Athene Holding Ltd.

Results of Operations

The following summarizes the condensed consolidated results of operations:

Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

In this section, references to 2025 refer to the three months ended March 31, 2025 and references to 2024 refer to the three months ended March 31, 2024.

Net Income Available to Athene Holding Ltd. Common Stockholder

Net income available to Athene Holding Ltd. common stockholder decreased by $727 million, or 63%, to $420 million in 2025 from $1.1 billion in 2024. The decrease in net income available to Athene Holding Ltd. common stockholder was primarily driven by a $1.5 billion decrease in revenues, partially offset by a $687 million decrease in benefits and expenses and a $132 million decrease in income tax expense.

Revenues

Revenues decreased by $1.5 billion to $4.2 billion in 2025 from $5.7 billion in 2024. The decrease was primarily driven by a decrease in investment related gains (losses), partially offset by an increase in net investment income and an increase in VIE investment related gains (losses).

Investment related gains (losses) decreased by $2.5 billion to $(828) million in 2025 from $1.7 billion in 2024, primarily due to the unfavorable change in fair value of FIA hedging derivatives, unfavorablenet foreign exchange impacts and an increase in realized losses on AFS securities, partially offset by thefavorable change in fair value of mortgage loans and reinsurance assets. The change in fair value of FIA hedging derivatives decreased $2.7 billion, primarily driven by the unfavorable performance of the equity indices upon which our call options are based. The largest percentage of our call options are based on the S&P 500 Index, which decreased 4.6% in 2025, compared to an increase of 10.2% in 2024. The unfavorable net foreign exchange impacts were primarily related to the weakening of the US dollar against foreign currencies in 2025 compared to 2024. The change in fair value of mortgage loans increased $952 million and the change in fair value of reinsurance assets increased $233 million, primarily driven by a decrease in US Treasury rates in 2025 compared to an increase in 2024.

Net investment income increased by $699 million to $4.0 billionin 2025 from $3.3 billion in 2024, primarily driven by significant growth in our investment portfolio attributable to strong net flows during the previous twelve months and higher rates on new deployment in comparison to our existing portfolio related to the higher interest rate environment. These increases were partially offset by lower floating rate income and higher investment management fees driven by the significant growth in our investment portfolio.

VIE investment related gains (losses) increased by $216 million to $550 million in 2025 from$334 million in 2024, primarily driven by gains within AAA related to favorable returns on the underlying assets, a favorable change in the fair value of mortgage loans held in VIEs related to a decrease in US Treasury rates in 2025 compared to an increase in 2024 and favorable returns from A-A Onshore Fund, LLC.

Benefits and Expenses

Benefits and expenses decreased by $687 million to $3.3 billion in 2025 from $3.9 billion in 2024. The decrease was primarily driven by a decrease in interest sensitive contract benefits, partially offset by an increase in market risk benefits remeasurement (gains) losses, an increase in policy and other operating expenses and an increase in DAC, DSI and VOBA amortization.

Interest sensitive contract benefits decreased by$1.4 billion to $1.5 billion in 2025 from $2.9 billion in 2024, primarily driven by a decrease in the change in our FIA reserves and lower rates on floating rate funding agreements, partially offset by significant growth in our deferred annuity and funding agreement blocks of business and higher rates on new deferred annuity and funding agreement issuances in comparison to our existing blocks of business. The change in our FIA reserves includes the impact from changes in the fair value of FIA embedded derivatives.

The decrease in the change in fair value of FIA embedded derivatives of $2.2 billion was primarily due to the performance of the equity indices to which our FIA policies are linked. The largest percentage of our FIA policies are linked to the S&P 500 Index, which decreased 4.6% in 2025, compared to an increase of 10.2% in 2024. The change in fair value of FIA embedded derivatives was also driven by the favorable impact of rates on policyholder projected benefits. These impacts were partially offset by the unfavorable change in discount rates used in our embedded derivative calculations as 2025 experienced a decrease in discount rates compared to an increase in 2024.

Market risk benefits remeasurement (gains) losses increased by $539 million to $385 million in 2025 from $(154) million in 2024. The lossesin 2025 compared to gains in 2024 were primarily driven by an unfavorable change in the fair value of market risk benefits. The change in fair value of market risk benefits was $417 million unfavorable compared to 2024 due to a decrease in the risk-free discount rate across the curve, which is used in the fair value measurement of the liability for market risk benefits, and $123 million unfavorable related to unfavorable equity market performance in 2025 compared to 2024.

Policy and other operating expenses increased by $106 million to $565 million in 2025 from $459 million in 2024, primarily driven by an increase in interest expense, policy acquisition expenses related to significant growth and an increase in contingent investment fees ACRA is obligated to pay on behalf of ADIP.

DAC, DSI and VOBA amortization increased by $60 million to $267 million in 2025 from $207 million in 2024, primarily due to an increase in acquisition costs that are deferred and amortized driven by strong growth in our deferred annuity business.

Income Tax Expense

Income tax expense decreased by $132 million to$175 million in 2025 from $307 million in 2024, primarily driven by the decrease in pretax income subject to income tax. Our effective tax rate in thefirst quarter of 2025 was 19% compared to 17% in 2024.

Summary of Non-GAAP Earnings

The following summarizes our spread related earnings:

Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

In this section, references to 2025 refer to the three months ended March 31, 2025 and references to 2024 refer to the three months ended March 31, 2024.

Spread Related Earnings

Spread related earnings decreased by $12 million, or 1%, to $804 million in 2025 from $816 million in 2024. The decrease in SRE was primarily driven by higher cost of funds and interest and other financing costs, partially offset by higher net investment earnings.

Cost of funds increased by $487 million to $2.2 billion in 2025 from $1.7 billion in 2024, primarily driven by significant growth in deferred annuity and institutional business, higher rates on new business compared to the existing blocks and an increase in business mix to institutional business at higher crediting rates, partially offset by lower rates on floating rate funding agreements.

Interest and other financing costs increased by $39 million to $130 million in 2025 from $91 million in 2024, primarily related to higher interest expense resulting from a full quarter of expense on the debt issued in March 2024, expense related to the debt issued in October 2024 and a higher average short-term repurchase agreement balance outstanding in 2025 compared to 2024.

Net investment earnings increased by $510 million to $3.2 billion in 2025 from $2.7 billion in 2024, primarily driven by $33.1 billion of growth in our average net invested assets, higher rates on new deployment compared to our existing portfolio related to the higher interest rate environment and an increase in alternative net investment income, partially offset by lower floating rate income. The increase in alternative net investment income compared to 2024 was primarily driven by more favorable performance within strategic origination platforms and equity investments, partially offset by less favorable performance within retirement services platforms and credit investments. The increase in income from strategic origination platforms was mainly attributable to strong performance within other strategic origination platforms, including an initial mark from cost to fair value on Atlas, unfavorable performance from Aqua Finance, Inc. (Aqua Finance) in 2024 related to macroeconomic headwinds for consumer loan origination, outsized performance from MidCap Financial in 2025 and a valuation increase on Wheels in 2025. The decrease in income from retirement services platforms was primarily related to continued headwinds impacting dividend projections for Athora in 2025 and an increase in the share price of Challenger Limited (Challenger) in 2024 not recurring in 2025 due to the sale of our common interests in Challenger in the third quarter of 2024.

Net Investment Spread

Net investment spread decreased 18 basis points to 1.65% in 2025 from 1.83% in 2024, primarily driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds increased 36 basis points to 3.46% in 2025 from 3.10% in 2024, primarily driven by higher rates on new business compared to the existing blocks and an increase in business mix to institutional business at higher crediting rates, partially offset by lower rates on floating rate funding agreements.

Net investment earned rate increased 17 basis points to 5.06% in 2025 from 4.89% in 2024, primarily due to higher returns in both our fixed income and alternative investment portfolios. Fixed income and other net investment earned rate was 4.80% in 2025, an increase from 4.66% in 2024, primarily driven byhigher rates on new deployment compared to our existing portfolio related to the higher interest rate environment, partially offset by lower floating rate income. Alternative net investment earned rate was 10.08% in 2025, an increase from 9.10% in 2024, primarily driven bymore favorable performance within strategic origination platforms and equity investments, partially offset by less favorable performance within retirement services platforms and credit investments. The higher returns from strategic origination platforms was mainly attributable to strong performance within other strategic origination platforms, including an initial mark from cost to fair value on Atlas, unfavorable performance from Aqua Finance in 2024 related to macroeconomic headwinds for consumer loan origination, outsized performance from MidCap Financial in 2025 and a valuation increase on Wheels in 2025. The unfavorable returns from retirement services platforms was primarily related to continued headwinds impacting dividend projections for Athora in 2025 and an increase in the share price of Challenger in 2024 not recurring in 2025 due to the sale of our common interests in Challenger in the third quarter of 2024.

Adjustments to Net Income Available to Athene Holding Ltd. Common Stockholder

The adjustments tonet income available to Athene Holding Ltd. common stockholder are comprised of investment gains (losses), net of offsets; non-operating change in insurance liabilities and related derivatives; inte gration, restructuring and other non-operating expenses; stock compensation expense and the non-operating income tax expense (benefit) related to these adjustments. The decrease in adjustments tonet income available to Athene Holding Ltd. common stockholder in 2025 compared to 2024 was primarily driven by a decrease in non-operating change in insurance liabilities and related derivatives, partially offset by an increase in investment gains (losses), net of offsets.

Non-operating change in insurance liabilities and related derivatives decreased $1.0 billion, primarily due to a decrease in net FIA derivatives and the unfavorable change in fair value of market risk benefits. The $579 million unfavorable change in net FIA derivatives was primarily due to the performance of the equity indices to which our FIA policies are linked. The largest percentage of our FIA policies are linked to the S&P 500 Index, which decreased 4.6% in 2025, compared to an increase of 10.2% in 2024. The change in net FIA derivatives was also driven by the unfavorable change in discount rates used in our embedded derivative calculations as 2025 experienced a decrease in discount rates compared to an increase in 2024. These impacts were partially offset by the favorable impact of rates on policyholder projected benefits. The $498 million unfavorable change in fair value of market risk benefits was primarily driven by a decrease in the risk-free discount rate across the curve, which is used in the fair value measurement of the liability for market risk benefits, and unfavorable equity market performance in 2025 compared to 2024.

Investment gains (losses), net of offsets, increased $173 million, primarily due to the favorable changes in fair value of mortgage loans and reinsurance assets, partially offset by unfavorable net foreign exchange impacts and an increase in realized losses on AFS securities. The favorable changes in fair value of mortgage loans of $843 million and reinsurance assets of $137 million were primarily driven by a decrease in

US Treasury rates in 2025 compared to an increase in 2024. The unfavorable net foreign exchange impacts were primarily related to the weakening of the US dollar against foreign currencies in 2025 compared to 2024.