Athene Holding Ltd 8-K, filed Aug 10, 2026

Athene Holding Ltd. (ATH-PA)

8-K 2026-08-10 For: 2026-08-10

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Added on August 10, 2026

About this 8-K

Athene Holding Ltd filed this 8-K on August 10, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Item 9.01			Financial Statements and Exhibits.

(d)			Exhibits



99.1			Quarterly Financial Supplement for Athene Holding Ltd. for the second quarter 2026 (furnished and not filed).

104			Cover Page Interactive Data File (embedded within the Inline XBRL document).


		ATHENE HOLDING LTD.

Date:	August 10, 2026	/s/ Louis-Jacques Tanguy
		Louis-Jacques Tanguy
		Executive Vice President and Chief Financial Officer


Table of Contents

Important Notice			3

FINANCIAL RESULTS
Financial Highlights			4
Condensed Consolidated Statements of Income (Loss) (GAAP view)			5
Spread Related Earnings (Management view)			6
Reconciliation of Earnings Measures			7
Net Flows & Outflows Attributable to Athene by Type			8
Condensed Consolidated Balance Sheets			9

ASSETS
Net Invested Assets (Management view) & Agency Ratings			11
Net Alternative Investments (Management view)			12
Credit Quality of Securities & Net Invested Assets			13

LIABILITIES
Net Reserve Liabilities & Rollforwards			17
Deferred Annuity Liability Characteristics			18

ADDITIONAL INFORMATION
Defined Terms			19
Notes to the Financial Supplement			20
Non-GAAP Reconciliations			23


Financial Highlights Unaudited (in millions, except percentages)

	Quarterly Trends															Δ				Year-to-Date						Δ
	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			Q/Q		Y/Y		2025			2026			Y/Y
SELECTED INCOME STATEMENT DATA
GAAP
Net income (loss) available to AHL common stockholder	$	503		$	1,223		$	488		$	(1,973)		$	953		NM		89	%	$	923		$	(1,020)		NM
Return on assets	0.51		%	1.17		%	0.45		%	(1.77)		%	0.83		%	NM		32 bps		0.48		%	(0.45)		%	(93) bps


NON-GAAP
Spread related earnings	$	820		$	872		$	865		$	719		$	877		22	%	7	%	$	1,624		$	1,596		(2)	%
Net spread	1.22		%	1.24		%	1.20		%	0.97		%	1.14		%	17 bps		(8) bps		1.24		%	1.06		%	(18) bps
Net investment spread	1.58		%	1.60		%	1.58		%	1.34		%	1.47		%	13 bps		(11) bps		1.62		%	1.41		%	(21) bps

Spread related earnings, excluding notable items1	$	820		$	847		$	865		$	719		$	877		22	%	7	%	$	1,646		$	1,596		(3)	%
Net spread, excluding notable items1	1.22		%	1.21		%	1.20		%	0.97		%	1.14		%	17 bps		(8) bps		1.26		%	1.06		%	(20) bps
Net investment spread, excluding notable items1	1.58		%	1.57		%	1.58		%	1.34		%	1.47		%	13 bps		(11) bps		1.64		%	1.41		%	(23) bps

Alternative net investment income delta to long-term expectation2	$	36		$	37		$	28		$	188		$	76						$	65		$	264
Alternative net return delta to long-term expectation	1.14		%	1.12		%	0.81		%	5.21		%	1.96		%					0.95		%	3.51		%
Impact to net spread	0.05		%	0.05		%	0.04		%	0.25		%	0.10		%					0.05		%	0.17		%

SELECTED BALANCE SHEET DATA
GAAP
Total assets	$	405,309		$	429,915		$	442,205		$	447,804		$	472,879		6	%	17	%	$	405,309		$	472,879		17	%
Goodwill	4,075			4,072			4,072			4,079			4,079			—	%	—	%	4,075			4,079			—	%
Total liabilities	376,105			396,874			406,567			414,104			438,074			6	%	16	%	376,105			438,074			16	%
Debt	7,864			7,856			7,848			7,840			7,832			—	%	—	%	7,864			7,832			—	%
Total Athene Holding Ltd. stockholders' equity	18,148			20,411			20,492			17,848			18,556			4	%	2	%	18,148			18,556			2	%
Leverage ratio	39.7		%	36.5		%	36.4		%	40.1		%	39.0		%	NM		(70) bps		39.7		%	39.0		%	(70) bps

NON-GAAP
Gross invested assets	$	361,795		$	377,180		$	386,973		$	396,834		$	413,598		4	%	14	%	$	361,795		$	413,598		14	%
Invested assets – ACRA noncontrolling interests	(86,755)			(91,006)			(94,559)			(96,544)			(99,508)			3	%	15	%	(86,755)			(99,508)			15	%
Net invested assets	275,040			286,174			292,414			300,290			314,090			5	%	14	%	275,040			314,090			14	%
Net reserve liabilities	254,572			266,451			271,233			279,189			293,298			5	%	15	%	254,572			293,298			15	%
Cash collateral posted by Athene	2,076			2,069			2,500			2,594			3,001			16	%	45	%	2,076			3,001			45	%
Notional debt	7,775			7,775			7,775			7,775			7,775			—	%	—	%	7,775			7,775			—	%
Adjusted Athene Holding Ltd. common stockholder’s equity3	22,212			22,924			22,843			20,955			21,900			5	%	(1)	%	22,212			21,900			(1)	%
Adjusted leverage ratio3	24.9		%	24.3		%	24.4		%	25.9		%	25.1		%	(80) bps		20 bps		24.9		%	25.1		%	20 bps

INFLOWS DATA
Gross organic inflows	$	21,232		$	22,616		$	12,687		$	19,747		$	22,069		12	%	4	%	$	46,795		$	41,816		(11)	%
Gross inorganic inflows	—			—			1,340			—			—			NM		NM		—			—			NM
Total gross inflows	$	21,232		$	22,616		$	14,027		$	19,747		$	22,069		12	%	4	%	$	46,795		$	41,816		(11)	%

Note: “NM” represents changes that are not meaningful. Please refer to the Defined Terms section for the description of key terms. Please refer to the Notes to the Financial Supplement section for discussion on non-GAAP metrics and the Non-GAAP Measure Reconciliations section for reconciliations of non-GAAP metrics. 1. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 2. Refers to the amount that as-reported alternative net investment income is below (above) management's long-term expectation of an 11% average annual return. Management’s long-term expectation is based on historical experience and provides investors with supplemental information for period-to-period comparability as well as a basis for developing expectations of future performance. There is no assurance that management’s expected long-term average annual return will be achieved. Actual results may differ materially. 3. 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.


Condensed Consolidated Statements of Income (Loss) (GAAP view) Unaudited (in millions, except percentages)

	Quarterly Trends										Δ				Year-to-Date				Δ
	2Q’25		3Q’25		4Q’25		1Q’26		2Q’26		Q/Q		Y/Y		2025		2026		Y/Y
REVENUES
Premiums	$	107	$	117	$	2,277	$	217	$	170	(22)	%	59	%	$	234	$	387	65	%
Product charges	274		292		306		281		299		6	%	9	%	539		580		8	%
Net investment income	4,429		4,672		4,755		4,769		4,988		5	%	13	%	8,420		9,757		16	%
Investment related gains (losses)	(5)		2,254		123		(2,078)		2,989		NM		NM		(833)		911		NM
Other revenues	6		6		9		4		4		—	%	(33)	%	10		8		(20)	%
Revenues of consolidated variable interest entities
Net investment income	80		92		32		68		43		(37)	%	(46)	%	157		111		(29)	%
Investment related gains (losses)	468		565		632		407		659		62	%	41	%	1,018		1,066		5	%
Total revenues	5,359		7,998		8,134		3,668		9,152		150	%	71	%	9,545		12,820		34	%

BENEFITS AND EXPENSES
Interest sensitive contract benefits	3,428		4,164		3,003		1,591		5,714		259	%	67	%	4,922		7,305		48	%
Future policy and other policy benefits	527		613		2,752		639		594		(7)	%	13	%	1,068		1,233		15	%
Market risk benefits remeasurement (gains) losses	(111)		131		47		259		(24)		NM		78	%	274		235		(14)	%
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	292		355		328		337		350		4	%	20	%	559		687		23	%
Policy and other operating expenses	571		591		627		651		614		(6)	%	8	%	1,136		1,265		11	%
Total benefits and expenses	4,707		5,854		6,757		3,477		7,248		108	%	54	%	7,959		10,725		35	%
Income before income taxes	652		2,144		1,377		191		1,904		NM		192	%	1,586		2,095		32	%
Income tax expense (benefit)	(34)		266		479		1,673		217		(87)	%	NM		141		1,890		NM
Net income (loss)	686		1,878		898		(1,482)		1,687		NM		146	%	1,445		205		(86)	%
Less: Net income attributable to noncontrolling interests	222		619		375		456		698		53	%	214	%	516		1,154		124	%
Net income (loss) attributable to Athene Holding Ltd. stockholders	464		1,259		523		(1,938)		989		NM		113	%	929		(949)		NM
Less: Preferred stock dividends	45		36		35		35		36		3	%	(20)	%	90		71		(21)	%
Add: Preferred stock redemption	84		—		—		—		—		NM		NM		84		—		NM
Net income (loss) available to Athene Holding Ltd. common stockholder	$	503	$	1,223	$	488	$	(1,973)	$	953	NM		89	%	$	923	$	(1,020)	NM


Reconciliation of Earnings Measures Unaudited (in millions, except percentages)

	Quarterly Trends										Δ				Year-to-Date				Δ
	2Q’25		3Q’25		4Q’25		1Q’26		2Q’26		Q/Q		Y/Y		2025		2026		Y/Y
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS
Net income (loss) available to Athene Holding Ltd. common stockholder	$	503	$	1,223	$	488	$	(1,973)	$	953	NM		89	%	$	923	$	(1,020)	NM
Less: Preferred stock redemption	84		—		—		—		—		NM		NM		84		—		NM
Add: Preferred stock dividends	45		36		35		35		36		3	%	(20)	%	90		71		(21)	%
Add: Net income attributable to noncontrolling interests	222		619		375		456		698		53	%	214	%	516		1,154		124	%
Net income (loss)	686		1,878		898		(1,482)		1,687		NM		146	%	1,445		205		(86)	%
Income tax expense (benefit)	(34)		266		479		1,673		217		(87)	%	NM		141		1,890		NM
Income before income taxes	652		2,144		1,377		191		1,904		NM		192	%	1,586		2,095		32	%
Realized gains (losses) on sale of AFS securities and mortgage loans	(61)		(51)		(367)		(214)		300		NM		NM		(204)		86		NM
Unrealized, allowances and other investment gains (losses)	(513)		373		238		(430)		(335)		22	%	35	%	(340)		(765)		NM
Change in fair value of reinsurance assets	46		121		26		(66)		39		NM		(15)	%	148		(27)		NM
Offsets to investment gains (losses)	19		20		17		14		19		36	%	—	%	38		33		(13)	%
Investment gains (losses), net of offsets	(509)		463		(86)		(696)		23		NM		NM		(358)		(673)		(88)	%
Change in fair values of derivatives and embedded derivatives - indexed annuities	27		267		104		90		319		254	%	NM		(68)		409		NM
Non-operating change in funding agreements	(4)		33		63		17		(20)		NM		NM		4		(3)		NM
Change in fair value of market risk benefits	122		(123)		1		(148)		55		NM		(55)	%	(175)		(93)		47	%
Non-operating change in liability for future policy benefits	4		(3)		(33)		(1)		4		NM		—	%	21		3		(86)	%
Non-operating change in insurance liabilities and related derivatives	149		174		135		(42)		358		NM		140	%	(218)		316		NM
Integration, restructuring and other non-operating items	(32)		(36)		(23)		(33)		(41)		24	%	28	%	(62)		(74)		19	%
Stock compensation expense	(11)		(13)		(14)		(10)		(12)		20	%	9	%	(22)		(22)		—	%
Preferred stock dividends	45		36		35		35		36		3	%	(20)	%	90		71		(21)	%
Noncontrolling interests - pre-tax income and VIE adjustments	190		648		465		218		663		204	%	249	%	532		881		66	%
Less: Total adjustments to income before income taxes	(168)		1,272		512		(528)		1,027		NM		NM		(38)		499		NM
Spread related earnings	$	820	$	872	$	865	$	719	$	877	22	%	7	%	$	1,624	$	1,596	(2)	%

Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.


Condensed Consolidated Balance Sheets Unaudited (in millions, except percentages)

	December 31, 2025		June 30, 2026		Δ
ASSETS
Investments
Available-for-sale securities, at fair value	$	192,597	$	196,763	2	%
Trading securities, at fair value	6,409		6,318		(1)	%
Equity securities, at fair value	822		697		(15)	%
Mortgage loans, at fair value	91,918		99,974		9	%
Investment funds	108		276		156	%
Policy loans	301		293		(3)	%
Funds withheld at interest	15,413		13,787		(11)	%
Derivative assets	9,190		11,034		20	%
Short-term investments	175		230		31	%
Other investments	4,148		4,470		8	%
Total investments	321,081		333,842		4	%
Cash and cash equivalents	14,994		21,957		46	%
Restricted cash	1,332		1,583		19	%
Investments in related parties
Available-for-sale securities, at fair value	26,444		33,292		26	%
Trading securities, at fair value	454		1,290		184	%
Equity securities, at fair value	266		—		NM
Mortgage loans, at fair value	1,486		1,549		4	%
Investment funds	2,149		3,243		51	%
Funds withheld at interest	4,215		3,802		(10)	%
Short-term investments	18		18		—	%
Other investments, at fair value	344		333		(3)	%
Accrued investment income	3,395		4,015		18	%
Reinsurance recoverable	10,282		10,929		6	%
Deferred acquisition costs, deferred sales inducements and value of business acquired	8,634		9,279		7	%
Goodwill	4,072		4,079		—	%
Other assets	11,950		11,411		(5)	%
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value	3,120		2,103		(33)	%

Mortgage loans, at fair value	2,140		2,058		(4)	%
Investment funds, at fair value	24,070		26,798		11	%
Other investments	844		925		10	%
Cash and cash equivalents	569		171		(70)	%
Other assets	346		202		(42)	%
Total assets	$	442,205	$	472,879	7	%


Condensed Consolidated Balance Sheets, continued Unaudited (in millions, except percentages)

	December 31, 2025		June 30, 2026		Δ
LIABILITIES
Interest sensitive contract liabilities	$	315,889	$	344,593	9	%
Future policy benefits	50,264		48,241		(4)	%
Market risk benefits	4,930		5,283		7	%

Debt	7,848		7,832		—	%
Derivative liabilities	5,742		6,241		9	%
Payables for collateral on derivatives and securities to repurchase	11,085		11,199		1	%
Other liabilities	9,097		13,284		46	%


Liabilities of consolidated variable interest entities	1,712		1,401		(18)	%
Total liabilities	406,567		438,074		8	%

EQUITY
Preferred stock	—		—		NM
Common stock	—		—		NM
Additional paid-in capital	19,238		19,329		—	%
Retained earnings	3,895		2,440		(37)	%
Accumulated other comprehensive loss	(2,641)		(3,213)		(22)	%
Total Athene Holding Ltd. stockholders' equity	20,492		18,556		(9)	%
Noncontrolling interests	15,146		16,249		7	%
Total equity	35,638		34,805		(2)	%
Total liabilities and equity	$	442,205	$	472,879	7	%


Credit Quality of Securities Unaudited (in millions, except percentages)

	December 31, 2025				June 30, 2026
CREDIT QUALITY OF AFS SECURITIES (GAAP VIEW)	Fair Value		Percentage of Total		Fair Value		Percentage of Total
NAIC designation
1 A-G	$	121,234	55.4	%	$	131,056	57.0	%
2 A-C	91,503		41.8	%	93,724		40.7	%
Total investment grade	212,737		97.2	%	224,780		97.7	%
3 A-C	3,356		1.5	%	2,967		1.3	%
4 A-C	1,732		0.8	%	1,517		0.7	%
5 A-C	487		0.2	%	334		0.1	%
6	697		0.3	%	407		0.2	%
Non-designated	32		—	%	50		—	%
Total below investment grade	6,304		2.8	%	5,275		2.3	%
Total AFS securities including related parties	$	219,041	100.0	%	$	230,055	100.0	%

NRSRO designation
AAA/AA/A	$	114,983	52.5	%	$	125,230	54.4	%
BBB	87,497		39.9	%	90,610		39.4	%
Non-rated1	8,493		3.9	%	7,349		3.2	%
Total investment grade	210,973		96.3	%	223,189		97.0	%
BB	2,976		1.4	%	2,485		1.1	%
B	1,722		0.8	%	1,594		0.7	%
CCC	1,652		0.7	%	1,429		0.6	%
CC and lower	436		0.2	%	405		0.2	%
Non-rated1	1,282		0.6	%	953		0.4	%
Total below investment grade	8,068		3.7	%	6,866		3.0	%
Total AFS securities including related parties	$	219,041	100.0	%	$	230,055	100.0	%

1. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. The NRSRO ratings methodology is focused on the likelihood of recovery of all contractual payments, including principal at par regardless of entry price, while the NAIC designation methodology considers an investment at amortized cost, and the likelihood of recovery of that book value. We view the NAIC designation methodology as the most appropriate way to view our AFS portfolio when evaluating credit risk since a portion of our holdings were purchased at a significant discount to par.


Credit Quality of Net Invested Assets (Management view) Unaudited (in millions, except percentages)

	December 31, 2025				June 30, 2026					December 31, 2025				June 30, 2026
	Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total			Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total
CREDIT QUALITY OF NET INVESTED ASSETS									CREDIT QUALITY OF NET INVESTED ASSETS
NAIC designation									NRSRO designation
1 A-G	$	100,710	54.3	%	$	108,949	55.8	%	AAA/AA/A	$	93,681	50.5	%	$	102,346	52.4	%
2 A-C	77,217		41.6	%	80,064		41.0	%	BBB	72,669		39.2	%	75,998		38.9	%
Non-designated	415		0.2	%	395		0.2	%	Non-rated2	10,069		5.4	%	9,295		4.8	%
Total investment grade	178,342		96.1	%	189,408		97.0	%	Total investment grade	176,419		95.1	%	187,639		96.1	%
3 A-C	4,007		2.2	%	3,401		1.8	%	BB	3,614		1.9	%	2,909		1.5	%
4 A-C	1,431		0.8	%	1,261		0.7	%	B	1,445		0.8	%	1,363		0.7	%
5 A-C	644		0.3	%	460		0.2	%	CCC	1,769		1.0	%	1,518		0.8	%
6	917		0.5	%	593		0.3	%	CC and lower	770		0.4	%	744		0.4	%
Non-designated	123		0.1	%	81		—	%	Non-rated2	1,447		0.8	%	1,031		0.5	%
Total below investment grade	7,122		3.9	%	5,796		3.0	%	Total below investment grade	9,045		4.9	%	7,565		3.9	%
Total NAIC designated assets3	185,464		100.0	%	195,204		100.0	%	Total NRSRO designated assets3	185,464		100.0	%	195,204		100.0	%

Assets without NAIC designation									Assets without NRSRO designation
Commercial mortgage loans									Commercial mortgage loans
CM1	4,091		12.9	%	3,979		10.2	%	CM1	4,091		12.9	%	3,979		10.2	%
CM2	21,476		67.6	%	27,097		69.6	%	CM2	21,476		67.6	%	27,097		69.6	%
CM3	5,592		17.6	%	7,216		18.5	%	CM3	5,592		17.6	%	7,216		18.5	%
CM4	293		0.9	%	473		1.2	%	CM4	293		0.9	%	473		1.2	%
CM5	258		0.8	%	101		0.3	%	CM5	258		0.8	%	101		0.3	%
CM6	53		0.1	%	48		0.1	%	CM6	53		0.1	%	48		0.1	%
CM7	26		0.1	%	16		0.1	%	CM7	26		0.1	%	16		0.1	%
Total CMLs	31,789		100.0	%	38,930		100.0	%	Total CMLs	31,789		100.0	%	38,930		100.0	%
Residential mortgage loans									Residential mortgage loans
In good standing	42,512		98.1	%	42,115		98.4	%	In good standing	42,512		98.1	%	42,115		98.4	%
90 days late	563		1.3	%	432		1.0	%	90 days late	563		1.3	%	432		1.0	%
In foreclosure	251		0.6	%	239		0.6	%	In foreclosure	251		0.6	%	239		0.6	%
Total RMLs	43,326		100.0	%	42,786		100.0	%	Total RMLs	43,326		100.0	%	42,786		100.0	%
Alternative investments	13,868				15,745				Alternative investments	13,868				15,745
Cash and cash equivalents	10,490				13,512				Cash and cash equivalents	10,490				13,512
Equity securities	2,039				1,797				Equity securities	2,039				1,797
Other4	5,438				6,116				Other4	5,438				6,116
Net invested assets	$	292,414			$	314,090			Net invested assets	$	292,414			$	314,090

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 3. NAIC and NRSRO designations include corporate securities, CLO, RMBS, CMBS, ABS, state, municipal, political subdivisions and foreign government securities, short-term investments and US government and agency securities. 4. Other includes investments in company owned life insurance, accrued investment income, policy loans and other net invested assets.


Credit Quality of Net Invested Assets - ABS and CLOs (Management view) Unaudited (in millions, except percentages)

	December 31, 2025				June 30, 2026					December 31, 2025				June 30, 2026
	Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total			Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total
CREDIT QUALITY OF ABS – NAIC DESIGNATION									CREDIT QUALITY OF ABS – NRSRO DESIGNATION
1 A-G	$	22,882	59.6	%	$	26,741	60.6	%	AAA/AA/A	$	22,696	59.1	%	$	25,967	58.8	%
2 A-C	14,603		38.0	%	16,490		37.3	%	BBB	14,789		38.5	%	17,198		38.9	%
Non-designated	—		—	%	34		0.1	%	Non-rated2	—		—	%	—		—	%
Total investment grade	37,485		97.6	%	43,265		98.0	%	Total investment grade	37,485		97.6	%	43,165		97.7	%
3 A-C	442		1.2	%	512		1.2	%	BB	447		1.2	%	583		1.3	%
4 A-C	41		0.1	%	34		0.1	%	B	36		0.1	%	30		0.1	%
5 A-C	124		0.3	%	66		0.1	%	CCC	72		0.2	%	44		0.1	%
6	210		0.5	%	203		0.4	%	CC and lower	204		0.5	%	203		0.5	%
Non-designated	115		0.3	%	75		0.2	%	Non-rated2	173		0.4	%	130		0.3	%
Total below investment grade	932		2.4	%	890		2.0	%	Total below investment grade	932		2.4	%	990		2.3	%
ABS net invested assets	$	38,417	100.0	%	$	44,155	100.0	%	ABS net invested assets	$	38,417	100.0	%	$	44,155	100.0	%

CREDIT QUALITY OF CLOs – NAIC DESIGNATION									CREDIT QUALITY OF CLOs – NRSRO DESIGNATION
1 A-G	$	17,138	67.5	%	$	14,921	68.1	%	AAA/AA/A	$	17,152	67.5	%	$	14,957	68.3	%
2 A-C	8,210		32.3	%	6,931		31.7	%	BBB	8,196		32.3	%	6,895		31.5	%
Non-designated	—		—	%	—		—	%	Non-rated2	—		—	%	—		—	%
Total investment grade	25,348		99.8	%	21,852		99.8	%	Total investment grade	25,348		99.8	%	21,852		99.8	%
3 A-C	53		0.2	%	45		0.2	%	BB	53		0.2	%	45		0.2	%
4 A-C	—		—	%	—		—	%	B	—		—	%	—		—	%
5 A-C	—		—	%	—		—	%	CCC	—		—	%	—		—	%
6	—		—	%	—		—	%	CC and lower	—		—	%	—		—	%
Non-designated	—		—	%	—		—	%	Non-rated2	—		—	%	—		—	%
Total below investment grade	53		0.2	%	45		0.2	%	Total below investment grade	53		0.2	%	45		0.2	%
CLO net invested assets	$	25,401	100.0	%	$	21,897	100.0	%	CLO net invested assets	$	25,401	100.0	%	$	21,897	100.0	%

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.


Net Reserve Liabilities & Rollforwards Unaudited (in millions, except percentages)

	December 31, 2025				June 30, 2026
	Dollars		Percentage of Total		Dollars		Percentage of Total
NET RESERVE LIABILITIES
Indexed annuities	$	87,322	32.2	%	$	89,983	30.7	%
Fixed rate annuities	77,774		28.7	%	89,801		30.6	%
Total deferred annuities	165,096		60.9	%	179,784		61.3	%
Pension group annuities	25,088		9.2	%	23,953		8.2	%
Payout annuities	5,066		1.9	%	5,597		1.9	%
Funding agreements1	71,433		26.3	%	78,967		26.9	%
Life and other	4,550		1.7	%	4,997		1.7	%
Total net reserve liabilities	$	271,233	100.0	%	$	293,298	100.0	%


Deferred Annuity Liability Characteristics Unaudited (in millions, except percentages)

	Base surrender charge		Percentage of total		Surrender charge (net of MVA)			Percentage of total
SURRENDER CHARGE PERCENTAGES ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge	$	23,225	13.6	%	$	23,225		13.6	%
0.0% < 2.0%	8,072		4.7	%	2,539			1.5	%
2.0% < 4.0%	6,162		3.6	%	4,510			2.6	%
4.0% < 6.0%	21,378		12.5	%	22,364			13.1	%
6.0% or greater	112,000		65.6	%	118,199			69.2	%
	$	170,837	100.0	%	$	170,837		100.0	%

			Base surrender charge		MVA charge (benefit)			Surrender charge (net of MVA)
Aggregate surrender charge protection			6.0	%	1.2		%	7.2	%


	Deferred annuities		Percentage of total		Average base surrender charge
YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge	$	23,225	13.6	%	—	%
Less than 2	37,551		22.0	%	5.5	%
2 to less than 4	49,439		28.9	%	6.4	%
4 to less than 6	30,025		17.6	%	7.7	%
6 to less than 8	15,732		9.2	%	7.6	%
8 to less than 10	12,582		7.4	%	9.6	%
10 or greater	2,283		1.3	%	13.6	%
	$	170,837	100.0	%


Non-GAAP Reconciliations Unaudited (in millions, except percentages)

	Quarterly Trends
	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26
RECONCILIATION OF TOTAL ATHENE HOLDING LTD. STOCKHOLDERS’ EQUITY TO TOTAL ADJUSTED ATHENE HOLDING LTD. COMMON STOCKHOLDER’S EQUITY
Total Athene Holding Ltd. stockholders’ equity	$	18,148		$	20,411		$	20,492		$	17,848		$	18,556
Less: Preferred stock	2,470			2,470			2,470			2,470			2,470
Total Athene Holding Ltd. common stockholder’s equity	15,678			17,941			18,022			15,378			16,086
Less: Accumulated other comprehensive loss	(3,688)			(2,486)			(2,641)			(3,120)			(3,213)
Less: Accumulated change in fair value of reinsurance assets	(1,385)			(1,272)			(1,171)			(1,183)			(1,106)
Less: Accumulated change in fair value of mortgage loan assets	(1,461)			(1,225)			(1,009)			(1,274)			(1,495)
Total adjusted Athene Holding Ltd. common stockholder’s equity1	$	22,212		$	22,924		$	22,843		$	20,955		$	21,900

RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO
Total debt	$	7,864		$	7,856		$	7,848		$	7,840		$	7,832
Add: 50% of preferred stock	1,235			1,235			1,235			1,235			1,235
Less: 50% of subordinated debt	888			888			888			888			888
Less: Adjustment to arrive at notional	183			175			167			159			151
Adjusted leverage	$	8,028		$	8,028		$	8,028		$	8,028		$	8,028

Total debt	$	7,864		$	7,856		$	7,848		$	7,840		$	7,832
Total Athene Holding Ltd. stockholders’ equity	18,148			20,411			20,492			17,848			18,556
Total capitalization	26,012			28,267			28,340			25,688			26,388
Less: Accumulated other comprehensive loss	(3,688)			(2,486)			(2,641)			(3,120)			(3,213)
Less: Accumulated change in fair value of reinsurance assets	(1,385)			(1,272)			(1,171)			(1,183)			(1,106)
Less: Accumulated change in fair value of mortgage loan assets	(1,461)			(1,225)			(1,009)			(1,274)			(1,495)
Less: Adjustment to arrive at notional	276			268			260			252			244
Total adjusted capitalization	$	32,270		$	32,982		$	32,901		$	31,013		$	31,958

Leverage ratio	39.7		%	36.5		%	36.4		%	40.1		%	39.0		%
Accumulated other comprehensive loss	(4.4)		%	(2.7)		%	(2.9)		%	(3.9)		%	(3.9)		%
Accumulated change in fair value of reinsurance assets	(1.7)		%	(1.4)		%	(1.3)		%	(1.5)		%	(1.3)		%
Accumulated change in fair value of mortgage loan assets	(1.7)		%	(1.3)		%	(1.1)		%	(1.6)		%	(1.8)		%
Adjustment to exclude 50% of preferred stock	(3.8)		%	(3.8)		%	(3.7)		%	(4.0)		%	(3.8)		%
Adjustment to exclude 50% of subordinated debt	(2.8)		%	(2.7)		%	(2.7)		%	(2.9)		%	(2.8)		%
Adjustment to arrive at notional	(0.4)		%	(0.3)		%	(0.3)		%	(0.3)		%	(0.3)		%
Adjusted leverage ratio1	24.9		%	24.3		%	24.4		%	25.9		%	25.1		%

1. 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.


Net Flows & Outflows Attributable to Athene by Type Unaudited (in millions, except percentages)

	Quarterly Trends															Δ				Year-to-Date						Δ
	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			Q/Q		Y/Y		2025			2026			Y/Y
NET FLOWS
Retail	$	7,256		$	10,046		$	7,343		$	7,270		$	12,267		69	%	69	%	$	16,738		$	19,537		17	%
Flow reinsurance	2,031			2,542			1,665			2,603			3,763			45	%	85	%	6,964			6,366			(9)	%
Funding agreements1	11,707			9,724			2,800			8,531			5,718			(33)	%	(51)	%	22,851			14,249			(38)	%
Pension group annuities	1			—			746			—			—			NM		NM		5			—			NM
Other spread products2	237			304			133			1,343			321			(76)	%	35	%	237			1,664			NM
Gross organic inflows	21,232			22,616			12,687			19,747			22,069			12	%	4	%	46,795			41,816			(11)	%
Gross inorganic inflows3	—			—			1,340			—			—			NM		NM		—			—			NM
Total gross inflows	21,232			22,616			14,027			19,747			22,069			12	%	4	%	46,795			41,816			(11)	%
Gross outflows4	(7,230)			(10,638)			(9,268)			(10,768)			(10,141)			(6)	%	40	%	(15,622)			(20,909)			34	%
Net flows	$	14,002		$	11,978		$	4,759		$	8,979		$	11,928		33	%	(15)	%	$	31,173		$	20,907		(33)	%

Inflows attributable to Athene	$	15,838		$	17,138		$	10,142		$	15,957		$	17,095		7	%	8	%	$	35,956		$	33,052		(8)	%
Inflows attributable to ADIP5	5,019			4,962			3,515			3,453			4,402			27	%	(12)	%	9,975			7,855			(21)	%
Inflows ceded to third-party reinsurers	375			516			370			337			572			70	%	53	%	864			909			5	%
Total gross inflows	$	21,232		$	22,616		$	14,027		$	19,747		$	22,069		12	%	4	%	$	46,795		$	41,816		(11)	%

Outflows attributable to Athene	$	(5,813)		$	(9,181)		$	(7,714)		$	(8,612)		$	(7,608)		(12)	%	31	%	$	(12,830)		$	(16,220)		26	%
Outflows attributable to ADIP5	(1,417)			(1,457)			(1,554)			(2,156)			(2,533)			17	%	79	%	(2,792)			(4,689)			68	%
Total gross outflows4	$	(7,230)		$	(10,638)		$	(9,268)		$	(10,768)		$	(10,141)		(6)	%	40	%	$	(15,622)		$	(20,909)		34	%

OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE
Maturity-driven, contractual-based outflows6,12	$	(2,389)		$	(5,525)		$	(3,641)		$	(4,960)		$	(3,921)		(21)	%	64	%	$	(5,924)		$	(8,881)		50	%
Policyholder-driven outflows7	(3,424)			(3,656)			(4,073)			(3,652)			(3,687)			1	%	8	%	(6,906)			(7,339)			6	%
Income oriented withdrawals (planned)8	(1,609)			(1,660)			(1,922)			(1,845)			(1,717)			(7)	%	7	%	(3,289)			(3,562)			8	%
From policies out-of-surrender-charge (planned)9	(1,025)			(1,093)			(1,198)			(1,089)			(1,120)			3	%	9	%	(2,083)			(2,209)			6	%
From policies in-surrender-charge (unplanned)10	(790)			(903)			(953)			(718)			(850)			18	%	8	%	(1,534)			(1,568)			2	%
Core outflows	(5,813)			(9,181)			(7,714)			(8,612)			(7,608)			(12)	%	31	%	(12,830)			(16,220)			26	%
Strategic reinsurance transactions	—			—			—			—			—			NM		NM		—			—			NM
Outflows attributable to Athene	$	(5,813)		$	(9,181)		$	(7,714)		$	(8,612)		$	(7,608)		(12)	%	31	%	$	(12,830)		$	(16,220)		26	%

Annualized rate11
Maturity-driven, contractual-based outflows6,12	(3.6)		%	(7.9)		%	(5.0)		%	(6.7)		%	(5.1)		%	NM		150 bps		(4.5)		%	(5.9)		%	140 bps
Policyholder-driven outflows7	(5.1)		%	(5.2)		%	(5.7)		%	(4.9)		%	(4.8)		%	(10) bps		(30) bps		(5.3)		%	(4.8)		%	(50) bps
Income oriented withdrawals (planned)8	(2.4)		%	(2.4)		%	(2.7)		%	(2.5)		%	(2.2)		%	(30) bps		(20) bps		(2.5)		%	(2.3)		%	(20) bps


Non-GAAP Reconciliations, continued Unaudited (in millions, except percentages)

	Quarterly Trends															Year-to-Date
	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			2025			2026
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS
US GAAP benefits and expenses	$	4,707		$	5,854		$	6,757		$	3,477		$	7,248		$	7,959		$	10,725
Premiums	(107)			(117)			(2,277)			(217)			(170)			(234)			(387)
Product charges	(274)			(292)			(306)			(281)			(299)			(539)			(580)
Other revenues	(6)			(6)			(9)			(4)			(4)			(10)			(8)
Indexed annuity option costs	449			469			487			502			523			879			1,025
Reinsurance impacts	(27)			(27)			(27)			(22)			(25)			(57)			(47)
Non-operating change in insurance liabilities and embedded derivatives	(1,045)			(1,685)			(614)			399			(2,594)			(1,092)			(2,195)
Policy and other operating expenses, excluding policy acquisition expenses	(441)			(455)			(496)			(504)			(483)			(881)			(987)

Forward points adjustment on foreign exchange derivative hedges	74			75			77			76			77			126			153
AmerUs Closed Block fair value liability	(6)			(20)			2			11			(4)			(24)			7
ACRA noncontrolling interests	(927)			(1,220)			(933)			(704)			(1,362)			(1,583)			(2,066)
Other	73			85			81			74			35			136			109
Total adjustments to arrive at cost of funds	(2,237)			(3,193)			(4,015)			(670)			(4,306)			(3,279)			(4,976)
Total cost of funds	$	2,470		$	2,661		$	2,742		$	2,807		$	2,942		$	4,680		$	5,749

RECONCILIATION OF BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE
US GAAP benefits and expenses	7.01		%	8.34		%	9.34		%	4.69		%	9.44		%	6.08		%	7.10		%
Premiums	(0.16)		%	(0.17)		%	(3.15)		%	(0.29)		%	(0.22)		%	(0.18)		%	(0.26)		%
Product charges	(0.41)		%	(0.41)		%	(0.42)		%	(0.38)		%	(0.39)		%	(0.41)		%	(0.38)		%
Other revenues	(0.01)		%	(0.01)		%	(0.01)		%	—		%	(0.01)		%	(0.01)		%	(0.01)		%
Indexed annuity option costs	0.67		%	0.67		%	0.67		%	0.68		%	0.68		%	0.67		%	0.68		%
Reinsurance impacts	(0.04)		%	(0.04)		%	(0.04)		%	(0.03)		%	(0.03)		%	(0.05)		%	(0.03)		%
Non-operating change in insurance liabilities and embedded derivatives	(1.56)		%	(2.40)		%	(0.85)		%	0.54		%	(3.38)		%	(0.83)		%	(1.45)		%
Policy and other operating expenses, excluding policy acquisition expenses	(0.65)		%	(0.65)		%	(0.68)		%	(0.68)		%	(0.63)		%	(0.67)		%	(0.65)		%

Forward points adjustment on foreign exchange derivative hedges	0.11		%	0.11		%	0.11		%	0.10		%	0.10		%	0.10		%	0.10		%
AmerUs Closed Block fair value liability	(0.01)		%	(0.03)		%	—		%	0.01		%	(0.01)		%	(0.02)		%	—		%
ACRA noncontrolling interests	(1.38)		%	(1.74)		%	(1.29)		%	(0.95)		%	(1.77)		%	(1.21)		%	(1.37)		%
Other	0.11		%	0.12		%	0.11		%	0.10		%	0.05		%	0.10		%	0.07		%
Total adjustments to arrive at cost of funds	(3.33)		%	(4.55)		%	(5.55)		%	(0.90)		%	(5.61)		%	(2.51)		%	(3.30)		%
Total cost of funds	3.68		%	3.79		%	3.79		%	3.79		%	3.83		%	3.57		%	3.80		%

Average net invested assets	$	268,703		$	280,607		$	289,295		$	296,352		$	307,190		$	262,017		$	302,265