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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2025

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

TABLE OF CONTENTS

PART I—FINANCIAL INFORMATION


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 Risks	109
Item 4.	Controls and Procedures	110

PART II—OTHER INFORMATION


Item 1.	Legal Proceedings	111
Item 1A.	Risk Factors	111
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	111


Item 5.	Other Information	111
Item 6.	Exhibits	111
Exhibit Index		112
Signatures		113

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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, 2024 (2024 Annual Report). Factors that could cause actual results or conditions to differ from those reflected in the forward-looking statements contained in this report include:

•the accuracy of management’s assumptions and estimates;

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

•interest rate and/or foreign currency fluctuations;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

•adverse changes in tax law;

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

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

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

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

GLOSSARY OF SELECTED TERMS

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

Entities


Term or Acronym						Definition
AAA						Apollo Aligned Alternatives Aggregator, LP
AAIA						Athene Annuity and Life Company
AAM						Apollo Asset Management, Inc.
AARe						Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ACRA						ACRA 1 and ACRA 2
ACRA 1						Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries

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

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

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Certain Terms & Acronyms


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

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

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Item 1. Financial Statements

Index to Condensed Consolidated Financial Statements (unaudited)


Condensed Consolidated Balance Sheets (unaudited)		8

Condensed Consolidated Statements of Income (unaudited)		10

Condensed Consolidated Statements of Comprehensive Income (unaudited)		11

Condensed Consolidated Statements of Equity (unaudited)		12

Condensed Consolidated Statements of Cash Flows (unaudited)		14

Notes to Condensed Consolidated Financial Statements (unaudited)		16

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

	Note 2. Investments	18

	Note 3. Derivative Instruments	26

	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 11. Related Parties	58

	Note 12. Commitments and Contingencies	61

	Note 13. Segment Information	62

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ATHENE HOLDING LTD.

Condensed Consolidated Balance Sheets (Unaudited)


(In millions)	September 30, 2025		December 31, 2024
Assets
Investments
Available-for-sale securities, at fair value (amortized cost: 2025 – $203,087 and 2024 – $180,716; allowance for credit losses: 2025 – $782 and 2024 – $708)	$	194,021	$	165,364
Trading securities, at fair value	5,352		1,583
Equity securities, at fair value	1,042		1,290
Mortgage loans, at fair value	81,891		63,239
Investment funds	111		107
Policy loans	304		318
Funds withheld at interest (portion at fair value: 2025 – $(2,473) and 2024 – $(3,035))	16,388		18,866
Derivative assets	8,884		8,154
Short-term investments (portion at fair value: 2025 – $22 and 2024 – $255)	187		447
Other investments (portion at fair value: 2025 – $1,823 and 2024 – $1,606)	4,178		2,915
Total investments	312,358		262,283
Cash and cash equivalents	14,183		12,733
Restricted cash	2,767		943
Investments in related parties
Available-for-sale securities, at fair value (amortized cost: 2025 – $25,024 and 2024 – $19,531; allowance for credit losses: 2025 – $1 and 2024 – $1)	25,054		19,127
Trading securities, at fair value	411		573
Equity securities, at fair value	265		234
Mortgage loans, at fair value	1,375		1,297
Investment funds (portion at fair value: 2025 – $1,306 and 2024 – $1,139)	2,135		1,853
Funds withheld at interest (portion at fair value: 2025 – $(405) and 2024 – $(615))	4,428		5,050
Short-term investments	18		743
Other investments, at fair value	345		331
Accrued investment income (related party: 2025 – $215 and 2024 – $193)	3,735		2,816
Reinsurance recoverable (related party: 2025 – $5,907 and 2024 – $4,309; portion at fair value: 2025 – $1,901 and 2024 – $1,661)	9,948		8,194
Deferred acquisition costs, deferred sales inducements and value of business acquired	8,370		7,173
Goodwill	4,072		4,063
Other assets (related party: 2025 – $281 and 2024 – $203)	12,078		11,253
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value (related party: 2025 – $935 and 2024 – $711)	2,897		2,301

Mortgage loans, at fair value (related party: 2025 – $1 and 2024 – $384)	2,080		2,579
Investment funds, at fair value (related party: 2025 – $20,295 and 2024 – $16,986)	20,581		17,765
Other investments (related party: 2025 – $87 and 2024 – $86; portion at fair value: 2025 – $664 and 2024 – $107)	1,506		884
Cash and cash equivalents (restricted cash: 2025 – $17 and 2024 – $10)	1,016		583
Other assets	293		565
Total assets	$	429,915	$	363,343

(Continued)

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Balance Sheets (Unaudited)


(In millions)	September 30, 2025		December 31, 2024
Liabilities and Equity
Liabilities
Interest sensitive contract liabilities (related party: 2025 – $5,695 and 2024 – $6,678; portion at fair value: 2025 – $15,076 and 2024 – $11,984)	$	309,737	$	253,637
Future policy benefits (related party: 2025 – $32 and 2024 – $25; portion at fair value: 2025 – $1,650 and 2024 – $1,640)	49,006		49,902
Market risk benefits (related party: 2025 – $287 and 2024 – $239)	4,835		4,028
Debt	7,856		6,309
Derivative liabilities	4,853		3,556
Payables for collateral on derivatives and securities to repurchase	9,066		11,652
Other liabilities (related party: 2025 – $6,202 and 2024 – $4,707)	9,821		6,745
Liabilities of consolidated variable interest entities (related party: 2025 – $190 and 2024 – $374)	1,700		1,640
Total liabilities	396,874		337,469
Commitments and Contingencies (Note 12)
Equity
Preferred stock	—		—
Common stock	—		—
Additional paid-in capital	19,187		19,588
Retained earnings	3,710		2,237
Accumulated other comprehensive loss (related party: 2025 – $(100) and 2024 – $(245))	(2,486)		(5,465)
Total Athene Holding Ltd. stockholders’ equity	20,411		16,360
Noncontrolling interests	12,630		9,514
Total equity	33,041		25,874
Total liabilities and equity	$	429,915	$	363,343

(Concluded)

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Income (Unaudited)


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2025		2024		2025		2024
Revenues
Premiums	$	117	$	389	$	351	$	1,163
Product charges	292		267		831		756
Net investment income (related party investment income of $497 and $482 for the three months ended and $1,502 and $1,295 for the nine months ended September 30, 2025 and 2024, respectively; and related party investment expense of $364 and $327 for the three months ended and $1,118 and $920 for the nine months ended September 30, 2025 and 2024, respectively)	4,672		3,777		13,092		10,578
Investment related gains (losses) (related party of $(36) and $144 for the three months ended and $8 and $78 for the nine months ended September 30, 2025 and 2024, respectively)	2,254		1,539		1,421		3,082
Other revenues	6		4		16		9
Revenues of consolidated variable interest entities
Net investment income (related party of $15 and $(5) for the three months ended and $49 and $13 for the nine months ended September 30, 2025 and 2024, respectively)	92		77		249		210
Investment related gains (losses) (related party of $498 and $421 for the three months ended and $1,492 and $1,118 for the nine months ended September 30, 2025 and 2024, respectively)	565		469		1,583		1,109
Total revenues	7,998		6,522		17,543		16,907
Benefits and expenses
Interest sensitive contract benefits (related party of $(74) and $(52) for the three months ended and $(168) and $(44) for the nine months ended September 30, 2025 and 2024, respectively)	4,164		2,599		9,086		7,307
Future policy and other policy benefits (related party of $5 and $5 for the three months ended and $15 and $19 for the nine months ended September 30, 2025 and 2024, respectively; and remeasurement (gains) losses of $52 and $(111) for the three months ended and $(8) and $(104) for the nine months ended September 30, 2025 and 2024, respectively)	613		793		1,681		2,431
Market risk benefits remeasurement (gains) losses (related party of $11 and $12 for the three months ended and $23 and $(3) for the nine months ended September 30, 2025 and 2024, respectively)	131		524		405		354
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	355		244		914		678
Policy and other operating expenses (related party of $67 and $15 for the three months ended and $211 and $16 for the nine months ended September 30, 2025 and 2024, respectively)	591		687		1,727		1,653
Total benefits and expenses	5,854		4,847		13,813		12,423
Income before income taxes	2,144		1,675		3,730		4,484
Income tax expense	266		191		407		659
Net income	1,878		1,484		3,323		3,825
Less: Net income attributable to noncontrolling interests	619		859		1,135		1,379
Net income attributable to Athene Holding Ltd. stockholders	1,259		625		2,188		2,446
Less: Preferred stock dividends	36		45		126		136
Add: Preferred stock redemption	—		—		84		—
Net income available to Athene Holding Ltd. common stockholder	$	1,223	$	580	$	2,146	$	2,310

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2025		2024		2025		2024
Net income	$	1,878	$	1,484	$	3,323	$	3,825
Other comprehensive income, before tax
Unrealized investment gains (losses) on available-for-sale securities	2,059		5,476		4,947		3,760
Unrealized gains (losses) on hedging instruments	67		221		288		229
Remeasurement gains (losses) on future policy benefits related to discount rate	(235)		(2,263)		(808)		(832)
Remeasurement gains (losses) on market risk benefits related to credit risk	(113)		(93)		(132)		(87)
Foreign currency translation and other adjustments	(36)		36		78		15
Other comprehensive income, before tax	1,742		3,377		4,373		3,085
Income tax expense related to other comprehensive income	356		680		889		632
Other comprehensive income	1,386		2,697		3,484		2,453
Comprehensive income	3,264		4,181		6,807		6,278
Less: Comprehensive income attributable to noncontrolling interests	803		1,214		1,640		1,730
Comprehensive income attributable to Athene Holding Ltd. stockholders	$	2,461	$	2,967	$	5,167	$	4,548

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Equity (Unaudited)


	Three months ended
(In millions)	Preferred stock		Common stock		Additional paid-in capital		Retained earnings (accumulated deficit)		Accumulated other comprehensive income (loss)		Total Athene Holding Ltd. stockholders’ equity		Noncontrolling interests		Total equity
Balance at June 30, 2025	$	—	$	—	$	19,161	$	2,675	$	(3,688)	$	18,148	$	11,056	$	29,204
Net income	—		—		—		1,259		—		1,259		619		1,878
Other comprehensive income	—		—		—		—		1,202		1,202		184		1,386


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

Preferred stock dividends	—		—		—		(36)		—		(36)		—		(36)
Common stock dividends	—		—		—		(188)		—		(188)		—		(188)

Contribution from parent	—		—		15		—		—		15		—		15
Contributions from noncontrolling interests	—		—		—		—		—		—		158		158
Distributions to noncontrolling interests	—		—		—		—		—		—		(64)		(64)
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other	—		—		—		—		—		—		677		677

Balance at September 30, 2025	$	—	$	—	$	19,187	$	3,710	$	(2,486)	$	20,411	$	12,630	$	33,041


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


Net income	—		—		—		625		—		625		859		1,484
Other comprehensive income	—		—		—		—		2,342		2,342		355		2,697


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

Preferred stock dividends	—		—		—		(45)		—		(45)		—		(45)
Common stock dividends	—		—		—		(499)		—		(499)		—		(499)
Contribution from parent	—		—		13		—		—		13		—		13

Contributions from noncontrolling interests	—		—		—		—		—		—		126		126
Distributions to noncontrolling interests	—		—		—		—		—		—		(95)		(95)
Distributions to noncontrolling interests of consolidated variable interest entities, net of contributions and other	—		—		—		—		—		—		(919)		(919)

Subsidiary issuance of equity interests and other			—		—		—		—		—		6		6
Balance at September 30, 2024	$	—	$	—	$	19,567	$	1,345	$	(3,467)	$	17,445	$	9,666	$	27,111

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Equity (Unaudited)


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

Net income	—		—		—		2,188		—		2,188		1,135		3,323
Other comprehensive income	—		—		—		—		2,979		2,979		505		3,484


Stock-based compensation allocation from parent	—		—		27		—		—		27		—		27
Redemption of preferred stock	—		—		(684)		84		—		(600)		—		(600)
Preferred stock dividends	—		—		—		(126)		—		(126)		—		(126)
Common stock dividends	—		—		—		(563)		—		(563)		—		(563)

Contributions from (distribution to) parent	—		—		256		(110)		—		146		—		146
Contributions from noncontrolling interests	—		—		—		—		—		—		284		284
Distributions to noncontrolling interests	—		—		—		—		—		—		(254)		(254)
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other	—		—		—		—		—		—		1,446		1,446

Balance at September 30, 2025	$	—	$	—	$	19,187	$	3,710	$	(2,486)	$	20,411	$	12,630	$	33,041


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


Net income	—		—		—		2,446		—		2,446		1,379		3,825
Other comprehensive income	—		—		—		—		2,102		2,102		351		2,453


Stock-based compensation allocation from parent	—		—		32		—		—		32		—		32

Preferred stock dividends	—		—		—		(136)		—		(136)		—		(136)
Common stock dividends	—		—		—		(873)		—		(873)		—		(873)
Contributions from parent	—		—		36		—		—		36		—		36

Contributions from noncontrolling interests	—		—		—		—		—		—		831		831
Distributions to noncontrolling interests	—		—		—		—		—		—		(603)		(603)
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other	—		—		—		—		—		—		305		305

Subsidiary issuance of equity interests and other	—		—		—		—		—		—		6		6
Balance at September 30, 2024	$	—	$	—	$	19,567	$	1,345	$	(3,467)	$	17,445	$	9,666	$	27,111

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Nine months ended September 30,
(In millions)	2025		2024
Cash flows from operating activities
Net income	$	3,323	$	3,825
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	914		678
Net accretion of net investment premiums, discounts and other	(135)		(47)


Net investment income (related party: 2025 – $(231) and 2024 – $(22))	(183)		(100)
Net recognized gains on investments and derivatives (related party: 2025 – $(2,066) and 2024 – $(1,194))	(2,669)		(3,558)
Policy acquisition costs deferred	(1,493)		(1,191)
Changes in operating assets and liabilities:
Accrued investment income	(919)		(762)
Interest sensitive contract liabilities (related party: 2025 – $54 and 2024 – $68)	5,867		4,948
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2025 – $(199) and 2024 – $(125))	(1,520)		(1,135)
Funds withheld assets (related party: 2025 – $(215) and 2024 – $(290))	(1,346)		(1,933)
Other assets and liabilities	279		765
Net cash provided by operating activities	2,118		1,490


Cash flows from investing activities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2025 – $4,251 and 2024 – $4,778)	43,678		33,603
Trading securities (related party: 2025 – $330 and 2024 – $266)	1,784		482
Equity securities (related party: 2025 – $0 and 2024 – $62)	459		394
Mortgage loans (related party: 2025 – $484 and 2024 – $63)	9,882		5,691
Investment funds (related party: 2025 – $344 and 2024 – $93)	845		109
Derivative instruments and other investments	2,658		2,533
Short-term investments (related party: 2025 – $967 and 2024 – $1,281)	1,378		2,240
Purchases of:
Available-for-sale securities (related party: 2025 – $(9,160) and 2024 – $(8,156))	(71,351)		(63,102)
Trading securities (related party: 2025 – $(405) and 2024 – $(80))	(5,389)		(417)
Equity securities	(376)		(625)
Mortgage loans	(25,977)		(19,319)
Investment funds (related party: 2025 – $(2,127) and 2024 – $(1,452))	(2,137)		(1,745)
Derivative instruments and other investments	(4,973)		(2,845)
Short-term investments (related party: 2025 – $(241) and 2024 – $(1,144))	(394)		(2,360)

Other investing activities, net	(391)		(47)
Net cash used in investing activities	(50,304)		(45,408)

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

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ATHENE HOLDING LTD.

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Nine months ended September 30,
(In millions)	2025		2024
Cash flows from financing activities
Deposits on investment-type policies and contracts	$	69,269	$	57,013
Withdrawals on investment-type policies and contracts (related party: 2025 – $(206) and 2024 – $(314))	(16,821)		(16,054)





Proceeds from debt	1,591		1,569
Capital contributions from parent	211		—
Capital contributions from noncontrolling interests	284		831
Capital contributions from noncontrolling interests of consolidated variable interest entities	1,641		1,555
Capital distributions to noncontrolling interests	(254)		(603)

Net change in cash collateral posted for derivative transactions and securities to repurchase	(2,586)		416

Preferred stock dividends	(126)		(181)
Common stock dividends	(563)		(374)
Redemption of preferred stock	(600)		—
Other financing activities, net	(166)		(280)
Net cash provided by financing activities	51,880		43,892
Effect of exchange rate changes on cash and cash equivalents	13		3
Net increase (decrease) in cash and cash equivalents	3,707		(23)
Cash and cash equivalents at beginning of year1	14,259		14,879
Cash and cash equivalents at end of period1	$	17,966	$	14,856

Supplementary information
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2025 – $(1,423) and 2024 – $(3,201))	$	(1,388)	$	(3,152)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2025 – $752 and 2024 – $1,267)	4,402		6,092
Investments received from settlements on related party reinsurance agreements	—		48

Investments received from pension group annuity premiums	—		521







Investments distributed as common stock dividends	—		499
Distribution of investments to noncontrolling interests of consolidated variable interest entities	—		1,107


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

(Concluded)

See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Significant Accounting Policies

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

We conduct business primarily through the following consolidated subsidiaries:

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

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

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

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

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

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

Summary of Significant Accounting Policies

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

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

Recently Issued Accounting Pronouncements

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

The amendments in this update refine the scope of derivatives in Topic 815 by excluding certain non-exchange-traded contracts for which settlement is based on operations or activities specific to a party, unless settlement involves a market-based variable or a financial instrument. The updates also clarify that share-based noncash consideration from a customer in a revenue contract should be accounted for under Topic 606 until the entity’s right to receive or retain the consideration becomes unconditional. The updates are effective for annual periods beginning after December 15, 2026; early adoption is permitted. We are evaluating the impact of this guidance on our consolidated financial statements.

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

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

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

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

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

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

The amendments in this update revise certain disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state and foreign taxes. The guidance is effective for us for annual periods beginning in 2025. We are evaluating the impact of this guidance and plan to include updated financial statement disclosures in our consolidated financial statements for the year ended December 31, 2025.

Adopted Accounting Pronouncements

Compensation – Stock Compensation (ASU 2024-01)

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

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

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

2. Investments

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

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


	September 30, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
US government and agencies	$	14,459	$	—	$	141	$	(1,100)	$	13,500
US state, municipal and political subdivisions	1,043		—		—		(211)		832
Foreign governments	2,244		—		40		(544)		1,740
Corporate	101,132		(151)		1,530		(9,001)		93,510
CLO	29,252		—		781		(81)		29,952
ABS	30,437		(160)		745		(422)		30,600
CMBS	13,607		(67)		126		(347)		13,319
RMBS	10,913		(404)		351		(292)		10,568
Total AFS securities	203,087		(782)		3,714		(11,998)		194,021
AFS securities – related parties
Corporate	2,662		—		60		(31)		2,691
CLO	7,227		—		147		(8)		7,366
ABS	14,973		(1)		48		(184)		14,836
CMBS	162		—		—		(1)		161
Total AFS securities – related parties	25,024		(1)		255		(224)		25,054
Total AFS securities, including related parties	$	228,111	$	(783)	$	3,969	$	(12,222)	$	219,075


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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	September 30, 2025
(In millions)	Amortized Cost		Fair Value
AFS securities
Due in one year or less	$	2,262	$	2,241
Due after one year through five years	23,049		23,141
Due after five years through ten years	27,734		26,909
Due after ten years	65,833		57,291
CLO, ABS, CMBS and RMBS	84,209		84,439
Total AFS securities	203,087		194,021
AFS securities – related parties

Due after one year through five years	1,141		1,155
Due after five years through ten years	821		830
Due after ten years	700		706
CLO, ABS and CMBS	22,362		22,363
Total AFS securities – related parties	25,024		25,054
Total AFS securities, including related parties	$	228,111	$	219,075

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

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


	September 30, 2025
	Less than 12 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	$	2,624	$	(35)	$	3,796	$	(1,065)	$	6,420	$	(1,100)
US state, municipal and political subdivisions	41		(2)		766		(209)		807		(211)
Foreign governments	100		(7)		1,404		(537)		1,504		(544)
Corporate	9,873		(276)		39,948		(8,685)		49,821		(8,961)
CLO	4,859		(14)		1,545		(64)		6,404		(78)
ABS	5,847		(152)		2,624		(210)		8,471		(362)
CMBS	2,100		(42)		1,523		(221)		3,623		(263)
RMBS	340		(5)		1,065		(110)		1,405		(115)
Total AFS securities	25,784		(533)		52,671		(11,101)		78,455		(11,634)
AFS securities – related parties
Corporate	386		(3)		373		(16)		759		(19)
CLO	1,987		(6)		158		(2)		2,145		(8)
ABS	2,306		(7)		2,669		(160)		4,975		(167)
CMBS	59		(1)		8		—		67		(1)
Total AFS securities – related parties	4,738		(17)		3,208		(178)		7,946		(195)
Total AFS securities, including related parties	$	30,522	$	(550)	$	55,879	$	(11,279)	$	86,401	$	(11,829)

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


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

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


	September 30, 2025
	Unrealized loss position	Unrealized loss position 12 months or more
AFS securities	6,278	5,383
AFS securities – related parties	151	72

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

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


	Three months ended September 30, 2025
			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	$	—		$	(22)	$	(1)	$	151

ABS	130		—			—		30		160
CMBS	62		2			—		3		67
RMBS	394		2			(3)		11		404
Total AFS securities	760		4			(25)		43		782



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


Total AFS securities, including related parties	$	761	$	4		$	(25)	$	43	$	783

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Three months ended September 30, 2024
			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	$	168	$	—		$	—	$	—	$	168
CLO	—		1			—		—		1
ABS	67		13			(14)		8		74
CMBS	57		1			—		(1)		57
RMBS	378		5			(4)		(2)		377
Total AFS securities	670		20			(18)		5		677



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

Total AFS securities, including related parties	$	671	$	20		$	(18)	$	5	$	678


	Nine months ended September 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	$	—		$	(22)	$	(2)	$	151

ABS	76		40			(3)		47		160
CMBS	60		2			—		5		67
RMBS	397		7			(13)		13		404
Total AFS securities	708		49			(38)		63		782



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

Total AFS securities, including related parties	$	709	$	49		$	(38)	$	63	$	783


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



Corporate	$	129	$	48		$	(8)	$	(1)	$	168
CLO	2		1			—		(2)		1
ABS	49		25			(15)		15		74
CMBS	29		27			—		1		57
RMBS	381		10			(14)		—		377
Total AFS securities	590		111			(37)		13		677



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

Total AFS securities, including related parties	$	591	$	111		$	(37)	$	13	$	678

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2025		2024		2025		2024
AFS securities	$	3,029	$	2,520	$	8,584	$	6,997
Trading securities	90		40		198		125
Equity securities	18		19		62		65
Mortgage loans	1,397		1,007		3,782		2,711
Investment funds	37		42		206		36
Funds withheld at interest	232		279		741		1,001
Other	268		218		729		621
Investment revenue	5,071		4,125		14,302		11,556
Investment expenses	(399)		(348)		(1,210)		(978)
Net investment income	$	4,672	$	3,777	$	13,092	$	10,578

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


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2025		2024		2025		2024
AFS securities1
Gross realized gains on investment activity	$	199	$	744	$	2,432	$	936
Gross realized losses on investment activity	(339)		(237)		(717)		(802)
Net realized investment gains (losses) on AFS securities	(140)		507		1,715		134
Net recognized investment gains on trading securities	44		119		385		21
Net recognized investment gains on equity securities	11		38		62		65
Net recognized investment gains on mortgage loans	204		1,139		2,003		874
Derivative gains (losses)	1,633		1,608		(954)		2,486
Provision for credit losses	(19)		(14)		(83)		(114)
Other gains (losses)	521		(1,858)		(1,707)		(384)
Investment related gains (losses)	$	2,254	$	1,539	$	1,421	$	3,082

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

Proceeds from sales of AFS securities were $9,177 million and $8,539 million for the three months ended September 30, 2025 and 2024, respectively, and $23,987 million and $19,305 million for the nine months ended September 30, 2025 and 2024, respectively.

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


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2025		2024		2025		2024
Trading securities	$	73	$	82	$	209	$	40
Equity securities	11		38		46		58

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


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

Less than 30 days	$	75	$	2,752
30 – 90 days	—		300
91 days to 1 year	—		1,095
Greater than 1 year	2,747		1,569
Payables for repurchase agreements	$	2,822	$	5,716

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


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

Foreign governments	241		185		159		107
Corporate	1,876		1,690		1,877		1,573
CLO	587		587		587		588
ABS	601		569		596		552

RMBS	—		—		369		365

Total securities pledged under repurchase agreements	$	3,305	$	3,031	$	6,841	$	5,878

Reverse Repurchase Agreements—As of September 30, 2025 and December 31, 2024, amounts loaned under reverse repurchase agreements were $183 million and $935 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities, was $1,014 million and $2,208 million, respectively.

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


(In millions)	September 30, 2025		December 31, 2024
Commercial mortgage loans	$	37,138	$	32,544
Commercial mortgage loans under development	2,031		1,987
Total commercial mortgage loans	39,169		34,531
Mark to fair value	(1,730)		(2,099)
Commercial mortgage loans	37,439		32,432
Residential mortgage loans	47,318		35,223
Mark to fair value	589		(540)
Residential mortgage loans	47,907		34,683
Mortgage loans	$	85,346	$	67,115

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	September 30, 2025				December 31, 2024
(In millions, except percentages)	Fair Value		Percentage of Total		Fair Value		Percentage of Total
Property type
Apartment	$	14,906	39.8	%	$	11,746	36.2	%
Industrial	8,244		22.0	%	6,793		21.0	%
Office building	4,529		12.1	%	4,162		12.8	%
Hotels	2,865		7.7	%	2,786		8.6	%
Retail	1,998		5.3	%	2,269		7.0	%
Other commercial	4,897		13.1	%	4,676		14.4	%
Total commercial mortgage loans	$	37,439	100.0	%	$	32,432	100.0	%

US region
East North Central	$	1,810	4.8	%	$	1,546	4.8	%
East South Central	426		1.1	%	438		1.3	%
Middle Atlantic	10,074		26.9	%	8,386		25.9	%
Mountain	1,572		4.2	%	1,322		4.1	%
New England	1,086		2.9	%	1,118		3.4	%
Pacific	6,106		16.3	%	5,768		17.8	%
South Atlantic	6,465		17.3	%	6,198		19.1	%
West North Central	523		1.4	%	221		0.7	%
West South Central	2,769		7.4	%	1,971		6.1	%
Total US region	30,831		82.3	%	26,968		83.2	%
International region
United Kingdom	2,874		7.7	%	2,281		7.0	%
Other international1	3,734		10.0	%	3,183		9.8	%
Total international region	6,608		17.7	%	5,464		16.8	%
Total commercial mortgage loans	$	37,439	100.0	%	$	32,432	100.0	%

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

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


	September 30, 2025		December 31, 2024
US States
California	25.9	%	25.6	%
Florida	11.8	%	12.4	%
Texas	7.4	%	7.4	%

Other1	46.8	%	45.5	%
Total US residential mortgage loan percentage	91.9	%	90.9	%



International1	8.1	%	9.1	%

Total residential mortgage loan percentage	100.0	%	100.0	%

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

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

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


	September 30, 2025				December 31, 2024
(In millions, except percentages)	Carrying value		Percentage of total		Carrying value		Percentage of total
Investment funds
Equity	$	111	0.5	%	$	107	0.5	%



Investment funds – related parties
Origination platforms	33		0.2	%	29		0.2	%
Retirement services platforms	1,526		6.7	%	1,317		6.7	%
Equity	244		1.1	%	244		1.2	%
Credit	327		1.4	%	253		1.3	%
Other	5		0.0	%	10		0.1	%
Total investment funds – related parties	2,135		9.4	%	1,853		9.5	%
Investment funds – consolidated VIEs
Origination platforms	7,715		33.8	%	6,347		32.2	%

Equity	7,609		33.3	%	7,702		39.0	%
Credit	4,477		19.6	%	3,062		15.5	%
Other	780		3.4	%	654		3.3	%
Total investment funds – consolidated VIEs	20,581		90.1	%	17,765		90.0	%
Total investment funds, including related parties and consolidated VIEs	$	22,827	100.0	%	$	19,725	100.0	%

Non-Consolidated Securities and Investment Funds

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

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

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

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

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


	September 30, 2025				December 31, 2024
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	111	$	490	$	107	$	987
Investment in related parties – investment funds	2,135		5,796		1,853		3,226
Assets of consolidated VIEs – investment funds	20,581		26,885		17,765		23,597
Investment in fixed maturity securities	84,976		88,227		72,523		74,797
Investment in related parties – fixed maturity securities	22,774		24,831		17,239		21,793
Investment in related parties – equity securities	265		265		234		234
Total non-consolidated investments	$	130,842	$	146,494	$	109,721	$	124,634

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ATHENE HOLDING LTD.

Notes to Condensed Consolidated Financial Statements (Unaudited)

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


(In millions)	September 30, 2025
Investment-grade ABS debt issued by AP Grange Holdings, LLC	$	4,975
Investments in Atlas Securitized Products Holdings LP (Atlas)1	3,759
Investment-grade ABS debt issued by Apollo Multi-Asset Prime Securities (AMAPS) 1, LLC1	3,250
Investment-grade ABS debt issued by Fox Hedge L.P.	3,187
Investment-grade debt issued by Blackstone Private Credit Fund2	2,070
Investment-grade ABS debt issued by SVF II Finco Cayman L.P.	2,064

	December 31, 2024
Investment-grade ABS debt issued by AP Grange Holdings, LLC	$	4,661
Investments in Atlas1	3,172
Investment-grade ABS debt issued by Fox Hedge L.P.	2,924

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

3. Derivative Instruments

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

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


	September 30, 2025					December 31, 2024
	Notional Amount	Fair Value				Notional Amount	Fair Value
(In millions)		Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps	23,466	$	643	$	878	15,669	$	938	$	211
Forwards	2,626	82		40		3,139	331		5
Interest rate swaps	4,382	78		257		4,506	—		654
Forwards on net investments	236	3		—		218	11

Athene Holding Ltd. 10-Q