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.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net income | $4,221 | $4,904 | $5,752 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 1,242 | 941 | 688 |
| Net amortization (accretion) of net investment premiums, discounts and other | (202) | (123) | 81 |
| Gain on recapture of reinsurance agreements, net of cash received | — | — | (489) |
| Net investment income (related party: 2025 – $(242), 2024 – $82 and 2023 – $(104)) | (228) | (54) | (108) |
| Net recognized gains on investments and derivatives (related party: 2025 – $(2,643), 2024 – $(1,380) and 2023 – $(1,305)) | (3,390) | (3,526) | (1,959) |
| Policy acquisition costs deferred | (1,876) | (1,507) | (1,570) |
| Changes in operating assets and liabilities: | |||
| Accrued investment income (related party: 2025 – $(48), 2024 – $(27) and 2023 – $(61)) | (579) | (883) | (575) |
| Interest sensitive contract liabilities (related party: 2025 – $97, 2024 – $80 and 2023 – $131) | 7,678 | 5,677 | 3,917 |
| Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2025 – $(264), 2024 – $(237) and 2023 – $6) | (363) | (1,969) | 4,333 |
| Funds withheld assets (related party: 2025 – $(239), 2024 – $(230) and 2023 – $(371)) | (1,560) | (1,560) | (3,411) |
| Other assets and liabilities | 217 | (24) | (1,676) |
| Net cash provided by operating activities | 5,160 | 1,876 | 4,983 |
| Cash flows from investing activities | |||
| Sales, maturities and repayments of: | |||
| Available-for-sale securities (related party: 2025 – $8,491, 2024 – $6,937 and 2023 – $2,081) | 66,078 | 42,898 | 14,484 |
| Trading securities (related party: 2025 – $438, 2024 – $346 and 2023 – $156) | 2,786 | 1,013 | 390 |
| Equity securities (related party: 2025 – $0, 2024 – $67 and 2023 – $0) | 696 | 404 | 167 |
| Mortgage loans (related party: 2025 – $558, 2024 – $87 and 2023 – $30) | 15,384 | 7,983 | 4,569 |
| Investment funds (related party: 2025 – $1,308, 2024 – $507 and 2023 – $301) | 1,813 | 525 | 360 |
| Derivative instruments and other investments | 4,008 | 3,876 | 4,324 |
| Short-term investments (related party: 2025 – $967, 2024 – $1,482 and 2023 – $1,178) | 1,871 | 2,670 | 3,507 |
| Purchases of: | |||
| Available-for-sale securities (related party: 2025 – $(14,616), 2024 – $(11,714) and 2023 – $(4,817)) | (93,939) | (80,212) | (37,263) |
| Trading securities (related party: 2025 – $(485), 2024 – $(158) and 2023 – $(866)) | (7,209) | (895) | (2,718) |
| Equity securities | (387) | (644) | (116) |
| Mortgage loans (related party: 2025 – $(240), 2024 – $(27) and 2023 – $0) | (41,406) | (28,188) | (20,972) |
| Investment funds (related party: 2025 – $(3,929), 2024 – $(2,397) and 2023 – $(2,334)) | (3,942) | (2,694) | (2,461) |
| Derivative instruments and other investments | (6,178) | (5,032) | (5,637) |
| Short-term investments (related party: 2025 – $(241), 2024 – $(1,277) and 2023 – $(2,061)) | (1,772) | (2,555) | (2,612) |
| Consolidation of new variable interest entities | 18 | 1 | 3 |
| Deconsolidation of previously consolidated entities | (37) | (2) | (53) |
| Other investing activities, net | (1,589) | (1,066) | 378 |
| Net cash used in investing activities | (63,805) | (61,918) | (43,650) |
| (Continued) | |||
| See accompanying notes to consolidated financial statements | |||
Consolidated Statements of Cash Flows
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Cash flows from financing activities | |||
| Deposits on investment-type policies and contracts | 81,183 | 71,323 | 53,660 |
| Withdrawals on investment-type policies and contracts (related party: 2025 – $(299), 2024 – $(396) and 2023 – $(402)) | (22,657) | (19,119) | (14,125) |
| Proceeds from debt | 1,591 | 2,169 | 589 |
| Capital contributions from parent | 238 | — | 1,250 |
| Capital contributions from noncontrolling interests | 466 | 954 | 996 |
| Capital contributions from noncontrolling interests of consolidated variable interest entities | 2,002 | 1,897 | 1,809 |
| Capital distributions to noncontrolling interests | (444) | (920) | (539) |
| Subsidiary issuance of equity interests to noncontrolling interests | — | — | 632 |
| Net change in cash collateral posted for derivative transactions and securities to repurchase | 340 | 4,116 | 829 |
| Preferred stock dividends | (161) | (226) | (136) |
| Common stock dividends | (752) | (452) | (937) |
| Redemption of preferred stock | (600) | — | — |
| Other financing activities, net | 70 | (317) | 739 |
| Net cash provided by financing activities | 61,276 | 59,425 | 44,767 |
| Effect of exchange rate changes on cash and cash equivalents | 5 | (3) | 10 |
| Net increase (decrease) in cash and cash equivalents | 2,636 | (620) | 6,110 |
| Cash and cash equivalents at beginning of year1 | 14,259 | 14,879 | 8,769 |
| Cash and cash equivalents at end of year1 | $16,895 | $14,259 | $14,879 |
| Supplementary information | |||
| Cash paid for taxes | $399 | $930 | $216 |
| Cash paid for interest | 686 | 517 | 498 |
| Non-cash transactions | |||
| Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2025 – $(1,821), 2024 – $(4,119) and 2023 – $20) | (1,775) | (4,057) | 99 |
| Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2025 – $948, 2024 – $1,587 and 2023 – $1,646) | 5,773 | 8,479 | 12,430 |
| Investments received from settlements on reinsurance agreements (related party: 2025 – $0, 2024 – $48 and 2023 – $65) | — | 48 | 1,129 |
| Investments received at inception of reinsurance agreements | — | — | 2,158 |
| Investments received from pension group annuity premiums | 540 | 521 | 4,776 |
| Reduction in investments and other assets and liabilities relating to recapture of reinsurance agreement | — | — | 482 |
| Investments exchanged with third-party cedants | — | — | 145 |
| Borrowings of consolidated variable interest entities settled with investments | — | — | 52 |
| Investments distributed as common stock dividends | — | 499 | — |
| Distribution of investments to noncontrolling interests of consolidated variable interest entities | — | 1,107 | — |
| 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. | |||
(Concluded)
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