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Table of Contents
Important Notice			3
FINANCIAL RESULTS
Financial Highlights			4
Condensed Consolidated Statements of Income (GAAP view)			5
Spread Related Earnings (Management view)			6
Reconciliation of Earnings Measures			7
Net Flows & Outflows Attributable to Athene by Type			8
Condensed Consolidated Balance Sheets			9
ASSETS
Net Invested Assets (Management view) & Agency Ratings			11
Net Alternative Investments (Management view)			12
Credit Quality of Securities & Net Invested Assets			13
LIABILITIES
Net Reserve Liabilities & Rollforwards			17
Deferred Annuity Liability Characteristics			18
ADDITIONAL INFORMATION
Defined Terms			19
Notes to the Financial Supplement			20
Non-GAAP Reconciliations			23

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Important Notice

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

AHL is a subsidiary of Apollo Global Management, Inc. The financial statements and exhibits included in this financial supplement should be read in conjunction with AHL’s reports and other filings with the US Securities and Exchange Commission, including its reports on Form 10-K, Form 10-Q and Form 8-K. This financial supplement does not constitute an offer to sell, or the solicitation of an offer to buy, any security of AHL, and nothing in this financial supplement shall in any way be relied on in connection with investment decisions. Each recipient of the information contained in this financial supplement is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of AHL.

AHL undertakes no obligation to update or correct the information in this financial supplement. AHL makes no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained in this financial supplement. AHL does not accept any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this financial supplement or its contents or any reliance on the information contained herein.

This financial supplement includes certain non-GAAP measures, including net investment earnings, cost of funds, other operating expenses, spread related earnings, net investment spread, net spread, adjusted AHL common stockholder’s equity, adjusted leverage ratio, net invested assets, net reserve liabilities, spread related earnings - excluding notable items, net investment spread - excluding notable items and net spread - excluding notable items. Management believes the use of these non-GAAP measures (which are defined and discussed in greater detail and reconciled elsewhere in this financial supplement), together with the relevant GAAP measures, provides information that may enhance an investor’s understanding of AHL’s results of operations and the underlying profitability drivers of AHL’s business. These measures should be considered supplementary to AHL’s results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

Under the statutory accounting guidance for the principles-based bond definition, certain debt securities are required to be accounted for as non-bond debt securities. These non-bond debt securities are required to be filed with and designated by the NAIC. Our non-bond debt securities that have not received a designation are presented as “Non-designated” within the NAIC rating tables in this financial supplement. “Non-designated” status is not an indication of the quality of a security.

3

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Financial Highlights Unaudited (in millions, except percentages)
			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26						Q/Q						Y/Y						2025						2026						Y/Y
SELECTED INCOME STATEMENT DATA
GAAP
Net income (loss) available to AHL common stockholder			$	420					$	503					$	1,223					$	488					$	(1,973)					NM						NM						$	420					$	(1,973)					NM
Return on assets			0.45		%				0.51		%				1.17		%				0.45		%				(1.77)		%				NM						NM						0.45		%				(1.77)		%				NM
NON-GAAP
Spread related earnings			$	804					$	820					$	872					$	865					$	719					(17)		%				(11)		%				$	804					$	719					(11)		%
Net spread			1.26		%				1.22		%				1.24		%				1.20		%				0.97		%				(23) bps						(29) bps						1.26		%				0.97		%				(29) bps
Net investment spread			1.65		%				1.58		%				1.60		%				1.58		%				1.34		%				(24) bps						(31) bps						1.65		%				1.34		%				(31) bps
Spread related earnings, excluding notable items1			$	826					$	820					$	847					$	865					$	719					(17)		%				(13)		%				$	826					$	719					(13)		%
Net spread, excluding notable items1			1.29		%				1.22		%				1.21		%				1.20		%				0.97		%				(23) bps						(32) bps						1.29		%				0.97		%				(32) bps
Net investment spread, excluding notable items1			1.68		%				1.58		%				1.57		%				1.58		%				1.34		%				(24) bps						(34) bps						1.68		%				1.34		%				(34) bps
Alternative net investment income delta to long-term expectation2			$	29					$	36					$	37					$	28					$	188																	$	29					$	188
Alternative net return delta to long-term expectation			0.92		%				1.14		%				1.12		%				0.81		%				5.21		%																0.92		%				5.21		%
Impact to net spread			0.05		%				0.05		%				0.05		%				0.04		%				0.25		%																0.05		%				0.25		%
SELECTED BALANCE SHEET DATA
GAAP
Total assets			$	381,478					$	405,309					$	429,915					$	442,205					$	447,804					1		%				17		%				$	381,478					$	447,804					17		%
Goodwill			4,067						4,075						4,072						4,072						4,079						—		%				—		%				4,067						4,079						—		%
Total liabilities			353,704						376,105						396,874						406,567						414,104						2		%				17		%				353,704						414,104						17		%
Debt			6,301						7,864						7,856						7,848						7,840						—		%				24		%				6,301						7,840						24		%
Total Athene Holding Ltd. stockholders' equity			17,519						18,148						20,411						20,492						17,848						(13)		%				2		%				17,519						17,848						2		%
Leverage ratio			39.7		%				39.7		%				36.5		%				36.4		%				40.1		%				NM						40 bps						39.7		%				40.1		%				40 bps
NON-GAAP
Gross invested assets			$	343,972					$	361,795					$	377,180					$	386,973					$	396,834					3		%				15		%				$	343,972					$	396,834					15		%
Invested assets – ACRA noncontrolling interests			(81,605)						(86,755)						(91,006)						(94,559)						(96,544)						2		%				18		%				(81,605)						(96,544)						18		%
Net invested assets			262,367						275,040						286,174						292,414						300,290						3		%				14		%				262,367						300,290						14		%
Net reserve liabilities			241,666						254,572						266,451						271,233						279,189						3		%				16		%				241,666						279,189						16		%
Notional debt			6,175						7,775						7,775						7,775						7,775						—		%				26		%				6,175						7,775						26		%
Adjusted Athene Holding Ltd. common stockholder’s equity3			21,965						22,212						22,924						22,843						20,955						(8)		%				(5)		%				21,965						20,955						(5)		%
Adjusted leverage ratio3			22.9		%				24.9		%				24.3		%				24.4		%				25.9		%				150 bps						300 bps						22.9		%				25.9		%				300 bps
INFLOWS DATA
Gross organic inflows			$	25,563					$	21,232					$	22,616					$	12,687					$	19,747					56		%				(23)		%				$	25,563					$	19,747					(23)		%
Gross inorganic inflows			—						—						—						1,340						—						NM						NM						—						—						NM
Total gross inflows			$	25,563					$	21,232					$	22,616					$	14,027					$	19,747					41		%				(23)		%				$	25,563					$	19,747					(23)		%
Note: “NM” represents changes that are not meaningful. Please refer to the Defined Terms section for the description of key terms. Please refer to the Notes to the Financial Supplement section for discussion on non-GAAP metrics and the Non-GAAP Measure Reconciliations section for reconciliations of non-GAAP metrics. 1. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 2. Refers to the amount that as-reported alternative net investment income is below (above) management's long-term expectation of an 11% average annual return. Management’s long-term expectation is based on historical experience and provides investors with supplemental information for period-to-period comparability as well as a basis for developing expectations of future performance. There is no assurance that management’s expected long-term average annual return will be achieved. Actual results may differ materially. 3. The decrease in adjusted Athene Holding Ltd. common stockholder’s equity and resulting increase in adjusted leverage ratio was primarily driven by a one-time tax expense of $1.7 billion due to the revocation of ACRA’s election to be subject to Bermuda CIT as a result of updated guidance issued during the quarter, which led to the recognition of a full valuation allowance against the remaining Bermuda deferred tax assets established in 4Q’23 when Bermuda CIT was enacted.

4

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Condensed Consolidated Statements of Income (GAAP view) Unaudited (in millions, except percentages)
			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26						Q/Q						Y/Y						2025						2026						Y/Y
REVENUES
Premiums			$	127					$	107					$	117					$	2,277					$	217					(90)		%				71		%				$	127					$	217					71		%
Product charges			265						274						292						306						281						(8)		%				6		%				265						281						6		%
Net investment income			3,991						4,429						4,672						4,755						4,769						—		%				19		%				3,991						4,769						19		%
Investment related gains (losses)			(828)						(5)						2,254						123						(2,078)						NM						NM						(828)						(2,078)						NM
Other revenues			4						6						6						9						4						(56)		%				—		%				4						4						—		%
Revenues of consolidated variable interest entities
Net investment income			77						80						92						32						68						113		%				(12)		%				77						68						(12)		%
Investment related gains (losses)			550						468						565						632						407						(36)		%				(26)		%				550						407						(26)		%
Total revenues			4,186						5,359						7,998						8,134						3,668						(55)		%				(12)		%				4,186						3,668						(12)		%
BENEFITS AND EXPENSES
Interest sensitive contract benefits			1,494						3,428						4,164						3,003						1,591						(47)		%				6		%				1,494						1,591						6		%
Future policy and other policy benefits			541						527						613						2,752						639						(77)		%				18		%				541						639						18		%
Market risk benefits remeasurement (gains) losses			385						(111)						131						47						259						NM						(33)		%				385						259						(33)		%
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired			267						292						355						328						337						3		%				26		%				267						337						26		%
Policy and other operating expenses			565						571						591						627						651						4		%				15		%				565						651						15		%
Total benefits and expenses			3,252						4,707						5,854						6,757						3,477						(49)		%				7		%				3,252						3,477						7		%
Income before income taxes			934						652						2,144						1,377						191						(86)		%				(80)		%				934						191						(80)		%
Income tax expense (benefit)			175						(34)						266						479						1,673						249		%				NM						175						1,673						NM
Net income (loss)			759						686						1,878						898						(1,482)						NM						NM						759						(1,482)						NM
Less: Net income attributable to noncontrolling interests			294						222						619						375						456						22		%				55		%				294						456						55		%
Net income (loss) attributable to Athene Holding Ltd. stockholders			465						464						1,259						523						(1,938)						NM						NM						465						(1,938)						NM
Less: Preferred stock dividends			45						45						36						35						35						—		%				(22)		%				45						35						(22)		%
Add: Preferred stock redemption			—						84						—						—						—						NM						NM						—						—						NM
Net income (loss) available to Athene Holding Ltd. common stockholder			$	420					$	503					$	1,223					$	488					$	(1,973)					NM						NM						$	420					$	(1,973)					NM

5

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Spread Related Earnings (Management view) Unaudited (in millions, except percentages)
			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26						Q/Q						Y/Y						2025						2026						Y/Y
SPREAD RELATED EARNINGS
Fixed income and other net investment income			$	2,916					$	3,180					$	3,425					$	3,505					$	3,551					1		%				22		%				$	2,916					$	3,551					22		%
Alternative net investment income			315						319						321						344						210						(39)		%				(33)		%				315						210						(33)		%
Net investment earnings			3,231						3,499						3,746						3,849						3,761						(2)		%				16		%				3,231						3,761						16		%
Strategic capital management fees			29						32						35						35						36						3		%				24		%				29						36						24		%
Cost of funds			(2,210)						(2,470)						(2,661)						(2,742)						(2,807)						2		%				27		%				(2,210)						(2,807)						27		%
Net investment spread			1,050						1,061						1,120						1,142						990						(13)		%				(6)		%				1,050						990						(6)		%
Other operating expenses			(116)						(109)						(108)						(119)						(118)						(1)		%				2		%				(116)						(118)						2		%
Interest and other financing costs			(130)						(132)						(140)						(158)						(153)						(3)		%				18		%				(130)						(153)						18		%
Spread related earnings			$	804					$	820					$	872					$	865					$	719					(17)		%				(11)		%				$	804					$	719					(11)		%
Fixed income and other net investment income			4.80		%				4.97		%				5.12		%				5.08		%				5.04		%				(4) bps						24 bps						4.80		%				5.04		%				24 bps
Alternative net investment income			10.08		%				9.86		%				9.88		%				10.19		%				5.79		%				NM						NM						10.08		%				5.79		%				NM
Net investment earnings			5.06		%				5.21		%				5.34		%				5.32		%				5.08		%				(24) bps						2 bps						5.06		%				5.08		%				2 bps
Strategic capital management fees			0.05		%				0.05		%				0.05		%				0.05		%				0.05		%				0 bps						0 bps						0.05		%				0.05		%				0 bps
Cost of funds			(3.46)		%				(3.68)		%				(3.79)		%				(3.79)		%				(3.79)		%				0 bps						33 bps						(3.46)		%				(3.79)		%				33 bps
Net investment spread			1.65		%				1.58		%				1.60		%				1.58		%				1.34		%				(24) bps						(31) bps						1.65		%				1.34		%				(31) bps
Other operating expenses			(0.18)		%				(0.16)		%				(0.15)		%				(0.16)		%				(0.16)		%				0 bps						(2) bps						(0.18)		%				(0.16)		%				(2) bps
Interest and other financing costs			(0.21)		%				(0.20)		%				(0.21)		%				(0.22)		%				(0.21)		%				(1) bp						0 bps						(0.21)		%				(0.21)		%				0 bps
Spread related earnings			1.26		%				1.22		%				1.24		%				1.20		%				0.97		%				(23) bps						(29) bps						1.26		%				0.97		%				(29) bps
Average net invested assets - fixed income and other			$	242,999					$	255,789					$	267,607					$	275,769					$	281,872					2		%				16		%				$	242,999					$	281,872					16		%
Average net invested assets - alternatives			12,506						12,914						13,000						13,526						14,480						7		%				16		%				12,506						14,480						16		%
Average net invested assets			$	255,505					$	268,703					$	280,607					$	289,295					$	296,352					2		%				16		%				$	255,505					$	296,352					16		%
Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.

6

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Reconciliation of Earnings Measures Unaudited (in millions, except percentages)
			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26						Q/Q						Y/Y						2025						2026						Y/Y
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS
Net income (loss) available to Athene Holding Ltd. common stockholder			$	420					$	503					$	1,223					$	488					$	(1,973)					NM						NM						$	420					$	(1,973)					NM
Less: Preferred stock redemption			—						84						—						—						—						NM						NM						—						—						NM
Add: Preferred stock dividends			45						45						36						35						35						—		%				(22)		%				45						35						(22)		%
Add: Net income attributable to noncontrolling interests			294						222						619						375						456						22		%				55		%				294						456						55		%
Net income (loss)			759						686						1,878						898						(1,482)						NM						NM						759						(1,482)						NM
Income tax expense (benefit)			175						(34)						266						479						1,673						249		%				NM						175						1,673						NM
Income before income taxes			934						652						2,144						1,377						191						(86)		%				(80)		%				934						191						(80)		%
Realized gains (losses) on sale of AFS securities and mortgage loans			(143)						(61)						(51)						(367)						(214)						42		%				(50)		%				(143)						(214)						(50)		%
Unrealized, allowances and other investment gains (losses)			173						(513)						373						238						(430)						NM						NM						173						(430)						NM
Change in fair value of reinsurance assets			102						46						121						26						(66)						NM						NM						102						(66)						NM
Offsets to investment gains (losses)			19						19						20						17						14						(18)		%				(26)		%				19						14						(26)		%
Investment gains (losses), net of offsets			151						(509)						463						(86)						(696)						NM						NM						151						(696)						NM
Change in fair values of derivatives and embedded derivatives - indexed annuities			(95)						27						267						104						90						(13)		%				NM						(95)						90						NM
Non-operating change in funding agreements			8						(4)						33						63						17						(73)		%				113		%				8						17						113		%
Change in fair value of market risk benefits			(297)						122						(123)						1						(148)						NM						50		%				(297)						(148)						50		%
Non-operating change in liability for future policy benefits			17						4						(3)						(33)						(1)						97		%				NM						17						(1)						NM
Non-operating change in insurance liabilities and related derivatives			(367)						149						174						135						(42)						NM						89		%				(367)						(42)						89		%
Integration, restructuring and other non-operating items			(30)						(32)						(36)						(23)						(33)						43		%				10		%				(30)						(33)						10		%
Stock compensation expense			(11)						(11)						(13)						(14)						(10)						(29)		%				(9)		%				(11)						(10)						(9)		%
Preferred stock dividends			45						45						36						35						35						—		%				(22)		%				45						35						(22)		%
Noncontrolling interests - pre-tax income and VIE adjustments			342						190						648						465						218						(53)		%				(36)		%				342						218						(36)		%
Less: Total adjustments to income before income taxes			130						(168)						1,272						512						(528)						NM						NM						130						(528)						NM
Spread related earnings			$	804					$	820					$	872					$	865					$	719					(17)		%				(11)		%				$	804					$	719					(11)		%
Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.

7

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Net Flows & Outflows Attributable to Athene by Type Unaudited (in millions, except percentages)
			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26						Q/Q						Y/Y						2025						2026						Y/Y
NET FLOWS
Retail			$	9,482					$	7,256					$	10,046					$	7,343					$	7,270					(1)		%				(23)		%				$	9,482					$	7,270					(23)		%
Flow reinsurance			4,933						2,031						2,542						1,665						2,603						56		%				(47)		%				4,933						2,603						(47)		%
Funding agreements1			11,144						11,707						9,724						2,800						8,531						205		%				(23)		%				11,144						8,531						(23)		%
Pension group annuities			4						1						—						746						—						NM						NM						4						—						NM
Other spread products2			—						237						304						133						1,343						NM						NM						—						1,343						NM
Gross organic inflows			25,563						21,232						22,616						12,687						19,747						56		%				(23)		%				25,563						19,747						(23)		%
Gross inorganic inflows3			—						—						—						1,340						—						NM						NM						—						—						NM
Total gross inflows			25,563						21,232						22,616						14,027						19,747						41		%				(23)		%				25,563						19,747						(23)		%
Gross outflows4			(8,392)						(7,230)						(10,638)						(9,268)						(10,768)						16		%				28		%				(8,392)						(10,768)						28		%
Net flows			$	17,171					$	14,002					$	11,978					$	4,759					$	8,979					89		%				(48)		%				$	17,171					$	8,979					(48)		%
Inflows attributable to Athene			$	20,118					$	15,838					$	17,138					$	10,142					$	15,957					57		%				(21)		%				$	20,118					$	15,957					(21)		%
Inflows attributable to ADIP5			4,956						5,019						4,962						3,515						3,453						(2)		%				(30)		%				4,956						3,453						(30)		%
Inflows ceded to third-party reinsurers			489						375						516						370						337						(9)		%				(31)		%				489						337						(31)		%
Total gross inflows			$	25,563					$	21,232					$	22,616					$	14,027					$	19,747					41		%				(23)		%				$	25,563					$	19,747					(23)		%
Outflows attributable to Athene			$	(7,017)					$	(5,813)					$	(9,181)					$	(7,714)					$	(8,612)					12		%				23		%				$	(7,017)					$	(8,612)					23		%
Outflows attributable to ADIP5			(1,375)						(1,417)						(1,457)						(1,554)						(2,156)						39		%				57		%				(1,375)						(2,156)						57		%
Total gross outflows4			$	(8,392)					$	(7,230)					$	(10,638)					$	(9,268)					$	(10,768)					16		%				28		%				$	(8,392)					$	(10,768)					28		%
OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE
Maturity-driven, contractual-based outflows6,12			$	(3,535)					$	(2,389)					$	(5,525)					$	(3,641)					$	(4,960)					36		%				40		%				$	(3,535)					$	(4,960)					40		%
Policyholder-driven outflows7			(3,482)						(3,424)						(3,656)						(4,073)						(3,652)						(10)		%				5		%				(3,482)						(3,652)						5		%
Income oriented withdrawals (planned)8			(1,680)						(1,609)						(1,660)						(1,922)						(1,845)						(4)		%				10		%				(1,680)						(1,845)						10		%
From policies out-of-surrender-charge (planned)9			(1,058)						(1,025)						(1,093)						(1,198)						(1,089)						(9)		%				3		%				(1,058)						(1,089)						3		%
From policies in-surrender-charge (unplanned)10			(744)						(790)						(903)						(953)						(718)						(25)		%				(3)		%				(744)						(718)						(3)		%
Core outflows			(7,017)						(5,813)						(9,181)						(7,714)						(8,612)						12		%				23		%				(7,017)						(8,612)						23		%
Strategic reinsurance transactions			—						—						—						—						—						NM						NM						—						—						NM
Outflows attributable to Athene			$	(7,017)					$	(5,813)					$	(9,181)					$	(7,714)					$	(8,612)					12		%				23		%				$	(7,017)					$	(8,612)					23		%
Annualized rate11
Maturity-driven, contractual-based outflows6,12			(5.5)		%				(3.6)		%				(7.9)		%				(5.0)		%				(6.7)		%				170 bps						120 bps						(5.5)		%				(6.7)		%				120 bps
Policyholder-driven outflows7			(5.5)		%				(5.1)		%				(5.2)		%				(5.7)		%				(4.9)		%				(80) bps						(60) bps						(5.5)		%				(4.9)		%				(60) bps
Income oriented withdrawals (planned)8			(2.6)		%				(2.4)		%				(2.4)		%				(2.7)		%				(2.5)		%				(20) bps						(10) bps						(2.6)		%				(2.5)		%				(10) bps
From policies out-of-surrender-charge (planned)9			(1.7)		%				(1.5)		%				(1.5)		%				(1.7)		%				(1.5)		%				(20) bps						(20) bps						(1.7)		%				(1.5)		%				(20) bps
From policies in-surrender-charge (unplanned)10			(1.2)		%				(1.2)		%				(1.3)		%				(1.3)		%				(0.9)		%				(40) bps						(30) bps						(1.2)		%				(0.9)		%				(30) bps
Core outflows			(11.0)		%				(8.7)		%				(13.1)		%				(10.7)		%				(11.6)		%				90 bps						60 bps						(11.0)		%				(11.6)		%				60 bps
Strategic reinsurance transactions			—		%				—		%				—		%				—		%				—		%				NM						NM						—		%				—		%				NM
Outflows attributable to Athene			(11.0)		%				(8.7)		%				(13.1)		%				(10.7)		%				(11.6)		%				90 bps						60 bps						(11.0)		%				(11.6)		%				60 bps
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 spread product inflows include guaranteed investment and group annuity contracts issued in connection with defined contribution plans, stable value group annuity contracts and structured settlements. 3. Gross inorganic inflows represent acquisitions and block reinsurance transactions. On October 1, 2025, we entered into an agreement with a Japanese counterparty to reinsure a small block of whole life insurance policies on a coinsurance basis. In conjunction with the transaction, we entered into an agreement with a leading mortality reinsurer to retrocede the mortality risk related to this block of business. 4. Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities and payments related to interest, maturities and repurchases of funding agreements. 5. ADIP represents the noncontrolling interests in business ceded to ACRA. 6. Represents outflows from funding agreements, pension group annuities and multi-year guarantee fixed annuities, all of which occur based on defined maturities or substantially lapse upon reaching their contractual term. Amounts may vary on a quarterly basis, based on the timing of original issuance. 7. Represents outflows from indexed annuities and other applicable products, which have varying degrees of predictability due to policyholder actions. 8. Represents partial annuity withdrawals to meet retirement income needs within contractual annual limits. 9. Represents outflows from policies that no longer have an active surrender charge in force. 10. Represents outflows from policies with an active surrender charge in force. 11. The outflow rate is calculated as outflows attributable to Athene divided by average net invested assets for the respective period, on an annualized basis. 12. 2Q’25 outflows exclude maturities of long-term repurchase agreements of $1.1 billion, or a rate of 1.6% for the respective period on an annualized basis, which may be renewed upon joint agreement of the parties based on a variety of factors.

8

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Condensed Consolidated Balance Sheets Unaudited (in millions, except percentages)
			December 31, 2025						March 31, 2026						Δ
ASSETS
Investments
Available-for-sale securities, at fair value			$	192,597					$	190,376					(1)		%
Trading securities, at fair value			6,409						6,232						(3)		%
Equity securities, at fair value			822						763						(7)		%
Mortgage loans, at fair value			91,918						93,077						1		%
Investment funds			108						184						70		%
Policy loans			301						296						(2)		%
Funds withheld at interest			15,413						14,514						(6)		%
Derivative assets			9,190						8,352						(9)		%
Short-term investments			175						140						(20)		%
Other investments			4,148						4,391						6		%
Total investments			321,081						318,325						(1)		%
Cash and cash equivalents			14,994						17,852						19		%
Restricted cash			1,332						1,159						(13)		%
Investments in related parties
Available-for-sale securities, at fair value			26,444						29,415						11		%
Trading securities, at fair value			454						1,376						203		%
Equity securities, at fair value			266						—						NM
Mortgage loans, at fair value			1,486						1,557						5		%
Investment funds			2,149						3,136						46		%
Funds withheld at interest			4,215						3,959						(6)		%
Short-term investments			18						18						—		%
Other investments, at fair value			344						341						(1)		%
Accrued investment income			3,395						3,601						6		%
Reinsurance recoverable			10,282						10,304						—		%
Deferred acquisition costs, deferred sales inducements and value of business acquired			8,634						8,812						2		%
Goodwill			4,072						4,079						—		%
Other assets			11,950						11,335						(5)		%
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value			3,120						3,374						8		%
Mortgage loans, at fair value			2,140						2,031						(5)		%
Investment funds, at fair value			24,070						25,649						7		%
Other investments			844						884						5		%
Cash and cash equivalents			569						298						(48)		%
Other assets			346						299						(14)		%
Total assets			$	442,205					$	447,804					1		%

9

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Condensed Consolidated Balance Sheets, continued Unaudited (in millions, except percentages)
			December 31, 2025						March 31, 2026						Δ
LIABILITIES
Interest sensitive contract liabilities			$	315,889					$	326,502					3		%
Future policy benefits			50,264						48,657						(3)		%
Market risk benefits			4,930						5,010						2		%
Debt			7,848						7,840						—		%
Derivative liabilities			5,742						5,835						2		%
Payables for collateral on derivatives and securities to repurchase			11,085						8,529						(23)		%
Other liabilities			9,097						9,600						6		%
Liabilities of consolidated variable interest entities			1,712						2,131						24		%
Total liabilities			406,567						414,104						2		%
EQUITY
Preferred stock			—						—						NM
Common stock			—						—						NM
Additional paid-in capital			19,238						19,262						—		%
Retained earnings			3,895						1,706						(56)		%
Accumulated other comprehensive loss			(2,641)						(3,120)						(18)		%
Total Athene Holding Ltd. stockholders' equity			20,492						17,848						(13)		%
Noncontrolling interests			15,146						15,852						5		%
Total equity			35,638						33,700						(5)		%
Total liabilities and equity			$	442,205					$	447,804					1		%

10

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Net Invested Assets (Management view) & Agency Ratings Unaudited (in millions, except percentages)
			December 31, 2025												March 31, 2026
			Invested Asset Value1						Percentage of Total						Invested Asset Value1						Percentage of Total
NET INVESTED ASSETS
Corporate			$	86,664					29.6		%				$	86,764					28.9		%
CLO			25,401						8.7		%				23,611						7.9		%
Credit			112,065						38.3		%				110,375						36.8		%
CML			31,789						10.9		%				32,578						10.9		%
RML			43,326						14.8		%				43,688						14.5		%
RMBS			7,592						2.6		%				7,232						2.4		%
CMBS			9,877						3.4		%				9,662						3.2		%
Real estate			92,584						31.7		%				93,160						31.0		%
ABS			38,417						13.1		%				41,802						13.9		%
Alternative investments			13,868						4.7		%				15,092						5.0		%
State, municipal, political subdivisions and foreign government			3,081						1.0		%				3,168						1.1		%
Equity securities			2,039						0.7		%				1,975						0.7		%
Short-term investments			207						0.1		%				146						—		%
US government and agencies			14,225						4.9		%				15,985						5.3		%
Other investments			71,837						24.5		%				78,168						26.0		%
Cash and cash equivalents			10,490						3.6		%				12,969						4.3		%
Other			5,438						1.9		%				5,618						1.9		%
Net invested assets			$	292,414					100.0		%				$	300,290					100.0		%

A.M. Best

S&P Global

Fitch

Moody’s

FINANCIAL STRENGTH RATINGS

Athene Annuity and Life Company

A+

A+

A+

A1

Athene Annuity & Life Assurance Company of New York

A+

A+

A+

A1

Athene Life Insurance Company of New York

A+

NR

NR

NR

Athene Annuity Re Ltd.

A+

A+

A+

A1

Athene Life Re Ltd.

A+

A+

A+

A1

Athene Life Re International Ltd.

A+

A+

A+

A1

Athene Co-Invest Reinsurance Affiliate 1A Ltd. and Athene Co-Invest Reinsurance Affiliate 1B Ltd.

A+

A+

A+

A1

Athene Co-Invest Reinsurance Affiliate 2A Ltd. and Athene Co-Invest Reinsurance Affiliate 2B Ltd.

A+

A+

A+

A1

Athene Co-Invest Reinsurance Affiliate International Ltd.

A+

A+

A+

A1

CREDIT RATINGS

Athene Holding Ltd.

a-

A-

A-

NR

Senior notes

a-

A-

BBB+

Baa1

Subordinated notes

NR

BBB

BBB-

Baa2

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, and the Non-GAAP Measure Reconciliations section for the reconciliation of investments, including related parties, to net invested assets. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.

11

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Net Alternative Investments (Management view) Unaudited (in millions, except percentages)
			December 31, 2025												March 31, 2026
			Invested Asset Value1						Percentage of Total						Invested Asset Value1						Percentage of Total
NET ALTERNATIVE INVESTMENTS
Origination platforms
Wheels			$	739					5.3		%				$	756					5.0		%
Redding Ridge			645						4.7		%				644						4.3		%
MidCap Financial			588						4.2		%				571						3.8		%
Aqua Finance			319						2.3		%				331						2.2		%
Skylign			344						2.5		%				350						2.3		%
Apterra			531						3.8		%				538						3.6		%
Atlas			560						4.0		%				562						3.7		%
Cadma			271						1.9		%				314						2.1		%
Other			733						5.3		%				755						5.0		%
Origination platforms			4,730						34.0		%				4,821						32.0		%
Apollo and other investments
Real assets			1,701						12.3		%				1,677						11.1		%
Private equity			1,086						7.8		%				1,094						7.3		%
Structured equity and other			927						6.7		%				2,495						16.5		%
Equity			3,714						26.8		%				5,266						34.9		%
Credit			2,125						15.3		%				866						5.7		%
Liquid assets and other			770						5.6		%				697						4.6		%
Apollo and other investments			6,609						47.7		%				6,829						45.2		%
Total AAA			11,339						81.7		%				11,650						77.2		%
Retirement Services
Athora			1,124						8.1		%				2,140						14.2		%
Venerable			356						2.6		%				358						2.4		%
Retirement Services			1,480						10.7		%				2,498						16.6		%
Apollo and other investments
Equity			617						4.5		%				517						3.4		%
Credit			417						3.0		%				412						2.7		%
Other			15						0.1		%				15						0.1		%
Apollo and other investments			1,049						7.6		%				944						6.2		%
Total Non AAA			2,529						18.3		%				3,442						22.8		%
Net alternative investments2			$	13,868					100.0		%				$	15,092					100.0		%
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, including net alternative investments, and the Non-GAAP Measure Reconciliations section for the reconciliations of investments, including related parties, to net invested assets and investment funds, including related parties and consolidated VIEs, to net alternative investments. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests. Net alternative invested asset values reflect Athene’s ownership of AAA and AAA Lux. Athene’s combined net ownership percentage of AAA and AAA Lux was approximately 44% and 45% as of March 31, 2026 and December 31, 2025, respectively. 2. Net alternative investments do not correspond to total investment funds, including related parties and consolidated VIEs, on our condensed consolidated balance sheets. Net alternative investments adjusts the GAAP presentation to include investment funds included in our funds withheld at interest and modco reinsurance portfolios and VIE adjustments and exclude other investments. Net alternative investments include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.

12

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Credit Quality of Securities Unaudited (in millions, except percentages)
			December 31, 2025												March 31, 2026
CREDIT QUALITY OF AFS SECURITIES (GAAP VIEW)			Fair Value						Percentage of Total						Fair Value						Percentage of Total
NAIC designation
1 A-G			$	121,234					55.4		%				$	120,506					54.8		%
2 A-C			91,503						41.8		%				93,863						42.7		%
Total investment grade			212,737						97.2		%				214,369						97.5		%
3 A-C			3,356						1.5		%				2,844						1.3		%
4 A-C			1,732						0.8		%				1,630						0.7		%
5 A-C			487						0.2		%				343						0.2		%
6			697						0.3		%				557						0.3		%
Non-designated			32						—		%				48						—		%
Total below investment grade			6,304						2.8		%				5,422						2.5		%
Total AFS securities including related parties			$	219,041					100.0		%				$	219,791					100.0		%
NRSRO designation
AAA/AA/A			$	114,983					52.5		%				$	115,295					52.5		%
BBB			87,497						39.9		%				90,047						41.0		%
Non-rated1			8,493						3.9		%				7,544						3.4		%
Total investment grade			210,973						96.3		%				212,886						96.9		%
BB			2,976						1.4		%				2,312						1.0		%
B			1,722						0.8		%				1,501						0.7		%
CCC			1,652						0.7		%				1,571						0.7		%
CC and lower			436						0.2		%				431						0.2		%
Non-rated1			1,282						0.6		%				1,090						0.5		%
Total below investment grade			8,068						3.7		%				6,905						3.1		%
Total AFS securities including related parties			$	219,041					100.0		%				$	219,791					100.0		%
1. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. The NRSRO ratings methodology is focused on the likelihood of recovery of all contractual payments, including principal at par regardless of entry price, while the NAIC designation methodology considers an investment at amortized cost, and the likelihood of recovery of that book value. We view the NAIC designation methodology as the most appropriate way to view our AFS portfolio when evaluating credit risk since a portion of our holdings were purchased at a significant discount to par.

13

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Credit Quality of Net Invested Assets (Management view) Unaudited (in millions, except percentages)
			December 31, 2025												March 31, 2026															December 31, 2025												March 31, 2026
			Invested Asset Value1						Percentage of Total						Invested Asset Value1						Percentage of Total									Invested Asset Value1						Percentage of Total						Invested Asset Value1						Percentage of Total
CREDIT QUALITY OF NET INVESTED ASSETS																											CREDIT QUALITY OF NET INVESTED ASSETS
NAIC designation																											NRSRO designation
1 A-G			$	100,710					54.3		%				$	101,271					53.7		%				AAA/AA/A			$	93,681					50.5		%				$	94,838					50.3		%
2 A-C			77,217						41.6		%				80,564						42.8		%				BBB			72,669						39.2		%				76,270						40.5		%
Non-designated			415						0.2		%				389						0.2		%				Non-rated2			10,069						5.4		%				9,391						5.0		%
Total investment grade			178,342						96.1		%				182,224						96.7		%				Total investment grade			176,419						95.1		%				180,499						95.8		%
3 A-C			4,007						2.2		%				3,397						1.8		%				BB			3,614						1.9		%				2,860						1.5		%
4 A-C			1,431						0.8		%				1,364						0.7		%				B			1,445						0.8		%				1,288						0.7		%
5 A-C			644						0.3		%				506						0.3		%				CCC			1,769						1.0		%				1,694						0.9		%
6			917						0.5		%				762						0.4		%				CC and lower			770						0.4		%				805						0.4		%
Non-designated			123						0.1		%				117						0.1		%				Non-rated2			1,447						0.8		%				1,224						0.7		%
Total below investment grade			7,122						3.9		%				6,146						3.3		%				Total below investment grade			9,045						4.9		%				7,871						4.2		%
Total NAIC designated assets3			185,464						100.0		%				188,370						100.0		%				Total NRSRO designated assets3			185,464						100.0		%				188,370						100.0		%
Assets without NAIC designation																											Assets without NRSRO designation
Commercial mortgage loans																											Commercial mortgage loans
CM1			4,091						12.9		%				3,971						12.2		%				CM1			4,091						12.9		%				3,971						12.2		%
CM2			21,476						67.6		%				22,276						68.4		%				CM2			21,476						67.6		%				22,276						68.4		%
CM3			5,592						17.6		%				5,733						17.6		%				CM3			5,592						17.6		%				5,733						17.6		%
CM4			293						0.9		%				277						0.8		%				CM4			293						0.9		%				277						0.8		%
CM5			258						0.8		%				251						0.8		%				CM5			258						0.8		%				251						0.8		%
CM6			53						0.1		%				53						0.2		%				CM6			53						0.1		%				53						0.2		%
CM7			26						0.1		%				17						—		%				CM7			26						0.1		%				17						—		%
Total CMLs			31,789						100.0		%				32,578						100.0		%				Total CMLs			31,789						100.0		%				32,578						100.0		%
Residential mortgage loans																											Residential mortgage loans
In good standing			42,512						98.1		%				42,956						98.3		%				In good standing			42,512						98.1		%				42,956						98.3		%
90 days late			563						1.3		%				420						1.0		%				90 days late			563						1.3		%				420						1.0		%
In foreclosure			251						0.6		%				312						0.7		%				In foreclosure			251						0.6		%				312						0.7		%
Total RMLs			43,326						100.0		%				43,688						100.0		%				Total RMLs			43,326						100.0		%				43,688						100.0		%
Alternative investments			13,868												15,092												Alternative investments			13,868												15,092
Cash and cash equivalents			10,490												12,969												Cash and cash equivalents			10,490												12,969
Equity securities			2,039												1,975												Equity securities			2,039												1,975
Other4			5,438												5,618												Other4			5,438												5,618
Net invested assets			$	292,414											$	300,290											Net invested assets			$	292,414											$	300,290
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 3. NAIC and NRSRO designations include corporate securities, CLO, RMBS, CMBS, ABS, state, municipal, political subdivisions and foreign government securities, short-term investments and US government and agency securities. 4. Other includes investments in company owned life insurance, accrued investment income, policy loans and other net invested assets.

14

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Credit Quality of Net Invested Assets - ABS and CLOs (Management view) Unaudited (in millions, except percentages)
			December 31, 2025												March 31, 2026															December 31, 2025												March 31, 2026
			Invested Asset Value1						Percentage of Total						Invested Asset Value1						Percentage of Total									Invested Asset Value1						Percentage of Total						Invested Asset Value1						Percentage of Total
CREDIT QUALITY OF ABS – NAIC DESIGNATION																											CREDIT QUALITY OF ABS – NRSRO DESIGNATION
1 A-G			$	22,882					59.6		%				$	23,272					55.7		%				AAA/AA/A			$	22,696					59.1		%				$	23,134					55.3		%
2 A-C			14,603						38.0		%				17,575						42.0		%				BBB			14,789						38.5		%				17,719						42.4		%
Non-designated			—						—		%				—						—		%				Non-rated2			—						—		%				—						—		%
Total investment grade			37,485						97.6		%				40,847						97.7		%				Total investment grade			37,485						97.6		%				40,853						97.7		%
3 A-C			442						1.2		%				503						1.2		%				BB			447						1.2		%				502						1.2		%
4 A-C			41						0.1		%				37						0.1		%				B			36						0.1		%				32						0.1		%
5 A-C			124						0.3		%				97						0.2		%				CCC			72						0.2		%				44						0.1		%
6			210						0.5		%				209						0.5		%				CC and lower			204						0.5		%				203						0.5		%
Non-designated			115						0.3		%				109						0.3		%				Non-rated2			173						0.4		%				168						0.4		%
Total below investment grade			932						2.4		%				955						2.3		%				Total below investment grade			932						2.4		%				949						2.3		%
ABS net invested assets			$	38,417					100.0		%				$	41,802					100.0		%				ABS net invested assets			$	38,417					100.0		%				$	41,802					100.0		%
CREDIT QUALITY OF CLOs – NAIC DESIGNATION																											CREDIT QUALITY OF CLOs – NRSRO DESIGNATION
1 A-G			$	17,138					67.5		%				$	16,039					67.9		%				AAA/AA/A			$	17,152					67.5		%				$	16,053					68.0		%
2 A-C			8,210						32.3		%				7,519						31.9		%				BBB			8,196						32.3		%				7,505						31.8		%
Non-designated			—						—		%				—						—		%				Non-rated2			—						—		%				—						—		%
Total investment grade			25,348						99.8		%				23,558						99.8		%				Total investment grade			25,348						99.8		%				23,558						99.8		%
3 A-C			53						0.2		%				53						0.2		%				BB			53						0.2		%				53						0.2		%
4 A-C			—						—		%				—						—		%				B			—						—		%				—						—		%
5 A-C			—						—		%				—						—		%				CCC			—						—		%				—						—		%
6			—						—		%				—						—		%				CC and lower			—						—		%				—						—		%
Non-designated			—						—		%				—						—		%				Non-rated2			—						—		%				—						—		%
Total below investment grade			53						0.2		%				53						0.2		%				Total below investment grade			53						0.2		%				53						0.2		%
CLO net invested assets			$	25,401					100.0		%				$	23,611					100.0		%				CLO net invested assets			$	25,401					100.0		%				$	23,611					100.0		%
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.

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Credit Quality of Net Invested Assets - RMBS and CMBS (Management view) Unaudited (in millions, except percentages)
			December 31, 2025												March 31, 2026															December 31, 2025												March 31, 2026
			Invested Asset Value1						Percentage of Total						Invested Asset Value1						Percentage of Total									Invested Asset Value1						Percentage of Total						Invested Asset Value1						Percentage of Total
CREDIT QUALITY OF RMBS – NAIC DESIGNATION																											CREDIT QUALITY OF RMBS – NRSRO DESIGNATION
1 A-G			$	6,437					84.8		%				$	6,226					86.1		%				AAA/AA/A			$	3,062					40.3		%				$	2,960					40.9		%
2 A-C			492						6.5		%				450						6.2		%				BBB			828						10.9		%				780						10.8		%
Non-designated			—						—		%				—						—		%				Non-rated2			1,519						20.0		%				1,421						19.7		%
Total investment grade			6,929						91.3		%				6,676						92.3		%				Total investment grade			5,409						71.2		%				5,161						71.4		%
3 A-C			244						3.2		%				247						3.4		%				BB			37						0.5		%				35						0.5		%
4 A-C			104						1.4		%				99						1.4		%				B			82						1.1		%				79						1.1		%
5 A-C			247						3.2		%				144						2.0		%				CCC			1,343						17.7		%				1,311						18.1		%
6			59						0.8		%				58						0.8		%				CC and lower			363						4.8		%				354						4.9		%
Non-designated			9						0.1		%				8						0.1		%				Non-rated2			358						4.7		%				292						4.0		%
Total below investment grade			663						8.7		%				556						7.7		%				Total below investment grade			2,183						28.8		%				2,071						28.6		%
RMBS net invested assets			$	7,592					100.0		%				$	7,232					100.0		%				RMBS net invested assets			$	7,592					100.0		%				$	7,232					100.0		%
CREDIT QUALITY OF CMBS – NAIC DESIGNATION																											CREDIT QUALITY OF CMBS – NRSRO DESIGNATION
1 A-G			$	8,139					82.4		%				$	8,016					83.0		%				AAA/AA/A			$	7,358					74.5		%				$	7,294					75.5		%
2 A-C			1,090						11.0		%				1,053						10.9		%				BBB			1,266						12.8		%				1,163						12.0		%
Non-designated			—						—		%				—						—		%				Non-rated2			274						2.8		%				273						2.8		%
Total investment grade			9,229						93.4		%				9,069						93.9		%				Total investment grade			8,898						90.1		%				8,730						90.3		%
3 A-C			353						3.6		%				335						3.4		%				BB			365						3.7		%				287						3.0		%
4 A-C			119						1.2		%				104						1.1		%				B			216						2.2		%				246						2.6		%
5 A-C			66						0.7		%				66						0.7		%				CCC			244						2.5		%				186						1.9		%
6			110						1.1		%				88						0.9		%				CC and lower			154						1.5		%				213						2.2		%
Non-designated			—						—		%				—						—		%				Non-rated2			—						—		%				—						—		%
Total below investment grade			648						6.6		%				593						6.1		%				Total below investment grade			979						9.9		%				932						9.7		%
CMBS net invested assets			$	9,877					100.0		%				$	9,662					100.0		%				CMBS net invested assets			$	9,877					100.0		%				$	9,662					100.0		%
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.

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Net Reserve Liabilities & Rollforwards Unaudited (in millions, except percentages)
			December 31, 2025												March 31, 2026
			Dollars						Percentage of Total						Dollars						Percentage of Total
NET RESERVE LIABILITIES
Indexed annuities			$	87,322					32.2		%				$	86,377					30.9		%
Fixed rate annuities			77,774						28.7		%				82,324						29.5		%
Total deferred annuities			165,096						60.9		%				168,701						60.4		%
Pension group annuities			25,088						9.2		%				24,249						8.7		%
Payout annuities			5,066						1.9		%				5,239						1.9		%
Funding agreements1			71,433						26.3		%				75,962						27.2		%
Life and other			4,550						1.7		%				5,038						1.8		%
Total net reserve liabilities			$	271,233					100.0		%				$	279,189					100.0		%

			Quarterly Trends																														Δ												Year-to-Date												Δ
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26						Q/Q						Y/Y						2025						2026						Y/Y
NET RESERVE LIABILITY ROLLFORWARD
Net reserve liabilities – beginning			$	225,926					$	241,666					$	254,572					$	266,451					$	271,233					2		%				20		%				$	225,926					$	271,233					20		%
Gross inflows2			25,830						21,533						23,379						13,318						19,869						49		%				(23)		%				25,830						19,869						(23)		%
Acquisition and block reinsurance3			—						—						—						1,340						—						NM						NM						—						—						NM
Inflows attributable to ACRA noncontrolling interests			(5,011)						(5,091)						(5,167)						(3,723)						(3,470)						(7)		%				(31)		%				(5,011)						(3,470)						(31)		%
Inflows ceded to third-party reinsurers			(496)						(367)						(517)						(370)						(337)						(9)		%				(32)		%				(496)						(337)						(32)		%
Net inflows			20,323						16,075						17,695						10,565						16,062						52		%				(21)		%				20,323						16,062						(21)		%
Net withdrawals			(7,017)						(5,813)						(9,181)						(7,714)						(8,612)						12		%				23		%				(7,017)						(8,612)						23		%
Other reserve changes			2,434						2,644						3,365						1,931						506						(74)		%				(79)		%				2,434						506						(79)		%
Net reserve liabilities – ending			$	241,666					$	254,572					$	266,451					$	271,233					$	279,189					3		%				16		%				$	241,666					$	279,189					16		%
ACRA NONCONTROLLING INTERESTS RESERVE LIABILITY ROLLFORWARD
Reserve liabilities – beginning			$	72,164					$	76,842					$	81,809					$	86,826					$	89,725					3		%				24		%				$	72,164					$	89,725					24		%
Inflows			5,011						5,091						5,167						3,723						3,470						(7)		%				(31)		%				5,011						3,470						(31)		%
Withdrawals			(1,375)						(1,417)						(1,457)						(1,554)						(2,156)						39		%				57		%				(1,375)						(2,156)						57		%
Other reserve changes			1,042						1,293						1,307						730						279						(62)		%				(73)		%				1,042						279						(73)		%
Reserve liabilities – ending			$	76,842					$	81,809					$	86,826					$	89,725					$	91,318					2		%				19		%				$	76,842					$	91,318					19		%
Note: Please refer to the Notes to the Financial Supplement section for discussion on net reserve liabilities and the Non-GAAP Measure Reconciliations section for the reconciliation of total liabilities to net reserve liabilities. Net reserve liabilities include our economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the noncontrolling interests. 1. Funding agreements 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. Gross inflows equal inflows from our retail, flow reinsurance, institutional and other spread product channels as well as inflows for life and products other than deferred annuities or our institutional products, renewal inflows, annuitizations and foreign currency translation adjustments, where applicable. Gross inflows include all inflows sourced by Athene, including all of the inflows reinsured to ACRA and third-party reinsurers. 3. Acquisition and block reinsurance transactions include the reserve liabilities acquired in our inorganic channel at inception. On October 1, 2025, we entered into an agreement with a Japanese counterparty to reinsure a small block of whole life insurance policies on a coinsurance basis. In conjunction with the transaction, we entered into an agreement with a leading mortality reinsurer to retrocede the mortality risk related to this block of business.

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Deferred Annuity Liability Characteristics Unaudited (in millions, except percentages)
			Base surrender charge						Percentage of total						Surrender charge (net of MVA)						Percentage of total
SURRENDER CHARGE PERCENTAGES ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge			$	23,369					14.5		%				$	23,369					14.5		%
0.0% < 2.0%			7,686						4.8		%				2,766						1.7		%
2.0% < 4.0%			6,392						3.9		%				5,492						3.4		%
4.0% < 6.0%			19,705						12.2		%				19,405						12.0		%
6.0% or greater			104,423						64.6		%				110,543						68.4		%
			$	161,575					100.0		%				$	161,575					100.0		%
									Base surrender charge						MVA charge (benefit)						Surrender charge (net of MVA)
Aggregate surrender charge protection									5.9		%				1.4		%				7.3		%

			Deferred annuities						Percentage of total						Average base surrender charge
YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge			$	23,369					14.5		%				—		%
Less than 2			34,845						21.5		%				5.6		%
2 to less than 4			44,787						27.7		%				6.2		%
4 to less than 6			28,741						17.8		%				7.7		%
6 to less than 8			15,509						9.6		%				7.6		%
8 to less than 10			12,092						7.5		%				9.6		%
10 or greater			2,232						1.4		%				13.6		%
			$	161,575					100.0		%

18

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Defined Terms

•AAA - Apollo Aligned Alternatives Aggregator, L.P.

•AAA Lux - Apollo Aligned Alternatives Lux Aggregator, L.P.

•ABS - Asset-backed securities

•ACRA - Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA 1) and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with its subsidiaries, ACRA 2)

•ADIP - Apollo/Athene Dedicated Investment Program (ADIP I) and Apollo/Athene Dedicated Investment Program II (ADIP II)

•AFS - Available-for-sale

•AHL - Athene Holding Ltd.

•Bermuda CIT - Bermuda Corporate Income Tax Act 2023

•CLO - Collateralized loan obligation

•CMBS - Commercial mortgage-backed securities

•CML - Commercial mortgage loan

•FABN - Funding agreement backed notes

•FABR - Funding agreement backed repurchase agreement

•FHLB - Federal Home Loan Bank

•LBaSS - Loan-backed and structured securities

•MVA - Market value adjustment

•NAIC - National Association of Insurance Commissioners

•NRSRO - Nationally Recognized Statistical Rating Organization

•RMBS - Residential mortgage-backed securities

•RML - Residential mortgage loan

•ROA - Return on assets

•VIE - Variable interest entity

•VOE - Voting interest entity

19

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Notes to the Financial Supplement

KEY OPERATING AND NON-GAAP MEASURES

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

SPREAD RELATED EARNINGS AND NET SPREAD

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

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

•Non-operating Change in Insurance Liabilities and Related Derivatives

•Change in Fair Values of Derivatives and Embedded Derivatives – Indexed Annuities—Consists of impacts related to the fair value accounting for derivatives hedging the index credits on indexed annuities and the related embedded derivative liability fluctuations from period to period. The index reserve is measured at fair value for the current period and all periods beyond the current policyholder index term. However, the indexed annuity hedging derivatives are purchased to hedge only the current index period. Upon policyholder renewal at the end of the index period, new indexed annuity hedging derivatives are purchased to align with the new term. The difference in duration between the indexed annuity hedging derivatives and the index credit reserves creates a timing difference in earnings. This timing difference of the indexed annuity hedging derivatives and index credit reserves is included as a non-operating adjustment. We primarily hedge with options that align with the index terms of our indexed annuity products (typically 1–2 years). On an economic basis, we believe this is suitable because policyholder accounts are credited with index performance at the end of each index term. However, because the term of an embedded derivative in an indexed annuity contract is longer-dated, there is a duration mismatch that may lead to mismatches for accounting purposes.

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

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

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

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

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

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

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

Net spread is a non-GAAP measure used to evaluate our financial performance and profitability. Net spread is computed using our spread related earnings divided by average net invested assets for the relevant period. To enhance the ability to analyze this measure across periods, interim periods are annualized. While we believe this metric is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for ROA presented under US GAAP.

SRE, EXCLUDING NOTABLE ITEMS AND NET SPREAD, EXCLUDING NOTABLE ITEMS

Spread related earnings, excluding notable items and net spread, excluding notable items represent SRE and net spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use these measures to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view these non-GAAP measures as additional measures that provide insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.

20

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Notes to the Financial Supplement, continued

NET INVESTMENT SPREAD

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

•Net investment earned rate is a non-GAAP measure we use to evaluate the performance of our net invested assets. Net investment earned rate is computed as the income from our net invested assets divided by the average net invested assets, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. The primary adjustments to net investment income to arrive at our net investment earnings are (a) net VIE impacts (revenues, expenses and noncontrolling interests), (b) the change in fair value of reinsurance assets, (c) amortization of premium/discount on held-for-trading securities, (d) forward points gains and losses on foreign exchange derivative hedges, (e) an adjustment to the change in net asset value of our ADIP investments to recognize our proportionate share of spread related earnings based on our ownership in the investment funds and (f) the removal of the proportionate share of the ACRA net investment income associated with the noncontrolling interests. We include the income and assets supporting our change in fair value of reinsurance assets by evaluating the underlying investments of the funds withheld at interest receivables and we include the net investment income from those underlying investments which does not correspond to the US GAAP presentation of change in fair value of reinsurance assets. We exclude the income and assets on business related to ceded reinsurance transactions. We believe the adjustments for reinsurance provide a net investment earned rate on the assets for which we have economic exposure. We believe a measure like net investment earned rate is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe net investment earned rate is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for net investment income presented under US GAAP.

•Cost of funds includes liability costs related to cost of crediting on deferred annuities and institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the noncontrolling interests. Cost of crediting on deferred annuities is the interest credited to the policyholders on our fixed strategies, as well as the option costs on the indexed annuity strategies. With respect to indexed annuities, the cost of providing index credits includes the expenses incurred to fund the annual index credits, and where applicable, minimum guaranteed interest credited. Cost of crediting on institutional products is comprised of (1) pension group annuity costs, including interest credited, benefit payments and other reserve changes, net of premiums received when issued, (2) funding agreement costs, including interest expense and other reserve changes and (3) guaranteed investment contract costs, including interest expense. Additionally, cost of crediting includes forward points gains and losses on foreign exchange derivative hedges. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums, product charges, excluding market value adjustments, and certain other revenues. We include the costs related to business added through assumed reinsurance transactions and exclude the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. We believe a measure like cost of funds is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.

NET INVESTMENT SPREAD, EXCLUDING NOTABLE ITEMS

Net investment spread, excluding notable items represents net investment spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use this measure to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view this non-GAAP measure as an additional measure that provides insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.

OTHER OPERATING EXPENSES

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

ADJUSTED LEVERAGE RATIO

Adjusted leverage ratio is a non-GAAP measure used to evaluate our capital structure excluding the impacts of AOCI and the cumulative changes in fair value of funds withheld and modco reinsurance assets, as well as mortgage loan assets, net of tax. Adjusted leverage ratio is calculated as total debt at notional value adjusted to exclude 50 percent of the notional value of subordinated debt as an equity credit plus 50 percent of the notional value of our preferred stock divided by adjusted capitalization. Adjusted capitalization includes our adjusted Athene Holding Ltd. common stockholder’s equity and the notional value of our total debt and preferred stock. Adjusted Athene Holding Ltd. common stockholder’s equity is calculated as the ending Athene Holding Ltd. stockholders’ equity excluding AOCI, the cumulative changes in fair value of funds withheld and modco reinsurance assets and mortgage loan assets, as well as preferred stock. These adjustments fluctuate period-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.

21

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Notes to the Financial Supplement, continued

NET INVESTED ASSETS

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

NET RESERVE LIABILITIES

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

SALES

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

22

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Non-GAAP Reconciliations Unaudited (in millions, except percentages)
			Quarterly Trends
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26
RECONCILIATION OF TOTAL ATHENE HOLDING LTD. STOCKHOLDERS’ EQUITY TO TOTAL ADJUSTED ATHENE HOLDING LTD. COMMON STOCKHOLDER’S EQUITY
Total Athene Holding Ltd. stockholders’ equity			$	17,519					$	18,148					$	20,411					$	20,492					$	17,848
Less: Preferred stock			3,154						2,470						2,470						2,470						2,470
Total Athene Holding Ltd. common stockholder’s equity			14,365						15,678						17,941						18,022						15,378
Less: Accumulated other comprehensive loss			(4,561)						(3,688)						(2,486)						(2,641)						(3,120)
Less: Accumulated change in fair value of reinsurance assets			(1,459)						(1,385)						(1,272)						(1,171)						(1,183)
Less: Accumulated change in fair value of mortgage loan assets			(1,580)						(1,461)						(1,225)						(1,009)						(1,274)
Total adjusted Athene Holding Ltd. common stockholder’s equity1			$	21,965					$	22,212					$	22,924					$	22,843					$	20,955
RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO
Total debt			$	6,301					$	7,864					$	7,856					$	7,848					$	7,840
Add: 50% of preferred stock			1,577						1,235						1,235						1,235						1,235
Less: 50% of subordinated debt			588						888						888						888						888
Less: Adjustment to arrive at notional			126						183						175						167						159
Adjusted leverage			$	7,164					$	8,028					$	8,028					$	8,028					$	8,028
Total debt			$	6,301					$	7,864					$	7,856					$	7,848					$	7,840
Total Athene Holding Ltd. stockholders’ equity			17,519						18,148						20,411						20,492						17,848
Total capitalization			23,820						26,012						28,267						28,340						25,688
Less: Accumulated other comprehensive loss			(4,561)						(3,688)						(2,486)						(2,641)						(3,120)
Less: Accumulated change in fair value of reinsurance assets			(1,459)						(1,385)						(1,272)						(1,171)						(1,183)
Less: Accumulated change in fair value of mortgage loan assets			(1,580)						(1,461)						(1,225)						(1,009)						(1,274)
Less: Adjustment to arrive at notional			126						276						268						260						252
Total adjusted capitalization			$	31,294					$	32,270					$	32,982					$	32,901					$	31,013
Leverage ratio			39.7		%				39.7		%				36.5		%				36.4		%				40.1		%
Accumulated other comprehensive loss			(5.8)		%				(4.4)		%				(2.7)		%				(2.9)		%				(3.9)		%
Accumulated change in fair value of reinsurance assets			(1.8)		%				(1.7)		%				(1.4)		%				(1.3)		%				(1.5)		%
Accumulated change in fair value of mortgage loan assets			(2.0)		%				(1.7)		%				(1.3)		%				(1.1)		%				(1.6)		%
Adjustment to exclude 50% of preferred stock			(5.0)		%				(3.8)		%				(3.8)		%				(3.7)		%				(4.0)		%
Adjustment to exclude 50% of subordinated debt			(1.9)		%				(2.8)		%				(2.7)		%				(2.7)		%				(2.9)		%
Adjustment to arrive at notional			(0.3)		%				(0.4)		%				(0.3)		%				(0.3)		%				(0.3)		%
Adjusted leverage ratio1			22.9		%				24.9		%				24.3		%				24.4		%				25.9		%
1. The decrease in adjusted Athene Holding Ltd. common stockholder’s equity and resulting increase in adjusted leverage ratio was primarily driven by a one-time tax expense of $1.7 billion due to the revocation of ACRA’s election to be subject to Bermuda CIT as a result of updated guidance issued during the quarter, which led to the recognition of a full valuation allowance against the remaining Bermuda deferred tax assets established in 4Q’23 when Bermuda CIT was enacted.

23

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Non-GAAP Reconciliations, continued Unaudited (in millions, except percentages)
			Quarterly Trends																														Year-to-Date
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26						2025						2026
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS, EXCLUDING NOTABLE ITEMS
Net income (loss) available to Athene Holding Ltd. common stockholder			$	420					$	503					$	1,223					$	488					$	(1,973)					$	420					$	(1,973)
Less: Preferred stock redemption			—						84						—						—						—						—						—
Add: Preferred stock dividends			45						45						36						35						35						45						35
Add: Net income attributable to noncontrolling interests			294						222						619						375						456						294						456
Net income (loss)			759						686						1,878						898						(1,482)						759						(1,482)
Income tax expense (benefit)			175						(34)						266						479						1,673						175						1,673
Income before income taxes			934						652						2,144						1,377						191						934						191
Less: Total adjustments to income before income taxes			130						(168)						1,272						512						(528)						130						(528)
Spread related earnings			804						820						872						865						719						804						719
Notable items			22						—						(25)						—						—						22						—
Spread related earnings, excluding notable items			$	826					$	820					$	847					$	865					$	719					$	826					$	719
RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS
US GAAP net investment income			$	3,991					$	4,429					$	4,672					$	4,755					$	4,769					$	3,991					$	4,769
Change in fair value of reinsurance assets			(63)						(65)						(75)						(80)						(94)						(63)						(94)
VIE earnings and noncontrolling interests			434						382						412						402						285						434						285
Forward points adjustment on FX derivative hedges			24						26						33						30						28						24						28
Held-for-trading amortization			(29)						(40)						(66)						(56)						(57)						(29)						(57)
Reinsurance impacts			(40)						(39)						(44)						(34)						(27)						(40)						(27)
ACRA noncontrolling interests			(1,074)						(1,159)						(1,250)						(1,258)						(1,249)						(1,074)						(1,249)
Other			(12)						(35)						64						90						106						(12)						106
Total adjustments to arrive at net investment earnings			(760)						(930)						(926)						(906)						(1,008)						(760)						(1,008)
Total net investment earnings			$	3,231					$	3,499					$	3,746					$	3,849					$	3,761					$	3,231					$	3,761
RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE
US GAAP net investment income rate			6.25		%				6.59		%				6.66		%				6.57		%				6.44		%				6.25		%				6.44		%
Change in fair value of reinsurance assets			(0.10)		%				(0.10)		%				(0.11)		%				(0.11)		%				(0.13)		%				(0.10)		%				(0.13)		%
VIE earnings and noncontrolling interests			0.68		%				0.57		%				0.59		%				0.56		%				0.39		%				0.68		%				0.39		%
Forward points adjustment on FX derivative hedges			0.04		%				0.04		%				0.05		%				0.04		%				0.04		%				0.04		%				0.04		%
Held-for-trading amortization			(0.05)		%				(0.06)		%				(0.10)		%				(0.08)		%				(0.08)		%				(0.05)		%				(0.08)		%
Reinsurance impacts			(0.06)		%				(0.06)		%				(0.06)		%				(0.05)		%				(0.04)		%				(0.06)		%				(0.04)		%
ACRA noncontrolling interests			(1.68)		%				(1.72)		%				(1.78)		%				(1.74)		%				(1.68)		%				(1.68)		%				(1.68)		%
Other			(0.02)		%				(0.05)		%				0.09		%				0.13		%				0.14		%				(0.02)		%				0.14		%
Total adjustments to arrive at net investment earned rate			(1.19)		%				(1.38)		%				(1.32)		%				(1.25)		%				(1.36)		%				(1.19)		%				(1.36)		%
Net investment earned rate			5.06		%				5.21		%				5.34		%				5.32		%				5.08		%				5.06		%				5.08		%
Average net invested assets			$	255,505					$	268,703					$	280,607					$	289,295					$	296,352					$	255,505					$	296,352

24

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Non-GAAP Reconciliations, continued Unaudited (in millions, except percentages)
			Quarterly Trends																														Year-to-Date
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26						2025						2026
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS
US GAAP benefits and expenses			$	3,252					$	4,707					$	5,854					$	6,757					$	3,477					$	3,252					$	3,477
Premiums			(127)						(107)						(117)						(2,277)						(217)						(127)						(217)
Product charges			(265)						(274)						(292)						(306)						(281)						(265)						(281)
Other revenues			(4)						(6)						(6)						(9)						(4)						(4)						(4)
Indexed annuity option costs			430						449						469						487						502						430						502
Reinsurance impacts			(30)						(27)						(27)						(27)						(22)						(30)						(22)
Non-operating change in insurance liabilities and embedded derivatives			(47)						(1,045)						(1,685)						(614)						399						(47)						399
Policy and other operating expenses, excluding policy acquisition expenses			(440)						(441)						(455)						(496)						(504)						(440)						(504)
Forward points adjustment on FX derivative hedges			52						74						75						77						76						52						76
AmerUs Closed Block fair value liability			(18)						(6)						(20)						2						11						(18)						11
ACRA noncontrolling interests			(656)						(927)						(1,220)						(933)						(704)						(656)						(704)
Other			63						73						85						81						74						63						74
Total adjustments to arrive at cost of funds			(1,042)						(2,237)						(3,193)						(4,015)						(670)						(1,042)						(670)
Total cost of funds			$	2,210					$	2,470					$	2,661					$	2,742					$	2,807					$	2,210					$	2,807
RECONCILIATION OF BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE
US GAAP benefits and expenses			5.09		%				7.01		%				8.34		%				9.34		%				4.69		%				5.09		%				4.69		%
Premiums			(0.20)		%				(0.16)		%				(0.17)		%				(3.15)		%				(0.29)		%				(0.20)		%				(0.29)		%
Product charges			(0.41)		%				(0.41)		%				(0.41)		%				(0.42)		%				(0.38)		%				(0.41)		%				(0.38)		%
Other revenues			—		%				(0.01)		%				(0.01)		%				(0.01)		%				—		%				—		%				—		%
Indexed annuity option costs			0.67		%				0.67		%				0.67		%				0.67		%				0.68		%				0.67		%				0.68		%
Reinsurance impacts			(0.05)		%				(0.04)		%				(0.04)		%				(0.04)		%				(0.03)		%				(0.05)		%				(0.03)		%
Non-operating change in insurance liabilities and embedded derivatives			(0.07)		%				(1.56)		%				(2.40)		%				(0.85)		%				0.54		%				(0.07)		%				0.54		%
Policy and other operating expenses, excluding policy acquisition expenses			(0.69)		%				(0.65)		%				(0.65)		%				(0.68)		%				(0.68)		%				(0.69)		%				(0.68)		%
Forward points adjustment on FX derivative hedges			0.08		%				0.11		%				0.11		%				0.11		%				0.10		%				0.08		%				0.10		%
AmerUs Closed Block fair value liability			(0.03)		%				(0.01)		%				(0.03)		%				—		%				0.01		%				(0.03)		%				0.01		%
ACRA noncontrolling interests			(1.03)		%				(1.38)		%				(1.74)		%				(1.29)		%				(0.95)		%				(1.03)		%				(0.95)		%
Other			0.10		%				0.11		%				0.12		%				0.11		%				0.10		%				0.10		%				0.10		%
Total adjustments to arrive at cost of funds			(1.63)		%				(3.33)		%				(4.55)		%				(5.55)		%				(0.90)		%				(1.63)		%				(0.90)		%
Total cost of funds			3.46		%				3.68		%				3.79		%				3.79		%				3.79		%				3.46		%				3.79		%
Average net invested assets			$	255,505					$	268,703					$	280,607					$	289,295					$	296,352					$	255,505					$	296,352

25

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Non-GAAP Reconciliations, continued Unaudited (in millions)
			Quarterly Trends																														Year-to-Date
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26						2025						2026
RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OTHER OPERATING EXPENSES
US GAAP policy and other operating expenses			$	565					$	571					$	591					$	627					$	651					$	565					$	651
Interest expense			(167)						(178)						(196)						(228)						(224)						(167)						(224)
Policy acquisition expenses, net of deferrals			(125)						(130)						(136)						(131)						(147)						(125)						(147)
Integration, restructuring and other non-operating items			(30)						(31)						(37)						(23)						(33)						(30)						(33)
Stock compensation expenses			(11)						(11)						(13)						(14)						(10)						(11)						(10)
ACRA noncontrolling interests			(100)						(97)						(84)						(90)						(104)						(100)						(104)
Other			(16)						(15)						(17)						(22)						(15)						(16)						(15)
Total adjustments to arrive at other operating expenses			(449)						(462)						(483)						(508)						(533)						(449)						(533)
Other operating expenses			$	116					$	109					$	108					$	119					$	118					$	116					$	118
																					December 31, 2025												March 31, 2026
RECONCILIATION OF INVESTMENT FUNDS, INCLUDING RELATED PARTIES AND CONSOLIDATED VIES, TO NET ALTERNATIVE INVESTMENTS
Investment funds, including related parties and consolidated VIEs																					$	26,327											$	28,969
Investment funds within funds withheld at interest																					859												820
Net assets of the VIE, excluding investment funds																					(9,098)												(10,244)
Unrealized (gains) losses																					(49)												(26)
Investment in ADIP																					(231)												(215)
Other assets																					(169)												(169)
Total adjustments to arrive at gross alternative investments																					(8,688)												(9,834)
Gross alternative investments																					17,639												19,135
ACRA noncontrolling interests																					(3,771)												(4,043)
Net alternative investments																					$	13,868											$	15,092

    

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Non-GAAP Reconciliations, continued Unaudited (in millions)
			Quarterly Trends
			1Q’25						2Q’25						3Q’25						4Q’25						1Q’26
RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS
Total investments, including related parties			$	308,484					$	329,976					$	346,389					$	356,457					$	358,127
Derivative assets			(6,153)						(6,901)						(8,884)						(9,190)						(8,352)
Cash and cash equivalents (including restricted cash)			13,233						12,049						16,950						16,326						19,011
Accrued investment income			2,891						3,176						3,735						3,395						3,601
Net receivable (payable) for collateral on derivatives			(2,793)						(1,682)						(4,197)						(3,458)						(2,718)
Reinsurance impacts			(4,635)						(5,226)						(5,904)						(6,350)						(6,078)
VIE and VOE assets, liabilities and noncontrolling interests			17,459						18,066						18,808						19,023						19,360
Unrealized (gains) losses			15,392						12,202						9,860						10,002						13,230
Ceded policy loans			(164)						(162)						(161)						(160)						(156)
Net investment receivables (payables)			(379)						(49)						(69)						217						120
Allowance for credit losses			720						774						788						763						748
Other investments			(83)						(428)						(135)						(52)						(59)
Total adjustments to arrive at gross invested assets			35,488						31,819						30,791						30,516						38,707
Gross invested assets			343,972						361,795						377,180						386,973						396,834
ACRA noncontrolling interests			(81,605)						(86,755)						(91,006)						(94,559)						(96,544)
Net invested assets			$	262,367					$	275,040					$	286,174					$	292,414					$	300,290
RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES
Total liabilities			$	353,704					$	376,105					$	396,874					$	406,567					$	414,104
Debt			(6,301)						(7,864)						(7,856)						(7,848)						(7,840)
Derivative liabilities			(3,365)						(4,889)						(4,853)						(5,742)						(5,835)
Payables for collateral on derivatives and short-term securities to repurchase			(4,189)						(4,513)						(6,319)						(7,838)						(5,285)
Other liabilities			(7,329)						(8,008)						(9,619)						(8,888)						(9,404)
Liabilities of consolidated VIEs			(1,552)						(1,760)						(1,700)						(1,712)						(2,131)
Reinsurance impacts			(12,011)						(12,251)						(12,867)						(13,209)						(12,763)
Ceded policy loans			(164)						(162)						(161)						(160)						(156)
Market risk benefit asset			(285)						(277)						(222)						(212)						(183)
Total adjustments to arrive at gross reserve liabilities			(35,196)						(39,724)						(43,597)						(45,609)						(43,597)
Gross reserve liabilities			318,508						336,381						353,277						360,958						370,507
ACRA noncontrolling interests			(76,842)						(81,809)						(86,826)						(89,725)						(91,318)
Net reserve liabilities			$	241,666					$	254,572					$	266,451					$	271,233					$	279,189

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