accretive avenues, while maintaining a strong financial position.

Executing our growth strategy requires that we have sufficient capital available to deploy. We believe that we have significant capital available to support our growth aspirations. As of September 30, 2025, we estimate that we had approximately $8.6 billion in capital available to deploy, consisting of approximately $2.9 billion in excess equity capital, $2.7 billion in untapped leverage capacity (assuming an adjusted leverage ratio of not more than 30%, subject to maintaining a sufficient level of capital required to maintain our desired financial strength ratings from rating agencies), and $3.0 billion in available undrawn capital at ACRA.


US Industry Trends and Competition

Economic and Market Conditions

As a leading financial services company specializing in retirement services, we are affected by the condition of global financial markets and the economy. Price fluctuations within equity, credit, commodity and foreign exchange markets, as well as interest rates and global inflation, which may be volatile and mixed across geographies, can significantly impact the performance of our business, including, but not limited to, the valuation of investments, and related income we may recognize.

Adverse economic conditions may result from domestic and global economic and political developments, including plateauing or decreasing economic growth and business activity, changes to US and foreign tariff policies, civil unrest, geopolitical tensions or military action, such as the armed conflicts in the Middle East and between Ukraine and Russia, and corresponding sanctions imposed on Russia by the US and other countries, and new or evolving legal and regulatory requirements on business investment, hiring, migration, labor supply and global supply chains.

The ongoing uncertainty regarding trade policy poses a downside risk to the current economic outlook, with lower growth and higher inflationary pressures increasing the risk of a stagflationary environment. Tariffs, which are inflationary in nature, remain in place and may have a negative impact on Gross Domestic Product (GDP) growth. The potential impact of tariffs on corporate earnings remains uncertain and will depend on the duration and outcome of related trade negotiations.

We carefully monitor economic and market conditions that could potentially give rise to global market volatility and affect our business operations, investment portfolios and derivatives, which include global inflation. US inflation remains elevated with the US Bureau of Labor Statistics reporting the annual US inflation rate at 3.0% as of September 30, 2025, compared to 2.7% as of June 30, 2025. The US Federal Reserve has a current benchmark interest rate target range of 3.75% to 4.00% following a rate cut of 25 basis points at both its September and October meetings.

Equity market performance was strong during the third quarter of 2025. In the US, the S&P 500 Index increased by 7.8% during the third quarter, following an increase of 10.6% during the second quarter of 2025. In terms of economic conditions in the US, the Bureau of Economic Analysis reported real GDP increased at an annual rate of 3.8% in the second quarter of 2025, the latest date this data is available. As of October 2025, the International Monetary Fund estimated the US economy will expand by 2.0% in 2025 and 2.1% in 2026. The US Bureau of Labor Statistics reported the US unemployment rate increased to 4.3% as of August 31, 2025, the latest date this data is available, compared to 4.1% as of June 30, 2025. Oil finished the third quarter of 2025 down 4.2% from the second quarter of 2025.

Foreign exchange rates can materially impact the valuations of our investments and liabilities that are denominated in currencies other than the US dollar. The US dollar strengthened in the third quarter of 2025 compared to the euro and Japanese yen. Relative to the US dollar, the euro depreciated 0.5% in the third quarter of 2025, after appreciating 9.0% in the second quarter of 2025. Relative to the US dollar, the Japanese yen depreciated 2.6% in the third quarter of 2025, after appreciating 4.1% in the second quarter of 2025. We generally undertake hedging activities to eliminate or mitigate foreign exchange currency risk.

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Interest Rate Environment

Medium and long-term rates decreased during the third quarter of 2025 with the US 10-year Treasury yield at 4.16% as of September 30, 2025 compared to 4.24% as of June 30, 2025. Short-term rates decreased during the third quarter of 2025 with the 3-month secured overnight financing rate at 3.98% as of September 30, 2025 compared to 4.29% as of June 30, 2025.

Our investment portfolio predominantly consists of fixed maturity investments. See – Investment Portfolio. If prevailing interest rates were to rise, we believe the yield on our new investment purchases may also rise and our investment income from floating rate investments would increase, while the value of our existing investments may decline. If prevailing interest rates were to decline significantly, the yield on our new investment purchases may decline and our investment income from floating rate investments would decrease, while the value of our existing investments may increase.

We address interest rate risk through managing the duration of the liabilities we source with assets we acquire through asset liability management (ALM) modeling. As part of our investment strategy, we purchase floating rate investments, which we expect would perform well in a rising interest rate environment and which we expect would underperform in a declining rate environment. We manage our interest rate risk in a declining rate environment through hedging activity or the issuance of additional floating rate liabilities to lower our overall net floating rate position. As of September 30, 2025, our net invested asset portfolio included $49.8 billion of floating rate investments, or 17% of our net invested assets, and our net reserve liabilities included $43.8 billion of floating rate liabilities at notional, or 15% of our net invested assets, resulting in $6.0 billion of net floating rate assets, or 2% of our net invested assets.

If prevailing interest rates were to rise, we believe our products would be more attractive to consumers and our sales would likely increase. If prevailing interest rates were to decline, it is likely that our products would be less attractive to consumers and our sales would likely decrease. In periods of prolonged low interest rates, the net investment spread may be negatively impacted by reduced investment income to the extent that we are unable to adequately reduce policyholder crediting rates due to policyholder guarantees in the form of minimum crediting rates or otherwise due to market conditions. Our policyholder account balances include deferred annuities, indexed annuities, funding agreements and other investment-type contracts, the latter of which is comprised 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. A significant majority of our deferred annuity products have crediting rates that we may reset annually upon renewal, following the expiration of the current guaranteed period. While we have the contractual ability to lower these crediting rates to the guaranteed minimum levels at renewal, our willingness to do so may be limited by competitive pressures. See Note 7 – Long-duration Contracts to the condensed consolidated financial statements for our deferred and indexed annuity policyholder account balances by range of guaranteed minimum crediting rates and the related distance to those respective guaranteed minimums. Our funding agreements and other investment-type products provide us little to no discretionary ability to change the rates of interest that determine the amounts payable to the respective policyholder or institution.

See Part I—Item 3. Quantitative and Qualitative Disclosures About Market Risks in this report and Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risks in our 2024 Annual Report, which include a discussion regarding interest rate and other significant risks and our strategies for managing these risks.

Demographics

Over the next four decades, the retirement-age population is expected to experience unprecedented growth. Technological advances and improvements in healthcare are projected to continue to contribute to increasing average life expectancy, and aging individuals must be prepared to fund retirement periods that will last longer than ever before. Further, many working households in the US do not have adequate retirement savings. As a tool for addressing the unmet need for retirement planning, we believe that many Americans have begun to look to tax-efficient savings products with low-risk or guaranteed return features and potential equity market upside. Our tax-efficient savings products are well positioned to meet this increasing customer demand.

Competition

We operate in highly competitive markets. We face a variety of large and small industry participants, including diversified financial institutions, insurance and reinsurance companies and private equity firms. These companies compete in one form or another for the growing pool of retirement assets driven by a number of external factors such as the continued aging of the population and the reduction in safety nets provided by governments and private employers. In the markets in which we operate, scale and the ability to provide value-added services and build long-term relationships are important factors to compete effectively. We believe that our leading presence in the retirement market, diverse range of capabilities and broad distribution network uniquely position us to effectively serve consumers’ increasing demand for retirement solutions, particularly in the fixed annuity market.

According to the Life Insurance and Market Research Association (LIMRA), total annuity market sales in the US were $225.8 billion for the six months ended June 30, 2025, a 3.8% increase from the same time period in 2024. In the total annuity market, for the six months ended June 30, 2025 (the most recent period for which specific market share data is available), we were the second largest provider of annuities based on sales of $16.8 billion, translating to a 7.4% market share. For the six months ended June 30, 2024, we were the largest provider of annuities based on sales of $18.7 billion, translating to an 8.6% market share.

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According to LIMRA, total fixed annuity market sales in the US were $158.9 billion for the six months ended June 30, 2025, a 1.0% increase from the same time period in 2024. In the total fixed annuity market, for the six months ended June 30, 2025 (the most recent period for which specific market share data is available), we were the largest provider of fixed annuities based on sales of $16.2 billion, translating to a 10.2% market share. For the six months ended June 30, 2024, we were the largest provider of fixed annuities based on sales of $18.2 billion, translating to an 11.6% market share.

According to LIMRA, FIA market sales in the US were $60.6 billion for the six months ended June 30, 2025, a 1.2% increase from the same time period in 2024. For the six months ended June 30, 2025 (the most recent period for which specific market share data is available), we were the largest provider of FIAs based on sales of $7.3 billion, translating to a 12.1% market share. For the six months ended June 30, 2024, we were the largest provider of FIAs based on sales of $7.6 billion, translating to a 12.8% market share.

According to LIMRA, RILA market sales in the US were $36.7 billion for the six months ended June 30, 2025, an 18.1% increase from the same time period in 2024. For the six months ended June 30, 2025 (the most recent period for which specific market share data is available), we were the fifteenth largest provider of RILAs based on sales of $620 million, translating to a 1.7% market share. For the six months ended June 30, 2024, we were the tenth largest provider of RILAs based on sales of $568 million, translating to a 1.8% market share. We believe RILAs represent a significant growth opportunity for Athene.


Key Operating and Non-GAAP Measures

In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures, together with the relevant US GAAP measures, provides information that may enhance an investor’s understanding of our results of operations and the underlying profitability drivers of our business. The majority of these non-GAAP measures are intended to remove from the results of operations the impact of market volatility (other than with respect to alternative investments), which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, both defined below, as well as integration, restructuring, stock compensation and certain other expenses which are not part of our underlying profitability drivers, as such items fluctuate from period to period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures. See –Non-GAAP Measure Reconciliations for the appropriate reconciliations to the most directly comparable US GAAP measures.

Spread Related Earnings (SRE)

Spread related earnings is a pre-tax non-GAAP measure used to evaluate our financial performance including the impact of any reinsurance transactions and excluding market volatility and expenses related to integration, restructuring, stock compensation and other expenses. Our spread related earnings equals net income available to AHL common stockholder adjusted to eliminate the impact of the following:

•Investment Gains (Losses), Net of Offsets—Consists of the realized gains and losses on the sale of AFS securities and mortgage loans, the change in fair value of reinsurance assets, unrealized gains and losses, changes in the provision for credit losses and other investment gains and losses. Unrealized, allowances and other investment gains and losses are comprised of the fair value adjustments of trading securities and mortgage loans, investments held under the fair value option, derivative gains and losses not hedging FIA index credits, all foreign exchange impacts and the change in provision for credit losses recognized in operations net of the change in AmerUs Closed Block fair value reserve related to the corresponding change in fair value of investments. Investment gains and losses are net of offsets related to the market value adjustments (MVA) associated with surrenders or terminations of contracts.

•Non-operating Change in Insurance Liabilities and Related Derivatives

•Change in Fair Values of Derivatives and Embedded Derivatives – FIAs—Consists of impacts related to the fair value accounting for derivatives hedging the FIA index credits and the related embedded derivative liability fluctuations from period to period. The index reserve is measured at fair value for the current period and all periods beyond the current policyholder index term. However, the FIA hedging derivatives are purchased to hedge only the current index period. Upon policyholder renewal at the end of the period, new FIA hedging derivatives are purchased to align with the new term. The difference in duration between the FIA hedging derivatives and the index credit reserves creates a timing difference in earnings. This timing difference of the FIA hedging derivatives and index credit reserves is included as a non-operating adjustment.

We primarily hedge with options that align with the index terms of our FIA products (typically 1–2 years). On an economic basis, we believe this is suitable because policyholder accounts are credited with index performance at the end of each index term. However, because the term of an embedded derivative in an FIA contract is longer-dated, there is a duration mismatch which may lead to mismatches for accounting purposes.

•Non-operating Change in Funding Agreements—Consists of timing differences caused by changes to interest rates on variable funding agreements and funding agreement backed notes and the associated reserve accretion patterns of
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those contracts. Further included are adjustments for gains associated with our early repurchases of funding agreements, when applicable.

•Change in Fair Value of Market Risk Benefits—Consists primarily of volatility in capital market inputs used in the measurement at fair value of our market risk benefits, including certain impacts from changes in interest rates, equity returns and implied equity volatilities.

•Non-operating Change in Liability for Future Policy Benefits—Consists of the non-economic loss incurred at issuance for certain pension group annuities and other payout annuities with life contingencies when valuation interest rates prescribed by US GAAP are lower than the net investment earned rates, adjusted for profit, assumed in pricing. For such contracts with non-economic US GAAP losses, the SRE reserve accretes interest using an imputed discount rate that produces zero gain or loss at issuance.

•Integration, Restructuring, and Other Non-operating Expenses—Consists of restructuring and integration expenses related to acquisitions and block reinsurance costs, as well as certain other expenses, which are not predictable or related to our underlying profitability drivers.

•Stock Compensation Expense—Consists of stock compensation expenses associated with our share incentive plans, including long-term incentive expenses, which are not related to our underlying profitability drivers and fluctuate from time to time due to the structure of our plans.

•Income Tax Expense (Benefit)—Consists of the income tax effect of all income statement adjustments and is computed by applying the appropriate jurisdiction’s tax rate to all adjustments subject to income tax.

We consider these adjustments to be meaningful adjustments to net income available to AHL common stockholder for the reasons discussed in greater detail above. Accordingly, we believe using a measure which excludes the impact of these items is useful in analyzing our business performance and the trends in our results of operations. Together with net income available to AHL common stockholder, we believe spread related earnings provides a meaningful financial metric that helps investors understand our underlying results and profitability. Spread related earnings should not be used as a substitute for net income available to AHL common stockholder.

Net Investment Spread
    
Net investment spread is a key measure of profitability used in analyzing the trends of our core business operations. Net investment spread measures our investment performance plus our strategic capital management fees, less our total cost of funds. Net investment earned rate is a key measure of our investment performance while cost of funds is a key measure of the cost of our policyholder benefits and liabilities. Strategic capital management fees consist of management fees received by us for business managed for others.

Net investment earned rate is a non-GAAP measure we use to evaluate the performance of our net invested assets. Net investment earned rate is computed as the income from our net invested assets divided by the average net invested assets, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. The primary adjustments to net investment income to arrive at our net investment earnings are (a) net VIE impacts (revenues, expenses and noncontrolling interests), (b) 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. We include the income and assets supporting our change in fair value of reinsurance assets by evaluating the underlying investments of the funds withheld at interest receivables and we include the net investment income from those underlying investments which does not correspond to the US GAAP presentation of change in fair value of reinsurance assets. We exclude the income and assets on business related to ceded reinsurance transactions. We believe the adjustments for reinsurance provide a net investment earned rate on the assets for which we have economic exposure. We believe a measure like net investment earned rate is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe net investment earned rate is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for net investment income presented under US GAAP.

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Cost of funds includes liability costs related to cost of crediting on deferred annuities and institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the noncontrolling interests. Cost of crediting on deferred annuities is the interest credited to the policyholders on our fixed strategies, as well as the option costs on the indexed annuity strategies. With respect to FIAs, the cost of providing index credits includes the expenses incurred to fund the annual index credits, and where applicable, minimum guaranteed interest credited. Cost of crediting on institutional products is comprised of (1) pension group annuity costs, including interest credited, benefit payments and other reserve changes, net of premiums received when issued, and (2) funding agreement costs, including the interest payments and other reserve changes. Additionally, cost of crediting includes forward points gains and losses on foreign exchange derivative hedges. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums and certain product charges and other revenues. We include the costs related to business added through assumed reinsurance transactions and exclude the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. We believe a measure like cost of funds is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.

Other Operating Expenses

Other operating expenses excludes interest expense, policy acquisition expenses, net of deferrals, integration, restructuring and other non-operating expenses, stock compensation and long-term incentive plan expenses and the proportionate share of the ACRA operating expenses associated with the noncontrolling interests. We believe a measure like other operating expenses is useful in analyzing the trends of our core business operations and profitability. While we believe other operating expenses is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for policy and other operating expenses presented under US GAAP.

Adjusted Leverage Ratio

Adjusted leverage ratio is a non-GAAP measure used to evaluate our capital structure excluding the impacts of AOCI and the cumulative changes in fair value of funds withheld and modco reinsurance assets, as well as mortgage loan assets, net of tax. Adjusted leverage ratio is calculated as total debt at notional value adjusted to exclude 50% of the notional value of subordinated debt as an equity credit plus 50% of the notional value of our preferred stock divided by adjusted capitalization. Adjusted capitalization includes our adjusted AHL common stockholder’s equity and the notional value of our preferred stock and total debt. Adjusted AHL common stockholder’s equity is calculated as the ending AHL stockholders’ equity excluding AOCI, the cumulative changes in fair value of funds withheld and modco reinsurance assets and mortgage loan assets, as well as preferred stock. These adjustments fluctuate period to period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities, reinsurance assets and mortgage loans. Except with respect to reinvestment activity relating to acquired blocks of businesses, we typically buy and hold investments to maturity throughout the duration of market fluctuations, therefore, the period-over-period impacts in unrealized gains and losses are not necessarily indicative of current operating fundamentals or future performance. Adjusted leverage ratio should not be used as a substitute for the leverage ratio. However, we believe the adjustments to stockholders’ equity and debt are significant to gaining an understanding of our capitalization, debt and preferred stock utilization and overall leverage capacity, because they provide insight into how rating agencies measure our capitalization, which is a consideration in how we manage our leverage capacity.

Net Invested Assets

In managing our business, we analyze net invested assets, which does not correspond to total investments, including investments in related parties, as disclosed in our condensed consolidated financial statements and notes thereto. Net invested assets represent the investments that directly back our net reserve liabilities, as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets include (a) total investments on the condensed consolidated balance sheets, with AFS securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE and VOE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. We include the underlying investments supporting our assumed funds withheld and modco agreements and exclude the underlying investments related to ceded reinsurance transactions in our net invested assets calculation in order to match the assets with the income received. We believe the adjustments for reinsurance provide a view of the assets for which we have economic exposure. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but do not include the proportionate share of investments associated with the noncontrolling interests. Our net invested assets are averaged over the number of quarters in the relevant period to compute our net investment earned rate for such period. While we believe net invested assets is a meaningful financial metric and enhances our understanding of the underlying drivers of our investment portfolio, it should not be used as a substitute for total investments, including related parties, presented under US GAAP.

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Net Reserve Liabilities

In managing our business, we also analyze net reserve liabilities, which does not correspond to total liabilities as disclosed in our condensed consolidated financial statements and notes thereto. Net reserve liabilities represent our policyholder liability obligations net of reinsurance and are used to analyze the costs of our liabilities. Net reserve liabilities include (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include our proportionate share of ACRA reserve liabilities, based on our economic ownership, but do not include the proportionate share of reserve liabilities associated with the noncontrolling interests. Net reserve liabilities are net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, we have no net economic exposure to such liabilities, assuming our reinsurance counterparties perform under our agreements. For such transactions, US GAAP requires the ceded liabilities and related reinsurance recoverables to continue to be recorded in our consolidated financial statements despite the transfer of economic risk to the counterparty in connection with the reinsurance transaction. We include the underlying liabilities assumed through modco reinsurance agreements in our net reserve liabilities calculation in order to match the liabilities with the expenses incurred. While we believe net reserve liabilities is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total liabilities presented under US GAAP.

Sales

Sales statistics do not correspond to revenues under US GAAP but are used as relevant measures to understand our business performance as it relates to inflows generated during a specific period of time. Our sales statistics include inflows for deferred and indexed annuities and align with the LIMRA definition of all money paid into an individual annuity, including money paid into new contracts with initial purchase occurring in the specified period and existing contracts with initial purchase occurring prior to the specified period (excluding internal transfers). We believe sales is a meaningful metric that enhances our understanding of our business performance and is not the same as premiums presented in our condensed consolidated statements of income.


Results of Operations

The following summarizes the condensed consolidated results of operations:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Revenues$7,998 $6,522 $17,543 $16,907 
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 

Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

In this section, references to 2025 refer to the three months ended September 30, 2025 and references to 2024 refer to the three months ended September 30, 2024.

Net Income Available to Athene Holding Ltd. Common Stockholder

Net income available to Athene Holding Ltd. common stockholder increased by $643 million, or 111%, to $1.2 billion in 2025 from $580 million in 2024. The increase in net income available to Athene Holding Ltd. common stockholder was primarily driven by a $1.5 billion increase in revenues and a $240 million decrease in net income attributable to noncontrolling interests, partially offset by a $1.0 billion increase in benefits and expenses and a $75 million increase in income tax expense.

Revenues

Revenues increased by $1.5 billion to $8.0 billion in 2025 from $6.5 billion in 2024. The increase was primarily driven by an increase in net investment income, an increase in investment related gains (losses) and an increase in VIE investment related gains (losses), partially offset by a decrease in premiums.
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Net investment income increased by $895 million to $4.7 billion in 2025 from $3.8 billion in 2024, primarily driven by significant growth in our investment portfolio attributable to strong net flows during the previous twelve months and higher rates on new deployment in comparison to our existing portfolio related to the higher interest rate environment. These impacts were partially offset by lower floating rate income and higher investment management fees driven by the significant growth in our investment portfolio.

Investment related gains (losses) increased by $715 million to $2.3 billion in 2025 from $1.5 billion in 2024, primarily driven by a favorable change in fair value of FIA hedging derivatives, favorable net foreign exchange impacts and a decrease in realized losses on the sale of mortgage loans and AFS securities, partially offset by an unfavorable change in fair value of mortgage loans and reinsurance assets. The change in fair value of FIA hedging derivatives increased $1.1 billion, primarily driven by more favorable performance of the equity indices upon which our call options are based. The largest percentage of our call options are based on the S&P 500 Index, which increased 7.8% in 2025, compared to an increase of 5.5% in 2024. The favorable net foreign exchange impacts were primarily related to the strengthening of the US dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of mortgage loans decreased $607 million, primarily driven by a smaller decrease in US Treasury rates in 2025 compared to 2024. The change in fair value of reinsurance assets decreased $598 million, primarily driven by a smaller decrease in US Treasury rates in 2025 compared to 2024, as well as runoff of the underlying investments within our funds withheld asset, partially offset by credit spread tightening in 2025 compared to 2024.

VIE investment related gains (losses) increased by $96 million to $565 million in 2025 from $469 million in 2024, primarily driven by growth and investment performance within AAA related to favorable returns on the underlying assets.

Premiums decreased by $272 million to $117 million in 2025 from $389 million in 2024, primarily driven by a $294 million decrease in pension group annuity premiums compared to 2024.

Benefits and Expenses

Benefits and expenses increased by $1.0 billion to $5.9 billion in 2025 from $4.8 billion in 2024. The increase was primarily driven by an increase in interest sensitive contract benefits and an increase in the amortization of DAC, DSI and VOBA, partially offset by a decrease in market risk benefits remeasurement (gains) losses, a decrease in future policy and other policy benefits and a decrease in policy and other operating expenses. Our annual unlocking of assumptions resulted in a decrease in total benefits and expenses of $55 million compared to an increase of $31 million in 2024. The 2025 unlocking was driven by a decrease of $90 million in interest sensitive contract benefits and a decrease of $59 million in market risk benefits, partially offset by an increase of $53 million related to DAC, DSI and VOBA amortization and an increase of $41 million in future policy and other policy benefits. The 2024 unlocking was driven by an increase of $62 million in market risk benefits, an increase of $21 million related to DAC, DSI and VOBA amortization and an increase of $8 million in interest sensitive contract benefits, partially offset by a decrease of $60 million in future policy and other policy benefits.

Interest sensitive contract benefits increased by $1.6 billion to $4.2 billion in 2025 from $2.6 billion in 2024, primarily driven by an increase in the change in our FIA reserves, significant growth in our deferred annuity and funding agreement blocks of business and higher rates on new deferred annuity and funding agreement issuances, as well as runoff of lower rate business, in comparison to our existing blocks of business. These impacts were partially offset by lower rates on floating rate funding agreements and a favorable change in unlocking. The change in our FIA reserves includes the impact from changes in the fair value of FIA embedded derivatives. The increase in the change in fair value of FIA embedded derivatives of $985 million was primarily due to the performance of the equity indices to which our FIA policies are linked. The largest percentage of our FIA policies are linked to the S&P 500 Index, which increased 7.8% in 2025, compared to an increase of 5.5% in 2024. The change in fair value of FIA embedded derivatives was also driven by an unfavorable impact of rates on policyholder projected benefits in comparison to 2024. These impacts were partially offset by a favorable change in discount rates used in our embedded derivative calculations as 2025 experienced a smaller decrease in discount rates compared to 2024. The fair value of FIA embedded derivative and investment contract provision unlocking in 2025 was $79 million favorable primarily due to changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, while 2024 unlocking was $67 million unfavorable primarily due to changes to projected interest crediting. The negative VOBA unlocking related to our interest sensitive contract liabilities in 2025 was $11 million favorable mainly due to changes in policyholder behavior, partially offset by updated economic assumptions, while 2024 unlocking was $59 million favorable mainly due to updated economic assumptions and changes in policyholder behavior.

Amortization of DAC, DSI and VOBA increased by $111 million to $355 million in 2025 from $244 million in 2024, primarily driven by an increase in acquisition costs that are deferred and amortized due to strong growth in our deferred annuity business as well as an unfavorable change in unlocking. Unlocking in 2025 was $53 million unfavorable mainly related to changes in policyholder behavior and projected interest crediting as well as updated economic and mortality assumptions, while unlocking in 2024 was $21 million unfavorable mainly related to changes to projected interest crediting and policyholder behavior.

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Market risk benefits remeasurement (gains) losses decreased by $393 million to $131 million in 2025 from $524 million in 2024. The lower losses in 2025 compared to 2024 were primarily driven by a favorable change in the fair value of market risk benefits and a favorable change in unlocking. The change in fair value of market risk benefits was $205 million favorable due to a smaller decrease in risk-free discount rates across the long end of the curve compared to 2024, which are used in the fair value measurement of the liability for market risk benefits, and $72 million favorable related to more favorable equity market performance compared to 2024. The market risk benefits unlocking in 2025 was $59 million favorable primarily due to changes in policyholder behavior and updated mortality assumptions, partially offset by changes in projected interest crediting, while 2024 unlocking was $62 million unfavorable primarily due to changes in policyholder behavior, partially offset by updated economic assumptions.

Future policy and other policy benefits decreased by $180 million to $613 million in 2025 from $793 million in 2024, primarily driven by a $294 million decrease in pension group annuity obligations compared to 2024, partially offset by an unfavorable change in unlocking. Unlocking in 2025 was $41 million unfavorable, consisting of $77 million of unfavorable future policy benefit reserve unlocking, partially offset by $36 million of favorable negative VOBA and deferred profit liability unlocking. The unfavorable unlocking primarily related to updated mortality assumptions and changes in policyholder behavior, partially offset by updated economic assumptions. Unlocking in 2024 was $60 million favorable, consisting of $104 million of favorable future policy benefit reserve unlocking, partially offset by $44 million of unfavorable negative VOBA and deferred profit liability unlocking. The favorable unlocking primarily related to updated mortality assumptions, partially offset by changes in policyholder behavior.

Policy and other operating expenses decreased by $96 million to $591 million in 2025 from $687 million in 2024, primarily driven by the
recognition of $172 million of expense related to estimated guaranty association assessments levied against us in connection
with the Bankers Life Insurance Company (BLIC) and Colorado Bankers Life Insurance Company (CBLIC) insolvencies in 2024, partially offset by an increase in interest expense and policy acquisition expenses related to significant growth. The increase in interest expense was primarily due to interest on additional issuances of long-term debt in the fourth quarter of 2024 and the second quarter of 2025 as well as an increase in host accretion on business ceded to Catalina.

Income Tax Expense

Income tax expense increased by $75 million to $266 million in 2025 from $191 million in 2024, primarily driven by an increase in pretax income subject to US income tax, and impacts from the Bermuda Corporate Income Tax (Bermuda CIT) that were not present in 2024. Our effective tax rate in the third quarter of 2025 was 12% compared to 11% in 2024.

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests decreased by $240 million to $619 million in 2025 from $859 million in 2024 primarily due to the unfavorable change in fair value of reinsurance assets and mortgage loans, partially offset by favorable net foreign exchange impacts as well as growth and favorable investment performance within AAA.

Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

In this section, references to 2025 refer to the nine months ended September 30, 2025 and references to 2024 refer to the nine months ended September 30, 2024.

Net Income Available to Athene Holding Ltd. Common Stockholder

Net income available to Athene Holding Ltd. common stockholder decreased by $164 million, or 7%, to $2.1 billion in 2025 from $2.3 billion in 2024. The decrease in net income available to Athene Holding Ltd. common stockholder was primarily driven by a $1.4 billion increase in benefits and expenses, partially offset by a $636 million increase in revenues, a $252 million decrease in income tax expense, a $244 million decrease in net income attributable to noncontrolling interests and an $84 million increase from our preferred stock redemption.

Revenues

Revenues increased by $636 million to $17.5 billion in 2025 from $16.9 billion in 2024. The increase was primarily driven by an increase in net investment income and an increase in VIE investment related gains (losses), partially offset by a decrease in investment related gains (losses) and a decrease in premiums.

Net investment income increased by $2.5 billion to $13.1 billion in 2025 from $10.6 billion in 2024, primarily driven by significant growth in our investment portfolio attributable to strong net flows during the previous twelve months, higher rates on new deployment in comparison to our existing portfolio related to the higher interest rate environment and earlier deployment into assets during the year compared to 2024. These impacts were partially offset by lower floating rate income and higher investment management fees driven by the significant growth in our investment portfolio.

VIE investment related gains (losses) increased by $474 million to $1.6 billion in 2025 from $1.1 billion in 2024, primarily driven by growth and investment performance within AAA related to favorable returns on the underlying assets, favorable returns from A-A Onshore Fund, LLC,
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a favorable change in the fair value of mortgage loans held in VIEs related to a larger decrease in US Treasury rates in 2025 compared to 2024 and favorable impacts from the consolidation of new VIEs as well as the deconsolidation of existing VIEs.

Investment related gains (losses) decreased by $1.7 billion to $1.4 billion in 2025 from $3.1 billion in 2024, primarily driven by unfavorable net foreign exchange impacts and an unfavorable change in fair value of FIA hedging derivatives and reinsurance assets, partially offset by a favorable change in fair value of mortgage loans and trading securities. The unfavorable net foreign exchange impacts were primarily related to the weakening of the US dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of FIA hedging derivatives decreased $781 million, primarily driven by less favorable performance of the equity indices upon which our call options are based. The largest percentage of our call options are based on the S&P 500 Index, which increased 13.7% in 2025, compared to an increase of 20.8% in 2024. The change in fair value of reinsurance assets decreased $212 million, primarily related to runoff of the underlying investments within our funds withheld asset and an unfavorable change in credit spreads compared to 2024, partially offset by a larger decrease in US Treasury rates in 2025 compared to 2024. The change in fair value of mortgage loans increased $437 million and the change in fair value of trading securities increased $133 million primarily driven by a larger decrease in US Treasury rates in 2025 compared to 2024.

Premiums decreased by $812 million to $351 million in 2025 from $1.2 billion in 2024, primarily driven by an $866 million decrease in pension group annuity premiums, partially offset by an increase in payout premiums compared to 2024.

Benefits and Expenses

Benefits and expenses increased by $1.4 billion to $13.8 billion in 2025 from $12.4 billion in 2024. The increase was primarily driven by an increase in interest sensitive contract benefits, an increase in the amortization of DAC, DSI and VOBA, an increase in policy and other operating expenses and an increase in market risk benefits remeasurement (gains) losses, partially offset by a decrease in future policy and other policy benefits. Our annual unlocking of assumptions resulted in a decrease in total benefits and expenses of $55 million compared to an increase of $31 million in 2024. The 2025 unlocking was driven by a decrease of $90 million in interest sensitive contract benefits and a decrease of $59 million in market risk benefits, partially offset by an increase of $53 million related to DAC, DSI and VOBA amortization and an increase of $41 million in future policy and other policy benefits. The 2024 unlocking was driven by an increase of $62 million in market risk benefits, an increase of $21 million related to DAC, DSI and VOBA amortization and an increase of $8 million in interest sensitive contract benefits, partially offset by a decrease of $60 million in future policy and other policy benefits.

Interest sensitive contract benefits increased by $1.8 billion to $9.1 billion in 2025 from $7.3 billion in 2024, primarily driven by significant growth in our deferred annuity and funding agreement blocks of business, higher rates on new deferred annuity and funding agreement issuances, as well as runoff of lower rate business, in comparison to our existing blocks of business and earlier origination of new business within the year compared to 2024. These impacts were partially offset by lower rates on floating rate funding agreements, a decrease in the change in our FIA reserves and a favorable change in unlocking. The change in our FIA reserves includes the impact from changes in the fair value of FIA embedded derivatives. The decrease in the change in fair value of FIA embedded derivatives of $126 million was primarily due to the performance of the equity indices to which our FIA policies are linked. The largest percentage of our FIA policies are linked to the S&P 500 Index, which increased 13.7% in 2025, compared to an increase of 20.8% in 2024. These impacts were partially offset by the unfavorable change in discount rates used in our embedded derivative calculations as 2025 experienced a larger decrease in discount rates compared to 2024. The fair value of FIA embedded derivative and investment contract provision unlocking in 2025 was $79 million favorable primarily due to changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, while 2024 unlocking was $67 million unfavorable primarily due to changes to projected interest crediting. The negative VOBA unlocking related to our interest sensitive contract liabilities in 2025 was $11 million favorable mainly due to changes in policyholder behavior, partially offset by updated economic assumptions, while 2024 unlocking was $59 million favorable mainly due to updated economic assumptions and changes in policyholder behavior.

Amortization of DAC, DSI and VOBA increased by $236 million to $914 million in 2025 from $678 million in 2024, primarily driven by an increase in acquisition costs that are deferred and amortized due to strong growth in our deferred annuity business as well as an unfavorable change in unlocking. Unlocking in 2025 was $53 million unfavorable mainly related to changes in policyholder behavior and projected interest crediting as well as updated economic and mortality assumptions, while unlocking in 2024 was $21 million unfavorable mainly related to changes to projected interest crediting and policyholder behavior.

Policy and other operating expenses increased by $74 million to $1.7 billion in 2025 from $1.7 billion in 2024, primarily driven by an increase in interest expense and policy acquisition expenses related to significant growth. The increase in interest expense was primarily due to an increase in host accretion on business ceded to Catalina, as well as interest related to additional issuances of long-term debt in the fourth quarter of 2024 and the second quarter of 2025. These impacts were partially offset by the recognition of $172 million of expense related to estimated guaranty association assessments levied against us in connection with the BLIC and CBLIC insolvencies in 2024.

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Market risk benefits remeasurement (gains) losses increased by $51 million to $405 million in 2025 from $354 million in 2024. The greater losses in 2025 compared to 2024 were primarily driven by an unfavorable change in the fair value of market risk benefits, partially offset by a favorable change in unlocking. The change in fair value of market risk benefits was $152 million unfavorable due to a decrease in risk-free discount rates across the long end of the curve compared to 2024, which are used in the fair value measurement of the liability for market risk benefits, and $9 million unfavorable related to less favorable equity market performance compared to 2024. The market risk benefits unlocking in 2025 was $59 million favorable primarily due to changes in policyholder behavior and updated mortality assumptions, partially offset by changes in projected interest crediting, while 2024 unlocking was $62 million unfavorable primarily due to changes in policyholder behavior, partially offset by updated economic assumptions.

Future policy and other policy benefits decreased by $750 million to $1.7 billion in 2025 from $2.4 billion in 2024, primarily driven by an $866 million decrease in pension group annuity obligations compared to 2024, partially offset by an unfavorable change in unlocking. Unlocking in 2025 was $41 million unfavorable, consisting of $77 million of unfavorable future policy benefit reserve unlocking, partially offset by $36 million of favorable negative VOBA and deferred profit liability unlocking. The unfavorable unlocking primarily related to updated mortality assumptions and changes in policyholder behavior, partially offset by updated economic assumptions. Unlocking in 2024 was $60 million favorable, consisting of $104 million of favorable future policy benefit reserve unlocking, partially offset by $44 million of unfavorable negative VOBA and deferred profit liability unlocking. The favorable unlocking primarily related to updated mortality assumptions, partially offset by changes in policyholder behavior.

Income Tax Expense

Income tax expense decreased by $252 million to $407 million in 2025 from $659 million in 2024, primarily driven by a decrease in pretax income subject to US income tax, and impacts from the Bermuda CIT that were not present in 2024. Our effective tax rate in 2025 was 11% compared to 15% in 2024.

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests decreased by $244 million to $1.1 billion in 2025 from $1.4 billion in 2024 primarily due to unfavorable net foreign exchange impacts, an unfavorable change in fair value of reinsurance assets and an increase in realized losses on the sale of investments, partially offset by a favorable change in fair value of mortgage loans as well as growth and favorable investment performance within AAA.

Preferred Stock Redemption

Preferred stock redemption increased by $84 million to $84 million in 2025 from $0 million in 2024 driven by the redemption of our Series C preferred stock at par value, which was below our carrying value of $684 million, in the second quarter of 2025.

Summary of Non-GAAP Earnings

The following summarizes our spread related earnings:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Fixed income and other net investment income$3,425 $2,807 $9,521 $7,897 
Alternative net investment income321 236 955 670 
Net investment earnings3,746 3,043 10,476 8,567 
Strategic capital management fees35 27 96 76 
Cost of funds(2,661)(1,983)(7,341)(5,586)
Net investment spread1,120 1,087 3,231 3,057 
Other operating expenses(108)(114)(333)(346)
Interest and other financing costs(140)(118)(402)(328)
Spread related earnings$872 $855 $2,496 $2,383 

Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

In this section, references to 2025 refer to the three months ended September 30, 2025 and references to 2024 refer to the three months ended September 30, 2024.

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Spread Related Earnings

Spread related earnings increased by $17 million, or 2%, to $872 million in 2025 from $855 million in 2024. The increase in SRE was primarily driven by an increase in net investment earnings and strategic capital management fees, partially offset by an increase in cost of funds and interest and other financing costs.

Net investment earnings increased by $703 million to $3.7 billion in 2025 from $3.0 billion in 2024, primarily driven by $42.8 billion of growth in our average net invested assets, higher rates on new deployment compared to our existing portfolio related to the higher interest rate environment, an increase in alternative net investment income and higher call income, partially offset by lower floating rate income and prepayment of higher yielding assets. The increase in alternative net investment income compared to 2024 was primarily driven by more favorable performance within retirement services platforms and equity funds, partially offset by less favorable performance within origination platforms. The increase in income from retirement services platforms was primarily related to a valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge Financial, Inc. (Corebridge) and realized losses from the sale of Challenger Limited (Challenger) common equity shares in 2024. The increase in income from equity funds was mainly attributable to more favorable performance from the underlying funds within private and structured equity in 2025 compared to 2024. The decrease in income from origination platforms was primarily attributable to a Wheels valuation increase and strong growth from Redding Ridge Holdings LP (Redding Ridge) in 2024, partially offset by strong performance from Atlas and robust infrastructure origination from Apterra Infrastructure Capital, LLC (Apterra) in 2025.

Strategic capital management fees increased by $8 million to $35 million in 2025 from $27 million in 2024, primarily driven by additional fees received from ADIP II attributable to strong net flows into ACRA 2 over the previous twelve months.

Cost of funds increased by $678 million to $2.7 billion in 2025 from $2.0 billion in 2024, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business and runoff of lower rate business compared to existing blocks, a shift in business mix to more institutional business at higher crediting rates and an unfavorable change in unlocking. These impacts were partially offset by lower rates on floating rate funding agreements. Unlocking, net of the noncontrolling interests, was favorable $5 million primarily related to updated mortality assumptions and changes in policyholder behavior, partially offset by changes to projected interest crediting and updated economic assumptions. Unlocking, net of the noncontrolling interests, in 2024 was favorable $16 million primarily related to updated mortality and economic assumptions, partially offset by changes in policyholder behavior and projected interest crediting.

Interest and other financing costs increased by $22 million to $140 million in 2025 from $118 million in 2024, primarily driven by higher interest expense related to additional issuances of long-term debt in the fourth quarter of 2024 and second quarter of 2025, partially offset by a lower average short-term repurchase agreement balance outstanding in 2025 compared to 2024. Additionally, preferred stock dividends decreased due to the redemption of our Series C preferred stock in the second quarter of 2025.

Net Investment Spread
Three months ended September 30,
20252024
Fixed income and other net investment earned rate5.12 %4.96 %
Alternative net investment earned rate9.88 %8.19 %
Net investment earned rate5.34 %5.12 %
Strategic capital management fees0.05 %0.05 %
Cost of funds(3.79)%(3.34)%
Net investment spread1.60 %1.83 %

Net investment spread decreased 23 basis points to 1.60% in 2025 from 1.83% in 2024, driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds increased 45 basis points to 3.79% in 2025 from 3.34% in 2024, primarily driven by higher rates on new business and runoff of lower rate business compared to existing blocks, a shift in business mix to more institutional business at higher crediting rates and an unfavorable change in unlocking, partially offset by lower rates on floating rate funding agreements.

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Net investment earned rate increased 22 basis points to 5.34% in 2025 from 5.12% in 2024, primarily driven by higher returns in both our fixed income and alternative investment portfolios. Fixed income and other net investment earned rate was 5.12% in 2025, an increase from 4.96% in 2024, primarily driven by higher rates on new deployment compared to our existing portfolio related to the higher interest rate environment and higher call income, partially offset by lower floating rate income and prepayment of higher yielding assets. Alternative net investment earned rate was 9.88% in 2025, an increase from 8.19% in 2024, primarily driven by more favorable performance within retirement services platforms and equity funds, partially offset by less favorable performance within origination platforms. The more favorable returns from retirement services platforms were primarily related to a valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge and realized losses from the sale of Challenger’s common equity shares in 2024. The more favorable returns from equity funds were mainly attributable to more favorable performance from the underlying holdings within private and structured equity in 2025 compared to 2024. The lower returns from origination platforms were primarily due to a Wheels valuation increase and strong growth from Redding Ridge in 2024, partially offset by strong performance from Atlas and robust infrastructure origination from Apterra in 2025.

Adjustments to Net Income Available to Athene Holding Ltd. Common Stockholder

The adjustments to net income available to Athene Holding Ltd. common stockholder are comprised of investment gains (losses), net of offsets; non-operating change in insurance liabilities and related derivatives; integration, restructuring and other non-operating expenses; stock compensation expense and the non-operating income tax expense (benefit) related to these adjustments. The increase in adjustments to net income available to Athene Holding Ltd. common stockholder in 2025 compared to 2024 was primarily driven by an increase in non-operating change in insurance liabilities and related derivatives and a decrease in integration, restructuring and other non-operating expenses, partially offset by a decrease in investment gains (losses). Our annual unlocking of assumptions, net of the noncontrolling interests, resulted in an increase in our adjustments to net income available to AHL common stockholder of $74 million compared to a decrease of $11 million in 2024. The 2025 unlocking was driven by $75 million favorable FIA embedded derivative unlocking, partially offset by $1 million unfavorable liability for future policy benefits unlocking. The 2024 unlocking was driven by $26 million unfavorable FIA embedded derivative unlocking, partially offset by $14 million favorable market risk benefits unlocking and $1 million favorable liability for future policy benefits unlocking.

Non-operating change in insurance liabilities and related derivatives increased $687 million, primarily driven by an increase in net FIA derivatives and a favorable change in fair value of market risk benefits. The $463 million favorable change in fair value of net FIA derivatives was primarily due to the performance of the equity indices to which our FIA policies are linked. The largest percentage of our FIA policies are linked to the S&P 500 Index, which increased 7.8% in 2025, compared to an increase of 5.5% in 2024. The change in net FIA derivatives was also driven by a favorable change in unlocking as well as a favorable change in discount rates used in our embedded derivative calculations as 2025 experienced a smaller decrease in discount rates compared to 2024. These impacts were partially offset by an unfavorable impact of rates on policyholder projected benefits in 2025 compared to 2024. The fair value of FIA embedded derivative unlocking, net of the noncontrolling interests, in 2025 was $75 million favorable primarily due to changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, while 2024 unlocking was $26 million unfavorable primarily due to changes to projected interest crediting. The $241 million favorable change in fair value of market risk benefits was primarily driven by a smaller decrease in risk-free discount rates across the long end of the curve compared to 2024, which are used in the fair value measurement of the liability for market risk benefits and favorable equity market performance compared to 2024, partially offset by an unfavorable change in unlocking. The fair value of market risk benefits unlocking, net of the noncontrolling interests, in 2025 resulted in no impact, while 2024 unlocking was $14 million favorable primarily due to updated economic assumptions.

Integration, restructuring and other non-operating expenses decreased $168 million, primarily due to the recognition of $172 million of expense related to estimated guaranty association assessments levied against us in connection with the BLIC and CBLIC insolvencies in 2024.

Investment gains (losses), net of offsets, decreased $165 million, primarily driven by an unfavorable change in fair value of mortgage loans and reinsurance assets, partially offset by favorable net foreign exchange impacts and a decrease in realized losses on the sale of mortgage loans and AFS securities. The unfavorable change in fair value of mortgage loans of $505 million was primarily driven by a smaller decrease in US Treasury rates in 2025 compared to 2024. The unfavorable change in fair value of reinsurance assets of $323 million was primarily driven by a smaller decrease in US Treasury rates in 2025 compared to 2024, as well as runoff of the underlying investments within our funds withheld asset, partially offset by credit spread tightening in 2025 compared to 2024. The favorable net foreign exchange impacts were primarily related to the strengthening of the US dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI.

Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

In this section, references to 2025 refer to the nine months ended September 30, 2025 and references to 2024 refer to the nine months ended September 30, 2024.

Spread Related Earnings

SRE increased by $113 million, or 5%, to $2.5 billion in 2025 from $2.4 billion in 2024. The increase in SRE was primarily driven by an increase in net investment earnings and strategic capital management fees, partially offset by an increase in cost of funds and interest and other financing costs.

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Net investment earnings increased by $1.9 billion to $10.5 billion in 2025 from $8.6 billion in 2024, primarily driven by $38.0 billion of growth in our average net invested assets, higher rates on new deployment compared to our existing portfolio related to the higher interest rate environment, an increase in alternative net investment income and earlier deployment into assets during the year compared to 2024, partially offset by lower floating rate income and prepayment of higher yielding assets. The increase in alternative net investment income compared to 2024 was primarily driven by more favorable performance within origination and retirement services platforms, as well as within equity funds. The increase in income from origination platforms was mainly attributable to an initial mark from cost to fair value on Atlas in 2025, strong growth from origination partnerships within Aqua Finance, Inc. (Aqua Finance) in 2025 compared to a valuation decrease in 2024, and robust infrastructure origination following a capital raise within Apterra in 2025, partially offset by strong growth from Redding Ridge in 2024. The increase in income from retirement services platforms was primarily related to a valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge, unfavorable returns on our investment in Catalina in 2024 not recurring in 2025 due to the distribution of our Catalina common equity interests to AGM as a dividend in the third quarter of 2024 and realized losses from the sale of Challenger common equity shares in 2024, partially offset by increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025. The increase in income from equity funds was mainly attributable to more favorable performance within private and structured equity in 2025 compared to 2024.

Strategic capital management fees increased by $20 million to $96 million in 2025 from $76 million in 2024, primarily driven by additional fees received from ADIP II and Catalina attributable to strong net flows into ACRA 2 and Catalina over the previous twelve months.

Cost of funds increased by $1.8 billion to $7.3 billion in 2025 from $5.6 billion in 2024, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business and runoff of lower rate business compared to existing blocks, earlier origination of new business within the year compared to 2024, a shift in business mix to more institutional business at higher crediting rates and an unfavorable change in unlocking. These impacts were partially offset by lower rates on floating rate funding agreements. Unlocking, net of the noncontrolling interests, was favorable $5 million primarily related to updated mortality assumptions and changes in policyholder behavior, partially offset by changes to projected interest crediting and updated economic assumptions. Unlocking, net of the noncontrolling interests, in 2024 was favorable $16 million primarily related to updated mortality and economic assumptions, partially offset by changes in policyholder behavior and projected interest crediting.

Interest and other financing costs increased by $74 million to $402 million in 2025 from $328 million in 2024, primarily driven by higher interest expense related to additional issuances of long-term debt in the fourth quarter of 2024 and second quarter of 2025, partially offset by a decrease in preferred stock dividends due to the redemption of our Series C preferred stock in the second quarter of 2025.

Net Investment Spread
Nine months ended September 30,
20252024
Fixed income and other net investment earned rate4.97 %4.82 %
Alternative net investment earned rate9.98 %7.69 %
Net investment earned rate5.21 %4.96 %
Strategic capital management fees0.05 %0.04 %
Cost of funds(3.65)%(3.24)%
Net investment spread1.61 %1.76 %

Net investment spread decreased 15 basis points to 1.61% in 2025 from 1.76% in 2024, primarily driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds increased by 41 basis points to 3.65% in 2025, from 3.24% in 2024, primarily driven by higher rates on new business and runoff of lower rate business compared to existing blocks, earlier origination of new business within the year compared to 2024, a shift in business mix to more institutional business at higher crediting rates and an unfavorable change in unlocking, partially offset by lower rates on floating rate funding agreements.

Net investment earned rate increased 25 basis points to 5.21% in 2025 from 4.96% in 2024, primarily driven by higher returns in both our fixed income and alternative investment portfolios. Fixed income and other net investment earned rate was 4.97% in 2025, an increase from 4.82% in 2024, primarily driven by higher rates on new deployment compared to our existing portfolio related to the higher interest rate environment and earlier deployment into assets during the year compared to 2024, partially offset by lower floating rate income. Alternative net investment earned rate was 9.98% in 2025, an increase from 7.69% in 2024, primarily driven by more favorable performance within origination and retirement services platforms, as well as within equity funds. The higher returns from origination platforms were mainly attributable to an initial mark from cost to fair value on Atlas in 2025, strong growth from origination partnerships within Aqua Finance in 2025 compared to a valuation decrease in 2024, and robust infrastructure origination following a capital raise within Apterra in 2025, partially offset by strong growth from Redding Ridge in 2024. The higher returns from retirement services platforms were primarily related to a valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge, unfavorable returns on our investment in Catalina in 2024 not recurring in 2025 due to the distribution of our Catalina common equity interests to AGM as a dividend in the third quarter of 2024 and realized losses from the sale of Challenger common equity shares in 2024, partially offset by increased capital requirements related to expanded solvency
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requirements impacting the valuation of Athora in 2025. The more favorable returns from equity funds were mainly attributable to more favorable performance within private and structured equity in 2025 compared to 2024.

Adjustments to Net Income Available to Athene Holding Ltd. Common Stockholder

The decrease in adjustments to net income available to Athene Holding Ltd. common stockholder in 2025 compared to 2024 was primarily driven by a decrease in non-operating change in insurance liabilities and related derivatives and a decrease in investment gains (losses), net of offsets, partially offset by a decrease in integration, restructuring and other non-operating expenses. Our annual unlocking of assumptions, net of the noncontrolling interests, resulted in an increase in our adjustments to net income available to AHL common stockholder of $74 million compared to a decrease of $11 million in 2024. The 2025 unlocking was driven by $75 million favorable FIA embedded derivative unlocking, partially offset by $1 million unfavorable liability for future policy benefits unlocking. The 2024 unlocking was driven by $26 million unfavorable FIA embedded derivative unlocking, partially offset by $14 million favorable market risk benefits unlocking and $1 million favorable liability for future policy benefits unlocking.

Non-operating change in insurance liabilities and related derivatives decreased $407 million, primarily driven by a decrease in net FIA derivatives and an unfavorable change in fair value of market risk benefits. The $215 million unfavorable change in fair value of net FIA derivatives was primarily due to the performance of the equity indices to which our FIA policies are linked. The largest percentage of our FIA policies are linked to the S&P 500 Index, which increased 13.7% in 2025, compared to an increase of 20.8% in 2024. The change in net FIA derivatives was also driven by the unfavorable change in discount rates used in our embedded derivative calculations as 2025 experienced a larger decrease in discount rates compared to 2024, partially offset by a favorable change in unlocking. The fair value of FIA embedded derivative unlocking, net of the noncontrolling interests, in 2025 was $75 million favorable primarily due to changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, while 2024 unlocking was $26 million unfavorable primarily due to changes to projected interest crediting. The $202 million unfavorable change in fair value of market risk benefits was primarily driven by a decrease in risk-free discount rates across the long end of the curve compared to 2024, which are used in the fair value measurement of the liability for market risk benefits, and less favorable equity market performance compared to 2024 as well as an unfavorable change in unlocking. The fair value of market risk benefits unlocking, net of the noncontrolling interests, in 2025 resulted in no impact, while 2024 unlocking was $14 million favorable primarily due to updated economic assumptions.

Investment gains (losses), net of offsets, decreased $377 million, primarily driven by unfavorable net foreign exchange impacts and an unfavorable change in the fair value of reinsurance assets, partially offset by a favorable change in fair value of mortgage loans. The unfavorable net foreign exchange impacts were primarily related to the weakening of the US dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The unfavorable change in the fair value of reinsurance assets of $108 million was primarily driven by runoff of the underlying investments within our funds withheld asset and an unfavorable change in credit spreads compared to 2024, partially offset by a larger decrease in US Treasury rates in 2025 compared to 2024. The favorable change in fair value of mortgage loans of $399 million was primarily driven by a larger decrease in rates in 2025 compared to 2024.

Integration, restructuring and other non-operating expenses decreased $252 million, primarily due to the recognition of $172 million of expense related to estimated guaranty association assessments levied against us in connection with the BLIC and CBLIC insolvencies in 2024 as well as the $84 million gain on the redemption of our Series C preferred stock in the second quarter of 2025.

Investment Portfolio

We had total investments, including related parties and consolidated VIEs, of $373.5 billion and $315.0 billion as of September 30, 2025 and December 31, 2024, respectively. Our investment strategy seeks to achieve sustainable risk-adjusted returns through the disciplined management of our investment portfolio against our long-duration liabilities, coupled with the diversification of risk. The investment strategies utilized by our investment manager focus primarily on a buy and hold asset allocation strategy that may be adjusted periodically in response to changing market conditions and the nature of our liability profile. Substantially all of our investment portfolio is managed by Apollo, which provides a full suite of services for our investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset diligence, and certain operational support services including investment compliance, tax, legal and risk management support. Our relationship with Apollo allows us to take advantage of our generally persistent liability profile by identifying investment opportunities with an emphasis on earning incremental yield by taking measured liquidity and complexity risk rather than assuming incremental credit risk. Apollo’s investment team and credit portfolio managers utilize their deep experience to assist us in sourcing and underwriting complex asset classes. Apollo has selected a diverse array of primarily high-grade fixed income assets including corporate bonds, structured securities and commercial and residential real estate loans, among others. We also maintain holdings in floating rate and less rate-sensitive instruments, including CLOs, non-agency RMBS and various types of structured products. In addition to our fixed income portfolio, we opportunistically allocate approximately 5% of our portfolio to alternative investments where we primarily focus on fixed income-like, cash flow-based investments.

Net investment income on the condensed consolidated statements of income includes management fees under our investment management arrangements with Apollo. We incurred management fees, inclusive of base, sub-allocation and performance fees, of $364 million and $327 million, respectively, during the three months ended September 30, 2025 and 2024, and $1.1 billion and $920 million, respectively, during the nine months ended September 30, 2025, and 2024. Management fees also include sub-advisory fees paid to ISG for the benefit of third-party service providers, net of any waivers or rebates. The total amounts we incurred, directly and indirectly, from Apollo and its affiliates were $356 million and $330 million, respectively, for the three months ended September 30, 2025 and 2024, and $1.1 billion and $964 million,
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respectively, for the nine months ended September 30, 2025, and 2024. Such amounts include (1) fees associated with investment management agreements (excluding sub-advisory fees paid to ISG for the benefit of third-party sub-advisors), which include fees charged by Apollo to third-party cedants with respect to assets supporting obligations reinsured to us but exclude fees charged by Apollo to third-party reinsurers supporting ceded obligations, (2) fees associated with fund investments (including those fund investments held by AAA), which include management fees, carried interest (including unrealized but accrued carried interest fees) and other fees on Apollo-managed funds and our other alternative investments and (3) other fees resulting from shared services, advisory and other agreements with Apollo or its affiliates; net of fees incurred directly and indirectly attributable to ACRA, based upon the economic ownership of the noncontrolling interests in ACRA.

Our net invested assets, which are those that directly back our net reserve liabilities, as well as surplus assets, were $286.2 billion and $248.6 billion as of September 30, 2025 and December 31, 2024, respectively. Apollo’s knowledge of our funding structure and regulatory requirements allows it to design customized strategies and investments for our portfolio. Apollo manages our asset portfolio within the limits and protocols set forth in our Investment and Credit Risk Policy. Under this policy, we set limits on investments in our portfolio by asset class, such as corporate bonds, emerging markets securities, municipal bonds, non-agency RMBS, CMBS, CLOs, commercial mortgage whole loans and mezzanine loans and investment funds. We also set credit risk limits for exposure to a single issuer, which vary based on the issuer’s ratings. Our strategic investments are also governed by our Strategic Investment Risk Policy which provides for special governance and risk management procedures for these transactions. In addition, our investment portfolio is constrained by its scenario-based capital ratio limits and its liquidity limits.

The following table presents the carrying values of our total investments, including related parties and consolidated VIEs:
September 30, 2025December 31, 2024
(In millions, except percentages)Carrying ValuePercentage of TotalCarrying ValuePercentage of Total
Available-for-sale securities, at fair value$194,021 52.0 %$165,364 52.5 %
Trading securities, at fair value5,352 1.4 %1,583 0.5 %
Equity securities, at fair value1,042 0.3 %1,290 0.4 %
Mortgage loans, at fair value81,891 21.9 %63,239 20.1 %
Investment funds111 — %107 — %
Policy loans304 0.1 %318 0.1 %
Funds withheld at interest16,388 4.4 %18,866 6.0 %
Derivative assets8,884 2.4 %8,154 2.6 %
Short-term investments187 — %447 0.2 %
Other investments4,178 1.1 %2,915 0.9 %
Total investments312,358 83.6 %262,283 83.3 %
Investments in related parties
Available-for-sale securities, at fair value25,054 6.7 %19,127 6.1 %
Trading securities, at fair value411 0.1 %573 0.2 %
Equity securities, at fair value265 0.1 %234 0.1 %
Mortgage loans, at fair value1,375 0.4 %1,297 0.4 %
Investment funds2,135 0.6 %1,853 0.6 %
Funds withheld at interest4,428 1.2 %5,050 1.6 %
Short-term investments18 — %743 0.2 %
Other investments, at fair value345 0.1 %331 0.1 %
Total related party investments34,031 9.2 %29,208 9.3 %
Total investments, including related parties346,389 92.8 %291,491 92.6 %
Investments of consolidated VIEs
Trading securities, at fair value2,897 0.8 %2,301 0.7 %
Mortgage loans, at fair value2,080 0.5 %2,579 0.8 %
Investment funds, at fair value20,581 5.5 %17,765 5.6 %
Other investments1,506 0.4 %884 0.3 %
Total investments of consolidated VIEs27,064 7.2 %23,529 7.4 %
Total investments, including related parties and consolidated VIEs$373,453 100.0 %$315,020 100.0 %

Our total investments, including related parties and consolidated VIEs, were $373.5 billion and $315.0 billion as of September 30, 2025 and December 31, 2024, respectively. The increase was primarily driven by significant growth from gross organic inflows of $69.4 billion in excess
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of gross liability outflows of $26.3 billion, reinvestment of earnings and unrealized gains on AFS securities during the nine months ended September 30, 2025 of $4.9 billion, as well as unrealized gains on mortgage loans and reinsurance assets, attributable to a decrease in US Treasury rates in 2025. Additionally, total investments, including related parties and consolidated VIEs, increased due to unrealized foreign exchange impacts on foreign denominated assets, the issuance of debt in 2025, an increase in derivative assets primarily related to our call options, net of derivative swap and forward contract impacts, and an increase in VIE investments primarily related to an increase in investment funds attributable to favorable performance of the underlying assets within AAA and net contributions from third-party investors into AAA in 2025, partially offset by the deconsolidation of certain VIEs. These impacts were partially offset by a decrease in short term repurchase agreements outstanding in 2025.

Our investment portfolio consists largely of high quality fixed maturity securities, loans and short-term investments, as well as additional opportunistic holdings in investment funds and other instruments, including equity holdings. Fixed maturity securities and loans include publicly issued corporate bonds, government and other sovereign bonds, privately placed corporate bonds and loans, mortgage loans, CMBS, RMBS, CLOs and ABS.

While the substantial majority of our investment portfolio has been allocated to corporate bonds and structured credit products, a key component of our investment strategy is the opportunistic acquisition of investment funds with attractive risk and return profiles. Our investment fund portfolio consists of funds or similar equity structures that employ various strategies including equity and credit funds. We have a strong preference for alternative investments that have some or all of the following characteristics, among others: (1) investments with credit- or debt-like characteristics (for example, a stipulated maturity and par value), or alternatively, investments with reduced volatility when compared to pure equity; or (2) investments that we believe have less downside risk.

We hold derivatives for economic hedging purposes to reduce our exposure to the cash flow variability of assets and liabilities, equity market risk, foreign exchange risk and interest rate risk. Our primary use of derivative instruments relates to providing the income needed to fund the annual index credits on our FIA products. We primarily use fixed indexed options to economically hedge indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specific market index. We also use derivative instruments, such as forward contracts and swaps, to hedge foreign currency exposure resulting from foreign denominated assets and liabilities and to help manage our net floating rate position.

With respect to derivative positions, we transact with highly rated counterparties, and expect the counterparties to fulfill their obligations under the contracts. We generally use industry standard agreements and annexes with bilateral collateral provisions to further reduce counterparty credit exposure.

Related Party Investments

We hold investments in related party assets primarily comprised of AFS securities, trading securities, funds withheld at interest receivables, mortgage loans within our triple net lease investment and investment funds, which primarily include investments over which Apollo can exercise influence. As of September 30, 2025, these investments totaled $55.3 billion, or 12.8% of our total assets. Related party AFS and trading securities primarily consist of structured securities for which Apollo is the manager of the underlying securitization vehicle and securities issued by asset origination platforms including Wheels and MidCap Financial. In each case, the underlying collateral, borrower or other credit party is generally unaffiliated with us. The funds withheld at interest related party amount is comprised of the Venerable reinsurance portfolios, which are considered related party even though a significant majority of the underlying assets within the investment portfolios do not have a related party affiliation. Related party investment funds include investments in asset origination and retirement services platforms and investments in Apollo managed funds.

A summary of our related party investments reflecting the nature of the affiliation is as follows:
September 30, 2025December 31, 2024
(In millions, except percentages)Carrying ValuePercentage of Total AssetsCarrying ValuePercentage of Total Assets
Venerable funds withheld reinsurance portfolio$4,428 1.0 %$5,050 1.4 %
Securitizations of unaffiliated assets where Apollo is manager25,337 5.9 %20,389 5.6 %
Investments in Apollo funds14,125 3.3 %12,272 3.4 %
Investments in asset origination platforms8,688 2.0 %7,329 2.0 %
Investments in retirement services platforms2,684 0.6 %2,249 0.6 %
Other87 — %86 — %
Total related party investments$55,349 12.8 %$47,375 13.0 %

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As of September 30, 2025, a $4.4 billion funds withheld reinsurance asset with Venerable was included in our US GAAP related party investments. Venerable is a related party due to our minority equity investment in its holding company’s parent, VA Capital. For US GAAP, each funds withheld and modified coinsurance reinsurance portfolio is treated as one asset rather than reporting the underlying investments in the portfolio. For our non-GAAP measure of net invested assets, we provide visibility into the underlying assets within these reinsurance portfolios. The below table looks through to the underlying assets within our reinsurance portfolios to determine the related party status. As of September 30, 2025, $36.6 billion, or 12.8% of our total net invested assets were related party investments. Of these, approximately $21.4 billion, or 7.5% of our net invested assets, were structured securities for which Apollo or an affiliated asset origination platform was the manager of the underlying securitization vehicle, but the underlying collateral, borrower or other credit party is generally unaffiliated with us. Related party investments in affiliated companies or Apollo funds represented $15.1 billion, or 5.3% of our net invested assets.

A summary of our related party net invested assets reflecting the nature of the affiliation is as follows:
September 30, 2025December 31, 2024
(In millions, except percentages)Net Invested Asset ValuePercentage of Net Invested AssetsNet Invested Asset ValuePercentage of Net Invested Assets
Securitizations of unaffiliated assets where Apollo is manager$21,434 7.5 %$18,472 7.4 %
Investments in Apollo funds8,045 2.8 %7,131 2.9 %
Investments in asset origination platforms4,623 1.6 %4,006 1.6 %
Investments in retirement services platforms2,480 0.9 %2,285 0.9 %
Total related party net invested assets$36,582 12.8 %$31,894 12.8 %

A summary of our related party gross invested assets, which includes the proportionate share of investments associated with the ACRA noncontrolling interests, reflecting the nature of the affiliation is as follows:
September 30, 2025December 31, 2024
(In millions, except percentages)Gross Invested Asset ValuePercentage of Gross Invested AssetsGross Invested Asset ValuePercentage of Gross Invested Assets
Securitizations of unaffiliated assets where Apollo is manager$29,166 7.7 %$25,327 7.7 %
Investments in Apollo funds10,398 2.8 %9,557 2.9 %
Investments in asset origination platforms5,940 1.6 %5,281 1.6 %
Investments in retirement services platforms2,597 0.7 %2,374 0.7 %
Total related party gross invested assets$48,101 12.8 %$42,539 12.9 %

AFS Securities

We invest in AFS securities and attempt to source investments that match our future cash flow needs. However, we may sell any of our investments in advance of maturity to timely satisfy our liabilities as they become due or to respond to a change in the credit profile or other characteristics of the particular investment.

AFS securities are carried at fair value, less allowances for expected credit losses, on our condensed consolidated balance sheets. Changes in fair value of our AFS securities are charged or credited to other comprehensive income (loss), net of tax. All changes in the allowance for expected credit losses, whether due to passage of time, change in expected cash flows, or change in fair value are recorded through the provision for credit losses within investment related gains (losses) on the condensed consolidated statements of income.

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The distribution of our AFS securities, including related parties, by type is as follows:
September 30, 2025
(In millions, except percentages)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair ValuePercentage of Total
AFS securities
US government and agencies$14,459 $— $141 $(1,100)$13,500 6.2 %
US state, municipal and political subdivisions1,043 — — (211)832 0.4 %
Foreign governments2,244 — 40 (544)1,740 0.8 %
Corporate101,132 (151)1,530 (9,001)93,510 42.7 %
CLO29,252 — 781 (81)29,952 13.7 %
ABS30,437 (160)745 (422)30,600 13.9 %
CMBS13,607 (67)126 (347)13,319 6.1 %
RMBS10,913 (404)351 (292)10,568 4.8 %
Total AFS securities203,087 (782)3,714 (11,998)194,021 88.6 %
AFS securities – related parties
Corporate2,662 — 60 (31)2,691 1.2 %
CLO7,227 — 147 (8)7,366 3.3 %
ABS14,973 (1)48 (184)14,836 6.8 %
CMBS162 — — (1)161 0.1 %
Total AFS securities – related parties25,024 (1)255 (224)25,054 11.4 %
Total AFS securities, including related parties$228,111 $(783)$3,969 $(12,222)$219,075 100.0 %

December 31, 2024
(In millions, except percentages)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair ValuePercentage of Total
AFS securities
US government and agencies$8,413 $— $8 $(1,270)$7,151 3.9 %
US state, municipal and political subdivisions1,167 — — (246)921 0.5 %
Foreign governments2,082 — — (514)1,568 0.8 %
Corporate95,006 (175)485 (11,731)83,585 45.3 %
CLO29,524 — 266 (608)29,182 15.8 %
ABS24,779 (76)138 (640)24,201 13.1 %
CMBS11,158 (60)75 (432)10,741 5.8 %
RMBS8,587 (397)228 (403)8,015 4.4 %
Total AFS securities180,716 (708)1,200 (15,844)165,364 89.6 %
AFS securities – related parties
Corporate2,502 — 18 (59)2,461 1.3 %
CLO6,130 — 18 (113)6,035 3.3 %
ABS10,899 (1)21 (288)10,631 5.8 %
Total AFS securities – related parties19,531 (1)57 (460)19,127 10.4 %
Total AFS securities, including related parties$200,247 $(709)$1,257 $(16,304)$184,491 100.0 %

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We maintain a diversified AFS portfolio of corporate fixed maturity securities across industries and issuers and a diversified portfolio of structured securities. The composition of our AFS securities, including related parties, is as follows:
September 30, 2025
December 31, 20241
(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of Total
Corporate
Financial - Banking$10,256 4.7 %$9,391 5.1 %
Financial - Brokerage/asset managers/exchanges2,817 1.3 %3,093 1.7 %
Financial - Financial companies10,865 5.0 %7,110 3.9 %
Financial - Insurance9,434 4.3 %7,878 4.3 %
Financial - Real estate investment trusts2,694 1.2 %2,830 1.5 %
Financial - Other5,336 2.4 %5,378 2.9 %
Industrial - Basic industry2,720 1.2 %2,670 1.4 %
Industrial - Capital goods2,481 1.1 %2,626 1.4 %
Industrial - Communications5,669 2.6 %5,180 2.8 %
Industrial - Consumer cyclical5,140 2.4 %5,492 3.0 %
Industrial - Consumer non-cyclical7,658 3.5 %7,658 4.1 %
Industrial - Energy8,408 3.8 %7,750 4.2 %
Industrial - Technology3,199 1.5 %2,721 1.5 %
Industrial - Transportation4,235 1.9 %3,930 2.1 %
Industrial - Other1,225 0.6 %1,170 0.6 %
Utility - Electric12,325 5.6 %9,462 5.1 %
Utility - Natural gas1,456 0.7 %1,416 0.8 %
Utility - Other283 0.1 %291 0.2 %
Total corporate96,201 43.9 %86,046 46.6 %
Other government-related securities
US government and agencies13,500 6.2 %7,151 3.9 %
Foreign governments1,740 0.8 %1,568 0.8 %
US state, municipal and political subdivisions832 0.4 %921 0.5 %
Total non-structured securities112,273 51.3 %95,686 51.8 %
Structured securities
CLO37,318 17.0 %35,217 19.1 %
ABS45,436 20.7 %34,832 18.9 %
CMBS13,480 6.2 %10,741 5.8 %
RMBS
Agency1,372 0.6 %1,032 0.6 %
Non-agency9,196 4.2 %6,983 3.8 %
Total structured securities106,802 48.7 %88,805 48.2 %
Total AFS securities, including related parties$219,075 100.0 %$184,491 100.0 %
1 Prior period amounts have been reclassified to conform with the updated current year presentation.

The fair value of our AFS securities, including related parties, was $219.1 billion and $184.5 billion as of September 30, 2025 and December 31, 2024, respectively. The increase was mainly driven by the deployment of strong gross organic inflows in excess of gross liability outflows, unrealized gains on AFS securities during the nine months ended September 30, 2025 of $4.9 billion and unrealized gains related to foreign exchange impacts. The unrealized investment gains were attributable to a decrease in US Treasury rates in 2025, while the unrealized foreign exchange gains were attributable to the weakening of the US dollar against foreign currencies in 2025.

The Securities Valuation Office (SVO) of the National Association of Insurance Commissioners (NAIC) is responsible for the credit quality assessment and valuation of securities owned by state regulated insurance companies. Insurance companies report ownership of securities to the SVO when such securities are eligible for filing on the relevant schedule of the NAIC Financial Statement. The SVO conducts credit analysis on these securities for the purpose of assigning an NAIC designation and/or unit price. Generally, the process for assigning an NAIC designation
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varies based upon whether a security is considered “filing exempt” (General Designation Process). Subject to certain exceptions, a security is typically considered “filing exempt” if it has been rated by a Nationally Recognized Statistical Rating Organization (NRSRO). For securities that are not “filing exempt,” insurance companies assign temporary designations based upon a subjective evaluation of credit quality. The insurance company generally must then submit the securities to the SVO within 120 days of acquisition to receive an NAIC designation. For securities considered “filing exempt,” the SVO utilizes the NRSRO rating and assigns an NAIC designation based upon the following system:
NAIC designationNRSRO equivalent rating
1 A-GAAA/AA/A
2 A-CBBB
3 A-CBB
4 A-CB
5 A-CCCC
6CC and lower

An important exception to the General Designation Process occurs in the case of certain loan-backed and structured securities (LBaSS). The NRSRO ratings methodology is focused on the likelihood of recovery of all contractual payments, including principal at par, regardless of an investor’s carrying value. In effect, the NRSRO rating assumes that the holder is the original purchaser at par. In contrast, the SVO’s LBaSS methodology is focused on determining the risk associated with the recovery of the amortized cost of each security. Because the NAIC’s methodology explicitly considers amortized cost and the likelihood of recovery of such amount, we view the NAIC’s methodology as the most appropriate means of evaluating the credit quality of our fixed maturity portfolio since a portion of our holdings were purchased and are carried at significant discounts to par.

The SVO has developed a designation process and provides instruction on modeled LBaSS. For modeled LBaSS, the process is specific to the non-agency RMBS and CMBS asset classes. To establish ratings at the individual security level, the SVO obtains loan-level analysis of each RMBS and CMBS using a selected vendor’s proprietary financial model. The SVO ensures that the vendor has extensive internal quality-control processes in place and the SVO conducts its own quality-control checks of the selected vendor’s valuation process. The SVO has retained the services of BlackRock, Inc. (BlackRock) to model non-agency RMBS and CMBS owned by US insurers for all years presented herein. BlackRock provides five prices (breakpoints), based on each US insurer’s statutory book value price, to utilize in determining the NAIC designation for each modeled LBaSS.

The NAIC designation determines the associated level of risk-based capital that an insurer is required to hold for all securities owned by the insurer. In general, under the modeled LBaSS process, the larger the discount to par value at the time of determination, the higher the NAIC designation the LBaSS will have.

Beginning on January 1, 2025, domestic insurance companies were required to adopt new statutory accounting guidance for the principles-based bond definition. Under the new guidance, certain debt securities, which were formerly treated as bonds, will now be accounted for as non-bond debt securities. These non-bond debt securities are required to be filed with and designated by the NAIC. Effective January 1, 2025, our non-bond debt securities that have not received a designation are presented as “Non-designated” within the NAIC rating tables below. “Non-designated” status is not an indication of the quality of the security.

A summary of our AFS securities, including related parties, by NAIC designation is as follows:
September 30, 2025December 31, 2024
(In millions, except percentages)Amortized CostFair ValuePercentage of TotalAmortized CostFair ValuePercentage of Total
NAIC designation
1 A-G$127,416 $121,518 55.5 %$113,845 $104,887 56.9 %
2 A-C93,682 91,038 41.6 %80,160 74,064 40.1 %
Total investment grade221,098 212,556 97.1 %194,005 178,951 97.0 %
3 A-C3,312 3,163 1.4 %3,535 3,230 1.8 %
4 A-C1,679 1,636 0.7 %1,479 1,378 0.7 %
5 A-C385 343 0.2 %345 293 0.2 %
6860 665 0.3 %883 639 0.3 %
Non-designated777 712 0.3 %— — — %
Total below investment grade7,013 6,519 2.9 %6,242 5,540 3.0 %
Total AFS securities, including related parties$228,111 $219,075 100.0 %$200,247 $184,491 100.0 %

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A significant majority of our AFS portfolio, 97.1% and 97.0% as of September 30, 2025 and December 31, 2024, respectively, was invested in assets considered investment grade with an NAIC designation of 1 or 2.

A summary of our AFS securities, including related parties, by NRSRO ratings is set forth below:
September 30, 2025December 31, 2024
(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of Total
NRSRO rating agency designation
AAA/AA/A$113,411 51.8 %$96,095 52.2 %
BBB87,490 39.9 %70,150 38.0 %
Non-rated1
10,390 4.8 %11,300 6.1 %
Total investment grade211,291 96.5 %177,545 96.3 %
BB2,989 1.4 %2,722 1.5 %
B1,553 0.7 %972 0.5 %
CCC1,627 0.7 %1,011 0.5 %
CC and lower446 0.2 %791 0.4 %
Non-rated1
1,169 0.5 %1,450 0.8 %
Total below investment grade7,784 3.5 %6,946 3.7 %
Total AFS securities, including related parties$219,075 100.0 %$184,491 100.0 %
1 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO rating methodology.

Consistent with the NAIC Process and Procedures Manual, an NRSRO rating was assigned based on the following criteria: (a) the equivalent S&P Global, Inc. (S&P) rating when the security is rated by one NRSRO; (b) the equivalent S&P rating of the lowest NRSRO when the security is rated by two NRSROs; and (c) the equivalent S&P rating of the second lowest NRSRO when the security is rated by three or more NRSROs. If the lowest two NRSRO ratings are equal, then such rating will be the assigned rating. NRSRO ratings available for the periods presented were S&P, Fitch Ratings, Inc. (Fitch), Moody’s Ratings, Inc. (Moody’s), DBRS, and Kroll Bond Rating Agency, Inc.

The portion of our AFS portfolio that was considered below investment grade based on NRSRO ratings was 3.5% and 3.7%, as of September 30, 2025 and December 31, 2024, respectively. The primary driver of the difference in the percentage of securities considered below investment grade by NRSRO as compared to the securities considered below investment grade by the NAIC is the difference in methodologies between the NRSRO and NAIC for RMBS due to investments acquired and/or carried at a discount to par value, as previously discussed.

As of September 30, 2025 and December 31, 2024, non-rated securities were comprised 68% and 64%, respectively, of corporate private placement securities for which we have not sought individual ratings from an NRSRO, and 26% and 23%, respectively, of RMBS, many of which were acquired at a discount to par. We rely on internal analysis and designations assigned by the NAIC to evaluate the credit risk of our portfolio. As of September 30, 2025 and December 31, 2024, 90% and 89%, respectively, of the non-rated securities were designated NAIC 1 or 2.

Asset-backed Securities – We invest in ABS which are securitized by pools of assets such as consumer loans, automobile loans, student loans, insurance-linked securities, operating cash flows of corporations and cash flows from various types of business equipment. Our ABS holdings were $45.4 billion and $34.8 billion as of September 30, 2025 and December 31, 2024, respectively.
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A summary of our AFS ABS portfolio, including related parties, by NAIC designations and NRSRO quality ratings is as follows:
September 30, 2025December 31, 2024
(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of Total
NAIC designation
1 A-G$28,253 62.2 %$24,672 70.9 %
2 A-C16,082 35.4 %9,336 26.8 %
Total investment grade44,335 97.6 %34,008 97.7 %
3 A-C435 1.0 %658 1.9 %
4 A-C44 0.1 %109 0.3 %
5 A-C7 — %12 — %
616 — %45 0.1 %
Non-designated599 1.3 %— — %
Total below investment grade1,101 2.4 %824 2.3 %
Total AFS ABS, including related parties$45,436 100.0 %$34,832 100.0 %
NRSRO rating agency designation
AAA/AA/A$27,998 61.6 %$24,532 70.5 %
BBB16,891 37.2 %9,443 27.1 %
Non-rated1
11 — %64 0.2 %
Total investment grade44,900 98.8 %34,039 97.8 %
BB445 1.0 %641 1.8 %
B34 0.1 %95 0.3 %
CCC7 — %12 — %
CC and lower13 — %13 — %
Non-rated1
37 0.1 %32 0.1 %
Total below investment grade536 1.2 %793 2.2 %
Total AFS ABS, including related parties$45,436 100.0 %$34,832 100.0 %
1 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. The NAIC designation methodology differs in significant respects from the NRSRO rating methodology.

As of September 30, 2025 and December 31, 2024, a substantial majority of our AFS ABS portfolio, 97.6% and 97.7%, respectively, was invested in assets considered to be investment grade based upon the application of the NAIC’s methodology, while 98.8% and 97.8% of securities as of September 30, 2025 and December 31, 2024, respectively, were considered investment grade based upon NRSRO ratings. The increase in our ABS portfolio was mainly driven by the deployment of strong gross organic inflows in excess of gross liability outflows, unrealized gains related to foreign exchange impacts and unrealized gains on ABS securities during the nine months ended September 30, 2025. The unrealized foreign exchange gains were attributable to the weakening of the US dollar against foreign currencies in 2025, while the unrealized investment gains were attributable to a decrease in US Treasury rates in 2025.

Collateralized Loan Obligations – We also invest in CLOs which pay principal and interest from cash flows received from underlying corporate loans. These holdings were $37.3 billion and $35.2 billion as of September 30, 2025 and December 31, 2024, respectively.
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A summary of our AFS CLO portfolio, including related parties, by NAIC designations and NRSRO quality ratings is as follows:
September 30, 2025December 31, 2024
(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of Total
NAIC designation
1 A-G$25,491 68.3 %$23,948 68.0 %
2 A-C11,749 31.5 %11,130 31.6 %
Total investment grade37,240 99.8 %35,078 99.6 %
3 A-C78 0.2 %118 0.3 %
4 A-C— — %21 0.1 %
5 A-C— — %— — %
6— — %— — %
Non-designated— — %— — %
Total below investment grade78 0.2 %139 0.4 %
Total AFS CLO, including related parties$37,318 100.0 %$35,217 100.0 %
NRSRO rating agency designation
AAA/AA/A$25,539 68.4 %$23,956 68.0 %
BBB11,701 31.4 %11,122 31.6 %
Non-rated1
— — %— — %
Total investment grade37,240 99.8 %35,078 99.6 %
BB78 0.2 %118 0.3 %
B— — %21 0.1 %
CCC— — %— — %
CC and lower— — %— — %
Non-rated1
— — %— — %
Total below investment grade78 0.2 %139 0.4 %
Total AFS CLO, including related parties$37,318 100.0 %$35,217 100.0 %
1 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. The NAIC designation methodology differs in significant respects from the NRSRO rating methodology.

As of September 30, 2025 and December 31, 2024, 99.8% and 99.6%, respectively, of our AFS CLO portfolio was invested in assets considered to be investment grade based upon both the application of the NAIC’s methodology and NRSRO ratings. The increase in our CLO portfolio was mainly driven by unrealized gains on CLOs during the nine months ended September 30, 2025 attributable to a decrease in US Treasury rates in 2025, as well as the deployment of strong gross organic inflows in excess of gross liability outflows.

Commercial Mortgage-backed Securities – A portion of our AFS portfolio is invested in CMBS which are constructed from pools of commercial mortgages. These holdings were $13.5 billion and $10.7 billion as of September 30, 2025 and December 31, 2024, respectively.

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A summary of our AFS CMBS portfolio by NAIC designations and NRSRO quality ratings is as follows:
September 30, 2025December 31, 2024
(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of Total
NAIC designation
1 A-G$11,854 87.9 %$9,300 86.6 %
2 A-C1,162 8.6 %913 8.5 %
Total investment grade13,016 96.5 %10,213 95.1 %
3 A-C215 1.6 %241 2.2 %
4 A-C61 0.5 %95 0.9 %
5 A-C136 1.0 %156 1.5 %
652 0.4 %36 0.3 %
Non-designated— — %— — %
Total below investment grade464 3.5 %528 4.9 %
Total AFS CMBS$13,480 100.0 %$10,741 100.0 %
NRSRO rating agency designation
AAA/AA/A$10,972 81.4 %$8,448 78.6 %
BBB1,532 11.4 %1,075 10.0 %
Non-rated1
219 1.6 %544 5.1 %
Total investment grade12,723 94.4 %10,067 93.7 %
BB330 2.4 %336 3.1 %
B165 1.2 %115 1.1 %
CCC200 1.5 %135 1.3 %
CC and lower62 0.5 %48 0.4 %
Non-rated1
— — %40 0.4 %
Total below investment grade757 5.6 %674 6.3 %
Total AFS CMBS$13,480 100.0 %$10,741 100.0 %
1 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. The NAIC designation methodology differs in significant respects from the NRSRO rating methodology.

As of September 30, 2025 and December 31, 2024, 96.5% and 95.1%, respectively, of our AFS CMBS portfolio was invested in assets considered to be investment grade based upon application of the NAIC’s methodology, while 94.4% and 93.7% of securities as of September 30, 2025 and December 31, 2024, respectively, were considered investment grade based upon NRSRO ratings. The increase in our CMBS portfolio was mainly driven by the deployment of strong gross organic inflows in excess of gross liability outflows as well as unrealized gains on our CMBS portfolio during the nine months ended September 30, 2025. The unrealized investment gains were attributable to a decrease in US Treasury rates in 2025.

Residential Mortgage-backed Securities – A portion of our AFS portfolio is invested in RMBS, which are securities constructed from pools of residential mortgages. These holdings were $10.6 billion and $8.0 billion as of September 30, 2025 and December 31, 2024, respectively.
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A summary of our AFS RMBS portfolio by NAIC designations and NRSRO quality ratings is as follows:
September 30, 2025December 31, 2024
(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of Total
NAIC designation
1 A-G$9,144 86.5 %$6,715 83.8 %
2 A-C877 8.3 %691 8.6 %
Total investment grade10,021 94.8 %7,406 92.4 %
3 A-C212 2.0 %259 3.3 %
4 A-C171 1.6 %186 2.3 %
5 A-C79 0.8 %82 1.0 %
685 0.8 %82 1.0 %
Non-designated— — %— — %
Total below investment grade547 5.2 %609 7.6 %
Total AFS RMBS$10,568 100.0 %$8,015 100.0 %
NRSRO rating agency designation
AAA/AA/A$4,554 43.1 %$2,518 31.4 %
BBB1,176 11.1 %945 11.8 %
Non-rated1
2,706 25.6 %2,523 31.5 %
Total investment grade8,436 79.8 %5,986 74.7 %
BB54 0.5 %46 0.6 %
B109 1.0 %129 1.6 %
CCC1,303 12.3 %827 10.3 %
CC and lower363 3.5 %679 8.5 %
Non-rated1
303 2.9 %348 4.3 %
Total below investment grade2,132 20.2 %2,029 25.3 %
Total AFS RMBS$10,568 100.0 %$8,015 100.0 %
1 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. The NAIC designation methodology differs in significant respects from the NRSRO rating methodology.

A significant majority of our RMBS portfolio, 94.8% and 92.4% as of September 30, 2025 and December 31, 2024, respectively, was invested in assets considered to be investment grade based upon application of the NAIC’s methodology. The NAIC’s methodology with respect to RMBS gives explicit effect to the amortized cost at which an insurance company carries each such investment. Because we invested in RMBS after the stresses related to US housing had caused significant downward pressure on prices of RMBS, we carry some of our investments in RMBS at significant discounts to par value, which results in an investment grade NAIC designation. In contrast, our understanding is that in setting ratings, the NRSRO focuses on the likelihood of recovering all contractual payments including principal at par value. As a result of this fundamental difference in approach, NRSRO characterized 79.8% and 74.7% of our RMBS portfolio as investment grade as of September 30, 2025 and December 31, 2024, respectively. The increase in our RMBS portfolio was mainly driven by the deployment of strong gross organic inflows in excess of gross liability outflows as well as unrealized gains on our RMBS portfolio during the nine months ended September 30, 2025. The unrealized investment gains were attributable to a decrease in US Treasury rates in 2025.

Unrealized Losses

Our investments in AFS securities, including related parties, are reported at fair value with changes in fair value recorded in other comprehensive income (loss). Certain of our AFS securities, including related parties, have experienced declines in fair value that we consider temporary in nature. These investments are held to support our product liabilities, and we currently have the intent and ability to hold these securities until recovery of the amortized cost basis prior to sale or maturity. As of September 30, 2025, our AFS securities, including related parties, had a fair value of $219.1 billion, which was 4.0% below amortized cost of $228.1 billion. As of December 31, 2024, our AFS securities, including related parties, had a fair value of $184.5 billion, which was 7.9% below amortized cost of $200.2 billion. Our fair value of AFS securities as of both September 30, 2025 and December 31, 2024 were below amortized cost due to the investment portfolio being marked to fair value on January 1, 2022 in conjunction with purchase accounting, with subsequent losses driven by the significant increase in US Treasury rates.

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The following tables reflect the unrealized losses, including any unrealized foreign exchange impacts, on the AFS portfolio, including related parties, for which an allowance for credit losses has not been recorded, by NAIC designations:
September 30, 2025
(In millions, except percentages)Amortized Cost of AFS Securities with Unrealized LossGross Unrealized LossesFair Value of AFS Securities with Unrealized LossFair Value to Amortized Cost RatioFair Value of Total AFS SecuritiesGross Unrealized Losses to Total AFS Fair Value
NAIC designation
1 A-G$57,173 $(7,055)$50,118 87.7 %$121,518 (5.8)%
2 A-C37,707 (4,472)33,235 88.1 %91,038 (4.9)%
Total investment grade94,880 (11,527)83,353 87.9 %212,556 (5.4)%
3 A-C1,434 (144)1,290 90.0 %3,163 (4.6)%
4 A-C685 (16)669 97.7 %1,636 (1.0)%
5 A-C259 (18)241 93.1 %343 (5.2)%
6298 (34)264 88.6 %665 (5.1)%
Non-designated674 (90)584 86.6 %712 (12.6)%
Total below investment grade3,350 (302)3,048 91.0 %6,519 (4.6)%
Total$98,230 $(11,829)$86,401 88.0 %$219,075 (5.4)%

December 31, 2024
(In millions, except percentages)Amortized Cost of AFS Securities with Unrealized LossGross Unrealized LossesFair Value of AFS Securities with Unrealized LossFair Value to Amortized Cost RatioFair Value of Total AFS SecuritiesGross Unrealized Losses to Total AFS Fair Value
NAIC designation
1 A-G$67,663 $(8,693)$58,970 87.2 %$104,887 (8.3)%
2 A-C48,729 (6,292)42,437 87.1 %74,064 (8.5)%
Total investment grade116,392 (14,985)101,407 87.1 %178,951 (8.4)%
3 A-C2,280 (240)2,040 89.5 %3,230 (7.4)%
4 A-C889 (59)830 93.4 %1,378 (4.3)%
5 A-C202 (19)183 90.6 %293 (6.5)%
6256 (65)191 74.6 %639 (10.2)%
Non-designated— — — — %— — %
Total below investment grade3,627 (383)3,244 89.4 %5,540 (6.9)%
Total$120,019 $(15,368)$104,651 87.2 %$184,491 (8.3)%

The gross unrealized losses on AFS securities, including related parties, were $11.8 billion and $15.4 billion as of September 30, 2025 and December 31, 2024, respectively. The decrease in unrealized losses on AFS securities was primarily attributable to a decrease in US Treasury rates in 2025.

Provision for Credit Losses

For our credit loss accounting policies and the assumptions used in the allowances, see Note 1 – Business, Basis of Presentation and Significant Accounting Policies of our 2024 Annual Report.

As of September 30, 2025 and December 31, 2024, we held an allowance for credit losses on AFS securities of $783 million and $709 million, respectively. During the nine months ended September 30, 2025, we recorded an increase in the allowance for credit losses on AFS securities of $74 million, of which $73 million had an income statement impact and $1 million related to Purchased Credit Deteriorated (PCD) securities and other changes. The increase in the allowance for credit losses on AFS securities was primarily related to an increase on ABS securities, partially offset by a decrease on corporate securities. During the nine months ended September 30, 2024, we recorded an increase in the allowance for credit losses on AFS securities of $87 million, of which $91 million had an income statement impact and $(4) million related to PCD securities and other changes. The increase in the allowance for credit losses on AFS securities was primarily related to impacts from corporate securities and CMBS. The intent-to-sell impairments for the nine months ended September 30, 2025 and 2024 were $10 million and $24 million, respectively.

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International Exposure

A portion of our AFS securities is invested in securities with international exposure. As of September 30, 2025 and December 31, 2024, 37% and 40%, respectively, of the carrying value of our AFS securities, including related parties, was comprised of securities of issuers based outside of the US and debt securities of foreign governments. These securities generally are either denominated in US dollars or do not expose us to significant foreign currency risk as a result of foreign currency swap and forward arrangements.

The following table presents our international exposure in our AFS portfolio, including related parties, by country or region of issuance:
September 30, 2025December 31, 2024
(In millions, except percentages)Amortized CostFair ValuePercentage of TotalAmortized CostFair ValuePercentage of Total
Country
Ireland$11,654 $12,429 15.3 %$10,918 $10,330 14.1 %
Other Europe19,671 18,967 23.3 %18,190 16,450 22.4 %
Total Europe31,325 31,396 38.6 %29,108 26,780 36.5 %
Non-US North America41,709 41,425 50.9 %40,260 39,343 53.7 %
Australia & New Zealand3,313 3,070 3.8 %3,207 2,825 3.9 %
Asia/Pacific3,178 2,799 3.5 %2,212 1,821 2.5 %
Central & South America1,688 1,570 1.9 %1,680 1,467 2.0 %
Africa & Middle East1,372 1,087 1.3 %1,384 1,050 1.4 %
Total$82,585 $81,347 100.0 %$77,851 $73,286 100.0 %

Approximately 97.6% and 98.1% of these securities are investment grade by NAIC designation as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, 8% of our AFS securities, including related parties, were invested in CLOs of Cayman Islands issuers (included in Non-US North America) for which the underlying investments are largely loans to US issuers and 29% were invested in securities of other non-US issuers.

The majority of our investments in Ireland are comprised of Euro denominated CLOs, for which the SPV is domiciled in Ireland, but the underlying leveraged loans involve borrowers from the broader European region.

Trading Securities

Trading securities, including related parties and consolidated VIEs, were $8.7 billion and $4.5 billion as of September 30, 2025 and December 31, 2024, respectively. Trading securities are primarily comprised of structured securities with embedded derivatives, certain equity tranche securities and AmerUs Closed Block securities for which we have elected the fair value option valuation. The increase in trading securities was primarily driven by the deployment of strong gross organic inflows in excess of gross liability outflows, the purchases of trading securities primarily within two consolidated VIEs, AAA and Apollo Asset-Backed Finance Lending Company, L.P, due to increased funding, as well as unrealized gains on the underlying assets attributable to a decrease in US Treasury rates in 2025, partially offset by the impact from the deconsolidation of AP Maia Holdings I LLC in the third quarter of 2025.

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Mortgage Loans

The following is a summary of our mortgage loan portfolio by collateral type, including assets held by related parties and consolidated VIEs:
September 30, 2025December 31, 2024
(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of Total
Property type
Apartment$14,906 17.5 %$11,746 17.5 %
Industrial8,244 9.7 %6,793 10.1 %
Office building4,529 5.3 %4,162 6.2 %
Hotels2,865 3.4 %2,786 4.1 %
Retail1,998 2.3 %2,269 3.4 %
Other commercial4,897 5.7 %4,676 7.0 %
Total commercial mortgage loans37,439 43.9 %32,432 48.3 %
Residential loans47,907 56.1 %34,683 51.7 %
Total mortgage loans, including related parties and consolidated VIEs$85,346 100.0 %$67,115 100.0 %

We invest a portion of our investment portfolio in mortgage loans, which are generally comprised of high quality commercial first lien and mezzanine real estate loans. Our mortgage loan holdings, including related parties and consolidated VIEs, were $85.3 billion and $67.1 billion as of September 30, 2025 and December 31, 2024, respectively. This included $809 million and $903 million of mezzanine mortgage loans as of September 30, 2025 and December 31, 2024, respectively. We have acquired mortgage loans through acquisitions and reinsurance arrangements, as well as through an active program to invest in new mortgage loans. We invest in commercial mortgage loans (CML) on income producing properties including apartments, office, hotel and retail buildings, and other commercial and industrial properties. Our residential mortgage loan (RML) portfolio primarily consists of first lien RMLs collateralized by properties located in the US. Loan-to-value ratios at the time of loan approval are generally 75% or less.

We have elected the fair value option on our mortgage loan portfolio; therefore, we have no allowance for credit losses for commercial and residential mortgage loans. Interest income on mortgage loans is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income and prepayment fees are reported in net investment income on the condensed consolidated statements of income. Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses) on the condensed consolidated statements of income.

It is our policy to cease to accrue interest on loans that are over 90 days delinquent. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes over 90 days delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of September 30, 2025 and December 31, 2024, we had $1.1 billion and $878 million, respectively, of mortgage loans that were 90 days past due, of which $314 million and $251 million, respectively, were in the process of foreclosure. As of September 30, 2025 and December 31, 2024, $47 million and $82 million of mortgage loans that were 90 days past due were related to Government National Mortgage Association early buyouts that are fully or partially guaranteed and are accruing interest.

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, and in certain cases, these investment funds are consolidated in our financial statements because we meet the criteria of the primary beneficiary.

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The following table illustrates 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 — %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 %

Overall, total investment funds, including related parties and consolidated VIEs, were $22.8 billion and $19.7 billion, as of September 30, 2025 and December 31, 2024, respectively. See Note 2 – Investments to the condensed consolidated financial statements for further discussion regarding how we account for our investment funds. Our investment fund portfolio is subject to a number of market-related risks including interest rate risk and equity market risk. Interest rate risk represents the potential for changes in the investment fund’s net asset values resulting from changes in the general level of interest rates. Equity market risk represents the potential for changes in the investment fund’s net asset values resulting from changes in equity markets or from other external factors which influence equity markets. These risks expose us to potential volatility in our earnings period-over-period. We actively monitor our exposure to these risks. The increase in investment funds, including related parties and consolidated VIEs, was primarily driven by favorable performance of the underlying assets within AAA and net contributions from third-party investors into AAA in 2025 as well as favorable performance from retirement services platforms attributable to Venerable, partially offset by the deconsolidation of a VIE.

Funds Withheld at Interest

Funds withheld at interest represent a receivable for amounts contractually withheld by ceding companies in accordance with modco and funds withheld reinsurance agreements in which we act as the reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company. We hold funds withheld at interest receivables, including those held with Venerable, The Lincoln National Life Company and Jackson National Life Insurance Company. As of September 30, 2025, the majority of the ceding companies holding the assets pursuant to such reinsurance agreements had a financial strength rating of A+ or better (based on a S&P scale).

The funds withheld at interest is comprised of the host contract and an embedded derivative. We are subject to the investment performance on the withheld assets with the total return directly impacting the host contract and the embedded derivative. Interest accrues at a risk-free rate on the host receivable and is recorded as net investment income in the condensed consolidated statements of income. The embedded derivative in our reinsurance agreements is similar to a total return swap on the income generated by the underlying assets held by the ceding companies. The change in the embedded derivative is recorded in investment related gains (losses) in the condensed consolidated statements of income. Although we do not legally own the underlying investments in the funds withheld at interest, in each instance, the ceding company has hired Apollo to manage the withheld assets in accordance with our investment guidelines.

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The following summarizes the underlying investment composition of the funds withheld at interest, including related parties:
September 30, 2025December 31, 2024
(In millions, except percentages)Carrying ValuePercentage of TotalCarrying ValuePercentage of Total
Fixed maturity securities
Corporate$10,979 52.8 %$12,452 52.1 %
ABS1,901 9.1 %2,404 10.0 %
CLO899 4.3 %1,343 5.6 %
CMBS599 2.9 %656 2.7 %
RMBS422 2.0 %467 2.0 %
Foreign governments299 1.5 %294 1.2 %
US state, municipal and political subdivisions143 0.7 %162 0.7 %
Mortgage loans3,703 17.8 %4,282 17.9 %
Investment funds947 4.5 %900 3.8 %
Equity securities193 0.9 %255 1.1 %
Short-term investments107 0.5 %209 0.9 %
Derivative assets57 0.3 %130 0.5 %
Cash and cash equivalents567 2.7 %517 2.1 %
Other assets and liabilities— — %(155)(0.6)%
Total funds withheld at interest, including related parties$20,816 100.0 %$23,916 100.0 %

As of September 30, 2025 and December 31, 2024, we held $20.8 billion and $23.9 billion, respectively, of funds withheld at interest receivables, including related parties. Approximately 96.3% and 95.4% of the fixed maturity securities within the funds withheld at interest are investment grade by NAIC designation as of September 30, 2025 and December 31, 2024, respectively. The decrease in funds withheld at interest, including related parties, was primarily driven by run-off of the underlying blocks of business, partially offset by unrealized gains during the nine months ended September 30, 2025 attributable to a decrease in US Treasury rates in 2025.

Derivative Instruments

We hold derivative instruments for economic hedging purposes to reduce our exposure to the cash flow variability of assets and liabilities, equity market risk, foreign exchange risk and interest rate risk. The types of derivatives we may use include interest rate swaps, foreign currency swaps and forward contracts, total return swaps, credit default swaps, variance swaps, futures and equity options.

A discussion regarding our derivative instruments and how such instruments are used to manage risk is included in Note 3 – Derivative Instruments to the condensed consolidated financial statements.

As part of our risk management strategies, management continually evaluates our derivative instrument holdings and the effectiveness of such holdings in addressing risks identified in our operations.

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Net Invested Assets

The following summarizes our net invested assets:
September 30, 2025December 31, 2024
(In millions, except percentages)
Net Invested Asset Value1
Percentage of Total
Net Invested Asset Value1
Percentage of Total
Corporate$89,884 31.4 %$86,051 34.6 %
CLO28,235 9.9 %27,698 11.2 %
Credit118,119 41.3 %113,749 45.8 %
CML31,026 10.8 %28,055 11.3 %
RML37,279 13.0 %27,848 11.2 %
RMBS9,058 3.2 %7,635 3.1 %
CMBS9,933 3.5 %8,243 3.3 %
Real estate87,296 30.5 %71,781 28.9 %
ABS34,496 12.1 %28,670 11.5 %
Alternative investments13,183 4.6 %12,000 4.8 %
State, municipal, political subdivisions and foreign government3,177 1.1 %3,237 1.3 %
Equity securities2,145 0.7 %2,201 0.9 %
Short-term investments232 0.1 %1,015 0.4 %
US government and agencies10,827 3.8 %5,531 2.2 %
Other investments64,060 22.4 %52,654 21.1 %
Cash and cash equivalents10,954 3.8 %6,794 2.7 %
Other5,745 2.0 %3,665 1.5 %
Net invested assets$286,174 100.0 %$248,643 100.0 %
1 See Key Operating and Non-GAAP Measures for the definition of net invested assets.

Our net invested assets were $286.2 billion and $248.6 billion as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, corporate securities included $26.2 billion of private placements, which represented 9.1% of our net invested assets. The increase in net invested assets was primarily driven by growth from net organic inflows of $53.1 billion in excess of net liability outflows of $22.0 billion, the reinvestment of earnings, the issuance of $1.6 billion of long-term debt in 2025 and favorable alternative investment performance. These impacts were partially offset by a decrease in short-term repurchase agreements outstanding as of September 30, 2025, cash paid to redeem our Series C preferred stock in the second quarter of 2025 and the payment of common and preferred stock dividends.

In managing our business, we utilize net invested assets as presented in the above table. Net invested assets do not correspond to total investments, including related parties, on our condensed consolidated balance sheets, as discussed previously in Key Operating and Non-GAAP Measures. Net invested assets represent the investments that directly back our net reserve liabilities and surplus assets. We believe this view of our portfolio provides a view of the assets for which we have economic exposure. We adjust the presentation for assumed and ceded reinsurance transactions to include or exclude the underlying investments based upon the contractual transfer of economic exposure to such underlying investments. We also adjust for VIEs to show the net investment in the funds, which are included in the alternative investments line above, as well as adjusting for the allowance for credit losses. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but exclude the proportionate share of investments associated with the noncontrolling interests.

Net invested assets is utilized by management to evaluate our investment portfolio. Net invested assets is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets is also used in our risk management processes for asset purchases, product design and underwriting, stress scenarios, liquidity and ALM.

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Net Alternative Investments

The following summarizes our net alternative investments:
September 30, 2025December 31, 2024
(In millions, except percentages)Net Invested Asset ValuePercentage of TotalNet Invested Asset ValuePercentage of Total
Origination platforms
Wheels$716 5.4 %$581 4.8 %
Redding Ridge626 4.7 %581 4.8 %
MidCap Financial572 4.3 %544 4.5 %
Aqua Finance366 2.8 %309 2.6 %
Skylign303 2.3 %300 2.5 %
Apterra413 3.1 %221 1.9 %
Foundation Home Loans183 1.4 %184 1.5 %
Other721 5.5 %555 4.6 %
Origination platforms3,900 29.5 %3,275 27.2 %
Apollo and other investments
Real assets1,661 12.6 %1,691 14.1 %
Private equity1,216 9.2 %1,107 9.2 %
Structured equity and other842 6.4 %522 4.4 %
Equity3,719 28.2 %3,320 27.7 %
Credit2,002 15.2 %1,481 12.4 %
Liquid assets and other1,090 8.3 %851 7.1 %
Apollo and other investments6,811 51.7 %5,652 47.2 %
Total AAA10,711 81.2 %8,927 74.4 %
Retirement services
Athora1,117 8.5 %1,125 9.4 %
Venerable352 2.7 %273 2.3 %
Retirement services1,469 11.2 %1,398 11.7 %
Apollo and other investments
Equity603 4.6 %1,120 9.3 %
Credit384 2.9 %531 4.4 %
Other16 0.1 %24 0.2 %
Apollo and other investments1,003 7.6 %1,675 13.9 %
Total Non AAA2,472 18.8 %3,073 25.6 %
Net alternative investments$13,183 100.0 %$12,000 100.0 %

Net alternative investments were $13.2 billion and $12.0 billion as of September 30, 2025 and December 31, 2024, respectively, representing 4.6% and 4.8% of our net invested asset portfolio as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, we held approximately 81% of our net alternative investments through AAA and had a net ownership percentage in AAA of approximately 46%. The increase in net alternative investments was primarily driven by the deployment of a cash contribution into AAA and favorable alternative investment performance within origination platforms and Venerable, partially offset by the sale of some underlying investments within equity funds.

Net alternative investments do not correspond to the total investment funds, including related parties and consolidated VIEs, on our condensed consolidated balance sheets. As previously discussed in the net invested assets section, we adjust the US GAAP presentation primarily for assumed and ceded reinsurance and VIE impacts. Net alternative investments include our proportionate share of ACRA alternative investments, based on our economic ownership, but exclude the proportionate share of alternative investments associated with the noncontrolling interests.

Through our relationship with Apollo, we have indirectly invested in companies that meet the key characteristics we look for in net alternative investments. Athora is our largest alternative investment.

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Athora

Athora is a specialized insurance and reinsurance group fully focused on the European market. Athora’s principal operational subsidiaries are Athora Netherlands N.V. in the Netherlands, Athora Belgium SA in Belgium, Athora Lebensversicherung AG in Germany, Athora Ireland plc in Ireland and Athora Life Re Ltd. in Bermuda. Athora deploys capital and resources to further its mission to build a stand-alone independent and integrated insurance and reinsurance business. Athora’s growth is achieved primarily through acquisitions, portfolio transfers and reinsurance. Athora is building a European insurance brand and has successfully acquired, integrated and transformed multiple insurance companies.

Our alternative investment in Athora had a carrying value of $1.1 billion as of each of September 30, 2025 and December 31, 2024. Our investment in Athora represents our proportionate share of its net asset value, which largely reflects any contributions to and distributions from Athora and changes in its fair value. Athora returned a net investment earned rate of (1.77)% and (0.72)% for the three months ended September 30, 2025 and 2024, respectively, and (1.03)% and 1.71% for the nine months ended September 30, 2025 and 2024, respectively. Alternative investment income from Athora was $(5) million and $(1) million for the three months ended September 30, 2025 and 2024, respectively, and $(7) million and $16 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease in alternative investment income compared to 2024 was primarily driven by increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025.


Non-GAAP Measure Reconciliations

The reconciliation of net income available to Athene Holding Ltd. common stockholder to spread related earnings is as follows:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Net income available to Athene Holding Ltd. common stockholder$1,223 $580 $2,146 $2,310 
Less: Preferred stock redemption— — 84 — 
Add: Preferred stock dividends36 45 126 136 
Add: Net income attributable to noncontrolling interests619 859 1,135 1,379 
Net income1,878 1,484 3,323 3,825 
Income tax expense266 191 407 659 
Income before income taxes2,144 1,675 3,730 4,484 
Investment gains (losses), net of offsets463 628 105 482 
Non-operating change in insurance liabilities and related derivatives174 (513)(44)363 
Integration, restructuring and other non-operating expenses(36)(204)(98)(265)
Stock compensation expense(13)(12)(35)(36)
Preferred stock dividends36 45 126 136 
Noncontrolling interests – pre-tax income and VIE adjustments648 876 1,180 1,421 
Less: Total adjustments to income before income taxes1,272 820 1,234 2,101 
Spread related earnings$872 $855 $2,496 $2,383 

The reconciliation of total AHL stockholders’ equity to total adjusted AHL common stockholder’s equity is as follows:
(In millions)September 30, 2025December 31, 2024
Total AHL stockholders’ equity$20,411 $16,360 
Less: Preferred stock2,470 3,154 
Total AHL common stockholder’s equity17,941 13,206 
Less: Accumulated other comprehensive loss(2,486)(5,465)
Less: Accumulated change in fair value of reinsurance assets(1,272)(1,591)
Less: Accumulated change in fair value of mortgage loan assets(1,225)(2,051)
Total adjusted AHL common stockholder’s equity$22,924 $22,313 






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The reconciliation of leverage ratio to adjusted leverage ratio is as follows:
(In millions, except percentages)September 30, 2025December 31, 2024
Total debt$7,856 $6,309 
Add: 50% of preferred stock1,235 1,577 
Less: 50% of subordinated debt888 588 
Less: Adjustment to arrive at notional175 134 
Adjusted leverage$8,028 $7,164 
Total debt$7,856 $6,309 
Total AHL stockholders’ equity20,411 16,360 
Total capitalization28,267 22,669 
Less: Accumulated other comprehensive loss(2,486)(5,465)
Less: Accumulated change in fair value of reinsurance assets(1,272)(1,591)
Less: Accumulated change in fair value of mortgage loan assets(1,225)(2,051)
Less: Adjustment to arrive at notional268 134 
Total adjusted capitalization$32,982 $31,642 
Leverage ratio36.5 %41.7 %
Accumulated other comprehensive loss(2.7)%(7.1)%
Accumulated change in fair value of reinsurance assets(1.4)%(2.1)%
Accumulated change in fair value of mortgage loan assets(1.3)%(2.7)%
Adjustment to exclude 50% of preferred stock(3.8)%(5.0)%
Adjustment to exclude 50% of subordinated debt(2.7)%(1.9)%
Adjustment to arrive at notional(0.3)%(0.3)%
Adjusted leverage ratio24.3 %22.6 %
Note: The current year adjusted leverage ratio was updated to include preferred stock at notional, rather than fair value, within the calculation to align with the treatment of debt. The impact to previous period ratios was de minimis. Therefore, historical ratios were not adjusted.

The reconciliation of net investment income to net investment earnings and earned rate is as follows:
Three months ended September 30,Nine months ended September 30,
2025202420252024
(In millions, except percentages)DollarRateDollarRateDollarRateDollarRate
US GAAP net investment income$4,672 6.66 %$3,777 6.35 %$13,092 6.51 %$10,578 6.13 %
Change in fair value of reinsurance assets(75)(0.11)%(11)(0.02)%(203)(0.10)%(58)(0.04)%
VIE earnings and noncontrolling interests412 0.59 %362 0.61 %1,228 0.61 %930 0.54 %
Forward points adjustment on FX derivative hedges33 0.05 %30 0.05 %83 0.04 %113 0.06 %
Held-for-trading amortization(66)(0.10)%(30)(0.05)%(135)(0.07)%(73)(0.04)%
Reinsurance impacts(44)(0.06)%(54)(0.09)%(123)(0.06)%(173)(0.10)%
ACRA noncontrolling interests(1,250)(1.78)%(1,011)(1.70)%(3,483)(1.73)%(2,800)(1.62)%
Other64 0.09 %(20)(0.03)%17 0.01 %50 0.03 %
Total adjustments to arrive at net investment earnings/earned rate(926)(1.32)%(734)(1.23)%(2,616)(1.30)%(2,011)(1.17)%
Total net investment earnings/earned rate$3,746 5.34 %$3,043 5.12 %$10,476 5.21 %$8,567 4.96 %
Average net invested assets$280,607 $237,810 $268,056 $230,101 

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The reconciliation of benefits and expenses to cost of funds is as follows:
Three months ended September 30,Nine months ended September 30,
2025202420252024
(In millions, except percentages)DollarRateDollarRateDollarRateDollarRate
US GAAP benefits and expenses$5,854 8.34 %$4,847 8.15 %$13,813 6.87 %$12,423 7.20 %
Premiums(117)(0.17)%(389)(0.65)%(351)(0.18)%(1,163)(0.67)%
Product charges(292)(0.41)%(267)(0.45)%(831)(0.41)%(756)(0.44)%
Other revenues(6)(0.01)%(4)(0.01)%(16)(0.01)%(9)— %
FIA option costs469 0.67 %410 0.69 %1,348 0.67 %1,204 0.70 %
Reinsurance impacts(27)(0.04)%(47)(0.08)%(84)(0.04)%(120)(0.07)%
Non-operating change in insurance liabilities and embedded derivatives(1,685)(2.40)%(1,252)(2.11)%(2,777)(1.38)%(2,965)(1.72)%
Policy and other operating expenses, excluding policy acquisition expenses(455)(0.65)%(573)(0.96)%(1,336)(0.67)%(1,307)(0.76)%
Forward points adjustment on FX derivative hedges75 0.11 %77 0.13 %201 0.10 %217 0.13 %
AmerUs Closed Block fair value liability(20)(0.03)%(55)(0.09)%(44)(0.02)%(27)(0.02)%
ACRA noncontrolling interests(1,220)(1.74)%(833)(1.40)%(2,803)(1.39)%(2,102)(1.22)%
Other85 0.12 %69 0.12 %221 0.11 %191 0.11 %
Total adjustments to arrive at cost of funds(3,193)(4.55)%(2,864)(4.81)%(6,472)(3.22)%(6,837)(3.96)%
Total cost of funds$2,661 3.79 %$1,983 3.34 %$7,341 3.65 %$5,586 3.24 %
Average net invested assets$280,607 $237,810 $268,056 $230,101 

The reconciliation of policy and other operating expenses to other operating expenses is as follows:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
US GAAP policy and other operating expenses$591 $687 $1,727 $1,653 
Interest expense(196)(142)(541)(373)
Policy acquisition expenses, net of deferrals(136)(114)(391)(346)
Integration, restructuring and other non-operating expenses(37)(204)(98)(265)
Stock compensation expenses(13)(12)(35)(36)
ACRA noncontrolling interests(84)(88)(281)(253)
Other(17)(13)(48)(34)
Total adjustments to arrive at other operating expenses(483)(573)(1,394)(1,307)
Other operating expenses$108 $114 $333 $346 

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The reconciliation of total investments, including related parties, to net invested assets is as follows:
(In millions)September 30, 2025December 31, 2024
Total investments, including related parties$346,389 $291,491 
Derivative assets(8,884)(8,154)
Cash and cash equivalents (including restricted cash)16,950 13,676 
Accrued investment income3,735 2,816 
Net receivable (payable) for collateral on derivatives(4,197)(4,602)
Reinsurance impacts(5,904)(4,435)
VIE and VOE assets, liabilities and noncontrolling interests18,808 17,289 
Unrealized (gains) losses9,860 18,320 
Ceded policy loans(161)(167)
Net investment receivables (payables)(69)97 
Allowance for credit losses788 720 
Other investments(135)(87)
Total adjustments to arrive at gross invested assets30,791 35,473 
Gross invested assets377,180 326,964 
ACRA noncontrolling interests(91,006)(78,321)
Net invested assets$286,174 $248,643 

The reconciliation of total investment funds, including related parties and consolidated VIEs, to net alternative investments within net invested assets is as follows:
(In millions)September 30, 2025December 31, 2024
Investment funds, including related parties and consolidated VIEs$22,827 $19,725 
Certain equity securities included in trading securities5 34 
Investment funds within funds withheld at interest920 900 
Net assets of the VIE, excluding investment funds(6,497)(4,850)
Unrealized (gains) losses(45)92 
ACRA noncontrolling interests(3,613)(3,731)
Investment in ADIP(236)— 
Other assets(178)(170)
Total adjustments to arrive at net alternative investments(9,644)(7,725)
Net alternative investments$13,183 $12,000 

The reconciliation of total liabilities to net reserve liabilities is as follows:
(In millions)September 30, 2025December 31, 2024
Total liabilities$396,874 $337,469 
Debt(7,856)(6,309)
Derivative liabilities(4,853)(3,556)
Payables for collateral on derivatives and short-term securities to repurchase(6,319)(8,988)
Other liabilities(9,619)(6,546)
Liabilities of consolidated VIEs(1,700)(1,640)
Reinsurance impacts(12,867)(11,861)
Ceded policy loans(161)(167)
Market risk benefit asset(222)(312)
ACRA noncontrolling interests(86,826)(72,164)
Total adjustments to arrive at net reserve liabilities(130,423)(111,543)
Net reserve liabilities$266,451 $225,926 

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Liquidity and Capital Resources

There are two forms of liquidity relevant to our business: funding liquidity and balance sheet liquidity. Funding liquidity relates to the ability to fund operations. Balance sheet liquidity relates to our ability to sell assets held in our investment portfolio without incurring significant costs from fees, bid-offer spreads, or market impact. We manage our liquidity position by matching projected cash demands with adequate sources of cash and other liquid assets. Our principal sources of liquidity, in the ordinary course of business, are operating cash flows and holdings of cash, cash equivalents and other readily marketable assets.

Our investment portfolio is structured to ensure a strong liquidity position over time to permit timely payment of policy and contract benefits without requiring asset sales at inopportune times or at depressed prices. In general, liquid assets include cash and cash equivalents, highly rated bonds, short-term investments, unaffiliated preferred stock and publicly traded common stock, all of which generally have liquid markets with a large number of buyers, but exclude pledged assets, mainly associated with funding agreement and repurchase agreement liabilities. The carrying value of these assets, excluding assets within modified coinsurance and funds withheld portfolios, as of September 30, 2025 was $131.6 billion. Assets included in modified coinsurance and funds withheld portfolios, including assets held in reinsurance trusts, are available to fund the benefits for the associated obligations but are restricted from other uses. The carrying value of the underlying assets in these modified coinsurance and funds withheld portfolios that we consider liquid as of September 30, 2025 was $10.1 billion. Although our investment portfolio does contain assets that are generally considered less liquid for liquidity monitoring purposes (primarily mortgage loans, policy loans, real estate and investment funds), there is some ability to raise cash from these assets if needed. In periods of economic downturn, we may seek to raise or hold additional cash and liquid assets to manage our liquidity risk and to take advantage of market dislocations as they arise.

We have access to additional liquidity through our credit facility and liquidity facility. The credit facility has a borrowing capacity of $1.25 billion, subject to being increased up to $1.75 billion in total on the terms described in the credit facility. The credit facility has a commitment termination date of June 30, 2028, subject to up to two one-year extensions, and was undrawn as of September 30, 2025. We entered into a new liquidity facility on June 27, 2025, which replaced our previous agreement dated as of June 28, 2024. The liquidity facility has a borrowing capacity of $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the liquidity facility. The liquidity facility has a commitment termination date of June 26, 2026, subject to additional 364-day extensions, and was undrawn as of September 30, 2025. We also have access to $2.0 billion of committed repurchase facilities. Our registration statement on Form S-3 ASR (Shelf Registration Statement) provides us with access to the capital markets, subject to market conditions and other factors. We are also the counterparty to repurchase agreements with several different financial institutions, pursuant to which we may obtain short-term liquidity, to the extent available. In addition, through our membership in the FHLB, we are eligible to borrow under variable rate short-term federal funds arrangements to provide additional liquidity.

We proactively manage our liquidity position to meet cash needs while minimizing adverse impacts on investment returns. We analyze our cash-flow liquidity over the upcoming 12 months by modeling potential demands on liquidity under a variety of scenarios, taking into account the provisions of our policies and contracts in force, our cash flow position, and the volume of cash and readily marketable securities in our portfolio.

Liquidity risk is monitored, managed and mitigated through a number of stress tests and analyses to assess our ability to meet our cash flow requirements, as well as the ability of our reinsurance and insurance subsidiaries to meet their collateral obligations, under various stress scenarios. We further seek to mitigate liquidity risk by maintaining access to alternative, external sources of liquidity as described below.

Our liquidity risk management framework is codified in our Liquidity Risk Policy that is reviewed and approved by our board of directors.

Insurance Subsidiaries’ Liquidity

Operations

The primary cash flow sources for our insurance subsidiaries include retirement services product inflows (premiums and deposits), investment income, principal repayments on our investments, net transfers from separate accounts and financial product inflows. Uses of cash include investment purchases, payments to policyholders for surrenders, withdrawals and payout benefits, interest and principal payments on funding agreements and outstanding debt, payments to satisfy pension group annuity obligations, policy acquisition and general operating costs and payment of cash dividends.

Our policyholder obligations are generally long-term in nature. However, policyholders may elect to withdraw some, or all, of their account value in amounts that exceed our estimates and assumptions over the life of an annuity contract. We include provisions within our annuity policies, such as surrender charges and MVAs, which are intended to protect us from early withdrawals. As of September 30, 2025 and December 31, 2024, approximately 84% and 82%, respectively, of our deferred annuity liabilities were subject to penalty upon surrender. In addition, as of September 30, 2025 and December 31, 2024, approximately 68% and 66%, respectively, of policies contained MVAs that may also have the effect of limiting early withdrawals if interest rates increase but may encourage early withdrawals by effectively subsidizing a portion of surrender charges when interest rates decrease. As of September 30, 2025, approximately 37% of our net reserve liabilities were generally non-surrenderable, including buy-out pension group annuities other than those that can be withdrawn as lump sums, funding agreements and payout annuities, while 52% were subject to penalty upon surrender.

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Membership in Federal Home Loan Bank

Through our membership in the FHLB, we are eligible to borrow under variable rate short-term federal funds arrangements to provide additional liquidity. The borrowings must be secured by eligible collateral such as mortgage loans, eligible CMBS or RMBS, government or agency securities and guaranteed loans. As of each of September 30, 2025 and December 31, 2024, we had no outstanding borrowings under these arrangements.

We have issued funding agreements to the FHLB. These funding agreements were issued in an investment spread strategy, consistent with other investment spread operations. As of September 30, 2025 and December 31, 2024, we had funding agreements outstanding with the FHLB in the aggregate principal amount of $21.0 billion and $15.6 billion, respectively.

The maximum FHLB indebtedness by a member is determined by the amount of collateral pledged and cannot exceed a specified percentage of the member’s total statutory assets dependent on the internal credit rating assigned to the member by the FHLB. As of September 30, 2025, our total maximum borrowing capacity under the FHLB facilities was limited to $62.4 billion. However, our ability to borrow under the facilities is constrained by the availability of assets that qualify as eligible collateral under the facilities and certain other limitations. Considering these limitations, as of September 30, 2025, we had the ability to draw up to an estimated $27.0 billion, inclusive of borrowings then outstanding. This estimate is based on our internal analysis and assumptions and may not accurately measure collateral which is ultimately acceptable to the FHLB.

Securities Repurchase Agreements

We engage in repurchase transactions whereby we sell fixed income securities to third parties, primarily major brokerage firms or commercial banks, with a concurrent agreement to repurchase such securities at a determined future date. We require that, at all times during the term of the repurchase agreements, we maintain sufficient cash or other liquid assets to allow us to fund substantially all of the repurchase price. Proceeds received from the sale of securities pursuant to these arrangements are generally invested in short-term investments or maintained in cash, with the offsetting obligation to repurchase the security included within payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets. As per the terms of the repurchase agreements, we monitor the market value of the securities sold and may be required to deliver additional collateral (which may be in the form of cash or additional securities) to the extent that the value of the securities sold decreases prior to the repurchase date.

As of September 30, 2025 and December 31, 2024, the payables for repurchase agreements were $2.8 billion and $5.7 billion, respectively, while the fair value of securities and collateral held by counterparties backing the repurchase agreements was $3.0 billion and $5.9 billion, respectively. As of September 30, 2025, payables for repurchase agreements, based on original issuance, were comprised of $75 million of short-term and $2.7 billion of long-term repurchase agreements. As of December 31, 2024, payables for repurchase agreements, based on original issuance, were comprised of $3.0 billion of short-term and $2.7 billion of long-term repurchase agreements.

We have a $1.0 billion committed repurchase facility with BNP Paribas. The facility has an initial commitment period of 12 months and automatically renews for successive 12-month periods until terminated by either party. During the commitment period, we may sell and BNP Paribas is required to purchase eligible investment grade corporate bonds pursuant to repurchase transactions at pre-agreed discounts in exchange for a commitment fee. As of September 30, 2025, we had no outstanding payables under this facility.

We have a $1.0 billion committed repurchase facility with Societe Generale. The facility has a commitment term of 5 years, however, either party may terminate the facility upon 24-months’ notice, in which case the facility will end upon the earlier of (1) such designated termination date, or (2) July 26, 2026. During the commitment period, we may sell and Societe Generale is required to purchase eligible investment grade corporate bonds pursuant to repurchase transactions at pre-agreed rates in exchange for an ongoing commitment fee for the facility. As of September 30, 2025, we had no outstanding payables under this facility.

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Cash Flows

Our cash flows were as follows:
Nine months ended September 30,
(In millions)20252024
Net income$3,323 $3,825 
Non-cash revenues and expenses
(1,205)(2,335)
Net cash provided by operating activities2,118 1,490 
Sales, maturities and repayments of investments
60,684 45,052 
Purchases of investments
(110,597)(90,413)
Other investing activities
(391)(47)
Net cash used in investing activities(50,304)(45,408)
Inflows on investment-type policies and contracts69,269 57,013 
Withdrawals on investment-type policies and contracts
(16,821)(16,054)
Other financing activities(568)2,933 
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 equivalents$3,707 $(23)
Note: Cash and cash equivalents includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities.

Cash flows from operating activities

The primary cash inflows from operating activities include net investment income and insurance premiums. The primary cash outflows from operating activities are comprised of benefit payments and operating expenses. Our operating activities generated cash flows totaling $2.1 billion and $1.5 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase in cash provided by operating activities for the nine months ended September 30, 2025 compared to 2024 was primarily driven by an increase in net investment income, partially offset by an increase in cash paid for interest on funding agreements and debt, policy acquisition expenses and other operating expenses as well as lower cash received from pension group annuity transactions.

Cash flows from investing activities

The primary cash inflows from investing activities are the sales, maturities and repayments of investments. The primary cash outflows from investing activities are the purchases and acquisitions of new investments. Our investing activities used cash flows totaling $50.3 billion and $45.4 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase in cash used in investing activities for the nine months ended September 30, 2025 compared to 2024 was primarily driven by an increase in the purchases of investments due to the deployment of greater cash inflows from strong organic growth compared to 2024, cash paid for the settlement of derivatives in 2025 compared to cash received in 2024 and an increase in cash collateral posted by us for derivative transactions in 2025, partially offset by an increase in sales, maturities and repayments of investments and an increase in net investment payables in 2025.

Cash flows from financing activities

The primary cash inflows from financing activities are inflows on our investment-type policies and contracts, changes of cash collateral for derivative transactions posted by counterparties, capital contributions and proceeds from debt and preferred stock issuances. The primary cash outflows from financing activities are withdrawals on our investment-type policies and contracts, changes of cash collateral for derivative transactions posted by counterparties, capital distributions, repayments of outstanding borrowings and payment of preferred and common stock dividends. Our financing activities provided cash flows totaling $51.9 billion and $43.9 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase in cash provided by financing activities for the nine months ended September 30, 2025 compared to 2024 was primarily attributable to higher cash received from funding agreement, deferred annuity and guaranteed investment contract inflows, net of cash outflows, an increase in net capital contributions and the payment of less preferred stock dividends in 2025. These increases were partially offset by an increase in cash used for the repayment of outstanding repurchase agreements compared to 2024, a decrease in cash collateral posted by counterparties for derivative transactions compared to 2024, cash paid for the redemption of our Series C preferred stock in the second quarter of 2025 and the payment of more common stock cash dividends in 2025 as 2024 included an assets in kind dividend of certain alternative investments to AGM in lieu of a cash dividend.

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Material Cash Obligations

The following table summarizes estimated future cash obligations as of September 30, 2025:
Payments Due by Period
(In millions)20252026-20272028-20292030 and thereafterTotal
Interest sensitive contract liabilities$9,805 $64,484 $93,620 $141,828 $309,737 
Future policy benefits833 6,046 5,533 36,594 49,006 
Market risk benefits— — — 6,965 6,965 
Other policy claims and benefits114 — — — 114 
Dividends payable to policyholders2 17 14 55 88 
Debt1
149 879 1,818 14,575 17,421 
Securities to repurchase2
113 1,529 819 796 3,257 
Total$11,016 $72,955 $101,804 $200,813 $386,588 
1 The obligations for debt payments include contractual maturities of principal and estimated future interest payments based on the terms of the debt agreements.
2 The obligations for securities to repurchase payments include contractual maturities of principal and estimated future interest payments based on the terms of the agreements. Future interest payments on floating rate repurchase agreements were calculated using the September 30, 2025 interest rate.

Holding Company Liquidity

Common Stock Dividends

We intend to pay regular common stock dividends to our parent company of $750 million per year, generally paid at the end of each quarter; provided that the declaration and payment of any dividends are at the sole discretion of our board of directors, which may change the dividend policy at any time, including, without limitation, eliminating the dividend entirely.

We declared common stock cash dividends of $188 million on July 29, 2025, payable to the holder of AHL’s common stock with a record date of September 12, 2025 and payment date of September 15, 2025. We have paid $563 million in common stock cash dividends for the nine months ended September 30, 2025.

During the third quarter of 2024, we declared dividends on our outstanding common stock, which were provided to AGM in the form of assets
in kind valued at an aggregate amount of $499 million. In addition to the third quarter dividend, we paid $374 million in common stock cash dividends for the nine months ended September 30, 2024.

Dividends from Insurance Subsidiaries

AHL is a holding company whose primary liquidity needs include the cash-flow requirements relating to its corporate activities, including its day-to-day operations, debt servicing, preferred and common stock dividend payments and strategic transactions, such as acquisitions. The primary sources of AHL’s cash flow are dividends from its subsidiaries, capital market issuances and inter-company borrowings, which are expected to be adequate to fund cash flow requirements based on current estimates of future obligations.

The ability of AHL’s insurance subsidiaries to pay dividends is limited by applicable laws and regulations of the jurisdictions where the subsidiaries are domiciled, as well as agreements entered into with regulators. These laws and regulations require, among other things, the insurance subsidiaries to maintain minimum solvency requirements and limit the amount of dividends these subsidiaries can pay.

Subject to these limitations and prior notification to the appropriate regulatory agency, the US insurance subsidiaries are permitted to pay ordinary dividends based on calculations specified under insurance laws of the relevant state of domicile. Any distributions above the amount permitted by statute in any twelve-month period are considered to be extraordinary dividends, and require the approval of the appropriate regulator prior to payment. AHL does not currently plan on having the US subsidiaries pay any dividends to their parents.

Dividends from subsidiaries are projected to be the primary source of AHL’s liquidity. Under the Bermuda Insurance Act, each of our Bermuda insurance subsidiaries is prohibited from paying a dividend in an amount exceeding 25% of the prior year’s statutory capital and surplus, unless at least two members of the board of directors of the Bermuda insurance subsidiary and its principal representative in Bermuda sign and submit to the Bermuda Monetary Authority (BMA) an affidavit attesting that a dividend in excess of this amount would not cause the Bermuda insurance subsidiary to fail to meet its relevant margins. In certain instances, the Bermuda insurance subsidiary would also be required to provide prior notice to the BMA in advance of the payment of dividends. In the event that such an affidavit is submitted to the BMA in accordance with the Bermuda Insurance Act, and further subject to the Bermuda insurance subsidiary meeting its relevant margins, the Bermuda insurance subsidiary is permitted to distribute up to the sum of 100% of statutory surplus and an amount less than 15% of its total statutory capital. Distributions in excess of this amount require the approval of the BMA.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The maximum distribution permitted by law or contract is not necessarily indicative of our actual ability to pay such distributions, which may be further restricted by business and other considerations, such as the impact of such distributions on surplus, which could affect our ratings or competitive position and the amount of premiums that can be written. Specifically, the level of capital needed to maintain desired financial strength ratings from rating agencies, including S&P, A.M. Best Company, Inc., Fitch and Moody’s, is of particular concern when determining the amount of capital available for distributions. AHL believes its insurance subsidiaries have sufficient statutory capital and surplus, combined with additional capital available to be provided by AHL, to meet their financial strength ratings objectives. Finally, state insurance laws and regulations require that the statutory surplus of our insurance subsidiaries following any dividend or distribution must be reasonable in relation to their outstanding liabilities and adequate for the insurance subsidiaries’ financial needs.

Other Sources of Funding

We may seek to secure additional funding at the holding company level by means other than dividends from subsidiaries, such as by drawing on our undrawn $1.25 billion credit facility, drawing on our undrawn $2.6 billion liquidity facility or by pursuing future issuances of debt or preferred stock to third-party investors. Certain other sources of liquidity potentially available at the holding company level are discussed below. Our credit facility contains various standard covenants with which we must comply, including maintaining a consolidated debt-to-capitalization ratio of not greater than 35%, maintaining a minimum consolidated net worth of no less than $14.8 billion and restrictions on our ability to incur liens, with certain exceptions. Rates, ratios and terms are as defined in the credit facility. Our liquidity facility also contains various standard covenants with which we must comply, including maintaining an AARe minimum consolidated net worth of no less than $23.2 billion and restrictions on our ability to incur liens, with certain exceptions. Rates and terms are as defined in the liquidity facility.

Shelf Registration – Under our Shelf Registration Statement, subject to market conditions, we have the ability to issue, in indeterminate amounts, debt securities, preferred stock, depositary shares, warrants and units.

Debt – The following summarizes our outstanding long-term senior and subordinated notes as of September 30, 2025 (in millions, except percentages):
IssuanceIssue DateMaturity DateInterest RatePrincipal Balance
2028 Senior NotesJanuary 12, 2018January 12, 20284.125%$1,000
2030 Senior NotesApril 3, 2020April 3, 20306.150%$500
2031 Senior NotesOctober 8, 2020January 15, 20313.500%$500
2051 Senior NotesMay 25, 2021May 25, 20513.950%$500
2052 Senior NotesDecember 13, 2021May 15, 20523.450%$500
2033 Senior NotesNovember 21, 2022February 1, 20336.650%$400
2034 Senior NotesDecember 12, 2023January 15, 20345.875%$600
2064 Subordinated NotesMarch 7, 2024March 30, 2064
7.250%1
$575
2054 Senior NotesMarch 22, 2024April 1, 20546.250%$1,000
2054 Subordinated NotesOctober 10, 2024October 15, 2054
6.625%2
$600
2055 Senior NotesMay 19, 2025May 19, 20556.625%$1,000
2055 Subordinated NotesJune 27, 2025June 28, 2055
6.875%3
$600
1 The 2064 Subordinated Notes bear interest at an annual fixed rate of 7.250% until March 30, 2029. On March 30, 2029, and every fifth annual anniversary thereafter, the interest rate resets to the five-year US Treasury rate (as defined in the applicable prospectus supplement) plus 2.986%.
2 The 2054 Subordinated Notes bear interest at an annual fixed rate of 6.625% until October 15, 2034. On October 15, 2034, and every fifth annual anniversary thereafter, the interest rate resets to the five-year US Treasury rate (as defined in the applicable prospectus supplement) plus 2.607%.
3 The 2055 Subordinated Notes bear interest at an annual fixed rate of 6.875% until June 28, 2035. On June 28, 2035, and every fifth annual anniversary thereafter, the interest rate resets to the five-year US Treasury rate (as defined in the applicable prospectus supplement) plus 2.582%.

See Note 8 – Debt to the condensed consolidated financial statements and Note 11 – Debt to the consolidated financial statements in our 2024 Annual Report for further information on debt.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations


Preferred Stock – The following summarizes our perpetual non-cumulative preferred stock issuances as of September 30, 2025 (in millions, except share, per share data and percentages):
IssuanceFixed/FloatingRateIssue Date
Optional Redemption Date1
Shares IssuedPar Value Per ShareLiquidation Value Per ShareAggregate Net Proceeds
Series AFixed-to-Floating Rate6.350%June 10, 2019June 30, 202934,500$1.00$25,000$839
Series BFixed-Rate5.625%September 19, 2019September 30, 202413,800$1.00$25,000$333
Series DFixed-Rate4.875%December 18, 2020December 30, 202523,000$1.00$25,000$557
Series EFixed-Rate Reset7.750%December 12, 2022
Variable2
20,000$1.00$25,000$487
1 We may redeem preferred stock anytime on or after the dates set forth in this column, subject to the terms of the applicable certificate of designations.
2 We may redeem during a period from and including December 30 of each year in which there is a Reset Date to and including such Reset Date. Reset Date means December 30, 2027 and each date falling on the fifth anniversary of the preceding Reset Date.

On June 30, 2025, we redeemed in whole our outstanding 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C for $600 million.

See Note 12 – Equity to the consolidated financial statements in our 2024 Annual Report for further information on preferred stock.

Unsecured Revolving Promissory Note Payable with AGM – AHL has an unsecured revolving promissory note with AGM which allows AHL to borrow funds from AGM. The note has a borrowing capacity of $500 million and maturity date of December 13, 2025, or earlier at AGM’s request. There was no outstanding balance on the note payable as of September 30, 2025.

Intercompany Note – AHL has an unsecured revolving note payable with ALRe, which permits AHL to borrow up to $4.0 billion with a fixed interest rate of 2.29% and a maturity date of December 15, 2028. As of September 30, 2025 and December 31, 2024, the revolving note payable had an outstanding balance of $2.1 billion and $1.6 billion, respectively.

Capital

We believe we have a strong capital position and are well positioned to meet policyholder and other obligations. We measure capital sufficiency using various internal capital metrics which reflect management’s view on the various risks inherent to our business, the amount of capital required to support our core operating strategies and the amount of capital necessary to maintain our current ratings in a recessionary environment. The amount of capital required to support our core operating strategies is determined based upon internal modeling and analysis of economic risk, as well as inputs from rating agency capital models and consideration of both NAIC risk-based capital (RBC) and Bermuda capital requirements. Capital in excess of this required amount is considered excess equity capital, which is available to deploy.

As of December 31, 2024 and 2023, our US insurance companies’ total adjusted capital (TAC), as defined by the NAIC, was $7.7 billion and $5.8 billion, respectively, and our US RBC ratio was 419% and 392%, respectively. Each US domestic insurance subsidiary’s state of domicile imposes minimum RBC requirements that were developed by the NAIC. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of TAC to its authorized control level RBC. Our TAC was significantly in excess of all regulatory standards as of December 31, 2024 and 2023, respectively.

Bermuda statutory capital and surplus for our Bermuda insurance companies in aggregate was $17.0 billion and $14.6 billion as of December 31, 2024 and 2023, respectively. Our Bermuda insurance companies adhere to BMA regulatory capital requirements to maintain statutory capital and surplus to meet the minimum margin of solvency and maintain minimum economic balance sheet (EBS) capital and surplus to meet the enhanced capital requirement. Under the EBS framework, assets are recorded at market value and insurance reserves are determined by reference to nine prescribed scenarios, with the scenario resulting in the highest reserve balance being ultimately required to be selected. For the Bermuda group, which includes the capital and surplus of AARe and all of its subsidiaries, including Athene Annuity and Life Company and its subsidiaries, the final EBS capital and surplus and Bermuda Solvency Capital Requirement (BSCR) ratio as of December 31, 2024 were $28.9 billion and 243%, respectively. EBS capital and surplus and the BSCR ratio as of December 31, 2023 were $26.6 billion and 291%, respectively. An insurer must have a BSCR ratio of 100% or greater to be considered solvent by the BMA. As of December 31, 2024 and 2023, our Bermuda insurance companies held the appropriate capital to adhere to these regulatory standards. As of December 31, 2024 and 2023, our Bermuda RBC ratio was 450% and 400%, respectively. The Bermuda RBC ratio is calculated using Bermuda capital and applying NAIC RBC factors on an aggregate basis, excluding US subsidiaries which are included within our US RBC ratio. The statutory capital and surplus and RBC of our Bermuda insurance companies presented herein exclude the impact of any deferred taxes that may be recorded on a statutory basis as a result of the Bermuda CIT. We are currently assessing deferred taxes that may be recorded on a statutory basis as a result of the Bermuda CIT, which could have a positive impact on the statutory capital and surplus of our Bermuda insurance companies.

As of December 31, 2024 and 2023, our consolidated statutory capital and surplus in the aggregate was $24.8 billion and $21.8 billion, respectively, and our consolidated RBC ratio was 430% and 412%, respectively. Our consolidated regulatory capital represents the aggregate capital of our US and Bermuda insurance entities, determined with respect to each insurance entity by applying the statutory accounting principles applicable to each such entity with adjustments made to, among other things, assets and expenses at the holding company level. The consolidated RBC ratio is calculated by aggregating US RBC and Bermuda RBC.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations


ACRA 1 – ACRA 1 provided us with access to on-demand capital to support our growth strategies and capital deployment opportunities. ACRA 1 provided a capital source to fund both our inorganic and organic channels. ALRe directly owns 37% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I owning the remaining 63% of the economic interests. The commitment period for ACRA 1 expired in August 2023.

ACRA 2 – Similar to ACRA 1, we funded ACRA 2 in December 2022 as another long-duration, on-demand capital vehicle. ALRe directly owns 37% of the economic interests in ACRA 2 and all of ACRA 2’s voting interests, with ADIP II owning the remaining 63% of the economic interests. ACRA 2 participates in certain transactions by drawing a portion of the required capital for such transactions from third-party investors equal to ADIP II’s proportionate economic interests in ACRA 2.

These stockholder-friendly, strategic capital solutions allow us the flexibility to simultaneously deploy capital across multiple accretive avenues, while maintaining a strong financial position.


Critical Accounting Estimates and Judgments

The preparation of consolidated financial statements in conformity with US GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Amounts based on such estimates involve numerous assumptions subject to varying and potentially significant degrees of judgment and uncertainty, particularly related to the future performance of the underlying business, and will likely change in the future as additional information becomes available. Critical estimates and assumptions are evaluated on an ongoing basis based on historical developments, market conditions, industry trends and other information that is reasonable under the circumstances. There can be no assurance that actual results will conform to estimates and assumptions and that reported results of operations will not be materially affected by the need to make future accounting adjustments to reflect periodic changes in these estimates and assumptions. Critical accounting estimates are impacted significantly by our methods, judgments and assumptions used in the preparation of the condensed consolidated financial statements and should be read in conjunction with our significant accounting policies described in Note 1 – Business, Basis of Presentation and Significant Accounting Policies to the consolidated financial statements of our 2024 Annual Report. The most critical accounting estimates and judgments include those used in determining:

•fair value of investments;
•impairment of investments and allowances for expected credit losses;
•derivatives valuation, including embedded derivatives;
•future policy benefits;
•market risk benefits;
•consolidation of VIEs; and
•income taxes.

The above critical accounting estimates and judgments are discussed in detail in Part II—Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates and Judgments of our 2024 Annual Report.

For a discussion of new accounting pronouncements affecting us, see Note 1 – Business, Basis of Presentation and Significant Accounting Policies to the condensed consolidated financial statements.


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Item 3. Quantitative and Qualitative Disclosures About Market Risks

We regularly analyze our exposure to market risks, which reflect potential losses in value due to credit and counterparty risk, interest rate risk, currency risk, commodity price risk, equity price risk and inflation risk. As a result of that analysis, we have determined that we are primarily exposed to credit risk, interest rate risk, equity price risk and inflation risk. A description of our market risk exposures, including strategies used to manage our exposure to market risk, may be found under Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risks of our 2024 Annual Report.

There have been no material changes to our market risk exposures from those previously disclosed in our 2024 Annual Report, except as described below.

Sensitivities

Interest Rate Risk

We assess interest rate exposure for financial assets and liabilities using hypothetical stress tests and exposure analyses. Assuming all other factors are constant, if there was an immediate parallel increase in interest rates of 100 basis points from levels as of September 30, 2025, we estimate a net decrease to our point-in-time income before income taxes from changes in the fair value of these financial instruments of $3.5 billion, net of offsets. If there was a similar parallel increase in interest rates from levels as of December 31, 2024, we estimate a net decrease to our point-in-time income before income taxes from changes in the fair value of these financial instruments of $3.0 billion, net of offsets. The financial instruments included in the sensitivity analysis are carried at fair value and changes in fair value are recognized in earnings. These financial instruments include derivative instruments, embedded derivatives, mortgage loans, certain fixed maturity securities and market risk benefits. The sensitivity analysis excludes those financial instruments carried at fair value for which changes in fair value are recognized in equity, such as AFS fixed maturity securities.

Assuming a 25 basis point increase in interest rates that persists for a 12-month period, the estimated impact to spread related earnings due to the change in net investment spread from floating rate assets and liabilities would be an increase of approximately $10 to $15 million, and a 25 basis point decrease would generally result in a similar decrease. This is calculated without regard to future changes to assumptions and excludes the impact of rate changes on cash and cash equivalents. As of September 30, 2025, the balance in cash and cash equivalents plus restricted cash, net investment payables and receivables, reinsurance impacts and the net derivative collateral offsetting the related cash positions, was $11.0 billion, net of the amount attributable to the noncontrolling interests. The decrease in sensitivity to spread related earnings due to the change in net investment spread from floating rate assets and liabilities as of September 30, 2025, when compared to December 31, 2024, was driven by the decrease in our net floating rate position primarily related to hedging actions undertaken in the third quarter of 2025.

Changes in the fair value of market risk benefits due to current period movement in the interest rate curve used to discount the reserve are reflected in net income but excluded from spread related earnings. However, changes in interest rates that impact the cost of the projected GLWB and GMDB rider benefits, included within our market risk benefit reserve, are amortized within cost of funds in spread related earnings over the life of the business. Assuming a parallel increase in interest rates of 25 basis points, the estimated impact to spread related earnings over a 12-month period related to market risk benefits would be an increase of approximately $30 to $50 million, and a parallel decrease in interest rates of 25 basis points would generally result in a similar decrease. This is calculated without regard to future changes to assumptions.

We are unable to make forward-looking estimates regarding the impact on net income of changes in interest rates that persist for a longer period of time, or changes in the shape of the yield curve over time, as a result of an inability to determine how such changes will affect certain of the items that we characterize as “adjustments to income before income taxes” in our reconciliation between net income available to AHL common stockholder and spread related earnings. See Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measure Reconciliations for the reconciliation of net income available to Athene Holding Ltd. common stockholder to spread related earnings. The impact of changing rates on these adjustments is likely to be significant. See above for a discussion regarding the estimated impact on income before income taxes of an immediate, parallel increase in interest rates of 100 basis points from levels as of September 30, 2025, which discussion encompasses the impact of such an increase on certain of the adjustment items.

The models used to estimate the impact of changes in market interest rates incorporate numerous assumptions, require significant estimates and assume an immediate change in interest rates without any discretionary management action to counteract such a change. Consequently, potential changes in our valuations indicated by these simulations will likely be different from the actual changes experienced under any given interest rate scenarios and these differences may be material. Because we actively manage our assets and liabilities, the net exposure to interest rates can vary over time. However, any such decreases in the fair value of fixed maturity securities, unless related to credit concerns of the issuer requiring recognition of credit losses, would generally be realized only if we were required to sell such securities at losses to meet liquidity needs.


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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures as such term is defined under Exchange Act Rule 13a-15(e), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Executive Chairman, Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and our management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. We have carried out an evaluation, as of the end of the period covered by this report, under the supervision and with the participation of our management, including our Executive Chairman, Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, the Executive Chairman, Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at attaining the level of reasonable assurance noted above.

Changes in Internal Control Over Financial Reporting

There were no changes to our internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

We are subject to litigation arising in the ordinary course of our business, including litigation principally relating to our retail business. We cannot assure you that our insurance coverage will be adequate to cover all liabilities arising out of such claims. The outcomes of legal proceedings and claims brought against us are subject to significant uncertainty. There is significant judgment required in assessing both the probability of an adverse outcome and the determination as to whether an exposure can be reasonably estimated. In management’s opinion, the ultimate disposition of any current legal proceeding or claim brought against us will not have a material effect on our financial condition, results of operations or cash flows. Litigation is, however, inherently uncertain and an adverse outcome from such litigation could have a material effect on the operating results of a particular reporting period.

From time to time, in the ordinary course of business and like others in the insurance and financial services industries, we receive requests for information from government agencies in connection with such agencies’ regulatory or investigatory authority. Such requests can include financial or market conduct examinations, subpoenas or demand letters for documents to assist the government in audits or investigations. We and each of our US insurance subsidiaries review such requests and notices and take appropriate action. We have been subject to certain requests for information and investigations in the past and could be subject to them in the future.

Descriptions of certain legal proceedings affecting us, if any, are included in Note 12 – Commitments and Contingencies to the condensed consolidated financial statements.


Item 1A. Risk Factors

There have been no material changes to our risk factors from those previously disclosed in Part I–Item 1A. Risk Factors of our 2024 Annual Report.


Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

None.


Item 5.    Other Information

During the three months ended September 30, 2025, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of AHL adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K with respect to any of AHL’s securities.

As previously disclosed, the Company entered into a letter agreement (Letter Agreement) with Martin P. Klein memorializing the terms of his transition from the Company. Pursuant to the terms of the Letter Agreement, on November 4, 2025, the parties agreed that the last day of Mr. Klein’s employment with the Company will be January 2, 2026.


Item 6. Exhibits

The exhibits listed in the Exhibit Index immediately below are filed as part of this report, which Exhibit Index is incorporated by reference herein.


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EXHIBIT INDEX
Exhibit No.Description
31.1
31.2
31.3
32.1
32.2
32.3
101.INSXBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema.
101.CALXBRL Taxonomy Extension Calculation Linkbase.
101.LABXBRL Taxonomy Extension Label Linkbase.
101.PREXBRL Taxonomy Extension Presentation Linkbase.
101.DEFXBRL Taxonomy Extension Definition Linkbase.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ATHENE HOLDING LTD.
Date: November 10, 2025/s/ Louis-Jacques Tanguy
Louis-Jacques Tanguy
Executive Vice President and Chief Financial Officer
(principal financial officer and duly authorized signatory)


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