Athene Holding Ltd.

Results of Operations

The following summarizes the condensed consolidated results of operations:

Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

In this section, references to 2025 refer to the three months ended September 30, 2025 and references to 2024 refer to the three months ended September 30, 2024.

Net Income Available to Athene Holding Ltd. Common Stockholder

Net income available to Athene Holding Ltd. common stockholder increased by $643 million, or 111%, to $1.2 billion in 2025 from $580 million in 2024. The increase in net income available to Athene Holding Ltd. common stockholder was primarily driven by a $1.5 billion increase in revenues and a $240 million decrease in net income attributable to noncontrolling interests, partially offset by a $1.0 billion increase in benefits and expenses and a $75 million increase in income tax expense.

Revenues

Revenues increased by $1.5 billion to $8.0 billion in 2025 from $6.5 billion in 2024. The increase was primarily driven by an increase in net investment income, an increase in investment related gains (losses) and an increase in VIE investment related gains (losses), partially offset by a decrease in premiums.

Net investment income increased by $895 million to $4.7 billionin 2025 from $3.8 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 impacts were partially offset by lower floating rate income and higher investment management fees driven by the significant growth in our investment portfolio.

Investment related gains (losses) increased by $715 million to $2.3 billion in 2025 from $1.5 billion in 2024, primarily driven bya favorable change in fair value of FIA hedging derivatives, favorable net foreign exchange impacts and a decrease in realized losses on the sale of mortgage loans and AFS securities, partially offset by an unfavorable change in fair value of mortgage loans and reinsurance assets. The change in fair value of FIA hedging derivatives increased $1.1 billion, primarily driven by more favorable 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 increased 7.8% in 2025, compared to an increase of 5.5% in 2024. The favorable net foreign exchange impacts were primarily related to the strengthening of the US dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of mortgage loans decreased $607 million, primarily driven by a smaller decrease in US Treasury rates in 2025 compared to 2024. The change in fair value of reinsurance assets decreased $598 million, primarily driven by a smaller decrease in US Treasury rates in 2025 compared to 2024, as well as runoff of the underlying investments within our funds withheld asset, partially offset by credit spread tightening in 2025 compared to 2024.

VIE investment related gains (losses) increased by $96 million to $565 million in 2025 from$469 million in 2024, primarily driven by growth and investment performance within AAA related to favorable returns on the underlying assets.

Premiums decreased by $272 million to $117 million in 2025 from$389 million in 2024, primarily driven by a$294 million decrease in pension group annuity premiums compared to 2024.

Benefits and Expenses

Benefits and expenses increased by $1.0 billion to $5.9 billion in 2025 from $4.8 billion in 2024. The increase was primarily driven by an increase in interest sensitive contract benefits and an increase in the amortization of DAC, DSI and VOBA, partially offset by a decrease in market risk benefits remeasurement (gains) losses, a decrease in future policy and other policy benefits and a decrease in policy and other operating expenses. Our annual unlocking of assumptions resulted in a decrease in total benefits and expenses of $55 million compared to an increase of $31 million in 2024. The 2025 unlocking was driven by a decrease of $90 million in interest sensitive contract benefits and a decrease of $59 million in market risk benefits, partially offset by an increase of $53 million related to DAC, DSI and VOBA amortization and an increase of $41 million in future policy and other policy benefits. The 2024 unlocking was driven by an increase of $62 million in market risk benefits, an increase of $21 million related to DAC, DSI and VOBA amortization and an increase of $8 million in interest sensitive contract benefits, partially offset by a decrease of $60 million in future policy and other policy benefits.

Interest sensitive contract benefits increased by$1.6 billion to $4.2 billion in 2025 from $2.6 billion in 2024, primarily driven by an increase in the change in our FIA reserves, significant growth in our deferred annuity and funding agreement blocks of business and higher rates on new deferred annuity and funding agreement issuances, as well as runoff of lower rate business, in comparison to our existing blocks of business. These impacts were partially offset by lower rates on floating rate funding agreements and a favorable change in unlocking. The change in our FIA reserves includes the impact from changes in the fair value of FIA embedded derivatives. The increase in the change in fair value of FIA embedded derivatives of $985 million 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 increased 7.8% in 2025, compared to an increase of 5.5% in 2024. The change in fair value of FIA embedded derivatives was also driven by an unfavorable impact of rates on policyholder projected benefits in comparison to 2024. These impacts were partially offset by a favorable change in discount rates used in our embedded derivative calculations as 2025 experienced a smaller decrease in discount rates compared to 2024. The fair value of FIA embedded derivative and investment contract provision unlocking in 2025 was $79 million favorable primarily due to changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, while 2024 unlocking was $67 million unfavorable primarily due to changes to projected interest crediting. The negative VOBA unlocking related to our interest sensitive contract liabilities in 2025 was $11 million favorable mainly due to changes in policyholder behavior, partially offset by updated economic assumptions, while 2024 unlocking was $59 million favorable mainly due to updated economic assumptions and changes in policyholder behavior.

Amortization of DAC, DSI and VOBA increased by $111 million to $355 million in 2025 from $244 million in 2024, primarily driven by an increase in acquisition costs that are deferred and amortized due to strong growth in our deferred annuity business as well as an unfavorable change in unlocking. Unlocking in 2025 was $53 million unfavorable mainly related to changes in policyholder behavior and projected interest crediting as well as updated economic and mortality assumptions, while unlocking in 2024 was$21 million unfavorable mainly related to changes to projected interest crediting and policyholder behavior.

Market risk benefits remeasurement (gains) losses decreased by $393 million to $131 million in 2025 from $524 million in 2024. The lower losses in 2025 compared to 2024 were primarily driven by a favorable change in the fair value of market risk benefits and a favorable change in unlocking. The change in fair value of market risk benefits was $205 million favorable due to a smaller decrease in risk-free discount rates across the long end of the curve compared to 2024, which are used in the fair value measurement of the liability for market risk benefits, and $72 million favorable related to more favorable equity market performance compared to 2024. The market risk benefits unlocking in 2025 was $59 million favorable primarily due to changes in policyholder behavior and updated mortality assumptions, partially offset by changes in projected interest crediting, while 2024 unlocking was $62 million unfavorable primarily due to changes in policyholder behavior, partially offset by updated economic assumptions.

Future policy and other policy benefits decreased by$180 million to$613 million in 2025 from$793 million in 2024, primarily driven by a$294 million decrease in pension group annuity obligations compared to 2024, partially offset by an unfavorable change in unlocking. Unlocking in 2025 was $41 million unfavorable, consisting of $77 million of unfavorable future policy benefit reserve unlocking, partially offset by $36 million of favorable negative VOBA and deferred profit liability unlocking. The unfavorable unlocking primarily related to updated mortality assumptions and changes in policyholder behavior, partially offset by updated economic assumptions. Unlocking in 2024 was $60 million favorable, consisting of $104 million of favorable future policy benefit reserve unlocking, partially offset by $44 million of unfavorable negative VOBA and deferred profit liability unlocking. The favorable unlocking primarily related to updated mortality assumptions, partially offset by changes in policyholder behavior.

Policy and other operating expenses decreased by $96 million to $591 million in 2025 from $687 million in 2024, primarily driven by the

recognition of $172 million of expense related to estimated guaranty association assessments levied against us in connection

with the Bankers Life Insurance Company (BLIC) and Colorado Bankers Life Insurance Company (CBLIC) insolvencies in 2024, partially offset by an increase in interest expense and policy acquisition expenses related to significant growth. The increase in interest expense was primarily due to interest on additional issuances of long-term debt in the fourth quarter of 2024 and the second quarter of 2025 as well as an increase in host accretion on business ceded to Catalina.

Income Tax Expense

Income tax expense increased by $75 million to $266 million in 2025 from $191 million in 2024, primarily driven by an increase in pretax income subject to US income tax, and impacts from the Bermuda Corporate Income Tax (Bermuda CIT) that were not present in 2024. Our effective tax rate in thethird quarter of 2025 was 12% compared to 11% in 2024.

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests decreased by$240 million to$619 million in 2025 from$859 millionin 2024 primarily due to theunfavorable change in fair value of reinsurance assets and mortgage loans, partially offset by favorable net foreign exchange impacts as well as growth and favorable investment performance within AAA.

Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

In this section, references to 2025 refer to the nine months ended September 30, 2025 and references to 2024 refer to the nine months ended September 30, 2024.

Net Income Available to Athene Holding Ltd. Common Stockholder

Net income available to Athene Holding Ltd. common stockholder decreased by $164 million, or 7%, to $2.1 billion in 2025 from $2.3 billion in 2024. The decrease in net income available to Athene Holding Ltd. common stockholder was primarily driven by a $1.4 billion increase in benefits and expenses, partially offset by a $636 million increase in revenues, a $252 million decrease in income tax expense, a $244 million decrease in net income attributable to noncontrolling interests and an $84 million increase from our preferred stock redemption.

Revenues

Revenues increased by $636 million to $17.5 billion in 2025 from $16.9 billion in 2024. The increase was primarily driven by an increase in net investment income and an increase in VIE investment related gains (losses), partially offset by a decrease in investment related gains (losses) and a decrease in premiums.

Net investment income increased by $2.5 billion to $13.1 billionin 2025 from $10.6 billion in 2024, primarily driven by significant growth in our investment portfolio attributable to strong net flows during the previous twelve months, higher rates on new deployment in comparison to our existing portfolio related to the higher interest rate environment and earlier deployment into assets during the year compared to 2024. These impacts 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 $474 million to $1.6 billion in 2025 from $1.1 billion in 2024, primarily driven by growth and investment performance within AAA related to favorable returns on the underlying assets, favorable returns from A-A Onshore Fund, LLC, a favorable change in the fair value of mortgage loans held in VIEs related to a larger decrease in US Treasury rates in 2025 compared to 2024 and favorable impacts from the consolidation of new VIEs as well as the deconsolidation of existing VIEs.

Investment related gains (losses) decreased by $1.7 billion to $1.4 billion in 2025 from $3.1 billion in 2024, primarily driven by unfavorable net foreign exchange impacts and an unfavorable change in fair value of FIA hedging derivatives and reinsurance assets, partially offset by a favorable change in fair value of mortgage loans and trading securities. The unfavorable net foreign exchange impacts were primarily related to the weakening of the US dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of FIA hedging derivatives decreased $781 million, primarily driven by less favorable 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 increased 13.7% in 2025, compared to an increase of 20.8% in 2024. The change in fair value of reinsurance assets decreased $212 million, primarily related to runoff of the underlying investments within our funds withheld asset and an unfavorable change in credit spreads compared to 2024, partially offset by a larger decrease in US Treasury rates in 2025 compared to 2024. The change in fair value of mortgage loans increased $437 million and the change in fair value of trading securities increased $133 million primarily driven by a larger decrease in US Treasury rates in 2025 compared to 2024.

Premiums decreased by $812 million to $351 million in 2025 from$1.2 billion in 2024, primarily driven by an$866 million decrease in pension group annuity premiums, partially offset by an increase in payout premiums compared to 2024.

Benefits and Expenses

Benefits and expenses increased by $1.4 billion to $13.8 billion in 2025 from $12.4 billion in 2024. The increase was primarily driven by an increase in interest sensitive contract benefits, an increase in the amortization of DAC, DSI and VOBA, an increase in policy and other operating expenses and an increase in market risk benefits remeasurement (gains) losses, partially offset by a decrease in future policy and other policy benefits. Our annual unlocking of assumptions resulted in a decrease in total benefits and expenses of $55 million compared to an increase of $31 million in 2024. The 2025 unlocking was driven by a decrease of $90 million in interest sensitive contract benefits and a decrease of $59 million in market risk benefits, partially offset by an increase of $53 million related to DAC, DSI and VOBA amortization and an increase of $41 million in future policy and other policy benefits. The 2024 unlocking was driven by an increase of $62 million in market risk benefits, an increase of $21 million related to DAC, DSI and VOBA amortization and an increase of $8 million in interest sensitive contract benefits, partially offset by a decrease of $60 million in future policy and other policy benefits.

Interest sensitive contract benefits increased by $1.8 billion to $9.1 billion in 2025 from $7.3 billion in 2024, primarily driven by significant growth in our deferred annuity and funding agreement blocks of business, higher rates on new deferred annuity and funding agreement issuances, as well as runoff of lower rate business, in comparison to our existing blocks of business and earlier origination of new business within the year compared to 2024. These impacts were partially offset by lower rates on floating rate funding agreements, a decrease in the change in our FIA reserves and a favorable change in unlocking. 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 $126 million 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 increased 13.7% in 2025, compared to an increase of 20.8% in 2024. These impacts were partially offset by the unfavorable change in discount rates used in our embedded derivative calculations as 2025 experienced a larger decrease in discount rates compared to 2024. The fair value of FIA embedded derivative and investment contract provision unlocking in 2025 was $79 million favorable primarily due to changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, while 2024 unlocking was $67 million unfavorable primarily due to changes to projected interest crediting. The negative VOBA unlocking related to our interest sensitive contract liabilities in 2025 was $11 million favorable mainly due to changes in policyholder behavior, partially offset by updated economic assumptions, while 2024 unlocking was $59 million favorable mainly due to updated economic assumptions and changes in policyholder behavior.

Amortization of DAC, DSI and VOBA increased by $236 million to $914 million in 2025 from $678 million in 2024, primarily driven by an increase in acquisition costs that are deferred and amortized due to strong growth in our deferred annuity business as well as anunfavorable change in unlocking. Unlocking in 2025 was $53 million unfavorable mainly related to changes in policyholder behavior and projected interest crediting as well as updated economic and mortality assumptions, while unlocking in 2024 was$21 million unfavorable mainly related to changes to projected interest crediting and policyholder behavior.

Policy and other operating expenses increased by $74 million to $1.7 billion in 2025 from $1.7 billion in 2024, primarily driven by an increase in interest expense and policy acquisition expenses related to significant growth. The increase in interest expense was primarily due to an increase in host accretion on business ceded to Catalina, as well as interest related to additional issuances of long-term debt in the fourth quarter of 2024 and the second quarter of 2025. These impacts were partially offset by the recognition of $172 million of expense related to estimated guaranty association assessments levied against us in connection with the BLIC and CBLIC insolvencies in 2024.

Market risk benefits remeasurement (gains) losses increased by $51 million to $405 million in 2025 from $354 million in 2024. The greater losses in 2025 compared to 2024 were primarily driven by an unfavorable change in the fair value of market risk benefits, partially offset by a favorable change in unlocking. The change in fair value of market risk benefits was $152 million unfavorable due to a decrease in risk-free discount rates across the long end of the curve compared to 2024, which are used in the fair value measurement of the liability for market risk benefits, and$9 million unfavorable related to less favorable equity market performance compared to 2024. The market risk benefits unlocking in 2025 was $59 million favorable primarily due to changes in policyholder behavior and updated mortality assumptions, partially offset by changes in projected interest crediting, while 2024 unlocking was $62 million unfavorable primarily due to changes in policyholder behavior, partially offset by updated economic assumptions.

Future policy and other policy benefits decreased by $750 million to $1.7 billion in 2025 from $2.4 billion in 2024, primarily driven by an $866 million decrease in pension group annuity obligations compared to 2024, partially offset by an unfavorable change in unlocking. Unlocking in 2025 was $41 million unfavorable, consisting of $77 million of unfavorable future policy benefit reserve unlocking, partially offset by $36 million of favorable negative VOBA and deferred profit liability unlocking. The unfavorable unlocking primarily related to updated mortality assumptions and changes in policyholder behavior, partially offset by updated economic assumptions. Unlocking in 2024 was $60 million favorable, consisting of $104 million of favorable future policy benefit reserve unlocking, partially offset by $44 million of unfavorable negative VOBA and deferred profit liability unlocking. The favorable unlocking primarily related to updated mortality assumptions, partially offset by changes in policyholder behavior.

Income Tax Expense

Income tax expense decreased by $252 million to $407 million in 2025 from $659 million in 2024, primarily driven by a decrease in pretax income subject to US income tax, and impacts from the Bermuda CIT that were not present in 2024. Our effective tax rate in 2025 was 11% compared to 15% in 2024.

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests decreased by$244 million to$1.1 billion in 2025 from$1.4 billionin 2024 primarily due to unfavorable net foreign exchange impacts, anunfavorable change in fair value of reinsurance assets and an increase in realized losses on the sale of investments, partially offset by a favorable change in fair value of mortgage loans as well as growth and favorable investment performance within AAA.

Preferred Stock Redemption

Preferred stock redemption increased by $84 million to $84 million in 2025 from $0 million in 2024 driven by the redemption of our Series C preferred stock at par value, which was below our carrying value of $684 million, in the second quarter of 2025.

Summary of Non-GAAP Earnings

The following summarizes our spread related earnings:

Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

In this section, references to 2025 refer to the three months ended September 30, 2025 and references to 2024 refer to the three months ended September 30, 2024.

Spread Related Earnings

Spread related earnings increased by $17 million, or 2%, to $872 million in 2025 from $855 million in 2024. The increase in SRE was primarily driven by an increase in net investment earnings and strategic capital management fees, partially offset by an increase in cost of funds and interest and other financing costs.

Net investment earnings increased by $703 million to $3.7 billion in 2025 from $3.0 billion in 2024, primarily driven by $42.8 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, an increase in alternative net investment income and higher call income, partially offset by lower floating rate income and prepayment of higher yielding assets. The increase in alternative net investment income compared to 2024 was primarily driven by more favorable performance within retirement services platforms and equity funds, partially offset by less favorable performance within origination platforms. The increase in income from retirement services platforms was primarily related to a valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge Financial, Inc. (Corebridge) and realized losses from the sale of Challenger Limited (Challenger) common equity shares in 2024. The increase in income from equity funds was mainly attributable to more favorable performance from the underlying funds within private and structured equity in 2025 compared to 2024. The decrease in income from origination platforms was primarily attributable to a Wheels valuation increase and strong growth from Redding Ridge Holdings LP (Redding Ridge) in 2024, partially offset by strong performance from Atlas and robust infrastructure origination from Apterra Infrastructure Capital, LLC (Apterra) in 2025.

Strategic capital management fees increased by $8 million to $35 million in 2025 from $27 million in 2024, primarily driven by additional fees received from ADIP II attributable to strong net flows into ACRA 2 over the previous twelve months.

Cost of funds increased by $678 million to $2.7 billion in 2025 from $2.0 billion in 2024, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business and runoff of lower rate business compared to existing blocks, a shift in business mix to more institutional business at higher crediting rates and an unfavorable change in unlocking. These impacts were partially offset by lower rates on floating rate funding agreements. Unlocking, net of the noncontrolling interests, was favorable $5 million primarily related to updated mortality assumptions and changes in policyholder behavior, partially offset by changes to projected interest crediting and updated economic assumptions. Unlocking, net of the noncontrolling interests, in 2024 was favorable $16 million primarily related to updated mortality and economic assumptions, partially offset by changes in policyholder behavior and projected interest crediting.

Interest and other financing costs increased by $22 million to $140 million in 2025 from $118 million in 2024, primarily driven by higher interest expense related to additional issuances of long-term debt in the fourth quarter of 2024 and second quarter of 2025, partially offset by a lower average short-term repurchase agreement balance outstanding in 2025 compared to 2024. Additionally, preferred stock dividends decreased due to the redemption of our Series C preferred stock in the second quarter of 2025.

Net investment spread decreased 23 basis points to 1.60% in 2025 from 1.83% in 2024, driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds increased 45 basis points to 3.79% in 2025 from 3.34% in 2024, primarily driven by higher rates on new business and runoff of lower rate business compared to existing blocks, a shift in business mix to more institutional business at higher crediting rates and an unfavorable change in unlocking, partially offset by lower rates on floating rate funding agreements.

Net investment earned rate increased 22 basis points to 5.34% in 2025 from 5.12% in 2024, primarily driven by higher returns in both our fixed income and alternative investment portfolios. Fixed income and other net investment earned rate was 5.12% in 2025, an increase from 4.96% in 2024, primarily driven byhigher rates on new deployment compared to our existing portfolio related to the higher interest rate environment and higher call income, partially offset by lower floating rate income and prepayment of higher yielding assets. Alternative net investment earned rate was 9.88% in 2025, an increase from 8.19% in 2024, primarily driven by more favorable performance within retirement services platforms and equity funds, partially offset by less favorable performance within origination platforms. The more favorable returns from retirement services platforms were primarily related to a valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge and realized losses from the sale of Challenger’s common equity shares in 2024. The more favorable returns from equity funds were mainly attributable to more favorable performance from the underlying holdings within private and structured equity in 2025 compared to 2024. The lower returns from origination platforms were primarily due to a Wheels valuation increase and strong growth from Redding Ridge in 2024, partially offset by strong performance from Atlas and robust infrastructure origination from Apterra in 2025.

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 increase in adjustments tonet income available to Athene Holding Ltd. common stockholder in 2025 compared to 2024 was primarily driven by an increase in non-operating change in insurance liabilities and related derivatives and adecrease in integration, restructuring and other non-operating expenses, partially offset by a decrease in investment gains (losses). Our annual unlocking of assumptions, net of the noncontrolling interests, resulted inan increase in our adjustments to net income available to AHL common stockholder of $74 million compared to a decrease of $11 million in 2024. The 2025 unlocking was driven by $75 million favorable FIA embedded derivative unlocking, partially offset by $1 million unfavorable liability for future policy benefits unlocking. The 2024 unlocking was driven by $26 million unfavorable FIA embedded derivative unlocking, partially offset by $14 million favorable market risk benefits unlocking and $1 million favorable liability for future policy benefits unlocking.

Non-operating change in insurance liabilities and related derivatives increased $687 million, primarily driven by an increase in net FIA derivatives and a favorable change in fair value of market risk benefits. The $463 million favorable change in fair value of 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 increased 7.8% in 2025, compared to an increase of 5.5% in 2024. The change in net FIA derivatives was also driven by a favorable change in unlocking as well as a favorable change in discount rates used in our embedded derivative calculations as 2025 experienced a smaller decrease in discount rates compared to 2024. These impacts were partially offset by an unfavorable impact of rates on policyholder projected benefits in 2025 compared to 2024. The fair value of FIA embedded derivative unlocking, net of the noncontrolling interests, in 2025 was $75 million favorable primarily due to changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, while 2024 unlocking was $26 million unfavorable primarily due to changes to projected interest crediting. The $241 million favorable change in fair value of market risk benefits was primarily driven by a smaller decrease in risk-free discount rates across the long end of the curve compared to 2024, which are used in the fair value measurement of the liability for market risk benefits and favorable equity market performance compared to 2024, partially offset by anunfavorable change in unlocking. The fair value of market risk benefits unlocking, net of the noncontrolling interests, in 2025 resulted in no impact, while 2024 unlocking was $14 million favorable primarily due to updated economic assumptions.

Integration, restructuring and other non-operating expenses decreased $168 million, primarily due to the recognition of $172 million of expense related to estimated guaranty association assessments levied against us in connection with the BLIC and CBLIC insolvencies in 2024.

Investment gains (losses), net of offsets, decreased $165 million, primarily driven by an unfavorable change in fair value of mortgage loans and reinsurance assets, partially offset by favorable net foreign exchange impacts anda decrease in realized losses on the sale of mortgage loans and AFS securities. The unfavorable change in fair value of mortgage loansof $505 million was primarily driven by a smaller decrease in US Treasury rates in 2025 compared to 2024. The unfavorable change in fair value of reinsurance assets of$323 million wasprimarily driven by a smaller decrease in US Treasury rates in 2025 compared to 2024, as well as runoff of the underlying investments within our funds withheld asset, partially offset by credit spread tightening in 2025 compared to 2024. The favorable net foreign exchange impacts were primarily related to the strengthening of the US dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI.

Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

In this section, references to 2025 refer to the nine months ended September 30, 2025 and references to 2024 refer to the nine months ended September 30, 2024.

Spread Related Earnings

SRE increased by $113 million, or 5%, to $2.5 billion in 2025 from $2.4 billion in 2024. The increase in SRE was primarily driven by an increase in net investment earnings and strategic capital management fees, partially offset by an increase in cost of funds and interest and other financing costs.

Net investment earnings increased by $1.9 billion to $10.5 billion in 2025 from $8.6 billion in 2024, primarily driven by $38.0 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, an increase in alternative net investment income and earlier deployment into assets during the year compared to 2024, partially offset by lower floating rate income and prepayment of higher yielding assets. The increase in alternative net investment income compared to 2024 was primarily driven by more favorable performance within origination and retirement services platforms, as well as within equity funds. The increase in income from origination platforms was mainly attributable to an initial mark from cost to fair value on Atlas in 2025, strong growth from origination partnerships within Aqua Finance, Inc. (Aqua Finance) in 2025 compared to a valuation decrease in 2024, and robust infrastructure origination following a capital raise within Apterra in 2025, partially offset by strong growth from Redding Ridge in 2024. The increase in income from retirement services platforms was primarily related to a valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge, unfavorable returns on our investment in Catalina in 2024 not recurring in 2025 due to the distribution of our Catalina common equity interests to AGM as a dividend in the third quarter of 2024 and realized losses from the sale of Challenger common equity shares in 2024, partially offset by increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025. The increase in income from equity funds was mainly attributable to more favorable performance within private and structured equity in 2025 compared to 2024.

Strategic capital management fees increased by $20 million to $96 million in 2025 from $76 million in 2024, primarily driven by additional fees received from ADIP II and Catalina attributable to strong net flows into ACRA 2 and Catalina over the previous twelve months.

Cost of funds increased by $1.8 billion to $7.3 billion in 2025 from $5.6 billion in 2024, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business and runoff of lower rate business compared to existing blocks, earlier origination of new business within the year compared to 2024, a shift in business mix to more institutional business at higher crediting rates and an unfavorable change in unlocking. These impacts were partially offset by lower rates on floating rate funding agreements. Unlocking, net of the noncontrolling interests, was favorable $5 million primarily related to updated mortality assumptions and changes in policyholder behavior, partially offset by changes to projected interest crediting and updated economic assumptions. Unlocking, net of the noncontrolling interests, in 2024 was favorable $16 million primarily related to updated mortality and economic assumptions, partially offset by changes in policyholder behavior and projected interest crediting.

Interest and other financing costs increased by $74 million to $402 million in 2025 from $328 million in 2024, primarily driven by higher interest expense related to additional issuances of long-term debt in the fourth quarter of 2024 and second quarter of 2025, partially offset by a decrease in preferred stock dividends due to the redemption of our Series C preferred stock in the second quarter of 2025.

Net investment spread decreased 15 basis points to 1.61% in 2025 from 1.76% in 2024, primarily driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds increased by 41 basis points to 3.65% in 2025, from 3.24% in 2024, primarily driven by higher rates on new business and runoff of lower rate business compared to existing blocks, earlier origination of new business within the year compared to 2024, a shift in business mix to more institutional business at higher crediting rates and an unfavorable change in unlocking, partially offset by lower rates on floating rate funding agreements.

Net investment earned rate increased 25 basis points to 5.21% in 2025 from 4.96% in 2024, primarily driven by higher returns in both our fixed income and alternative investment portfolios. Fixed income and other net investment earned rate was 4.97% in 2025, an increase from 4.82% in 2024, primarily driven byhigher rates on new deployment compared to our existing portfolio related to the higher interest rate environment and earlier deployment into assets during the year compared to 2024, partially offset by lower floating rate income. Alternative net investment earned rate was 9.98% in 2025, an increase from 7.69% in 2024, primarily driven by more favorable performance within origination and retirement services platforms, as well as within equity funds. The higher returns from origination platforms were mainly attributable to an initial mark from cost to fair value on Atlas in 2025, strong growth from origination partnerships within Aqua Finance in 2025 compared to a valuation decrease in 2024, and robust infrastructure origination following a capital raise within Apterra in 2025, partially offset by strong growth from Redding Ridge in 2024. The higher returns from retirement services platforms were primarily related to a valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge, unfavorable returns on our investment in Catalina in 2024 not recurring in 2025 due to the distribution of our Catalina common equity interests to AGM as a dividend in the third quarter of 2024 and realized losses from the sale of Challenger common equity shares in 2024, partially offset by increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025. The more favorable returns from equity funds were mainly attributable to more favorable performance within private and structured equity in 2025 compared to 2024.

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

The decrease in adjustments tonet income available to Athene Holding Ltd. common stockholder in 2025 compared to 2024 was primarily driven by adecrease in non-operating change in insurance liabilities and related derivatives and adecrease in investment gains (losses), net of offsets, partially offset by adecrease in integration, restructuring and other non-operating expenses. Our annual unlocking of assumptions, net of the noncontrolling interests, resulted inan increase in our adjustments to net income available to AHL common stockholder of $74 million compared to a decrease of $11 million in 2024. The 2025 unlocking was driven by $75 million favorable FIA embedded derivative unlocking, partially offset by $1 million unfavorable liability for future policy benefits unlocking. The 2024 unlocking was driven by $26 million unfavorable FIA embedded derivative unlocking, partially offset by $14 million favorable market risk benefits unlocking and $1 million favorable liability for future policy benefits unlocking.

Non-operating change in insurance liabilities and related derivatives decreased $407 million, primarily driven by a decrease in net FIA derivatives and an unfavorable change in fair value of market risk benefits. The $215 million unfavorable change in fair value of 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 increased 13.7% in 2025, compared to an increase of 20.8% 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 larger decrease in discount rates compared to 2024, partially offset by a favorable change in unlocking. The fair value of FIA embedded derivative unlocking, net of the noncontrolling interests, in 2025 was $75 million favorable primarily due to changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, while 2024 unlocking was $26 million unfavorable primarily due to changes to projected interest crediting. The $202 million unfavorable change in fair value of market risk benefits was primarily driven by a decrease in risk-free discount rates across the long end of the curve compared to 2024, which are used in the fair value measurement of the liability for market risk benefits, and less favorable equity market performance compared to 2024 as well as an unfavorable change in unlocking. The fair value of market risk benefits unlocking, net of the noncontrolling interests, in 2025 resulted in no impact, while 2024 unlocking was $14 million favorable primarily due to updated economic assumptions.

Investment gains (losses), net of offsets, decreased $377 million, primarily driven by unfavorable net foreign exchange impacts and an unfavorable change in the fair value of reinsurance assets, partially offset by a favorable change in fair value of mortgage loans. The unfavorable net foreign exchange impacts were primarily related to the weakening of the US dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The unfavorable change in the fair value of reinsurance assets of $108 million was primarily driven by runoff of the underlying investments within our funds withheld asset and an unfavorable change in credit spreads compared to 2024, partially offset by a larger decrease in US Treasury rates in 2025 compared to 2024. Thefavorable change in fair value of mortgage loans of $399 million was primarily driven by a larger decrease in rates in 2025 compared to 2024.

Integration, restructuring and other non-operating expenses decreased $252 million, primarily due to the recognition of $172 million of expense related to estimated guaranty association assessments levied against us in connection with the BLIC and CBLIC insolvencies in 2024 as well as the $84 million gain on the redemption of our Series C preferred stock in the second quarter of 2025.