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Get filing alertsAthene reports Q2 spread earnings up 22% sequentially to $877M, net spread at 1.14%
Filed August 10, 2026 · Period ending August 10, 2026 · ~1 min read
Key Changes
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Q1 2026 one-time tax charge of $1.7B from revoking Bermuda corporate income tax election after updated guidance, requiring full valuation allowance against deferred tax assets established in Q4 2023.
Exhibit 99.1 view on EDGAR → -
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Q2 2026 spread related earnings of $877M, up 22% from Q1 and 7% year-over-year, driven by higher net investment earnings and lower interest costs.
Exhibit 99.1 view on EDGAR → -
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Net spread of 1.14% in Q2, down 8 basis points year-over-year as cost of funds rose 23 bps to 3.80% in H1 2026, partially offset by improved investment returns.
Exhibit 99.1 view on EDGAR → -
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Q2 gross inflows of $22.1B (up 4% Y/Y) offset by higher outflows (up 40% Y/Y to $10.1B), resulting in net flows of $11.9B, down 15% year-over-year.
Exhibit 99.1 view on EDGAR → -
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GAAP net income of $953M in Q2 reversed Q1's $1,973M loss; H1 2026 net loss of $1,020M reflects the Bermuda tax charge and market volatility.
Exhibit 99.1 view on EDGAR →
Summary
Athene disclosed Q2 2026 results showing operational recovery from a difficult first quarter. Spread related earnings—the company's core profitability measure—reached $877 million, up 22% sequentially and 7% year-over-year, demonstrating resilience in the spread-based annuity business.
Net spread of 1.14% improved 17 basis points from Q1's depressed 0.97% but remains 8 basis points below the prior year as rising funding costs (up 23 bps) continue to pressure margins despite better investment returns. The quarter's GAAP net income of $953 million reversed Q1's $1,973 million loss, which was driven by a $1.7 billion one-time tax charge.
That charge stemmed from Athene revoking its Bermuda corporate income tax election after updated regulatory guidance, requiring a full valuation allowance against deferred tax assets established when Bermuda CIT was enacted in late 2023. The tax event increased the adjusted leverage ratio to 25.9% in Q1 from 24.4% in Q4 2025. Business momentum remains mixed: gross inflows of $22.1 billion grew 4% year-over-year, but outflows surged 40%, compressing net flows to $11.9 billion (down 15% Y/Y). Retail holders should monitor whether the net spread stabilizes above 1.10% and whether the elevated outflow trend persists, as sustained margin compression or accelerating surrenders would challenge the earnings trajectory.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Athene published Q2 2026 financial supplement on its website.
Added in current filing · verify on EDGAR →
On August 10, 2026, Athene Holding Ltd. (the “Company”) made available on its website the Company’s financial supplement for the second quarter ended June 30, 2026
Athene released its Q2 2026 financial supplement on its website.1. Without access to that exhibit, no specific financial results can be reported here.
Event · Exhibit 99.1
Athene reported Q2 2026 results with spread related earnings of $877M and net spread of 1.14%, alongside a $1.7B tax charge from Bermuda tax election revocation.
Added in current filing · view on EDGAR →
Net spread 1.22 % 1.24 % 1.20 % 0.97 % 1.14 % 17 bps (8) bps 1.24 % 1.06 % (18) bps
Net spread was 1.14% in Q2 2026, down 8 basis points year-over-year but up 17 basis points sequentially from the depressed Q1 2026 level of 0.97%. The year-over-year compression reflects higher cost of funds (up 23 bps to 3.80% for H1 2026) partially offset by improved net investment earned rates. Net spread is a key profitability metric measuring investment returns minus liability costs.
Added in current filing · view on EDGAR →
The decrease in adjusted Athene Holding Ltd. common stockholder’s equity and resulting increase in adjusted leverage ratio in 1Q’26 was primarily driven by a one-time tax expense of $1.7 billion due to the revocation of ACRA’s election to be subject to Bermuda CIT as a result of updated guidance issued during the quarter, which led to the recognition of a full valuation allowance against the remaining Bermuda deferred tax assets established in 4Q’23 when Bermuda CIT was enacted.
In Q1 2026, Athene recorded a one-time tax expense of $1.7 billion after revoking ACRA's election to be subject to Bermuda corporate income tax, following updated regulatory guidance. This required a full valuation allowance against deferred tax assets established when Bermuda CIT was enacted in Q4 2023. The charge reduced adjusted common equity and increased the adjusted leverage ratio to 25.9% in Q1 2026 from 24.4% in Q4 2025.
Added in current filing · view on EDGAR →
Total gross inflows $ 21,232 $ 22,616 $ 14,027 $ 19,747 $ 22,069 12 % 4 % $ 46,795 $ 41,816 (11) %
N ... et flows $ 14,002 $ 11,978 $ 4,759 $ 8,979 $ 11,928 33 % (15) % $ 31,173 $ 20,907 (33) %
Athene generated $22.1 billion in gross inflows during Q2 2026, up 12% sequentially and 4% year-over-year, driven by retail annuities ($12.3B) and flow reinsurance ($3.8B). Net flows were $11.9 billion, down 15% year-over-year as higher outflows (up 40% Y/Y to $0.0M) partially offset the inflow growth. Year-to-date gross inflows of $41.8 billion were down 11% versus H1 2025.
Added in current filing · view on EDGAR →
Net income (loss) available to Athene Holding Ltd. common stockholder $ 503 $ 1,223 $ 488 $ (1,973) $ 953 NM 89 % $ 923 $ (1,020) NM
Athene reported GAAP net income available to common stockholders of $953 million in Q2 2026, reversing the $1,973 million loss in Q1 2026 that was driven by the $1.7 billion Bermuda tax charge. For the first half of 2026, the company reported a net loss of $1,020 million compared to net income of $923 million in H1 2025, reflecting the tax impact and investment market volatility.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 11, 2026 · How we verify