August 10, 2026 - 10-Q: Quarterly report [Sections 13 or 15(d)]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2026

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

Commission File Number: 001-37963

ATHENE HOLDING LTD.

(Exact name of registrant as specified in its charter)

Delaware

98-0630022

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification Number)

7700 Mills Civic Pkwy

West Des Moines, Iowa 50266

1-(515) 342-4678

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

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

Title of each class

Trading Symbol

Name of each exchange on which registered

Depositary Shares, each representing a 1/1,000th interest in a

6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A

ATHPrA

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a

5.625% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series B

ATHPrB

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a

4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D

ATHPrD

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a

7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E

ATHPrE

New York Stock Exchange

7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064

ATHS

New York Stock Exchange

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

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

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

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer ☑

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

As of August 7, 2026, 203,805 shares of our common stock were outstanding, all of which are held by Apollo Global Management, Inc.

TABLE OF CONTENTS

PART I—FINANCIAL INFORMATION


Item 1.	Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	63
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	108
Item 4.	Controls and Procedures	109

PART II—OTHER INFORMATION


Item 1.	Legal Proceedings	110
Item 1A.	Risk Factors	110
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	110


Item 5.	Other Information	110
Item 6.	Exhibits	110
Exhibit Index		111
Signatures		112

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

Forward-Looking Statements

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

We caution you that forward-looking statements are not guarantees of future performance and that our actual consolidated financial condition, results of operations, liquidity, cash flows and performance may differ materially from that made in or suggested by the forward-looking statements contained in this report. A number of important factors could cause actual results or conditions to differ materially from those contained or implied by the forward-looking statements, including the risks discussed in Part II–Item 1A. Risk Factors included in this report and Part I–Item 1A. Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Annual Report). Factors that could cause actual results or conditions to differ from those reflected in the forward-looking statements contained in this report include:

•the accuracy of management’s assumptions and estimates;

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

•interest rate and/or foreign currency fluctuations;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

•adverse changes in tax law;

•the failure to achieve the economic benefits expected to be derived from Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA 1) and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with its subsidiaries, ACRA 2), collectively defined as ACRA, or future ACRA capital raises;

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

•other risks and factors listed in Part II–Item 1A. Risk Factors included in this report, Part I—Item 1A. Risk Factors included in our 2025 Annual Report and those discussed elsewhere in this report and in our 2025 Annual Report.

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

GLOSSARY OF SELECTED TERMS

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

Entities


Term or Acronym						Definition
AAA						Apollo Aligned Alternatives Aggregator, L.P.
AAA Lux						Apollo Aligned Alternatives Lux Aggregator, L.P.
AAIA						Athene Annuity and Life Company
AAM						Apollo Asset Management, Inc.
AARe						Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ACRA						ACRA 1 and ACRA 2
ACRA 1						Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries
ACRA 2						Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., together with its subsidiaries
ADIP						ADIP I and ADIP II
ADIP I						Apollo/Athene Dedicated Investment Program
ADIP II						Apollo/Athene Dedicated Investment Program II
AGM						Apollo Global Management, Inc.
AHL						Athene Holding Ltd.
ALRe						Athene Life Re Ltd., a Bermuda reinsurance subsidiary

Apollo						Apollo Global Management, Inc., together with its subsidiaries (other than us or our subsidiaries)
Apollo Group						(1) AGM and its subsidiaries, including AAM, (2) any investment fund or other collective investment vehicle whose general partner or managing member is owned, directly or indirectly, by clause (1), (3) BRH Holdings GP, Ltd. and each of its shareholders, (4) any executive officer or employee of AGM or AGM’s subsidiaries, and (5) any affiliate of a person described in clauses (1), (2), (3) or (4) above; provided none of AHL or its subsidiaries (other than ACRA) will be deemed to be a member of the Apollo Group
Athora						Athora Holding Ltd., together with its subsidiaries

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

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Certain Terms & Acronyms


Term or Acronym						Definition
ABS						Asset-backed securities
ALM						Asset liability management
Alternative investments						Alternative investments, including investment funds and certain VIEs, adjusted for reinsurance impacts and to include our proportionate share of ACRA alternative investments based on our economic ownership.
Base of earnings						Earnings generated from our results of operations and the underlying profitability drivers of our business
Bermuda capital						The capital of Athene’s non-US reinsurance subsidiaries as reported in the Bermuda statutory financial statements, adjusted to exclude deferred tax assets related to the enactment of the Government of Bermuda Corporate Income Tax Act 2023. Bermuda statutory financial statements apply US statutory accounting principles for policyholder reserve liabilities, which we also subject to US cash flow testing requirements. There are certain differences between Bermuda statutory and US statutory frameworks that result in Consolidated RBC being approximately 20 RBC points higher as of December 31, 2025. The primary driver of this difference is that Bermuda statutory financial statements require that assets assumed as part of a reinsurance transaction and any assets sold are recorded at their market value, without posting an interest maintenance reserve.
Bermuda RBC						The risk-based capital ratio of our non-US reinsurance subsidiaries calculated using Bermuda capital and applying NAIC risk-based capital factors on an aggregate basis, excluding US subsidiaries which are included within our US RBC Ratio.
Block reinsurance						A transaction in which the ceding company cedes all or a portion of a block of previously issued annuity or life contracts through a reinsurance agreement
BSCR						Bermuda Solvency Capital Requirement
CAL						Company action level risk-based capital as defined by the model created by the NAIC
CLO						Collateralized loan obligation
CMBS						Commercial mortgage-backed securities
CML						Commercial mortgage loan
Consolidated RBC						The consolidated risk-based capital ratio of our non-US reinsurance and US insurance subsidiaries calculated by aggregating US RBC and Bermuda RBC, with immaterial adjustments for net assets at the holding company.
Cost of funds						Cost of funds includes liability costs related to cost of crediting on deferred annuities, including, with respect to our indexed annuities, option costs, and institutional costs related to institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the noncontrolling interests. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums, 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, presented on an annualized basis for interim periods.
DAC						Deferred acquisition costs
Deferred annuities						Fixed indexed annuities, annual reset annuities, multi-year guaranteed annuities and registered index-linked annuities
DSI						Deferred sales inducement
Excess equity capital						Capital in excess of the level management believes is needed to support our current operating strategy
FIA						Fixed indexed annuity, which is an insurance contract that earns interest at a crediting rate based on a specified index on a tax-deferred basis
Fixed annuities						FIAs together with fixed rate annuities
Fixed rate annuity						An insurance contract that offers tax-deferred growth and the opportunity to produce a guaranteed stream of retirement income for the lifetime of its policyholder
Flow reinsurance						A transaction in which the ceding company cedes a portion of newly issued policies to the reinsurer
Funds withheld						Funds withheld modified coinsurance
GLWB						Guaranteed lifetime withdrawal benefit
GMDB						Guaranteed minimum death benefit
Gross invested assets						Represent the investments that directly back our gross reserve liabilities, as well as surplus assets. Gross invested assets include (a) total investments on the condensed consolidated balance sheets with available-for-sale securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE and VOE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Gross invested assets exclude the derivative collateral offsetting the related cash positions. We include the investments supporting assumed funds withheld and modco agreements and exclude the investments related to ceded reinsurance transactions in order to match the assets with the income received. Gross invested assets include the entire investment balance attributable to ACRA as ACRA is 100% consolidated.
IMO						Independent marketing organization
Liability outflows						The aggregate of withdrawals on our deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities and payments related to interest, maturities and repurchases of funding agreements.
Market risk benefits						Guaranteed lifetime withdrawal benefits and guaranteed minimum death benefits
Modco						Modified coinsurance
MVA						Market value adjustment

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Term or Acronym						Definition
Net invested assets						Represent the investments that directly back our net reserve liabilities, as well as surplus assets. Net invested assets include (a) total investments on the condensed consolidated balance sheets, with available-for-sale securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE and VOE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. We include the investments supporting assumed funds withheld and modco agreements and exclude the investments related to ceded reinsurance transactions in order to match the assets with the income received. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.
Net investment earned rate						Computed as the income from our net invested assets divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods. The primary adjustments to net investment income to arrive at our net investment earnings are (a) net VIE impacts (revenues, expenses and noncontrolling interests), (b) 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. Net investment earned rate includes the income and assets supporting our change in fair value of reinsurance assets by evaluating the underlying investments of the funds withheld at interest receivables and including the net investment income from those underlying investments which does not correspond to the US GAAP presentation of change in fair value of reinsurance assets. Net investment earned rate excludes the income and assets on business related to ceded reinsurance transactions.
Net investment spread						Net investment spread measures our investment performance plus our strategic capital management fees less our total cost of funds, presented on an annualized basis for interim periods.
Net reserve liabilities						Represent our policyholder and institutional liability obligations net of reinsurance and used to analyze the costs of our liabilities. Net reserve liabilities include (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include our economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the noncontrolling interests. Net reserve liabilities are net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, we have no net economic exposure to such liabilities, assuming our reinsurance counterparties perform under our agreements. Net reserve liabilities include the underlying liabilities assumed through modco reinsurance agreements in order to match the liabilities with the expenses incurred.
Payout annuities						Annuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements
Policy loan						A loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy
RBC						Risk-based capital
RILA						Registered index-linked annuity, which is an insurance contract similar to an FIA that has the potential for higher returns but also has the potential risk of loss to principal and related earnings, subject to a floor
RMBS						Residential mortgage-backed securities
RML						Residential mortgage loan
Sales						All money paid into an individual annuity, including money paid into new contracts with initial purchase occurring in the specified period and existing contracts with initial purchase occurring prior to the specified period (excluding internal transfers)
Spread Related Earnings, or SRE						Pre-tax non-GAAP measure used to evaluate our financial performance excluding market volatility (other than with respect to alternative investments), as well as integration, restructuring, stock compensation and certain other items which are not part of our underlying profitability drivers.
Surplus assets						Assets in excess of policyholder and institutional obligations, determined in accordance with the applicable domiciliary jurisdiction’s statutory accounting principles
TAC						Total adjusted capital as defined by the model created by the NAIC

US GAAP						Accounting principles generally accepted in the United States of America
US RBC						The CAL RBC ratio for AAIA, our parent US insurance company
VIE						Variable interest entity
VOBA						Value of business acquired

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Item 1. Financial Statements

Index to Condensed Consolidated Financial Statements (unaudited)


Condensed Consolidated Balance Sheets (unaudited)		8

Condensed Consolidated Statements of Income (Loss) (unaudited)		10

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)		11

Condensed Consolidated Statements of Equity (unaudited)		12

Condensed Consolidated Statements of Cash Flows (unaudited)		14

Notes to Condensed Consolidated Financial Statements (unaudited)		16

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

	Note 2. Investments	18

	Note 3. Derivative Instruments	27

	Note 4. Variable Interest Entities	30

	Note 5. Fair Value	31

	Note 6. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	47

	Note 7. Long-duration Contracts	48

	Note 8. Debt	55

	Note 9 . Equity	56

	Note 10. Income Taxes	57

	Note 1 1 . Related Parties	58

	Note 1 2 . Commitments and Contingencies	61

	Note 1 3 . Segment Information	62

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ATHENE HOLDING LTD.

Condensed Consolidated Balance Sheets (Unaudited)


(In millions)	June 30, 2026		December 31, 2025
Assets
Investments
Available-for-sale securities, at fair value (amortized cost: 2026 – $208,443 and 2025 – $202,116; allowance for credit losses: 2026 – $703 and 2025 – $757)	$	196,763	$	192,597
Trading securities, at fair value	6,318		6,409
Equity securities, at fair value	697		822
Mortgage loans, at fair value	99,974		91,918
Investment funds	276		108
Policy loans	293		301
Funds withheld at interest (portion at fair value: 2026 – $(2,404) and 2025 – $(2,409))	13,787		15,413
Derivative assets	11,034		9,190
Short-term investments (portion at fair value: 2026 – $105 and 2025 – $33)	230		175
Other investments (portion at fair value: 2026 – $1,911 and 2025 – $1,818)	4,470		4,148
Total investments	333,842		321,081
Cash and cash equivalents	21,957		14,994
Restricted cash	1,583		1,332
Investments in related parties
Available-for-sale securities, at fair value (amortized cost: 2026 – $33,436 and 2025 – $26,428)	33,292		26,444
Trading securities, at fair value	1,290		454
Equity securities, at fair value	—		266
Mortgage loans, at fair value	1,549		1,486
Investment funds (portion at fair value: 2026 – $2,311 and 2025 – $1,318)	3,243		2,149
Funds withheld at interest (portion at fair value: 2026 – $(347) and 2025 – $(356))	3,802		4,215
Short-term investments	18		18
Other investments, at fair value	333		344
Accrued investment income (related party: 2026 – $252 and 2025 – $241)	4,015		3,395
Reinsurance recoverable (related party: 2026 – $7,327 and 2025 – $6,336; portion at fair value: 2026 – $1,920 and 2025 – $1,911)	10,929		10,282
Deferred acquisition costs, deferred sales inducements and value of business acquired	9,279		8,634
Goodwill	4,079		4,072
Other assets (related party: 2026 – $332 and 2025 – $284)	11,411		11,950
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value (related party: 2026 – $603 and 2025 – $978)	2,103		3,120

Mortgage loans, at fair value	2,058		2,140
Investment funds, at fair value (related party: 2026 – $26,486 and 2025 – $23,783)	26,798		24,070
Other investments	925		844
Cash and cash equivalents (restricted cash: 2026 – $18 and 2025 – $17)	171		569
Other assets (related party: 2026 – $101 and 2025 – $23)	202		346
Total assets	$	472,879	$	442,205

(Continued)

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Balance Sheets (Unaudited)


(In millions)	June 30, 2026		December 31, 2025
Liabilities and Equity
Liabilities
Interest sensitive contract liabilities (related party: 2026 – $4,854 and 2025 – $5,381; portion at fair value: 2026 – $17,126 and 2025 – $15,515)	$	344,593	$	315,889
Future policy benefits (related party: 2026 – $43 and 2025 – $36; portion at fair value: 2026 – $1,564 and 2025 – $1,615)	48,241		50,264
Market risk benefits (related party: 2026 – $294 and 2025 – $290)	5,283		4,930
Debt	7,832		7,848
Derivative liabilities	6,241		5,742
Payables for collateral on derivatives and securities to repurchase	11,199		11,085
Other liabilities (related party: 2026 – $7,322 and 2025 – $6,479)	13,284		9,097
Liabilities of consolidated variable interest entities (related party: 2026 – $292 and 2025 – $235)	1,401		1,712
Total liabilities	438,074		406,567
Commitments and Contingencies (Note 12)
Equity
Preferred stock	—		—
Common stock	—		—
Additional paid-in capital	19,329		19,238
Retained earnings	2,440		3,895
Accumulated other comprehensive loss (related party: 2026 – $(184) and 2025 – $(112))	(3,213)		(2,641)
Total Athene Holding Ltd. stockholders’ equity	18,556		20,492
Noncontrolling interests	16,249		15,146
Total equity	34,805		35,638
Total liabilities and equity	$	472,879	$	442,205

(Concluded)

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Income (Loss) (Unaudited)


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Revenues
Premiums	$	170	$	107	$	387	$	234
Product charges	299		274		580		539
Net investment income (related party investment income of $616 and $562 for the three months ended and $1,152 and $1,005 for the six months ended June 30, 2026 and 2025, respectively; and related party investment expense of $398 and $383 for the three months ended and $808 and $754 for the six months ended June 30, 2026 and 2025, respectively)	4,988		4,429		9,757		8,420
Investment related gains (losses) (related party of $(106) and $(21) for the three months ended and $(131) and $44 for the six months ended June 30, 2026 and 2025, respectively)	2,989		(5)		911		(833)
Other revenues	4		6		8		10
Revenues of consolidated variable interest entities
Net investment income (related party of $11 and $19 for the three months ended and $14 and $34 for the six months ended June 30, 2026 and 2025, respectively)	43		80		111		157
Investment related gains (losses) (related party of $654 and $473 for the three months ended and $1,094 and $994 for the six months ended June 30, 2026 and 2025, respectively)	659		468		1,066		1,018
Total revenues	9,152		5,359		12,820		9,545
Benefits and expenses
Interest sensitive contract benefits (related party of $(123) and $(61) for the three months ended and $(157) and $(94) for the six months ended June 30, 2026 and 2025, respectively)	5,714		3,428		7,305		4,922
Future policy and other policy benefits (remeasurement (gains) losses of $(26) and $(19) for the three months ended and $(32) and $(60) for the six months ended June 30, 2026 and 2025, respectively)	594		527		1,233		1,068
Market risk benefits remeasurement (gains) losses	(24)		(111)		235		274
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	350		292		687		559
Policy and other operating expenses (related party of $71 and $72 for the three months ended and $176 and $144 for the six months ended June 30, 2026 and 2025, respectively)	614		571		1,265		1,136
Total benefits and expenses	7,248		4,707		10,725		7,959
Income before income taxes	1,904		652		2,095		1,586
Income tax expense (benefit)	217		(34)		1,890		141
Net income	1,687		686		205		1,445
Less: Net income attributable to noncontrolling interests	698		222		1,154		516
Net income (loss) attributable to Athene Holding Ltd. stockholders	989		464		(949)		929
Less: Preferred stock dividends	36		45		71		90
Add: Preferred stock redemption	—		84		—		84
Net income (loss) available to Athene Holding Ltd. common stockholder	$	953	$	503	$	(1,020)	$	923

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Net income	$	1,687	$	686	$	205	$	1,445
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	307		1,396		(1,725)		2,888
Unrealized gains (losses) on hedging instruments	(236)		(8)		(106)		221
Remeasurement gains (losses) on future policy benefits related to discount rate	(199)		(45)		710		(573)
Remeasurement gains (losses) on market risk benefits related to credit risk	(180)		(135)		36		(19)
Foreign currency translation and other adjustments	(10)		78		(23)		114
Other comprehensive income (loss), before tax	(318)		1,286		(1,108)		2,631
Income tax expense (benefit) related to other comprehensive income (loss)	(68)		260		(218)		533
Other comprehensive income (loss)	(250)		1,026		(890)		2,098
Comprehensive income (loss)	1,437		1,712		(685)		3,543
Less: Comprehensive income attributable to noncontrolling interests	541		375		836		837
Comprehensive income (loss) attributable to Athene Holding Ltd. stockholders	$	896	$	1,337	$	(1,521)	$	2,706

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Equity (Unaudited)


	Three months ended
(In millions)	Preferred stock		Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income (loss)		Total Athene Holding Ltd. stockholders’ equity		Noncontrolling interests		Total equity
Balance at March 31, 2026	$	—	$	—	$	19,262	$	1,706	$	(3,120)	$	17,848	$	15,852	$	33,700
Net income	—		—		—		989		—		989		698		1,687
Other comprehensive loss	—		—		—		—		(93)		(93)		(157)		(250)


Stock-based compensation allocation from parent	—		—		9		—		—		9		—		9

Preferred stock dividends	—		—		—		(36)		—		(36)		—		(36)
Common stock dividends	—		—		—		(187)		—		(187)		—		(187)
Contributions from (distributions to) parent	—		—		58		(32)		—		26		—		26
Contributions from noncontrolling interests	—		—		—		—		—		—		145		145
Distributions to noncontrolling interests	—		—		—		—		—		—		(47)		(47)
Net contributions, distributions, and other changes from noncontrolling interests of consolidated variable interest entities	—		—		—		—		—		—		(242)		(242)

Balance at June 30, 2026	$	—	$	—	$	19,329	$	2,440	$	(3,213)	$	18,556	$	16,249	$	34,805


	Three months ended
Balance at March 31, 2025	$	—	$	—	$	19,611	$	2,469	$	(4,561)	$	17,519	$	10,255	$	27,774


Net income	—		—		—		464		—		464		222		686
Other comprehensive income	—		—		—		—		873		873		153		1,026


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

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


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

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Equity (Unaudited)


	Six months ended
(In millions)	Preferred stock		Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income (loss)		Total Athene Holding Ltd. stockholders’ equity		Noncontrolling interests		Total equity
Balance at December 31, 2025	$	—	$	—	$	19,238	$	3,895	$	(2,641)	$	20,492	$	15,146	$	35,638

Net income (loss)	—		—		—		(949)		—		(949)		1,154		205
Other comprehensive loss	—		—		—		—		(572)		(572)		(318)		(890)


Stock-based compensation allocation from parent	—		—		17		—		—		17		—		17

Preferred stock dividends	—		—		—		(71)		—		(71)		—		(71)
Common stock dividends	—		—		—		(375)		—		(375)		—		(375)
Contributions from (distributions to) parent	—		—		74		(60)		—		14		—		14
Contributions from noncontrolling interests	—		—		—		—		—		—		271		271
Distributions to noncontrolling interests	—		—		—		—		—		—		(301)		(301)
Net contributions, distributions, and other changes from noncontrolling interests of consolidated variable interest entities	—		—		—		—		—		—		297		297

Balance at June 30, 2026	$	—	$	—	$	19,329	$	2,440	$	(3,213)	$	18,556	$	16,249	$	34,805


	Six months ended
Balance at December 31, 2024	$	—	$	—	$	19,588	$	2,237	$	(5,465)	$	16,360	$	9,514	$	25,874


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


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

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


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

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Six months ended June 30,
(In millions)	2026		2025
Cash flows from operating activities
Net income	$	205	$	1,445
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	687		559
Net accretion of net investment premiums, discounts and other	(113)		(90)


Net investment income (related party: 2026 – $9 and 2025 – $(149))	(241)		(284)
Net recognized (gains) losses on investments and derivatives (related party: 2026 – $(963) and 2025 – $(1,488))	(2,185)		42
Policy acquisition costs deferred	(939)		(957)
Changes in operating assets and liabilities:
Accrued investment income	(620)		(360)
Interest sensitive contract liabilities	4,736		2,977
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2026 – $(172) and 2025 – $(108))	(842)		(1,073)
Funds withheld assets (related party: 2026 – $(31) and 2025 – $(136))	(304)		(820)
Other assets and liabilities	2,247		43
Net cash provided by operating activities	2,631		1,482


Cash flows from investing activities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2026 – $6,417 and 2025 – $2,703)	33,134		26,495
Trading securities (related party: 2026 – $147 and 2025 – $342)	1,890		1,030
Equity securities	130		334
Mortgage loans (related party: 2026 – $153 and 2025 – $47)	10,014		5,694
Investment funds (related party: 2026 – $2,017 and 2025 – $307)	2,126		803
Derivative instruments and other investments	2,795		1,610
Short-term investments (related party: 2026 – $13 and 2025 – $966)	62		1,241
Purchases of:
Available-for-sale securities (related party: 2026 – $(12,904) and 2025 – $(4,710))	(45,404)		(47,760)
Trading securities (related party: 2026 – $(997) and 2025 – $(365))	(2,920)		(3,776)
Equity securities	(10)		(370)
Mortgage loans (related party: 2026 – $(224) and 2025 – $(20))	(19,637)		(17,779)
Investment funds (related party: 2026 – $(4,621) and 2025 – $(1,345))	(4,907)		(1,346)
Derivative instruments and other investments	(1,941)		(2,537)
Short-term investments (related party: 2026 – $(13) and 2025 – $(241))	(117)		(257)
Other investing activities, net	1,171		(243)
Net cash used in investing activities	(23,614)		(36,861)

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

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Six months ended June 30,
(In millions)	2026		2025
Cash flows from financing activities
Deposits on investment-type policies and contracts	41,617		45,973
Withdrawals on investment-type policies and contracts (related party: 2026 – $(107) and 2025 – $(147))	(14,741)		(9,604)




Proceeds from debt	—		1,591
Capital contributions from parent	42		211
Capital contributions from noncontrolling interests	271		126
Capital contributions from noncontrolling interests of consolidated variable interest entities	759		819
Capital distributions to noncontrolling interests	(301)		(190)

Net change in cash collateral posted for derivative transactions and securities to repurchase	92		(4,392)

Preferred stock dividends	(71)		(90)
Common stock dividends	(375)		(375)
Redemption of preferred stock	—		(600)
Other financing activities, net	508		(122)
Net cash provided by financing activities	27,801		33,347
Effect of exchange rate changes on cash and cash equivalents	(2)		13
Net increase (decrease) in cash and cash equivalents	6,816		(2,019)
Cash and cash equivalents at beginning of year1	16,895		14,259
Cash and cash equivalents at end of period1	$	23,711	$	12,240

Supplementary information
Cash paid (refunded) for taxes	$	(67)	$	291
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 – $(902) and 2025 – $(875))	(879)		(851)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 – $343 and 2025 – $545)	2,251		3,123



Exchange of interests in consolidated variable interest entities for related party investments	450		—


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

(Concluded)

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Significant Accounting Policies

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

We conduct business primarily through the following consolidated subsidiaries:

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

•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), collectively defined as ACRA; and

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

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

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

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

The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements, but does not include all of the information and footnotes required by US GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. The preparation of financial statements requires the use of management estimates. Actual results may differ from estimates used in preparing the condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

Interim Reporting – Narrow Scope Improvements (Accounting Standards Update (ASU) 2025-11)

The amendments update the guidance in Accounting Standards Codification (ASC) 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarify when the guidance applies. The amendments also provide additional direction on the disclosures required in interim reporting periods, including a new principle requiring entities that issue condensed statements to disclose events since the end of the last annual reporting period that have a material impact on the entity. The updates are effective for interim reporting periods beginning after December 15, 2027; early adoption is permitted. We are not anticipating material changes related to these updates, as the amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements.

Derivatives and Hedging – Hedge Accounting Improvements (ASU 2025-09)

The amendments in this update clarify certain aspects of the guidance on hedge accounting and address several incremental hedge accounting issues arising from the global reference rate reform initiative. The amendments: (i) expand the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge and clarify when such transactions can be considered to have a similar risk exposure; (ii) provide a model to facilitate the application of cash flow hedge accounting to forecasted interest payments on choose-your-rate debt instruments; (iii) expand the application of hedge accounting for forecasted purchases and sales of nonfinancial assets; (iv) eliminate the requirement to apply the net written option test to a compound derivative comprising a swap and a written option designated as the hedging instrument in a cash flow hedge or a fair value hedge of interest rate risk; and (v) eliminate the recognition and presentation mismatch related to a dual hedge strategy. The amendments are required to be applied prospectively for all hedging relationships. This guidance is effective for annual periods beginning after December 15, 2026; early adoption is permitted. We are evaluating the impact of this guidance on our consolidated financial statements.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Financial Instruments – Credit Losses – Purchased Loans (ASU 2025-08)

The amendments in this update expand the population of acquired financial assets subject to the gross-up approach in ASC 326 to include purchased seasoned loans, defined as either: (1) non-Purchased Credit Deteriorated (PCD) loans obtained in a business combination or (2) non-PCD loans that are obtained in an asset acquisition or upon consolidation of a VIE that is not a business (e.g., a financing vehicle holding loans or other financial assets) and that are acquired more than 90 days after their origination date by a transferee that was not involved in their origination. The amendments are effective for annual periods beginning after December 15, 2026; early adoption is permitted. We are evaluating the impact of this guidance on our consolidated financial statements.

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

The amendments in this update refine the scope of derivatives within derivatives guidance by excluding certain non-exchange-traded contracts for which settlement is based on operations or activities specific to a party, unless settlement involves a market-based variable or a financial instrument. The updates also clarify that share-based noncash consideration from a customer in a revenue contract should be accounted for under revenue recognition guidance until the entity’s right to receive or retain the consideration becomes unconditional. The updates are effective for annual periods beginning after December 15, 2026; early adoption is permitted. We are evaluating the impact of this guidance on our consolidated financial statements.

Intangibles – Goodwill and Other – Internal-Use Software – Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)

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

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

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

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

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

2. Investments

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

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


	June 30, 2026
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
US government and agencies	$	24,849	$	—	$	27	$	(1,460)	$	23,416
US state, municipal and political subdivisions	690		—		—		(164)		526
Foreign governments	2,384		—		29		(682)		1,731
Corporate	101,635		(23)		735		(9,422)		92,925
CLO	21,061		—		362		(91)		21,332
ABS	36,714		(185)		484		(477)		36,536
CMBS	12,620		(78)		57		(315)		12,284
RMBS	8,490		(417)		217		(277)		8,013
Total AFS securities	208,443		(703)		1,911		(12,888)		196,763
AFS securities – related parties
Corporate	3,583		—		23		(28)		3,578
CLO	6,702		—		71		(27)		6,746
ABS	23,040		(1)		28		(210)		22,857
CMBS	111		—		—		—		111
Total AFS securities – related parties	33,436		(1)		122		(265)		33,292
Total AFS securities, including related parties	$	241,879	$	(704)	$	2,033	$	(13,153)	$	230,055


	December 31, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
US government and agencies	$	18,008	$	—	$	116	$	(1,226)	$	16,898
US state, municipal and political subdivisions	954		—		—		(195)		759
Foreign governments	2,225		—		32		(598)		1,659
Corporate	97,166		(105)		1,291		(8,921)		89,431
CLO	25,730		—		648		(106)		26,272
ABS	35,275		(171)		823		(465)		35,462
CMBS	13,351		(70)		120		(317)		13,084
RMBS	9,407		(411)		300		(264)		9,032
Total AFS securities	202,116		(757)		3,330		(12,092)		192,597
AFS securities – related parties
Corporate	2,663		—		76		(25)		2,714
CLO	7,103		—		121		(21)		7,203
ABS	16,500		(1)		45		(178)		16,366
CMBS	162		—		—		(1)		161
Total AFS securities – related parties	26,428		(1)		242		(225)		26,444
Total AFS securities, including related parties	$	228,544	$	(758)	$	3,572	$	(12,317)	$	219,041

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	June 30, 2026
(In millions)	Amortized Cost		Fair Value
AFS securities
Due in one year or less	$	2,170	$	2,163
Due after one year through five years	26,658		26,302
Due after five years through ten years	26,515		25,488
Due after ten years	74,215		64,645
CLO, ABS, CMBS and RMBS	78,885		78,165
Total AFS securities	208,443		196,763
AFS securities – related parties
Due in one year or less	7		8
Due after one year through five years	1,133		1,149
Due after five years through ten years	844		849
Due after ten years	1,599		1,572
CLO, ABS and CMBS	29,853		29,714
Total AFS securities – related parties	33,436		33,292
Total AFS securities, including related parties	$	241,879	$	230,055

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

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


	June 30, 2026
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
US government and agencies	$	15,091	$	(502)	$	3,440	$	(957)	$	18,531	$	(1,459)
US state, municipal and political subdivisions	23		(1)		498		(163)		521		(164)
Foreign governments	237		(9)		1,271		(673)		1,508		(682)
Corporate	26,017		(679)		35,199		(8,693)		61,216		(9,372)
CLO	5,379		(39)		1,395		(44)		6,774		(83)
ABS	11,443		(153)		4,339		(246)		15,782		(399)
CMBS	3,383		(26)		1,694		(238)		5,077		(264)
RMBS	838		(6)		941		(114)		1,779		(120)
Total AFS securities	62,411		(1,415)		48,777		(11,128)		111,188		(12,543)
AFS securities – related parties
Corporate	1,712		(26)		86		(2)		1,798		(28)
CLO	1,590		(16)		64		(3)		1,654		(19)
ABS	2,582		(14)		1,931		(179)		4,513		(193)
CMBS	15		—		3		—		18		—
Total AFS securities – related parties	5,899		(56)		2,084		(184)		7,983		(240)
Total AFS securities, including related parties	$	68,310	$	(1,471)	$	50,861	$	(11,312)	$	119,171	$	(12,783)

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	December 31, 2025
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
US government and agencies	$	5,987	$	(96)	$	4,068	$	(1,130)	$	10,055	$	(1,226)
US state, municipal and political subdivisions	37		(1)		707		(194)		744		(195)
Foreign governments	84		(11)		1,326		(587)		1,410		(598)
Corporate	13,107		(284)		38,209		(8,602)		51,316		(8,886)
CLO	11,891		(59)		1,017		(45)		12,908		(104)
ABS	6,355		(165)		4,873		(263)		11,228		(428)
CMBS	1,663		(20)		1,446		(190)		3,109		(210)
RMBS	217		(2)		839		(90)		1,056		(92)
Total AFS securities	39,341		(638)		52,485		(11,101)		91,826		(11,739)
AFS securities – related parties
Corporate	390		(2)		377		(12)		767		(14)
CLO	4,215		(19)		95		(2)		4,310		(21)
ABS	2,069		(6)		3,076		(162)		5,145		(168)
CMBS	70		(1)		5		—		75		(1)
Total AFS securities – related parties	6,744		(28)		3,553		(176)		10,297		(204)
Total AFS securities, including related parties	$	46,085	$	(666)	$	56,038	$	(11,277)	$	102,123	$	(11,943)

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


	June 30, 2026
	Unrealized loss position	Unrealized loss position 12 months or more
AFS securities	6,551	4,820
AFS securities – related parties	178	66

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	Three months ended June 30, 2026
			Additions		Reductions
(In millions)	Beginning balance		Initial credit losses			Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities



Corporate	$	56	$	—		$	—	$	(33)	$	23

ABS	179		—			—		6		185
CMBS	91		—			(24)		11		78
RMBS	417		1			(4)		3		417
Total AFS securities	743		1			(28)		(13)		703



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


Total AFS securities, including related parties	$	744	$	1		$	(28)	$	(13)	$	704


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



Corporate	$	174	$	—		$	—	$	—	$	174

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



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


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


	Six months ended June 30, 2026
			Additions		Reductions
(In millions)	Beginning balance		Initial credit losses			Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities



Corporate	$	105	$	—		$	(49)	$	(33)	$	23

ABS	171		—			—		14		185
CMBS	70		—			(24)		32		78
RMBS	411		2			(18)		22		417
Total AFS securities	757		2			(91)		35		703



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

Total AFS securities, including related parties	$	758	$	2		$	(91)	$	35	$	704

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


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



Corporate	$	175	$	—		$	—	$	(1)	$	174

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



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

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

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


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
AFS securities	$	3,135	$	2,884	$	6,200	$	5,555
Trading securities	142		66		264		108
Equity securities	12		29		28		44
Mortgage loans	1,588		1,262		3,132		2,385
Investment funds	16		129		12		169
Funds withheld at interest	222		244		437		509
Other	316		229		564		461
Investment revenue	5,431		4,843		10,637		9,231
Investment expenses	(443)		(414)		(880)		(811)
Net investment income	$	4,988	$	4,429	$	9,757	$	8,420

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


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
AFS securities1
Gross realized gains on investment activity	$	745	$	1,522	$	867	$	2,233
Gross realized losses on investment activity	(422)		(143)		(1,060)		(378)
Net realized investment gains (losses) on AFS securities	323		1,379		(193)		1,855
Net recognized investment gains (losses) on trading securities	64		261		(181)		341
Net recognized investment gains (losses) on equity securities	1		36		(30)		51
Net recognized investment gains (losses) on mortgage loans	(588)		785		(1,344)		1,799
Net derivative gains (losses)	2,633		(1,075)		1,692		(2,587)
Provision for credit losses	(15)		(56)		(13)		(64)
Other gains (losses), net	571		(1,335)		980		(2,228)
Investment related gains (losses)	$	2,989	$	(5)	$	911	$	(833)

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

Proceeds from sales of AFS securities were $10,694 million and $5,865 million for the three months ended June 30, 2026 and 2025, respectively, and $18,462 million and $14,810 million for the six months ended June 30, 2026 and 2025, respectively.

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


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Trading securities	$	87	$	118	$	(127)	$	140
Equity securities	1		27		(6)		39

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Repurchase Agreements—The following table summarizes the remaining contractual maturities of our repurchase agreements:


(In millions)	June 30, 2026		December 31, 2025

Less than 30 days	$	—	$	2,796

91 days to 1 year	1,269		—
Greater than 1 year	1,975		3,247
Payables for repurchase agreements	$	3,244	$	6,043

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


	June 30, 2026				December 31, 2025
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
AFS securities
US government and agencies	$	—	$	—	$	2,780	$	2,787

Foreign governments	259		190		241		185
Corporate	2,102		1,813		2,022		1,785
CLO	594		590		611		608
ABS	524		505		584		568
CMBS	231		231		197		198
RMBS	87		88		93		94

Total securities pledged under repurchase agreements	$	3,797	$	3,417	$	6,528	$	6,225

As of December 31, 2025, $907 million of repurchase agreements were presented net of reverse repurchase agreements on the condensed consolidated balance sheets, and the agreements were net settled during the first quarter of 2026.

Reverse Repurchase Agreements—As of June 30, 2026 and December 31, 2025, amounts loaned under reverse repurchase agreements were $142 million and $1,067 million, respectively, and the fair value of the collateral was $787 million of asset-backed securities and $1,822 million of asset-backed securities and short-term investments, respectively.

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


(In millions)	June 30, 2026		December 31, 2025
Commercial mortgage loans	$	48,372	$	38,869
Commercial mortgage loans under development	1,802		1,787
Total commercial mortgage loans	50,174		40,656
Mark to fair value	(1,883)		(1,585)
Commercial mortgage loans	48,291		39,071
Residential mortgage loans	55,030		55,613
Mark to fair value	260		860
Residential mortgage loans	55,290		56,473
Mortgage loans	$	103,581	$	95,544

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	June 30, 2026				December 31, 2025
(In millions, except percentages)	Fair Value		Percentage of Total		Fair Value		Percentage of Total
Property type
Apartment	$	15,640	32.4	%	$	15,458	39.5	%
Industrial	10,467		21.6	%	8,778		22.5	%
Office building	6,367		13.2	%	4,530		11.6	%
Hotels	5,072		10.5	%	2,773		7.1	%
Retail	2,591		5.4	%	2,061		5.3	%
Other commercial	8,154		16.9	%	5,471		14.0	%
Total commercial mortgage loans	$	48,291	100.0	%	$	39,071	100.0	%

US region
East North Central	$	2,451	5.1	%	$	1,883	4.8	%
East South Central	381		0.8	%	447		1.1	%
Middle Atlantic	10,747		22.3	%	9,323		23.9	%
Mountain	1,877		3.9	%	1,605		4.1	%
New England	1,184		2.5	%	1,088		2.8	%
Pacific	6,143		12.7	%	6,021		15.4	%
South Atlantic	8,404		17.4	%	6,919		17.7	%
West North Central	787		1.6	%	842		2.2	%
West South Central	4,128		8.5	%	3,175		8.1	%
Total US region	36,102		74.8	%	31,303		80.1	%
International region
United Kingdom	5,336		11.0	%	3,085		7.9	%
Other international1	6,853		14.2	%	4,683		12.0	%
Total international region	12,189		25.2	%	7,768		19.9	%
Total commercial mortgage loans	$	48,291	100.0	%	$	39,071	100.0	%

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

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


	June 30, 2026		December 31, 2025
US States
California	22.8	%	23.0	%
Texas	15.6	%	15.2	%
Florida	10.5	%	10.6	%

Other1	42.5	%	42.5	%
Total US residential mortgage loan percentage	91.4	%	91.3	%



International1	8.6	%	8.7	%

Total residential mortgage loan percentage	100.0	%	100.0	%

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

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	June 30, 2026				December 31, 2025
(In millions, except percentages)	Carrying value		Percentage of total		Carrying value		Percentage of total
Investment funds
Equity	$	276	0.9	%	$	108	0.4	%



Investment funds – related parties
Origination platforms	37		0.1	%	33		0.1	%
Retirement services platforms	2,533		8.4	%	1,538		5.9	%
Equity	238		0.8	%	260		1.0	%
Credit	346		1.1	%	313		1.2	%
Other	89		0.3	%	5		—	%
Total investment funds – related parties	3,243		10.7	%	2,149		8.2	%
Investment funds – consolidated VIEs
Origination platforms	9,868		32.5	%	9,067		34.4	%

Equity	11,164		36.9	%	9,735		37.0	%
Credit	3,526		11.6	%	3,682		14.0	%
Other	2,240		7.4	%	1,586		6.0	%
Total investment funds – consolidated VIEs	26,798		88.4	%	24,070		91.4	%
Total investment funds, including related parties and consolidated VIEs	$	30,317	100.0	%	$	26,327	100.0	%

Non-Consolidated Securities and Investment Funds

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

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

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

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

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


	June 30, 2026				December 31, 2025
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	276	$	596	$	108	$	458
Investment in related parties – investment funds	3,243		4,463		2,149		5,859
Assets of consolidated VIEs – investment funds	26,798		31,300		24,070		29,991
Investment in fixed maturity securities	78,757		80,860		84,397		87,995
Investment in related parties – fixed maturity securities	30,047		30,914		24,184		26,717
Investment in related parties – equity securities	—		—		266		266
Total non-consolidated investments	$	139,121	$	148,133	$	135,174	$	151,286

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


(In millions)	June 30, 2026
Investments in Athora Holding Ltd.1	$	3,191
Investment-grade ABS debt issued by Fox Hedge L.P.	3,150
Investment-grade ABS debt issued by Apollo Multi-Asset Prime Securities (AMAPS) 2, LLC1	3,000
Investment-grade ABS debt issued by AMAPS 3, LLC1	2,995
Investment-grade ABS debt issued by AP Alkaios (Luxembourg) S.à.r.l.	2,775
Investment-grade ABS debt issued by AMAPS 4, LLC1	2,571
Investment-grade ABS debt issued by AMAPS 1, LLC1	2,544
Investment-grade ABS debt issued by AMAPS 5, LLC1	2,405
Investment-grade ABS debt issued by SVF II Finco Cayman L.P.	2,064
Investments in Atlas Securitized Products Holdings L.P. (Atlas)1	1,974
Investment in Atlas Secured Advance Funding L.P.	1,973
Investment-grade corporate debt issued by Électricité de France SA	1,955


	December 31, 2025
Investment-grade ABS debt issued by AP Grange Holdings, LLC (AP Grange)2	$	5,080
Investments in Atlas1	3,304
Investment-grade ABS debt issued by Fox Hedge L.P.	3,171
Investment-grade ABS debt issued by AMAPS 2, LLC1	3,000
Investment-grade ABS debt issued by AP Alkaios (Luxembourg) S.à.r.l.	2,791
Investment-grade ABS debt issued by AMAPS 1, LLC1	2,550
Investment-grade ABS debt issued by SVF II Finco Cayman L.P.	2,186
Investment-grade corporate debt issued by Électricité de France SA	2,068

1 Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. For Atlas and Athora Holding Ltd. (together with its subsidiaries, Athora), see Note 11 – Related Parties for additional information.
2 During the second quarter of 2026, AP Grange called the ABS debt outstanding and, as a result, we recognized a gain of $673 million.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

3. Derivative Instruments

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

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


	June 30, 2026					December 31, 2025
	Notional Amount	Fair Value				Notional Amount	Fair Value
(In millions)		Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps	27,919	$	658	$	565	26,437	$	560	$	868
Forwards	1,670	98		17		2,302	81		34
Interest rate swaps	4,198	51		283		4,347	86		242
Forwards on net investments	220	2		—		234	—		—
Interest rate swaps	51,484	36		99		31,252	129		30
Total derivatives designated as hedges		845		964			856		1,174
Derivatives not designated as hedges
Equity options	107,469	8,277		485		97,259	6,905		170
Futures	54	106		—		890	192		1
Foreign currency swaps	29,675	491		543		19,248	230		744
Interest rate swaps and forwards	27,800	122		549		14,606	72		295
Other swaps	2,288	151		—		2,845	78		2
Foreign currency forwards	40,878	1,042		3,700		47,486	857		3,356
Embedded derivatives
Funds withheld, including related parties		(2,751)		97			(2,765)		150
Interest sensitive contract liabilities		—		16,384			—		14,749
Total derivatives not designated as hedges		7,438		21,758			5,569		19,467
Total derivatives		$	8,283	$	22,722		$	6,425	$	20,641

Derivatives Designated as Hedges

Cash Flow Hedges – We use interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by January 2036. During the three months ended June 30, 2026 and 2025, we recognized losses of $84 million and gains of $76 million, respectively, in other comprehensive income (OCI) associated with these hedges. During the six months ended June 30, 2026 and 2025, we recognized losses of $148 million and gains of $172 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, we expected an estimated $20 million of losses to be reclassified to income within the next 12 months based on current market economics; however, actual amounts recognized may vary as a result of changes in relevant market conditions.

Fair Value Hedges – We use foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The amortized cost of AFS debt securities in qualifying fair value hedges of foreign currency risk was $21,248 million and $21,324 million as of June 30, 2026 and December 31, 2025, respectively. The carrying value of interest sensitive contract liabilities in qualifying fair value hedges of foreign currency swaps was $8,473 million and $8,449 million as of June 30, 2026 and December 31, 2025, respectively.

The following represents the carrying amount and the cumulative amount of fair value hedging adjustments of hedged liabilities, excluding liabilities solely hedging foreign currency risk and cumulative amounts related to foreign currency gains (losses):


	June 30, 2026				December 31, 2025
(In millions)	Carrying amount of the hedged liabilities		Cumulative amount of fair value hedging gains (losses)		Carrying amount of the hedged liabilities		Cumulative amount of fair value hedging gains (losses)
Interest sensitive contract liabilities
Foreign currency interest rate swaps	$	4,017	$	67	$	4,271	$	77
Interest rate swaps	33,676		277		19,175		(20)

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


							Amounts excluded
(In millions)	Derivatives		Hedged items		Net		Recognized in income through amortization approach		Recognized in income through changes in fair value
Three months ended June 30, 2026
Investment related gains (losses)
Foreign currency forwards	$	5	$	(6)	$	(1)	$	9	$	—
Foreign currency swaps	68		(80)		(12)		—		—
Foreign currency interest rate swaps	(9)		21		12		—		—
Interest rate swaps	(192)		194		2		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	21		(21)		—		—		—
Three months ended June 30, 2025
Investment related gains (losses)
Foreign currency forwards	(235)		228		(7)		9		—
Foreign currency swaps	(681)		699		18		—		—
Foreign currency interest rate swaps	344		(330)		14		—		—
Interest rate swaps	65		(49)		16		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	25		(24)		1		—		—


							Amounts excluded
(In millions)	Derivatives		Hedged items		Net		Recognized in income through amortization approach		Recognized in income through changes in fair value
















Six months ended June 30, 2026
Investment related gains (losses)
Foreign currency forwards	$	45	$	(42)	$	3	$	16	$	—
Foreign currency swaps	241		(254)		(13)		—		—
Foreign currency interest rate swaps	(68)		79		11		—		—
Interest rate swaps	(299)		300		1		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	45		(44)		1		—		—
Six months ended June 30, 2025
Investment related gains (losses)
Foreign currency forwards	(350)		332		(18)		19		—
Foreign currency swaps	(1,013)		1,058		45		—		—
Foreign currency interest rate swaps	481		(464)		17		—		—
Interest rate swaps	194		(174)		20		—		—
Interest sensitive contract benefits

Foreign currency interest rate swaps	48		(47)		1		—		—

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


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Foreign currency forwards	$	(3)	$	3	$	(2)	$	29
Foreign currency swaps	(149)		(87)		44		20

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Net Investment Hedges – We use foreign currency forwards to hedge the foreign currency exchange rate risk of our investments in subsidiaries that have a reporting currency other than the US dollar. We assess hedge effectiveness based on the changes in forward rates. During the three months ended June 30, 2026 and 2025, these derivatives had losses of $1 million and $14 million, respectively. During the six months ended June 30, 2026 and 2025, these derivatives had gains of $3 million and losses of $22 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of June 30, 2026 and December 31, 2025, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $17 million and $14 million, respectively. During the three and six months ended June 30, 2026 and 2025, there were no amounts deemed ineffective.

Derivatives Not Designated as Hedges

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

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

Interest rate swaps and forwards – We use interest rate swaps and forwards to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, we agree with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals. With an interest rate forward, including a bond forward, we agree with a counterparty to lock in the terms of an investment purchase that will occur on a specified future date.

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

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

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


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Equity options	$	2,847	$	871	$	1,692	$	(65)
Futures	113		(9)		66		(16)
Foreign currency swaps	117		(1,009)		553		(1,288)
Interest rate swaps and forwards and other swaps	(35)		(70)		(149)		(137)
Foreign currency forwards	(258)		(401)		(212)		(611)
Embedded derivatives on funds withheld	(32)		41		(193)		199
Amounts recognized in investment related gains (losses)	2,752		(577)		1,757		(1,918)
Embedded derivatives in indexed annuity products1	(2,135)		(887)		(604)		116
Total gains (losses) on derivatives not designated as hedges	$	617	$	(1,464)	$	1,153	$	(1,802)

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

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

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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


			Gross amounts not offset on the condensed consolidated balance sheets
(In millions)	Gross amount recognized1		Financial instruments2		Collateral (received)/pledged		Net amount		Off-balance sheet securities collateral3		Net amount after securities collateral
June 30, 2026
Derivative assets	$	11,034	$	(3,055)	$	(7,934)	$	45	$	(170)	$	(125)
Derivative liabilities	(6,241)		3,055		2,945		(241)		631		390

December 31, 2025
Derivative assets	$	9,190	$	(2,602)	$	(5,908)	$	680	$	(889)	$	(209)
Derivative liabilities	(5,742)		2,602		2,491		(649)		561		(88)

1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets.
3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Certain derivative instruments contain provisions for credit-related events, such as a negative credit event of a credit default swap’s reference entity. If a credit event were to occur, we may be required to settle an outstanding liability. We have written credit default swaps primarily on high-yield indices. As of June 30, 2026 and December 31, 2025, the carrying value of these derivatives was $144 million and $76 million in assets, respectively, and less than $1 million of liabilities as of each respective period. As of June 30, 2026 and December 31, 2025, the maximum amount of potential future payments on the credit default swaps was $1,010 million and $510 million, respectively.

4. Variable Interest Entities

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

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


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Trading securities	$	26	$	54	$	80	$	101

Mortgage loans	25		38		57		81
Investment funds	2		20		6		21
Investment expenses and other	(10)		(32)		(32)		(46)
Net investment income	$	43	$	80	$	111	$	157

Net recognized investment gains (losses) on trading securities	$	4	$	4	$	(41)	$	6
Net recognized investment gains (losses) on mortgage loans	4		(13)		6		7
Net recognized investment gains on investment funds	656		461		1,099		988
Net other gains (losses)	(5)		16		2		17
Investment related gains (losses)	$	659	$	468	$	1,066	$	1,018

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

5. Fair Value

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

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

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

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

•Observable inputs other than quoted market prices, and

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

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

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

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

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	June 30, 2026
(In millions)	Total		NAV		Level 1		Level 2		Level 3
Assets
AFS securities
US government and agencies	$	23,416	$	—	$	23,416	$	—	$	—
US state, municipal and political subdivisions	526		—		—		526		—
Foreign governments	1,731		—		—		1,731		—
Corporate	92,925		—		35		88,237		4,653
CLO	21,332		—		—		21,332		—
ABS	36,536		—		—		12,604		23,932
CMBS	12,284		—		—		12,254		30
RMBS	8,013		—		—		7,632		381
Total AFS securities	196,763		—		23,451		144,316		28,996
Trading securities	6,318		—		24		6,134		160
Equity securities	697		—		175		515		7
Mortgage loans	99,974		—		—		—		99,974

Funds withheld at interest – embedded derivative	(2,404)		—		—		—		(2,404)
Derivative assets	11,034		—		116		10,915		3
Short-term investments	105		—		100		4		1
Other investments	1,911		—		—		1,256		655
Cash and cash equivalents	21,957		—		21,957		—		—
Restricted cash	1,583		—		1,583		—		—
Investments in related parties
AFS securities
Corporate	3,578		—		—		2,382		1,196
CLO	6,746		—		—		5,412		1,334
ABS	22,857		—		—		1,091		21,766
CMBS	111		—		—		111		—
Total AFS securities – related parties	33,292		—		—		8,996		24,296
Trading securities	1,290		—		—		—		1,290

Mortgage loans	1,549		—		—		—		1,549
Investment funds	2,311		—		—		—		2,311
Funds withheld at interest – embedded derivative	(347)		—		—		—		(347)

Other investments	333		—		—		—		333
Reinsurance recoverable	1,920		—		—		—		1,920
Other assets	169		—		—		—		169
Assets of consolidated VIEs
Trading securities	2,103		—		—		594		1,509

Mortgage loans	2,058		—		—		—		2,058
Investment funds	26,798		26,486		22		—		290

Cash and cash equivalents	171		—		171		—		—
Total assets measured at fair value	$	409,585	$	26,486	$	47,599	$	172,730	$	162,770
Liabilities
Interest sensitive contract liabilities
Embedded derivative	$	16,384	$	—	$	—	$	—	$	16,384
Universal life benefits	742		—		—		—		742
Future policy benefits
AmerUs Life Insurance Company (AmerUs) Closed Block	1,054		—		—		—		1,054
Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits	510		—		—		—		510
Market risk benefits	5,283		—		—		—		5,283
Derivative liabilities	6,241		—		11		6,222		8
Other liabilities	174		—		—		—		174
Total liabilities measured at fair value	$	30,388	$	—	$	11	$	6,222	$	24,155

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	December 31, 2025
(In millions)	Total		NAV		Level 1		Level 2		Level 3
Assets
AFS securities
US government and agencies	$	16,898	$	—	$	16,898	$	—	$	—
US state, municipal and political subdivisions	759		—		—		759		—
Foreign governments	1,659		—		516		1,131		12
Corporate	89,431		—		10		82,771		6,650
CLO	26,272		—		—		26,272		—
ABS	35,462		—		—		13,255		22,207
CMBS	13,084		—		—		13,043		41
RMBS	9,032		—		—		8,593		439
Total AFS securities	192,597		—		17,424		145,824		29,349
Trading securities	6,409		—		24		6,367		18
Equity securities	822		—		185		629		8
Mortgage loans	91,918		—		—		—		91,918

Funds withheld at interest – embedded derivative	(2,409)		—		—		—		(2,409)
Derivative assets	9,190		—		206		8,982		2
Short-term investments	33		—		—		33		—
Other investments	1,818		—		—		1,057		761
Cash and cash equivalents	14,994		—		14,994		—		—
Restricted cash	1,332		—		1,332		—		—
Investments in related parties
AFS securities
Corporate	2,714		—		—		1,117		1,597
CLO	7,203		—		—		5,870		1,333
ABS	16,366		—		—		1,089		15,277
CMBS	161		—		—		161		—
Total AFS securities – related parties	26,444		—		—		8,237		18,207
Trading securities	454		—		—		—		454
Equity securities	266		—		—		—		266
Mortgage loans	1,486		—		—		—		1,486
Investment funds	1,318		—		—		—		1,318
Funds withheld at interest – embedded derivative	(356)		—		—		—		(356)

Other investments	344		—		—		—		344
Reinsurance recoverable	1,911		—		—		—		1,911
Other assets	214		—		—		—		214
Assets of consolidated VIEs
Trading securities	3,120		—		—		683		2,437
Mortgage loans	2,140		—		—		—		2,140
Investment funds	24,070		23,784		—		—		286

Cash and cash equivalents	569		—		569		—		—
Total assets measured at fair value	$	378,684	$	23,784	$	34,734	$	171,812	$	148,354
Liabilities
Interest sensitive contract liabilities
Embedded derivative	$	14,749	$	—	$	—	$	—	$	14,749
Universal life benefits	766		—		—		—		766
Future policy benefits
AmerUs Closed Block	1,085		—		—		—		1,085
ILICO Closed Block and life benefits	530		—		—		—		530
Market risk benefits	4,930		—		—		—		4,930
Derivative liabilities	5,742		—		9		5,733		—
Other liabilities	254		—		—		—		254
Total liabilities measured at fair value	$	28,056	$	—	$	9	$	5,733	$	22,314

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

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

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

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

Mortgage loans – We estimate fair value on a monthly basis using discounted cash flow analysis and rates being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The discounted cash flow model uses unobservable inputs, including estimates of discount rates and loan prepayments. For mortgage loans that we have entered into an agreement to sell at a specified price, the fair value is based on the agreed upon price. Mortgage loans are classified as Level 3.

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

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

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

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

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

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

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

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

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

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


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Trading securities	$	62	$	261	$	(190)	$	336
Mortgage loans	(624)		892		(1,375)		1,933
Investment funds	6		120		(3)		203
Future policy benefits	7		10		31		5
Other	(2)		(29)		4		(17)
Total gains (losses)	$	(551)	$	1,254	$	(1,533)	$	2,460

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

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


(In millions)	June 30, 2026		December 31, 2025
Unpaid principal balance	$	105,204	$	96,269
Mark to fair value	(1,623)		(725)
Fair value	$	103,581	$	95,544

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


(In millions)	June 30, 2026		December 31, 2025
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	1,027	$	992
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(332)		(337)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	695	$	655

Fair value of commercial mortgage loans 90 days or more past due	$	298	$	274
Fair value of commercial mortgage loans in non-accrual status	695		655

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


(In millions)	June 30, 2026		December 31, 2025
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	1,912	$	826
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	(184)		(85)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	1,728	$	741

Fair value of residential mortgage loans 90 days or more past due1	$	829	$	741
Fair value of residential mortgage loans in non-accrual status	1,655		678

1 As of June 30, 2026 and December 31, 2025 includes $73 million and $63 million, respectively, of residential mortgage loans that are guaranteed by US government-sponsored agencies.

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


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Mortgage loans	$	(20)	$	(20)	$	(44)	$	(23)

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	Three months ended June 30, 2026
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets
AFS securities

Foreign governments	$	17	$	—	$	—	$	(6)	$	(11)	$	—	$	—	$	—
Corporate	6,428		2		47		290		(2,114)		4,653		(1)		2

ABS	24,784		(19)		26		1,738		(2,597)		23,932		(30)		1
CMBS	19		—		—		11		—		30		—		—
RMBS	411		4		—		(34)		—		381		—		1
Trading securities	143		1		—		16		—		160		—		—
Equity securities	8		(1)		—		—		—		7		—		—
Mortgage loans	93,077		(638)		—		7,535		—		99,974		(794)		—

Funds withheld at interest – embedded derivative	(2,540)		136		—		—		—		(2,404)		—		—
Derivative assets	2		1		—		—		—		3		—		—
Short-term investments	1		—		—		—		—		1		—		—
Other investments	709		—		—		(54)		—		655		—		—
Investments in related parties
AFS securities
Corporate	1,299		14		(28)		(89)		—		1,196		—		(14)
CLO	1,333		—		1		—		—		1,334		—		1
ABS	17,603		(8)		14		4,157		—		21,766		—		7

Trading securities	1,376		(17)		—		(69)		—		1,290		2		—

Mortgage loans	1,557		—		—		(8)		—		1,549		(2)		—
Investment funds	2,310		1		—		—		—		2,311		1		—
Funds withheld at interest – embedded derivative	(381)		34		—		—		—		(347)		—		—

Other investments	341		(8)		—		—		—		333		(8)		—
Reinsurance recoverable	1,851		29		—		40		—		1,920		—		—
Assets of consolidated VIEs
Trading securities	2,411		(21)		—		21		(902)		1,509		(25)		—

Mortgage loans	2,031		14		—		131		(118)		2,058		10		—
Investment funds	288		2		—		—		—		290		2		—

Total Level 3 assets	$	155,078	$	(474)	$	60	$	13,679	$	(5,742)	$	162,601	$	(845)	$	(2)

Liabilities
Interest sensitive contract liabilities
Embedded derivative	$	(13,549)	$	(2,135)	$	—	$	(700)	$	—	$	(16,384)	$	—	$	—
Universal life benefits	(744)		2		—		—		—		(742)		—		—
Future policy benefits
AmerUs Closed Block	(1,061)		7		—		—		—		(1,054)		—		—
ILICO Closed Block and life benefits	(526)		16		—		—		—		(510)		—		—
Derivative liabilities	—		(8)		—		—		—		(8)		—		—
Other liabilities	(143)		(53)		—		22		—		(174)		—		—
Total Level 3 liabilities	$	(16,023)	$	(2,171)	$	—	$	(678)	$	—	$	(18,872)	$	—	$	—

1 Related to instruments held at end of period.

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


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

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

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

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

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

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

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

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

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

1 Related to instruments held at end of period.

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Six months ended June 30, 2026
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets
AFS securities

Foreign governments	$	12	$	—	$	—	$	(1)	$	(11)	$	—	$	—	$	—
Corporate	6,650		1		(106)		938		(2,830)		4,653		(8)		(52)

ABS	22,207		(76)		(137)		4,701		(2,763)		23,932		(96)		(160)
CMBS	41		—		—		(11)		—		30		—		—
RMBS	439		8		—		(66)		—		381		—		2
Trading securities	18		—		—		144		(2)		160		—		—
Equity securities	8		(1)		—		—		—		7		—		—
Mortgage loans	91,918		(1,384)		—		9,440		—		99,974		(1,543)		—

Funds withheld at interest – embedded derivative	(2,409)		5		—		—		—		(2,404)		—		—
Derivative assets	2		1		—		—		—		3		—		—
Short-term investments	—		—		—		1		—		1		—		—
Other investments	761		—		—		(106)		—		655		—		—
Investments in related parties
AFS securities
Corporate	1,597		28		(27)		(402)		—		1,196		—		(16)
CLO	1,333		—		1		—		—		1,334		—		—
ABS	15,277		(6)		(35)		6,524		6		21,766		—		(43)

Trading securities	454		(39)		—		875		—		1,290		(10)		—
Equity securities	266		(4)		—		(262)		—		—		—		—
Mortgage loans	1,486		(7)		—		70		—		1,549		(9)		—
Investment funds	1,318		(8)		—		1,001		—		2,311		(9)		—
Funds withheld at interest – embedded derivative	(356)		9		—		—		—		(347)		—		—

Other investments	344		(11)		—		—		—		333		(12)		—
Reinsurance recoverable	1,911		(55)		—		64		—		1,920		—		—
Assets of consolidated VIEs
Trading securities	2,437		(67)		—		91		(952)		1,509		(63)		—

Mortgage loans	2,140		16		—		20		(118)		2,058		16		—
Investment funds	286		4		—		—		—		290		4		—

Total Level 3 assets	$	148,140	$	(1,586)	$	(304)	$	23,021	$	(6,670)	$	162,601	$	(1,730)	$	(269)

Liabilities
Interest sensitive contract liabilities
Embedded derivative	$	(14,749)	$	(604)	$	—	$	(1,031)	$	—	$	(16,384)	$	—	$	—
Universal life benefits	(766)		24		—		—		—		(742)		—		—
Future policy benefits
AmerUs Closed Block	(1,085)		31		—		—		—		(1,054)		—		—
ILICO Closed Block and life benefits	(530)		20		—		—		—		(510)		—		—
Derivative liabilities	—		(8)		—		—		—		(8)		—		—
Other liabilities	(254)		58		—		22		—		(174)		—		—
Total Level 3 liabilities	$	(17,384)	$	(479)	$	—	$	(1,009)	$	—	$	(18,872)	$	—	$	—

1 Related to instruments held at end of period.

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


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

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

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

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

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

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

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

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

1 Related to instruments held at end of period.

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	Three months ended June 30, 2026
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers in		Transfers out		Net transfers in (out)
Assets
AFS securities

Foreign governments	$	—	$	—	$	—	$	(6)	$	(6)	$	—	$	(11)	$	(11)
Corporate	482		—		(96)		(96)		290		—		(2,114)		(2,114)

ABS	2,299		—		(46)		(515)		1,738		—		(2,597)		(2,597)
CMBS	11		—		—		—		11		—		—		—
RMBS	—		—		—		(34)		(34)		—		—		—
Trading securities	19		—		(2)		(1)		16		—		—		—

Mortgage loans	12,644		—		(287)		(4,822)		7,535		—		—		—




Other investments	—		—		—		(54)		(54)		—		—		—
Investments in related parties
AFS securities
Corporate	5		—		—		(94)		(89)		—		—		—

ABS	6,940		—		(869)		(1,914)		4,157		—		—		—

Trading securities	—		—		—		(69)		(69)		—		—		—

Mortgage loans	102		—		—		(110)		(8)		—		—		—




Reinsurance recoverable	—		47		—		(7)		40		—		—		—
Assets of consolidated VIEs
Trading securities	49		—		(28)		—		21		—		(902)		(902)

Mortgage loans	282		—		(22)		(129)		131		—		(118)		(118)


Total Level 3 assets	$	22,833	$	47	$	(1,350)	$	(7,851)	$	13,679	$	—	$	(5,742)	$	(5,742)

Liabilities

Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,001)	$	—	$	301	$	(700)	$	—	$	—	$	—





Other liabilities	—		—		—		22		22		—		—		—
Total Level 3 liabilities	$	—	$	(1,001)	$	—	$	323	$	(678)	$	—	$	—	$	—

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


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

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

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

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



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

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

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

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



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

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

Liabilities

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






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

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Six months ended June 30, 2026
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers in		Transfers out		Net transfers in (out)
Assets
AFS securities

Foreign governments	$	5	$	—	$	—	$	(6)	$	(1)	$	—	$	(11)	$	(11)
Corporate	1,379		—		(237)		(204)		938		—		(2,830)		(2,830)

ABS	5,740		—		(77)		(962)		4,701		—		(2,763)		(2,763)
CMBS	11		—		(22)		—		(11)		—		—		—
RMBS	—		—		—		(66)		(66)		—		—		—
Trading securities	148		—		(2)		(2)		144		—		(2)		(2)

Mortgage loans	19,158		—		(317)		(9,401)		9,440		—		—		—



Short-term investments	2		—		—		(1)		1		—		—		—
Other investments	—		—		—		(106)		(106)		—		—		—
Investments in related parties
AFS securities
Corporate	9		—		—		(411)		(402)		—		—		—

ABS	11,705		—		(951)		(4,230)		6,524		6		—		6

Trading securities	947		—		—		(72)		875		—		—		—
Equity securities	—		—		—		(262)		(262)		—		—		—
Mortgage loans	223		—		—		(153)		70		—		—		—
Investment funds	1,006		—		(5)		—		1,001		—		—		—



Reinsurance recoverable	—		77		—		(13)		64		—		—		—
Assets of consolidated VIEs
Trading securities	195		—		(104)		—		91		—		(952)		(952)

Mortgage loans	347		—		(64)		(263)		20		—		(118)		(118)


Total Level 3 assets	$	40,875	$	77	$	(1,779)	$	(16,152)	$	23,021	$	6	$	(6,676)	$	(6,670)

Liabilities

Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,618)	$	—	$	587	$	(1,031)	$	—	$	—	$	—





Other liabilities	—		—		—		22		22		—		—		—
Total Level 3 liabilities	$	—	$	(1,618)	$	—	$	609	$	(1,009)	$	—	$	—	$	—

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


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

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

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


Short-term investments	12		—		—		(168)		(156)		—		(1)		(1)

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

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

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



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

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

Liabilities

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





Other liabilities	—		—		—		1		1		—		—		—

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

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

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

Mortgage loans – We use discounted cash flow models from independent commercial pricing services to calculate the fair value of our mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations. For mortgage loans that we have entered into an agreement to sell at a specified price, the fair value is based on the estimated proceeds of the sale.

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

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

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

The following summarizes our significant unobservable inputs:


	June 30, 2026
(In millions, except percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
AFS, trading and equity securities	$	37,251	Discounted cash flow	Discount rate	3.2	%	23.5	%	6.7	%	1	Decrease
Mortgage loans	103,581		Discounted cash flow	Discount rate	1.4	%	35.0	%	6.8	%	1	Decrease

Investment funds	2,311		Discounted cash flow	Discount rate	14.0	%	14.0	%	14.0	%	1	Decrease
	290		Recoverability	Estimated proceeds	N/A		N/A		N/A			N/A


Interest sensitive contract liabilities –indexed annuities embedded derivatives	16,384		Discounted cash flow	Nonperformance risk	0.3	%	1.1	%	0.7	%	2	Decrease
				Option budget	0.5	%	5.9	%	3.3	%	3	Increase
				Surrender rate	6.3	%	13.4	%	9.8	%	3	Decrease

	December 31, 2025
(In millions, except percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
AFS, trading and equity securities	$	32,312	Discounted cash flow	Discount rate	2.8	%	22.9	%	6.4	%	1	Decrease
Mortgage loans	95,524		Discounted cash flow	Discount rate	1.0	%	31.5	%	6.5	%	1	Decrease
	20		Recoverability	Estimated proceeds	N/A		N/A		N/A			N/A
Investment funds	1,313		Discounted cash flow	Discount rate	13.0	%	14.0	%	13.1	%	1	Decrease

	286		Recoverability	Estimated proceeds	N/A		N/A		N/A			N/A
	5		Reported net asset value	Reported net asset value	N/A		N/A		N/A			N/A
Interest sensitive contract liabilities –indexed annuities embedded derivatives	14,749		Discounted cash flow	Nonperformance risk	0.4	%	1.0	%	0.6	%	2	Decrease
				Option budget	0.5	%	5.9	%	3.1	%	3	Increase
				Surrender rate	6.0	%	14.2	%	9.6	%	3	Decrease

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	June 30, 2026
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets
Investment funds	$	276	$	276	$	276	$	—	$	—	$	—
Policy loans	293		293		—		—		293		—
Funds withheld at interest	16,191		16,191		—		—		—		16,191
Short-term investments	125		125		—		—		—		125
Other investments	57		47		—		—		—		47
Investments in related parties
Investment funds	932		932		932		—		—		—
Funds withheld at interest	4,149		4,149		—		—		—		4,149
Short-term investments	18		18		—		—		18		—





Total financial assets not carried at fair value	$	22,041	$	22,031	$	1,208	$	—	$	311	$	20,512

Financial liabilities
Interest sensitive contract liabilities	$	283,553	$	276,856	$	—	$	—	$	—	$	276,856
Debt	7,832		7,273		—		564		6,709		—
Securities to repurchase	3,244		3,244		—		—		3,244		—
Funds withheld liability	6,814		6,814		—		—		—		6,814
Total financial liabilities not carried at fair value	$	301,443	$	294,187	$	—	$	564	$	9,953	$	283,670


	December 31, 2025
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets
Investment funds	$	108	$	108	$	108	$	—	$	—	$	—
Policy loans	301		301		—		—		301		—
Funds withheld at interest	17,822		17,822		—		—		—		17,822
Short-term investments	1,049		1,049		—		—		907		142
Other investments	57		67		—		—		—		67
Investments in related parties
Investment funds	831		831		831		—		—		—
Funds withheld at interest	4,571		4,571		—		—		—		4,571
Short-term investments	18		18		—		—		18		—


Total financial assets not carried at fair value	$	24,757	$	24,767	$	939	$	—	$	1,226	$	22,602

Financial liabilities
Interest sensitive contract liabilities	$	257,022	$	254,089	$	—	$	—	$	—	$	254,089

Debt	7,848		7,498		—		576		6,922		—
Securities to repurchase	6,043		6,043		—		—		6,043		—
Funds withheld liability	5,946		5,946		—		—		—		5,946
Total financial liabilities not carried at fair value	$	276,859	$	273,576	$	—	$	576	$	12,965	$	260,035

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

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

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

The following represents a rollforward of deferred acquisition costs (DAC) and deferred sales inducement (DSI) by product, and a rollforward of value of business acquired (VOBA). See Note 7 – Long-duration Contracts for more information on our products.


	Six months ended June 30, 2026
	DAC								DSI		VOBA		Total DAC, DSI and VOBA
(In millions)	Traditional deferred annuities		Indexed annuities		Funding agreements		Other investment-type and other		Indexed annuities
Balance at December 31, 2025	$	1,471	$	3,135	$	66	$	25	$	2,111	$	1,826	$	8,634
Additions	366		511		14		48		394		—		1,333
Amortization	(219)		(174)		(15)		(3)		(124)		(152)		(687)
Other	(1)		—		—		—		—		—		(1)
Balance at June 30, 2026	$	1,617	$	3,472	$	65	$	70	$	2,381	$	1,674	$	9,279


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

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

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

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

7. Long-duration Contracts

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

▪traditional deferred annuities (which include individual and group deferred annuities);

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

▪funding agreements; and

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

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


	Six months ended June 30, 2026
(In millions, except percentages)	Traditional deferred annuities			Indexed annuities			Funding agreements			Other investment-type			Total
Balance at December 31, 2025	$	109,201		$	105,317		$	85,555		$	8,821		$	308,894
Deposits	17,694			8,656			14,249			1,433			42,032
Policy charges	(1)			(426)			—			—			(427)
Surrenders and withdrawals	(4,402)			(5,830)			(47)			(52)			(10,331)
Benefit payments	(747)			(811)			(7,020)			(133)			(8,711)
Interest credited	2,644			2,329			1,900			133			7,006
Foreign exchange	(156)			—			(312)			(177)			(645)
Other	—			—			(318)			(64)			(382)
Balance at June 30, 2026	$	124,233		$	109,235		$	94,007		$	9,961		$	337,436

Weighted average crediting rate	4.7		%	2.8		%	4.5		%	3.1		%
Net amount at risk	$	423		$	18,262		$	—		$	15
Cash surrender value	116,670			101,270			—			6,777


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

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

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


	June 30,
(In millions)	2026		2025
Traditional deferred annuities	$	124,233	$	100,836
Indexed annuities	109,235		101,322

Funding agreements	94,007		75,228
Other investment-type	9,961		8,856

Reconciling items1	7,157		5,996
Interest sensitive contract liabilities	$	344,593	$	292,238

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

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	June 30, 2026
(In millions)	At guaranteed minimum		1 basis point – 100 basis points above guaranteed minimum		Greater than 100 basis points above guaranteed minimum		Total
Traditional deferred annuities
< 2.0%	$	4,884	$	1,582	$	101,354	$	107,820
2.0% – < 4.0%	5,317		467		6,080		11,864
4.0% – < 6.0%	4,544		1		1		4,546
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	14,748	$	2,050	$	107,435	$	124,233



Indexed annuities
< 2.0%	$	1,383	$	974	$	3,610	$	5,967
2.0% – < 4.0%	3,395		194		—		3,589


Total indexed annuities with GMCR	4,778		1,168		3,610		9,556
Other1							99,679
Total indexed annuities							$	109,235




























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


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



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


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




























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

Table of Contents

ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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


	Six months ended June 30, 2026
(In millions, except percentages and years)	Payout annuities with life contingencies			Whole life			Total
Present value of expected net premiums
Beginning balance, present value of expected net premiums	$	—		$	1,402		$	1,402
Effect of changes in discount rate assumptions	—			(25)			(25)
Effect of foreign exchange on the change in discount rate assumptions	—			1			1
Beginning balance at original discount rate	—			1,378			1,378

Effect of actual to expected experience	—			(8)			(8)
Adjusted balance	—			1,370			1,370
Issuances	—			7			7
Interest accrual	—			25			25
Net premium collected	—			(161)			(161)
Foreign exchange	—			(25)			(25)

Ending balance at original discount rate	—			1,216			1,216

Effect of foreign exchange on the change in discount rate assumptions	—			(1)			(1)
Ending balance, present value of expected net premiums	$	—		$	1,215		$	1,215
Present value of expected future policy benefits
Beginning balance, present value of expected future policy benefits	$	42,058		$	3,795		$	45,853
Effect of changes in discount rate assumptions	5,941			1,036			6,977
Effect of foreign exchange on the change in discount rate assumptions	21			(47)			(26)
Beginning balance at original discount rate	48,020			4,784			52,804

Effect of actual to expected experience	(49)			34			(15)
Adjusted balance	47,971			4,818			52,789
Issuances	273			7			280
Interest accrual	861			84			945
Benefit payments	(2,158)			(202)			(2,360)
Foreign exchange	(13)			(110)			(123)

Ending balance at original discount rate	46,934			4,597			51,531
Effect of changes in discount rate assumptions	(6,531)			(1,181)			(7,712)
Effect of foreign exchange on the change in discount rate assumptions	(15)			87			72
Ending balance, present value of expected future policy benefits	40,388			3,503			43,891
Less: Present value of expected net premiums	—			1,215			1,215
Net future policy benefits	40,388			2,288			42,676
Less: Reinsurance recoverable	—			5			5
Net future policy benefits, net of reinsurance	$	40,388		$	2,283		$	42,671

Weighted-average liability duration (in years)	9.2			19.5
Weighted-average interest accretion rate	3.7		%	5.2		%
Weighted-average current discount rate	5.5		%	6.5		%
Expected future gross premiums, undiscounted	$	—		$	1,715
Expected future gross premiums, discounted1	—			1,380
Expected future benefit payments, undiscounted	69,045			10,554

1 Discounted at the original discount rate.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


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

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

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

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

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

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

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


1 Discounted at the original discount rate.

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


	June 30,
(In millions)	2026		2025
Payout annuities with life contingencies	$	40,388	$	41,926
Whole life	2,288		1,729
Reconciling items1	5,565		5,745
Future policy benefits	$	48,241	$	49,400

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

Premiums

Form: 10-Q

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