Athene Holding Ltd. 8-K

What Happened

• Athene filed an 8-K (Items 2.02 and 7.01) disclosing preliminary, unaudited estimates of alternative net investment income for the quarter ended March 31, 2026. Management estimates approximately $205 million (pre-tax) of alternative net investment income for Q1 2026, equal to an estimated 6% annualized return on alternative net investments. Apollo (Athene’s parent) will host an earnings webcast on May 6, 2026 at 8:30 a.m. ET where Apollo senior management will discuss Apollo’s and Athene’s Q1 results.

Key Details

• Preliminary alternative net investment income: ~ $205 million pre-tax for Q1 2026 (≈6% annualized).
• Pooled investment vehicle (majority of alternatives) annualized return: ~7% for Q1 2026.
• Other alternative investments (including retirement services platforms and Athora) annualized return: ~3%; Athora raised capital at a valuation consistent with its Dec 31, 2025 book value per share.
• Market context: S&P 500 had an approx. (17)% annualized total return in Q1 2026; figures exclude alternative income attributable to non-controlling interests.
• Caution: these are preliminary, unaudited numbers subject to change; independent auditors have not reviewed them. Full quarterly release and financial supplement expected May 6, 2026.

Why It Matters

• These preliminary figures give investors an early view of Athene’s investment performance for Q1 2026 — a key driver of Spread Related Earnings and overall profitability for an insurance-investment company. The reported 6% annualized alternative net investment income (and 7% from the pooled vehicle) shows differentiated returns versus weak equity market performance in the quarter. However, because the results are preliminary and unaudited, investors should wait for the formal quarterly release and financial statements for finalized, GAAP-based results and reconciliations.