Athene Holding Ltd.ATH-PA

Athene Holding Ltd. Segments Disclosure

10-KFiled Feb 25, 20262 min read
17. Segment Information

We operate our core business strategies through one reportable segment. We conduct our retirement services business through entities domiciled in the US and Bermuda and our revenues are similarly generated primarily in the US and Bermuda. Our CEO is the Chief Operating Decision Maker (CODM), who is also solely responsible for decisions related to the allocation of resources on a company-wide basis. For determining the allocation of resources, the CODM reviews the Company’s performance based on its key measure of consolidated net income to evaluate income generated and determine allocation of resources, among other measures.

Measures that the CODM reviews also include the significant expenses of cost of funds, other operating expenses, and interest and other financing costs that each exclude the proportionate share associated with noncontrolling interests. Cost of funds reflect the cost of crediting on both deferred annuities and institutional products, as well as other liability costs, net of premium from life and life-contingent products and other revenues. Certain expenses within cost of funds, notably future policy and other policy benefits, are partially or fully offset in the presentation of cost of funds with inflows of premium and other fee-related revenues; as a result, other liability costs equal to the amount of premium from life and life-contingent products are added back in the reconciliation below to reflect the expense amount excluded from cost of funds. Other operating expenses consist primarily of employee compensation and general operating costs of the business. Interest and other financing costs consist primarily of preferred stock dividends and interest expense on our debt issuances, as well as other financing.

Additionally, total consolidated assets is the only measure of segment assets that the CODM uses to determine allocation of resources.

The reconciliation of total consolidated revenue to total consolidated net income is as follows:
Years ended December 31,
(In millions)202520242023
Revenues$25,677 $20,689 $28,194 
Less:
Cost of funds10,083 7,702 5,650 
Other operating expenses452 467 487 
Interest and other financing costs560 465 436 
Other liability costs equal to the amount of premium2,628 1,318 12,749 
Other segment items1
6,847 5,103 4,281 
Income before income taxes5,107 5,634 4,591 
Income tax expense (benefit)886 730 (1,161)
Net income$4,221 $4,904 $5,752 
1 Other segment items reflect the difference between revenues and significant segment expenses and include the impact of fair value accounting for market risk benefits, embedded derivative remeasurement, the amortization of purchased options on indexed annuities and noncontrolling interests.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 24, 2025
2023Feb 27, 2024
2022Mar 1, 2023
2021Feb 25, 2022
2020Feb 19, 2021
2018Feb 27, 2019

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValueGoodwill & IntangiblesDebtCommitmentsStock CompensationNew StandardsPay vs Performance