$ATH-PB

Athene Holding Ltd.

CIK:0001527469|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Premiums	$ 170	$ 107	$ 387	$ 234
Product charges	299	274	580	539
Other revenues	4	6	8	10
Total revenues	9,152	5,359	12,820	9,545
Benefits and expenses
Interest sensitive contract benefits expense	5,714	3,428	7,305	4,922
Future policy and other policy benefits	594	527	1,233	1,068
Market risk benefits remeasurement (gains) losses	(24)	(111)	235	274
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization	350	292	687	559
Policy and other operating expenses	614	571	1,265	1,136
Total benefits and expenses	7,248	4,707	10,725	7,959
Income before income taxes	1,904	652	2,095	1,586
Income tax expense (benefit)	217	(34)	1,890	141
Net income	1,687	686	205	1,445
Less: Net income attributable to noncontrolling interests	698	222	1,154	516
Net income (loss) attributable to Athene Holding Ltd. stockholders	989	464	(949)	929
Less: Preferred stock dividends	36	45	71	90
Net income (loss) available to Athene Holding Ltd. common stockholder	953	503	(1,020)	923
Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Net investment income	4,988	4,429	9,757	8,420
Investment related gains (losses)	2,989	(5)	911	(833)
Variable Interest Entities
Revenues
Net investment income	43	80	111	157
Investment related gains (losses)	$ 659	$ 468	$ 1,066	$ 1,018

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities

Net income

$ 205

$ 1,445

Adjustments to reconcile net income to net cash provided by operating activities:

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization

687

559

Net accretion of net investment premiums, discounts and other

(113)

(90)

Income (Loss) from Equity Method Investments, Net of Dividends or Distributions

(241)

(284)

Net recognized (gains) losses on investments and derivatives (related party: 2026 – $(963) and 2025 – $(1,488))

(2,185)

Policy acquisition costs deferred

(939)

(957)

Changes in operating assets and liabilities:

Accrued investment income

(620)

(360)

Interest sensitive contract liabilities

4,736

2,977

Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2026 – $(172) and 2025 – $(108))

(842)

(1,073)

Funds withheld assets (related party: 2026 – $(31) and 2025 – $(136))

(304)

(820)

Other assets and liabilities

2,247

Net cash provided by operating activities

2,631

1,482

Sales, maturities and repayments of:

Available-for-sale securities (related party: 2026 – $6,417 and 2025 – $2,703)

33,134

26,495

Trading securities (related party: 2026 – $147 and 2025 – $342)

1,890

1,030

Equity securities

130

334

Mortgage loans (related party: 2026 – $153 and 2025 – $47)

10,014

5,694

Investment funds (related party: 2026 – $2,017 and 2025 – $307)

2,126

803

Derivative instruments and other investments

2,795

1,610

Short-term investments (related party: 2026 – $13 and 2025 – $966)

1,241

Purchases of:

Available-for-sale securities (related party: 2026 – $(12,904) and 2025 – $(4,710))

(45,404)

(47,760)

Trading securities (related party: 2026 – $(997) and 2025 – $(365))

(2,920)

(3,776)

Equity securities

(10)

(370)

Mortgage loans (related party: 2026 – $(224) and 2025 – $(20))

(19,637)

(17,779)

Investment funds (related party: 2026 – $(4,621) and 2025 – $(1,345))

(4,907)

(1,346)

Derivative instruments and other investments

(1,941)

(2,537)

Short-term investments (related party: 2026 – $(13) and 2025 – $(241))

(117)

(257)

Other investing activities, net

1,171

(243)

Net cash used in investing activities

(23,614)

(36,861)

Cash flows from financing activities

Deposits on investment-type policies and contracts

41,617

45,973

Withdrawals on investment-type policies and contracts (related party: 2026 – $(107) and 2025 – $(147))

(14,741)

(9,604)

Proceeds from debt

1,591

Capital contributions from parent

211

Net change in cash collateral posted for derivative transactions and securities to repurchase

(4,392)

Preferred stock dividends

(71)

(90)

Common stock dividends

375

Payments for Repurchase of Redeemable Preferred Stock

600

Other financing activities, net

508

(122)

Net cash provided by financing activities

27,801

33,347

Effect of exchange rate changes on cash and cash equivalents

(2)

Net increase (decrease) in cash and cash equivalents

6,816

(2,019)

Cash and cash equivalents at beginning of year

^[1]

16,895

14,259

Cash and cash equivalents at end of period

^[1]

23,711

12,240

Non-cash transactions

Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 – $(902) and 2025 – $(875))

(879)

(851)

Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 – $343 and 2025 – $545)

2,251

3,123

Consolidated Entity Excluding Variable Interest Entities (VIE)

Cash flows from financing activities

Capital contributions from noncontrolling interests

271

126

Capital distributions to noncontrolling interests

(301)

(190)

Variable Interest Entities

Cash flows from financing activities

Capital contributions from noncontrolling interests

759

819

Income (Loss) from Equity Method Investments, Net of Dividends or Distributions

(149)

Net recognized (gains) losses on investments and derivatives (related party: 2026 – $(963) and 2025 – $(1,488))

(963)

(1,488)

Changes in operating assets and liabilities:

Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2026 – $(172) and 2025 – $(108))

(172)

(108)

Funds withheld assets (related party: 2026 – $(31) and 2025 – $(136))

(31)

(136)

Sales, maturities and repayments of:

Available-for-sale securities (related party: 2026 – $6,417 and 2025 – $2,703)

6,417

2,703

Trading securities (related party: 2026 – $147 and 2025 – $342)

147

342

Mortgage loans (related party: 2026 – $153 and 2025 – $47)

153

Investment funds (related party: 2026 – $2,017 and 2025 – $307)

2,017

307

Short-term investments (related party: 2026 – $13 and 2025 – $966)

966

Purchases of:

Available-for-sale securities (related party: 2026 – $(12,904) and 2025 – $(4,710))

(12,904)

(4,710)

Trading securities (related party: 2026 – $(997) and 2025 – $(365))

(997)

(365)

Mortgage loans (related party: 2026 – $(224) and 2025 – $(20))

(224)

(20)

Investment funds (related party: 2026 – $(4,621) and 2025 – $(1,345))

(4,621)

(1,345)

Short-term investments (related party: 2026 – $(13) and 2025 – $(241))

(13)

(241)

Cash flows from financing activities

Withdrawals on investment-type policies and contracts (related party: 2026 – $(107) and 2025 – $(147))

(107)

(147)

Non-cash transactions

Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 – $(902) and 2025 – $(875))

(902)

(875)

Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 – $343 and 2025 – $545)

343

545

Transfer to Investments

$ 450

$ 0

[1]	1 Includes cash and cash equivalents, restricted cash, and cash and cash equivalents of consolidated variable interest entities.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments
Available-for-sale securities	$ 230,055	$ 219,041
Investment funds	30,317	26,327
Derivative assets	11,034	9,190
Restricted cash	1,583	1,332
Accrued investment income (related party: 2026 – $252 and 2025 – $241)	4,015	3,395
Reinsurance recoverable (related party: 2026 – $7,327 and 2025 – $6,336; portion at fair value: 2026 – $1,920 and 2025 – $1,911)	10,929	10,282
Deferred acquisition costs, deferred sales inducements and value of business acquired	9,279	8,634
Goodwill	4,079	4,072
Other assets (related party: 2026 – $332 and 2025 – $284)	11,411	11,950
Total assets	472,879	442,205
Liabilities
Interest sensitive contract liabilities (related party: 2026 – $4,854 and 2025 – $5,381; portion at fair value: 2026 – $17,126 and 2025 – $15,515)	344,593	315,889
Future policy benefits	48,241	50,264
Market Risk Benefits	5,283	4,930
Debt	7,832	7,848
Derivative liabilities	6,241	5,742
Payables for collateral on derivatives and securities to repurchase	11,199	11,085
Total liabilities	438,074	406,567
Commitments and Contingencies (Note 12)
Equity
Preferred stock	0	0
Common stock	0	0
Additional paid-in capital	19,329	19,238
Retained earnings	2,440	3,895
Accumulated other comprehensive loss (related party: 2026 – $(184) and 2025 – $(112))	(3,213)	(2,641)
Total Athene Holding Ltd. stockholders’ equity	18,556	20,492
Noncontrolling interests	16,249	15,146
Total equity	34,805	35,638
Total liabilities and equity	472,879	442,205
Consolidated Entity, excluding Affiliated Entity
Investments
Available-for-sale securities	196,763	192,597
Trading securities, at fair value	6,318	6,409
Equity securities, at fair value	697	822
Mortgage loans	99,974	91,918
Investment funds	276	108
Policy loans	293	301
Funds withheld at interest	13,787	15,413
Derivative assets	11,034	9,190
Short-term Investments	230	175
Other investments	4,470	4,148
Total investments	333,842	321,081
Consolidated Entity Excluding Variable Interest Entities (VIE)
Investments
Cash and cash equivalents	21,957	14,994
Liabilities
Other liabilities (related party: 2026 – $7,322 and 2025 – $6,479)	13,284	9,097
Related Party
Investments
Available-for-sale securities	33,292	26,444
Trading securities, at fair value	1,290	454
Equity securities, at fair value	0	266
Mortgage loans	1,549	1,486
Investment funds	3,243	2,149
Funds withheld at interest	3,802	4,215
Short-term Investments	18	18
Other investments	333	344
Accrued investment income (related party: 2026 – $252 and 2025 – $241)	252	241
Reinsurance recoverable (related party: 2026 – $7,327 and 2025 – $6,336; portion at fair value: 2026 – $1,920 and 2025 – $1,911)	7,327	6,336
Other assets (related party: 2026 – $332 and 2025 – $284)	332	284
Liabilities
Interest sensitive contract liabilities (related party: 2026 – $4,854 and 2025 – $5,381; portion at fair value: 2026 – $17,126 and 2025 – $15,515)	4,854	5,381
Future policy benefits	43	36
Market Risk Benefits	294	290
Other liabilities (related party: 2026 – $7,322 and 2025 – $6,479)	7,322	6,479
Equity
Accumulated other comprehensive loss (related party: 2026 – $(184) and 2025 – $(112))	(184)	(112)
Variable Interest Entities
Investments
Trading securities, at fair value	2,103	3,120
Mortgage loans	2,058	2,140
Investment funds	26,798	24,070
Other investments	925	844
Cash and cash equivalents	171	569
Restricted cash	18	17
Other assets (related party: 2026 – $332 and 2025 – $284)	202	346
Liabilities
Other liabilities (related party: 2026 – $7,322 and 2025 – $6,479)	1,401	1,712
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary
Investments
Trading securities, at fair value	603	978
Investment funds	26,486	23,783
Other assets (related party: 2026 – $332 and 2025 – $284)	101
Liabilities
Other liabilities (related party: 2026 – $7,322 and 2025 – $6,479)	$ 292	$ 235