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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Non-GAAP Measure Reconciliations
The reconciliation of net income available to Athene Holding Ltd. common stockholder to spread related earnings is as follows:
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Net income available to Athene Holding Ltd. common stockholder | $2,634 | $3,280 | $4,484 |
| Less: Preferred stock redemption | 84 | — | — |
| Add: Preferred stock dividends | 161 | 181 | 181 |
| Add: Net income attributable to noncontrolling interests | 1,510 | 1,443 | 1,087 |
| Net income | 4,221 | 4,904 | 5,752 |
| Income tax expense (benefit) | 886 | 730 | (1,161) |
| Income before income taxes | 5,107 | 5,634 | 4,591 |
| Investment gains (losses), net of offsets | 19 | 217 | 170 |
| Non-operating change in insurance liabilities and related derivatives | 91 | 846 | 182 |
| Integration, restructuring and other non-operating items | (121) | (239) | (130) |
| Stock compensation expense | (49) | (50) | (88) |
| Preferred stock dividends | 161 | 181 | 181 |
| Noncontrolling interests – pre-tax income and VIE adjustments | 1,645 | 1,458 | 1,169 |
| Less: Total adjustments to income before income taxes | 1,746 | 2,413 | 1,484 |
| Spread related earnings | $3,361 | $3,221 | $3,107 |
The reconciliation of total Athene Holding Ltd. stockholders’ equity to total adjusted Athene Holding Ltd. common stockholder’s equity is as follows:
| December 31, | ||
|---|---|---|
| (In millions) | 2025 | 2024 |
| Total Athene Holding Ltd. stockholders’ equity | $20,492 | $16,360 |
| Less: Preferred stock | 2,470 | 3,154 |
| Total Athene Holding Ltd. common stockholder’s equity | 18,022 | 13,206 |
| Less: Accumulated other comprehensive loss | (2,641) | (5,465) |
| Less: Accumulated change in fair value of reinsurance assets | (1,171) | (1,591) |
| Less: Accumulated change in fair value of mortgage loan assets | (1,009) | (2,051) |
| Total adjusted Athene Holding Ltd. common stockholder’s equity | $22,843 | $22,313 |
The reconciliation of leverage ratio to adjusted leverage ratio is as follows:
| December 31, | ||
|---|---|---|
| (In millions, except percentages) | 2025 | 2024 |
| Total debt | $7,848 | $6,309 |
| Add: 50% of preferred stock | 1,235 | 1,577 |
| Less: 50% of subordinated debt | 888 | 588 |
| Less: Adjustment to arrive at notional | 167 | 134 |
| Adjusted leverage | $8,028 | $7,164 |
| Total debt | $7,848 | $6,309 |
| Total Athene Holding Ltd. stockholders’ equity | 20,492 | 16,360 |
| Total capitalization | 28,340 | 22,669 |
| Less: Accumulated other comprehensive loss | (2,641) | (5,465) |
| Less: Accumulated change in fair value of reinsurance assets | (1,171) | (1,591) |
| Less: Accumulated change in fair value of mortgage loan assets | (1,009) | (2,051) |
| Less: Adjustment to arrive at notional | 260 | 134 |
| Total adjusted capitalization | $32,901 | $31,642 |
| Leverage ratio | 36.4% | 41.7% |
| Accumulated other comprehensive loss | (2.9)% | (7.1)% |
| Accumulated change in fair value of reinsurance assets | (1.3)% | (2.1)% |
| Accumulated change in fair value of mortgage loan assets | (1.1)% | (2.7)% |
| Adjustment to exclude 50% of preferred stock | (3.7)% | (5.0)% |
| Adjustment to exclude 50% of subordinated debt | (2.7)% | (1.9)% |
| Adjustment to arrive at notional | (0.3)% | (0.3)% |
| Adjusted leverage ratio | 24.4% | 22.6% |
| Note: The current year adjusted leverage ratio was updated to include preferred stock at notional, rather than fair value, within the calculation to align with the treatment of debt. The impact to previous period ratios was de minimis. Therefore, historical ratios were not adjusted. | ||
The reconciliation of net investment income to net investment earnings and earned rate is as follows:
| Years ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||
| (In millions, except percentages) | Dollar | Rate | Dollar | Rate | Dollar | Rate |
| US GAAP net investment income | $17,847 | 6.54% | $14,481 | 6.19% | $11,130 | 5.34% |
| Change in fair value of reinsurance assets | (283) | (0.10)% | (129) | (0.05)% | 86 | 0.04% |
| VIE earnings and noncontrolling interests | 1,630 | 0.60% | 1,310 | 0.56% | 1,078 | 0.52% |
| Forward points adjustment on FX derivative hedges | 113 | 0.04% | 133 | 0.06% | 187 | 0.09% |
| Held-for-trading amortization | (191) | (0.07)% | (108) | (0.05)% | (191) | (0.09)% |
| Reinsurance impacts | (157) | (0.06)% | (223) | (0.09)% | (264) | (0.13)% |
| ACRA noncontrolling interests | (4,741) | (1.74)% | (3,864) | (1.65)% | (2,377) | (1.14)% |
| Other | 107 | 0.04% | 150 | 0.06% | (41) | (0.02)% |
| Total adjustments to arrive at net investment earnings/earned rate | (3,522) | (1.29)% | (2,731) | (1.16)% | (1,522) | (0.73)% |
| Total net investment earnings/earned rate | $14,325 | 5.25% | $11,750 | 5.03% | $9,608 | 4.61% |
| Average net invested assets | $272,928 | $233,809 | $208,479 | |||
The reconciliation of benefits and expenses to cost of funds is as follows:
| Years ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||
| (In millions, except percentages) | Dollar | Rate | Dollar | Rate | Dollar | Rate |
| US GAAP benefits and expenses | $20,570 | 7.54% | $15,055 | 6.44% | $23,603 | 11.32% |
| Premiums | (2,628) | (0.96)% | (1,318) | (0.56)% | (12,749) | (6.12)% |
| Product charges | (1,137) | (0.42)% | (1,016) | (0.44)% | (848) | (0.41)% |
| Other revenues | (25) | (0.01)% | (19) | (0.01)% | (150) | (0.07)% |
| Indexed annuity option costs | 1,835 | 0.67% | 1,617 | 0.69% | 1,512 | 0.73% |
| Reinsurance impacts | (111) | (0.04)% | (157) | (0.07)% | (155) | (0.07)% |
| Non-operating change in insurance liabilities and embedded derivatives | (3,391) | (1.24)% | (2,647) | (1.13)% | (2,930) | (1.41)% |
| Policy and other operating expenses, excluding policy acquisition expenses | (1,832) | (0.67)% | (1,760) | (0.75)% | (1,341) | (0.64)% |
| Forward points adjustment on FX derivative hedges | 278 | 0.10% | 293 | 0.12% | 141 | 0.07% |
| AmerUs Closed Block fair value liability | (42) | (0.02)% | 25 | 0.01% | (58) | (0.03)% |
| ACRA noncontrolling interests | (3,736) | (1.37)% | (2,624) | (1.12)% | (1,587) | (0.76)% |
| Other | 302 | 0.11% | 253 | 0.11% | 212 | 0.10% |
| Total adjustments to arrive at cost of funds | (10,487) | (3.85)% | (7,353) | (3.15)% | (17,953) | (8.61)% |
| Total cost of funds | $10,083 | 3.69% | $7,702 | 3.29% | $5,650 | 2.71% |
| Average net invested assets | $272,928 | $233,809 | $208,479 | |||
The reconciliation of policy and other operating expenses to other operating expenses is as follows:
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| US GAAP policy and other operating expenses | $2,354 | $2,213 | $1,848 |
| Interest expense | (769) | (552) | (459) |
| Policy acquisition expenses, net of deferrals | (522) | (453) | (507) |
| Integration, restructuring and other non-operating items | (121) | (239) | (130) |
| Stock compensation expenses | (49) | (50) | (88) |
| ACRA noncontrolling interests | (371) | (406) | (143) |
| Other | (70) | (46) | (34) |
| Total adjustments to arrive at other operating expenses | (1,902) | (1,746) | (1,361) |
| Other operating expenses | $452 | $467 | $487 |
The reconciliation of total investments, including related parties, to net invested assets is as follows:
| December 31, | ||
|---|---|---|
| (In millions) | 2025 | 2024 |
| Total investments, including related parties | $356,457 | $291,491 |
| Derivative assets | (9,190) | (8,154) |
| Cash and cash equivalents (including restricted cash) | 16,326 | 13,676 |
| Accrued investment income | 3,395 | 2,816 |
| Net receivable (payable) for collateral on derivatives | (3,458) | (4,602) |
| Reinsurance impacts | (6,350) | (4,435) |
| VIE and VOE assets, liabilities and noncontrolling interests | 19,023 | 17,289 |
| Unrealized (gains) losses | 10,002 | 18,320 |
| Ceded policy loans | (160) | (167) |
| Net investment receivables (payables) | 217 | 97 |
| Allowance for credit losses | 763 | 720 |
| Other investments | (52) | (87) |
| Total adjustments to arrive at gross invested assets | 30,516 | 35,473 |
| Gross invested assets | 386,973 | 326,964 |
| ACRA noncontrolling interests | (94,559) | (78,321) |
| Net invested assets | $292,414 | $248,643 |
The reconciliation of total investment funds, including related parties and consolidated VIEs, to net alternative investments within net invested assets is as follows:
| December 31, | ||
|---|---|---|
| (In millions) | 2025 | 2024 |
| Investment funds, including related parties and consolidated VIEs | $26,327 | $19,725 |
| Certain equity securities included in trading securities | 4 | 34 |
| Investment funds within funds withheld at interest | 859 | 900 |
| Net assets of the VIE, excluding investment funds | (9,098) | (4,850) |
| Unrealized (gains) losses | (49) | 92 |
| Investment in ADIP | (231) | — |
| Other assets | (173) | (170) |
| Total adjustments to arrive at gross alternative investments | (8,688) | (3,994) |
| Gross alternative investments | 17,639 | 15,731 |
| ACRA noncontrolling interests | (3,771) | (3,731) |
| Net alternative investments | $13,868 | $12,000 |
The reconciliation of total liabilities to net reserve liabilities is as follows:
| December 31, | ||
|---|---|---|
| (In millions) | 2025 | 2024 |
| Total liabilities | $406,567 | $337,469 |
| Debt | (7,848) | (6,309) |
| Derivative liabilities | (5,742) | (3,556) |
| Payables for collateral on derivatives and short-term securities to repurchase | (7,838) | (8,988) |
| Other liabilities | (8,888) | (6,546) |
| Liabilities of consolidated VIEs | (1,712) | (1,640) |
| Reinsurance impacts | (13,209) | (11,861) |
| Ceded policy loans | (160) | (167) |
| Market risk benefit asset | (212) | (312) |
| Total adjustments to arrive at gross reserve liabilities | (45,609) | (39,379) |
| Gross reserve liabilities | 360,958 | 298,090 |
| ACRA noncontrolling interests | (89,725) | (72,164) |
| Net reserve liabilities | $271,233 | $225,926 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.