Athene Holding Ltd.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
ATHS$23.15-1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
| December 31, | ||
|---|---|---|
| (In millions) | 2025 | 2024 |
| Assets | ||
| Investments | ||
| Available-for-sale securities, at fair value (amortized cost: 2025 – $202,116 and 2024 – $180,716; allowance for credit losses: 2025 – $757 and 2024 – $708) | $192,597 | $165,364 |
| Trading securities, at fair value | 6,409 | 1,583 |
| Equity securities, at fair value | 822 | 1,290 |
| Mortgage loans, at fair value | 91,918 | 63,239 |
| Investment funds | 108 | 107 |
| Policy loans | 301 | 318 |
| Funds withheld at interest (portion at fair value: 2025 – $(2,409) and 2024 – $(3,035)) | 15,413 | 18,866 |
| Derivative assets | 9,190 | 8,154 |
| Short-term investments (portion at fair value: 2025 – $33 and 2024 – $255) | 175 | 447 |
| Other investments (portion at fair value: 2025 – $1,818 and 2024 – $1,606) | 4,148 | 2,915 |
| Total investments | 321,081 | 262,283 |
| Cash and cash equivalents | 14,994 | 12,733 |
| Restricted cash | 1,332 | 943 |
| Investments in related parties | ||
| Available-for-sale securities, at fair value (amortized cost: 2025 – $26,428 and 2024 – $19,531; allowance for credit losses: 2025 – $1 and 2024 – $1) | 26,444 | 19,127 |
| Trading securities, at fair value | 454 | 573 |
| Equity securities, at fair value | 266 | 234 |
| Mortgage loans, at fair value | 1,486 | 1,297 |
| Investment funds (portion at fair value: 2025 – $1,318 and 2024 – $1,139) | 2,149 | 1,853 |
| Funds withheld at interest (portion at fair value: 2025 – $(356) and 2024 – $(615)) | 4,215 | 5,050 |
| Short-term investments | 18 | 743 |
| Other investments, at fair value | 344 | 331 |
| Accrued investment income (related party: 2025 – $241 and 2024 – $193) | 3,395 | 2,816 |
| Reinsurance recoverable (related party: 2025 – $6,336 and 2024 – $4,309; portion at fair value: 2025 – $1,911 and 2024 – $1,661) | 10,282 | 8,194 |
| Deferred acquisition costs, deferred sales inducements and value of business acquired | 8,634 | 7,173 |
| Goodwill | 4,072 | 4,063 |
| Other assets (related party: 2025 – $284 and 2024 – $203) | 11,950 | 11,253 |
| Assets of consolidated variable interest entities | ||
| Investments | ||
| Trading securities, at fair value (related party: 2025 – $978 and 2024 – $711) | 3,120 | 2,301 |
| Mortgage loans, at fair value (related party: 2025 – $1 and 2024 – $384) | 2,140 | 2,579 |
| Investment funds, at fair value (related party: 2025 – $23,783 and 2024 – $16,986) | 24,070 | 17,765 |
| Other investments (related party: 2025 – $0 and 2024 – $86; portion at fair value: 2025 – $0 and 2024 – $107) | 844 | 884 |
| Cash and cash equivalents (restricted cash: 2025 – $17 and 2024 – $10) | 569 | 583 |
| Other assets | 346 | 565 |
| Total assets | $442,205 | $363,343 |
(Continued)
Consolidated Balance Sheets
| December 31, | ||
|---|---|---|
| (In millions, except share and per share data) | 2025 | 2024 |
| Liabilities and Equity | ||
| Liabilities | ||
| Interest sensitive contract liabilities (related party: 2025 – $5,381 and 2024 – $6,678; portion at fair value: 2025 – $15,515 and 2024 – $11,984) | $315,889 | $253,637 |
| Future policy benefits (related party: 2025 – $36 and 2024 – $25; portion at fair value: 2025 – $1,615 and 2024 – $1,640) | 50,264 | 49,902 |
| Market risk benefits (related party: 2025 – $290 and 2024 – $239) | 4,930 | 4,028 |
| Debt | 7,848 | 6,309 |
| Derivative liabilities | 5,742 | 3,556 |
| Payables for collateral on derivatives and securities to repurchase | 11,085 | 11,652 |
| Other liabilities (related party: 2025 – $6,479 and 2024 – $4,707) | 9,097 | 6,745 |
| Liabilities of consolidated variable interest entities (related party: 2025 – $235 and 2024 – $374) | 1,712 | 1,640 |
| Total liabilities | 406,567 | 337,469 |
| Commitments and Contingencies (Note 16) | ||
| Equity | ||
| Preferred stock | ||
| Series A – par value $1 per share; $863 aggregate liquidation preference; issued and outstanding shares: 2025 and 2024 – 34,500 | — | — |
| Series B – par value $1 per share; $345 aggregate liquidation preference; issued and outstanding shares: 2025 and 2024 – 13,800 | — | — |
| Series C – par value $1 per share; $600 aggregate liquidation preference; issued and outstanding shares: 2025 – 0 and 2024 – 24,000 | — | — |
| Series D – par value $1 per share; $575 aggregate liquidation preference; issued and outstanding shares: 2025 and 2024 – 23,000 | — | — |
| Series E – par value $1 per share; $500 aggregate liquidation preference; issued and outstanding shares: 2025 and 2024 – 20,000 | — | — |
| Common stock – par value $0.001 per share; issued and outstanding shares: 2025 – 203,805 and 2024 – 203,805,432 | — | — |
| Additional paid-in capital | 19,238 | 19,588 |
| Retained earnings | 3,895 | 2,237 |
| Accumulated other comprehensive loss (related party: 2025 – $(112) and 2024 – $(245)) | (2,641) | (5,465) |
| Total Athene Holding Ltd. stockholders’ equity | 20,492 | 16,360 |
| Noncontrolling interests | 15,146 | 9,514 |
| Total equity | 35,638 | 25,874 |
| Total liabilities and equity | $442,205 | $363,343 |
(Concluded)
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