Athene Holding Ltd.

Listed Company

ATH-PECIK 0001527469NYSENon-AcceleratedLife InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$25.68B

Net Income

$2.71B

Total Assets

$442.20B

Equity

$20.49B

Shares Out

203.8K

Op. Cash Flow

$5.16B

Business

Athene Holding Ltd. is a financial services company that issues, reinsures and acquires retirement savings products to meet retirement funding needs. It principally offers annuities (including fixed indexed, fixed rate, RILAs, PPVAs, payout and group annuities), funding agreements and certain life and other insurance products, along with income riders and related guarantees. Its operations are organized across business channels including retail, flow reinsurance, institutional, and acquisitions and block reinsurance. Athene distributes products through independent marketing organizations, banks, broker-dealers, institutional investors and reinsurance counterparties across the US and select international markets, particularly Asia.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums Earned, Net	2,628	1,318	12,749	11,638	14,262
Insurance Commissions and Fees	1,137	1,016	848	718	621
Other Income	25	19	591	−28	72
Revenues, Total	25,677	20,689	28,194	7,623	26,320
Interest sensitive contract benefits	12,089	8,949	6,229	538	4,442
Future policy and other policy benefits	4,433	3,054	14,434	12,465	15,734
Market risk benefits, remeasurement (gains0 losses	452	−102	404	−1,657	0
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	1,242	941	688	444	830
Policy and other operating expenses	2,354	2,213	1,848	1,495	1,128
Total benefits and expenses	20,570	15,055	23,603	13,285	22,134
Income before income taxes	5,107	5,634	4,591	−5,662	4,186
Income tax expense (benefit)	886	730	−1,161	−646	386
Net income	4,221	4,904	5,752	−5,016	3,800
Less: Net income attributable to noncontrolling interests	1,510	1,443	1,087	−2,106	−59
Net income available to Athene Holding Ltd. shareholders	2,711	3,461	4,665	−2,910	3,859
Less: Preferred stock dividends	161	181	181	141	141
Net Income (Loss) Available to Common Stockholder	−2,634	−3,280	−4,484	3,051	−3,718

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Available-for-sale securities	219,041	184,491	148,347	112,225	110,561
Investment funds	26,327	19,725	17,668	14,128	9,866
Derivative assets	9,190	8,154	5,298	3,309	4,387
Restricted cash	1,332	943	1,761	628	796
Accrued Investment Income Receivable	3,395	2,816	1,933	1,328	962
Reinsurance Recoverables, Including Reinsurance Premium Paid	10,282	8,194	4,154	4,358	4,594
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits	8,634	7,173	5,979	4,466	3,372
Goodwill	4,072	4,063	4,065	4,058	0
Other Assets	11,950	11,253	10,179	8,693	1,257
Assets, Total	442,205	363,343	300,579	243,931	235,149
Policyholder Contract Deposit	315,889	253,637	204,670	173,616	156,325
Liability for Future Policy Benefit, before Reinsurance	50,264	49,902	53,287	42,110	42,488
Long-term Debt	7,848	6,309	4,209	3,658	2,964
Derivative liabilities	5,742	3,556	1,995	1,646	472
Investment-related Liabilities	11,085	11,652	7,536	6,707	7,044
Liabilities, Total	406,567	337,469	279,344	233,382	212,968
Commitments and Contingencies (Note 16)	—	—	—	—	—
Additional Paid in Capital	19,238	19,588	19,499	18,119	6,667
Retained Earnings (Accumulated Deficit)	3,895	2,237	−92	−3,640	11,033
Accumulated other comprehensive income (loss)	−2,641	−5,465	−5,569	−7,321	0
Stockholders' Equity Attributable to Parent, Total	20,492	16,360	13,838	7,158	20,130
Stockholders' Equity Attributable to Noncontrolling Interest	15,146	9,514	7,397	3,391	2,051
Equity	35,638	25,874	21,235	10,549	22,546
Liabilities and Equity, Total	442,205	363,343	300,579	243,931	235,149
Market Risk Benefit, Liability, Amount	4,930	4,028	3,751	2,970	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net amortization (accretion) of net investment premiums, discounts and other	−202	−123	81	285	−192
Gain on recapture of reinsurance agreements, net of cash received	0	0	−489	0	0
Net investments (income) loss	−228	−54	−108	−506	−1,493
Net recognized (gains) losses on investments and derivatives	−3,390	−3,526	−1,959	5,949	−3,632
Policy acquisition costs deferred	−1,876	−1,507	−1,570	−1,127	−698
Accrued investment income	−579	−883	−575	−370	−63
Interest sensitive contract liabilities	7,678	5,677	3,917	−1,337	3,357
Increase (Decrease) in Insurance Liabilities	−363	−1,969	4,333	3,901	8,743
Funds withheld assets	−1,560	−1,560	−3,411	5,229	−634
Other assets and liabilities	217	−24	−1,676	−1,194	274
Net cash provided by operating activities	5,160	1,876	4,983	6,258	10,292
Available-for-sale securities	66,078	42,898	14,484	18,564	28,620
Trading securities	2,786	1,013	390	217	201
Equity securities	696	404	167	389	209
Proceeds from mortgage loans	15,384	7,983	4,569	3,562	2,900
Proceeds from investment funds	1,813	525	360	1,704	1,823
Derivative instruments and other investments	4,008	3,876	4,324	3,123	5,185
Short-term investments	1,871	2,670	3,507	604	3,125
Available-for-sale securities	−93,939	−80,212	−37,263	−36,684	−47,181
Trading securities	−7,209	−895	−2,718	−915	−489
Equity securities	−387	−644	−116	−441	−931
Mortgage loans	−41,406	−28,188	−20,972	−12,951	−11,131
Investment funds	−3,942	−2,694	−2,461	−5,755	−3,807
Derivative instruments and other investments	−6,178	−5,032	−5,637	−3,008	−3,636
Short-term investments	−1,772	−2,555	−2,612	−2,632	−3,045
Consolidation of new variable interest entities	18	1	3	393	0
Deconsolidation of previously consolidated entities	−37	−2	−53	−393	0
Other investing activities, net	−1,589	−1,066	378	−152	225
Net cash used in investing activities	−63,805	−61,918	−43,650	−34,375	−27,932
Deposits on investment-type policies and contracts	81,183	71,323	53,660	33,920	21,447
Withdrawals on investment-type policies and contracts	−22,657	−19,119	−14,125	−10,209	−7,042
Proceeds from debt	1,591	2,169	589	399	997
Net change in cash collateral posted for derivative transactions and securities to repurchase	340	4,116	829	−330	3,243
Preferred stock dividends	−161	−226	−136	−141	−141
Common stock dividends	−752	−452	−937	1,313	0
Redemption of preferred stock	−600	0	0	—	—
Other financing activities, net	70	−317	739	461	292
Net cash provided by financing activities	61,276	59,425	44,767	26,472	19,629
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	5	−3	10	−15	−2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	2,636	−620	6,110	−1,660	1,987
Cash paid for taxes	399	930	216	821	192
Cash paid for interest	686	517	498	244	125
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed	−1,775	−4,057	99	878	2,103
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	5,773	8,479	12,430	9,131	8,098

Filings

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