NYSE: ATHS

Athene Holding Ltd.

CIK 0001527469 · SIC 6311 · Life Insurance

Mega Revenue $25.7B Assets $472.9B as of Nov 1, 2026

We are a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Apollo Global Management, Inc. (AGM, and together with its subsidiaries… About this business →

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10-Q Filed Nov 5, 2026 · Period ending Sep 30, 2026

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8-K Filed Nov 5, 2026 · Period ending Nov 5, 2026

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8-K Filed Nov 3, 2026 · Period ending Nov 3, 2026

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8-K Filed Oct 30, 2026 · Period ending Oct 30, 2026

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8-K Filed Oct 5, 2026 · Period ending Oct 5, 2026

Athene estimates Q3 alternative net investment income of ~$375M pre-tax, a 10% annualized return

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8-K Filed Sep 21, 2026 · Period ending Sep 21, 2026

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8-K Filed Aug 24, 2026 · Period ending Aug 24, 2026

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8-K Filed Aug 13, 2026 · Period ending Aug 13, 2026

Athene posts fixed income investor presentation to website

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8-K Filed Aug 11, 2026 · Period ending Aug 11, 2026

Athene posts corporate structure overview presentation on investor site

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10-Q Filed Aug 10, 2026 · Period ending Jun 30, 2026

revenue $9.15B, net income $989.0M. Deployable capital falls; organic inflows down 11%

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8-K Filed Aug 10, 2026 · Period ending Aug 10, 2026

Athene reports Q2 spread earnings up 22% sequentially to $877M, net spread at 1.14%

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8-K Filed Aug 7, 2026 · Period ending Aug 7, 2026

Athene issues $1B of 6.150% senior notes due 2036

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424B5 Filed Aug 5, 2026 Red flag

Athene Holding Ltd. offers senior unsecured notes; terms, size, and price left blank in preliminary prospectus supplement

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8-K Filed Aug 5, 2026 · Period ending Aug 5, 2026

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8-K Filed Aug 4, 2026 · Period ending Aug 4, 2026

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8-K Filed Jul 1, 2026 · Period ending Jul 1, 2026

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8-K Filed Jun 29, 2026 · Period ending Jun 26, 2026

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10-Q Filed May 7, 2026 · Period ending Mar 31, 2026

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10-K Filed Feb 25, 2026 · Period ending Dec 31, 2025

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10-Q Filed Nov 10, 2025 · Period ending Sep 30, 2025

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10-Q Filed Aug 7, 2025 · Period ending Jun 30, 2025

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424B5 Filed Jun 24, 2025

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424B5 Filed May 14, 2025

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10-K Filed Feb 24, 2025 · Period ending Dec 31, 2024

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10-K/A Filed Apr 20, 2021 · Period ending Dec 31, 2020

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424B1 Filed Jun 8, 2017

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S-1/A Filed Jun 5, 2017

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S-1 Filed May 22, 2017

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424B1 Filed Mar 30, 2017

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S-1/A Filed Mar 27, 2017

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Latest financial statements

From 10-Q filed Nov 5, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.

As filed

Condensed Consolidated Statements of Income (Loss) (Unaudited)

(In millions)

Description Three months ended September 30, 2026 Three months ended September 30, 2025 Nine months ended September 30, 2026 Nine months ended September 30, 2025
Revenues
Premiums 190 117 577 351
Product charges 299 292 879 831
Net investment income (related party investment income of $682 and $497 for the three months ended and $1,834 and $1,502 for the nine months ended September 30, 2026 and 2025, respectively; and related party investment expense of $401 and $364 for the three months ended and $1,209 and $1,118 for the nine months ended September 30, 2026 and 2025, respectively) 5,323 4,672 15,080 13,092
Investment related gains (losses) (related party of $(43) and $(36) for the three months ended and $(174) and $8 for the nine months ended September 30, 2026 and 2025, respectively) (3,418) 2,254 (2,507) 1,421
Other revenues 3 6 11 16
Revenues of consolidated variable interest entities
Net investment income 23 92 134 249
Investment related gains (losses) (related party of $625 and $498 for the three months ended and $1,719 and $1,492 for the nine months ended September 30, 2026 and 2025, respectively) 645 565 1,711 1,583
Total revenues 3,065 7,998 15,885 17,543
Benefits and expenses
Interest sensitive contract benefits (related party of $(93) and $(74) for the three months ended and $(250) and $(168) for the nine months ended September 30, 2026 and 2025, respectively) 3,669 4,164 10,974 9,086
Future policy and other policy benefits 595 613 1,828 1,681
Market risk benefits remeasurement (gains) losses (626) 131 (391) 405
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 476 355 1,163 914
Policy and other operating expenses (related party of $144 and $67 for the three months ended and $320 and $211 for the nine months ended September 30, 2026 and 2025, respectively) 690 591 1,955 1,727
Total benefits and expenses 4,804 5,854 15,529 13,813
Income (loss) before income taxes (1,739) 2,144 356 3,730
Income tax expense (benefit) (419) 266 1,471 407
Net income (loss) (1,320) 1,878 (1,115) 3,323
Less: Net income (loss) attributable to noncontrolling interests (197) 619 957 1,135
Net income (loss) attributable to Athene Holding Ltd. stockholders (1,123) 1,259 (2,072) 2,188
Less: Preferred stock dividends 35 36 106 126
Add: Preferred stock redemption — — — 84
Net income (loss) available to Athene Holding Ltd. common stockholder (1,158) 1,223 (2,178) 2,146

Condensed Consolidated Balance Sheets (Unaudited)

(In millions)

Description September 30, 2026 December 31, 2025
Assets
Investments
Available-for-sale securities, at fair value (amortized cost: 2026 $221,065 and 2025 – $202,116; allowance for credit losses: 2026 – $762 and 2025 – $757) 201,173 192,597
Trading securities, at fair value 5,722 6,409
Equity securities, at fair value 585 822
Mortgage loans, at fair value 99,675 91,918
Investment funds 350 108
Policy loans 288 301
Funds withheld at interest (portion at fair value: 2026 $(2,846) and 2025 – $(2,409)) 12,414 15,413
Derivative assets 10,950 9,190
Short-term investments (portion at fair value: 2026 $8 and 2025 – $33) 125 175
Other investments (portion at fair value: 2026 $1,874 and 2025 – $1,818) 4,395 4,148
Total investments 335,677 321,081
Cash and cash equivalents 17,326 14,994
Restricted cash 1,066 1,332
Investments in related parties
Available-for-sale securities, at fair value (amortized cost: 2026 $39,091 and 2025 – $26,428) 38,739 26,444
Trading securities, at fair value 1,257 454
Equity securities, at fair value — 266
Mortgage loans, at fair value 1,525 1,486
Investment funds (portion at fair value: 2026 $2,327 and 2025 – $1,318) 3,291 2,149
Funds withheld at interest (portion at fair value: 2026 $(487) and 2025 – $(356)) 3,495 4,215
Short-term investments — 18
Other investments, at fair value 319 344
Accrued investment income (related party: 2026 $321 and 2025 – $241) 4,626 3,395
Reinsurance recoverable (related party: 2026 $7,803 and 2025 – $6,336; portion at fair value: 2026 – $1,812 and 2025 – $1,911) 11,308 10,282
Deferred acquisition costs, deferred sales inducements and value of business acquired 9,598 8,634
Goodwill 4,079 4,072
Other assets (related party: 2026 $334 and 2025 – $284) 12,189 11,950
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value (related party: 2026 $593 and 2025 – $978) 885 3,120
Mortgage loans, at fair value 1,836 2,140
Investment funds (related party: 2026 $28,747 and 2025 – $23,783; portion at fair value: 2026 – $28,825 and 2025 – $24,070) 29,034 24,070
Other investments 948 844
Cash and cash equivalents (restricted cash: 2026 $17 and 2025 – $17) 199 569
Other assets (related party: 2026 $65 and 2025 – $23) 174 346
Total assets 477,571 442,205
Liabilities and Equity
Liabilities
Interest sensitive contract liabilities (related party: 2026 $4,618 and 2025 – $5,381; portion at fair value: 2026 – $17,091 and 2025 – $15,515) 354,099 315,889
Future policy benefits (portion at fair value: 2026 $1,474 and 2025 – $1,615) 45,166 50,264
Market risk benefits (related party: 2026 $266 and 2025 – $290) 4,668 4,930
Debt 8,813 7,848
Derivative liabilities 6,757 5,742
Payables for collateral on derivatives and securities to repurchase 11,098 11,085
Other liabilities (related party: 2026 $7,538 and 2025 – $6,479) 17,132 9,097
Liabilities of consolidated variable interest entities (related party: 2026 $113 and 2025 – $235) 694 1,712
Total liabilities 448,427 406,567
Commitments and Contingencies (Note 12)
Equity
Preferred stock — —
Common stock — —
Additional paid-in capital 19,372 19,238
Retained earnings 1,082 3,895
Accumulated other comprehensive loss (related party: 2026 $(320) and 2025 – $(112)) (7,041) (2,641)
Total Athene Holding Ltd. stockholders’ equity 13,413 20,492
Noncontrolling interests 15,731 15,146
Total equity 29,144 35,638
Total liabilities and equity 477,571 442,205

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Description Nine months ended September 30, 2026 Nine months ended September 30, 2025
Cash flows from operating activities
Net income (loss) (1,115) 3,323
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 1,163 914
Net accretion of net investment premiums, discounts and other (160) (135)
Net investment income (related party: 2026 $(14) and 2025 – $(231)) (443) (183)
Net recognized (gains) losses on investments and derivatives (related party: 2026 $(1,506) and 2025 – $(2,066)) 146 (2,669)
Policy acquisition costs deferred (1,446) (1,493)
Changes in operating assets and liabilities:
Accrued investment income (1,249) (919)
Interest sensitive contract liabilities 6,865 5,867
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2026 $(275) and 2025 – $(199)) (1,970) (1,520)
Funds withheld assets (related party: 2026 $81 and 2025 – $(215)) 86 (1,346)
Other assets and liabilities 1,581 279
Net cash provided by operating activities 3,458 2,118
Cash flows from investing activities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2026 $7,896 and 2025 – $4,251) 46,713 43,678
Trading securities (related party: 2026 $758 and 2025 – $330) 3,757 1,784
Equity securities 319 459
Mortgage loans (related party: 2026 $235 and 2025 – $484) 14,881 9,882
Investment funds (related party: 2026 $6,091 and 2025 – $344) 6,220 845
Derivative instruments and other investments 4,260 2,658
Short-term investments (related party: 2026 $31 and 2025 – $967) 191 1,378
Purchases of:
Available-for-sale securities (related party: 2026 $(19,977) and 2025 – $(9,160)) (77,173) (71,351)
Trading securities (related party: 2026 $(1,045) and 2025 – $(405)) (3,281) (5,389)
Equity securities (109) (376)
Mortgage loans (related party: 2026 $(311) and 2025 – $(54)) (25,846) (25,977)
Investment funds (related party: 2026 $(10,340) and 2025 – $(2,127)) (10,627) (2,137)
Derivative instruments and other investments (3,173) (4,973)
Short-term investments (related party: 2026 $(13) and 2025 – $(241)) (123) (394)
Other investing activities, net 4,862 (391)
Net cash used in investing activities (39,129) (50,304)
(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements
Cash flows from financing activities
Deposits on investment-type policies and contracts 60,237 69,269
Withdrawals on investment-type policies and contracts (related party: 2026 $(154) and 2025 – $(206)) (24,433) (16,821)
Proceeds from debt 992 1,591
Capital contributions from parent 56 211
Capital contributions from noncontrolling interests 416 284
Capital contributions from noncontrolling interests of consolidated variable interest entities 1,799 1,641
Capital distributions to noncontrolling interests (381) (254)
Net change in cash collateral posted for derivative transactions and securities to repurchase (10) (2,586)
Preferred stock dividends (106) (126)
Common stock dividends (563) (563)
Redemption of preferred stock — (600)
Other financing activities, net (638) (166)
Net cash provided by financing activities 37,369 51,880
Effect of exchange rate changes on cash and cash equivalents (2) 13
Net increase in cash and cash equivalents 1,696 3,707
Cash and cash equivalents at beginning of year1 16,895 14,259
Cash and cash equivalents at end of period1 18,591 17,966
Supplementary information
Cash paid for taxes 54 382
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 $(1,353) and 2025 – $(1,423)) (1,323) (1,388)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 $480 and 2025 – $752) 3,493 4,402
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.

Amounts as printed on the EDGAR/iXBRL face — (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗

Showing the 30 most recent filings of 34 total.

View all filings for ATHS on SEC EDGAR

About Athene Holding Ltd.

Source: Item 1 (Business) from the 10-K filed February 25, 2026. Description as filed by the company with the SEC.

Index to Business

Overview

9

Growth Strategy

9

Products

11

Distribution Channels

14

Investment Management

16

Capital

18

Reinsurance

19

Outsourcing

20

Ratings

20

Competition

21

Human Capital Management

22

Regulation

23

Available Information

33

Overview

We are a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo) (NYSE: APO) is the beneficial owner of 100% of our common stock and controls all of the voting power to elect our board of directors.

We focus on generating spread income by combining our two core competencies of (1) sourcing long-term, persistent liabilities and (2) using the global scale and reach of Apollo’s asset management business to actively source or originate assets with our preferred risk and return characteristics. Our investment philosophy is to invest a portion of our assets in securities that earn an incremental yield by taking measured liquidity and complexity risk and capitalize on our long-dated, persistent liability profile to prudently achieve higher net investment earned rates, rather than assuming incremental credit risk. Our differentiated investment strategy benefits from our relationship with Apollo, which provides a full suite of services for our investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset diligence, and certain operational support services including investment compliance, tax, legal and risk management support. Our relationship with Apollo provides us with access to Apollo’s investment professionals around the world, as well as Apollo’s global asset management infrastructure across a broad array of asset classes. We are led by a highly skilled management team with extensive industry experience.

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Apollo’s asset management expertise supports the sourcing and underwriting of assets for our portfolio. We are invested in a diverse array of primarily high-grade fixed income assets including corporate bonds, structured securities, and commercial and residential real estate loans, among others. We establish risk thresholds which in turn define risk tolerance across a wide range of factors, including credit risk, liquidity risk, concentration risk and caps on specific asset classes. In addition to other efforts, we manage the risk of rising interest rates by strategically allocating a meaningful portion of our investment portfolio into floating rate securities. We manage our interest rate risk in a declining rate environment through hedging activity or the issuance of additional floating rate liabilities to lower our overall net floating rate position. We also maintain holdings in less interest rate-sensitive investments, including collateralized loan obligations (CLO), non-agency residential mortgage-backed securities (RMBS) and various types of structured products, consistent with our strategy of pursuing incremental yield by assuming liquidity and complexity risk, rather than assuming incremental credit risk.

Rather than increase our allocation to higher risk securities to increase yield, we pursue the direct origination of high-quality, predominantly senior secured assets, which we believe possess greater alpha-generating qualities than securities that would otherwise be readily available in public markets. These direct origination strategies include investments sourced by (1) 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, and (2) Apollo’s extensive network of direct relationships with predominantly investment-grade counterparties.

We use, and may continue to use, derivatives, including swaps, options, futures and forward contracts, and reinsurance contracts, to hedge risks such as current or future changes in the fair value of assets and liabilities, current or future changes in cash flows and changes in interest rates, equity markets, currency fluctuations and longevity.

Relationship with Apollo

We are a subsidiary of AGM. Through this relationship, Apollo allows us to leverage the scale of its asset management platform to source attractive assets for our investment portfolio. In addition to co-founding the Company, Apollo assists us in identifying and capitalizing on acquisition and block reinsurance opportunities that have helped us significantly grow our business. Six of our twelve directors are employees of or consultants to, or are otherwise affiliated with, Apollo, including (1) our Executive Chairman and Chief Investment Officer, who is also a member of the board of directors and an executive officer of Apollo, and the Chief Executive Officer of Apollo Insurance Solutions Group LP (ISG), our investment manager and a subsidiary of AGM, and (2) our Chief Executive Officer, who is a Partner and an executive officer of Apollo. Additionally, our Chief Financial Officer is a Partner and employee of Apollo. See