Athene Holding Ltd.

Results of Operations

The following summarizes the condensed consolidated results of operations:

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

In this section, references to 2026 refer to the three months ended March 31, 2026 and references to 2025 refer to the three months ended March 31, 2025.

Net Income (Loss) Available to Athene Holding Ltd. Common Stockholder

Net income (loss) available to Athene Holding Ltd. common stockholder decreased by $2.4 billion, or 570%, to $(2.0) billion in 2026 from $420 million in 2025. The decrease in net income available to Athene Holding Ltd. common stockholder was primarily driven by a $1.5 billion increase in income tax expense, a $518 million decrease in revenues, a $225 million increase in benefits and expenses and a $162 million increase in net income attributable to noncontrolling interests.

Revenues

Revenues decreased by $518 million to $3.7 billion in 2026 from $4.2 billion in 2025. The decrease was primarily driven by a decrease in investment related gains (losses) and a decrease in VIE investment related gains (losses), partially offset by an increase in net investment income and an increase in premiums.

Investment related gains (losses) decreased by $1.3 billion to $(2.1) billion in 2026 from $(828) million in 2025, primarily driven by an unfavorable change in fair value of mortgage loans, reinsurance assets and trading securities, as well as an unfavorable change in the fair value of indexed annuity hedging derivatives, partially offset by net foreign exchange gains. The change in fair value of mortgage loans decreased $1.2 billion, reinsurance assets decreased $319 million and trading securities decreased $195 million, primarily driven by an increase in US Treasury rates in 2026 compared to a decrease in 2025. The change in fair value of indexed annuity hedging derivatives decreased $259 million, primarily driven by unfavorable performance of the equity indices upon which our call options are based, with the 2026 impact amplified by the strong growth in our indexed annuity block of business over the previous twelve months. The largest percentage of our call options are based on the S&P 500 Index, which decreased 4.6% in both 2026 and 2025. The net foreign exchange gains were primarily related to the strengthening of the US dollar against foreign currencies in 2026 compared to 2025, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI.

VIE investment related gains (losses) decreased by $143 million to $407 million in 2026 from$550 million in 2025, primarily driven by investment performance within AAA and AAA Lux related to lower returns on the underlying assets, outperformance in A-A Onshore Fund, LLC in 2025 and an unfavorable change in the fair value of trading securities and mortgage loans held in VIEs related to an increase in US Treasury rates in 2026 compared to a decrease in 2025.

Net investment income increased by $778 million to $4.8 billionin 2026 from $4.0 billion in 2025, primarily driven by significant growth in our investment portfolio attributable to strong net flows of $39.7 billion during the previous twelve months, higher rates on new deployment in comparison to our existing portfolio related to the higher interest rate environment in 2026 and favorable redemption income. These impacts were partially offset by lower floating rate income, higher investment management fees driven by the significant growth in our investment portfolio over the previous twelve months and prepayment of higher-yielding assets.

Premiums increased by $90 million to $217 million in 2026 from$127 million in 2025, primarily driven by an increase in payout annuity premiums related to the issuance of structured settlements and life renewal premiums from the Sony Life Insurance Co., Ltd. (Sony) block reinsurance transaction executed in the fourth quarter of 2025.

Benefits and Expenses

Benefits and expenses increased by $225 million to $3.5 billion in 2026 from $3.3 billion in 2025. The increase was primarily driven by an increase in future policy and other policy benefits, an increase in interest sensitive contract benefits, an increase in policy and other operating expenses, and an increase in the amortization of DAC, DSI and VOBA, partially offset by a decrease in market risk benefits remeasurement losses.

Future policy and other policy benefits increased by$98 million to$639 million in 2026 from$541 million in 2025, primarily driven by an increase in payout annuity reserves, as well as life reserves related to renewal premiums from the Sony block reinsurance transaction executed in the fourth quarter of 2025.

Interest sensitive contract benefits increased by$97 million to $1.6 billion in 2026 from $1.5 billion in 2025, primarily driven by significant growth in our annuity and funding agreement blocks of business over the previous twelve months 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, partially offset by a decrease in the change in our indexed annuity reserves and lower rates on floating rate funding agreements. The change in our indexed annuity reserves includes the impact from changes in the fair value of indexed annuity embedded derivatives. The decrease in the change in fair value of indexed annuity embedded derivatives of $528 million was primarily due to the favorable change in discount rates used in our embedded derivative calculations as discount rates increased in 2026 compared to a decrease in 2025 and the performance of the equity indices to which our indexed annuity policies are linked, with the 2026 impact amplified by the strong growth in our indexed annuity block of business over the previous twelve months. The largest percentage of our indexed annuity policies are linked to the S&P 500 Index, which decreased 4.6% in both 2026 and 2025. This was partially offset by the unfavorable impact of rate movements on policyholder projected benefits.

Policy and other operating expenses increased by $86 million to $651 million in 2026 from $565 million in 2025, primarily driven by an increase in interest expense and policy acquisition expenses related to significant growth. The increase in interest expense was primarily related to additional issuances of long-term debt in the second quarter of 2025 and interest on repurchase agreements, as well as an increase in host accretion on business ceded to Catalina.

Amortization of DAC, DSI and VOBA increased by $70 million to $337 million in 2026 from $267 million in 2025, primarily driven by an increase in acquisition and sales incentive costs that are deferred and amortized due to strong growth in our deferred annuity business.

Market risk benefits remeasurement losses decreased by $126 million to $259 million in 2026 from $385 million in 2025. The decrease in losses in 2026 compared to 2025 was primarily driven by a favorable change in the fair value of market risk benefits. The change in fair value of market risk benefits was $213 million favorable due to an increase in the risk-free discount rates across the long end of the curve compared to 2025, which are used in the fair value measurement of the liability for market risk benefits, partially offset by an unfavorable $66 million impact related to unfavorable equity market performance.

Income Tax Expense

Income tax expense increased by $1.5 billion to $1.7 billion in 2026 from $175 million in 2025, primarily driven by a one-time tax expense of $1.7 billion resulting from the recognition of a full valuation allowance against our Bermuda deferred tax assets, as we no longer expect Athene or ACRA to incur Bermuda CIT or Pillar Two tax expense against which such deferred tax assets could be utilized due to the OECD guidance issued in the first quarter of 2026, partially offset by a decrease in pretax income subject to US income tax. Our effective tax rate in thefirst quarter of 2026 was 876% compared to 19% in 2025.

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests increased by$162 million to$456 million in 2026 from$294 millionin 2025, primarily driven by a favorable impact from therevocation of Bermuda CIT at ACRA resulting in the reversal of tax expense recognized in 2025, net foreign exchange gains, a favorable net change in the fair value of attributed indexed annuity derivatives and embedded derivatives, an increase in earnings within AAA Lux and AAA and third-party contributions into AAA Lux that increased the related noncontrolling interest portion of earnings. These impacts were partially offset by an unfavorable change in the fair value of mortgage loans and reinsurance assets related to an increase in US Treasury rates in 2026 compared to a decrease in 2025.

Summary of Non-GAAP Earnings

The following summarizes our spread related earnings:

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

In this section, references to 2026 refer to the three months ended March 31, 2026 and references to 2025 refer to the three months ended March 31, 2025.

Spread Related Earnings

Spread related earnings decreased by $85 million, or 11%, to $719 million in 2026 from $804 million in 2025. The decrease in SRE was primarily driven by an increase in cost of funds and interest and other financing costs, partially offset by an increase in net investment earnings.

Cost of funds increased by $597 million to $2.8 billion in 2026 from $2.2 billion in 2025, primarily driven by significant growth in deferred annuity and funding agreement business and higher rates on new business, as well as runoff of lower rate business, compared to existing blocks. The increase in cost of funds was also driven by an increase in the amortization of DAC, DSI and VOBA and additional policy acquisition expenses related to significant growth. These impacts were partially offset by lower rates on floating rate funding agreements.

Interest and other financing costs increased by $23 million to $153 million in 2026 from $130 million in 2025, primarily driven by an increase in interest expense related to additional issuances of long-term debt in the second quarter of 2025, as well as a higher average short-term repurchase agreement balance outstanding during 2026 compared to 2025, partially offset by a decrease in preferred stock dividends due to the redemption of our Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C in the second quarter of 2025.

Net investment earnings increased by $530 million to $3.8 billion in 2026 from $3.2 billion in 2025, primarily driven by $40.8 billion of growth in our average net invested assets during the previous twelve months, higher rates on new deployment compared to our existing portfolio related to the higher interest rate environment and favorable redemption income. These impacts were partially offset by a decrease in alternative net investment income, lower floating rate income, higher investment management fees driven by the significant growth in our investment portfolio over the previous twelve months and prepayment of higher-yielding assets. The decrease in alternative net investment income compared to 2025 was primarily driven by less favorable performance within origination platforms and credit funds, partially offset by more favorable performance within retirement services platforms. The decrease in income from origination platforms was mainly attributable to outsized performance from MidCap Financial and Redding Ridge Asset Management, LLC (Redding Ridge) in 2025, as well as market headwinds impacting the valuation of each in 2026, a valuation increase related to strong performance from Wheels in 2025 and a valuation decrease on Atlas resulting from an underlying asset impairment in 2026. The decrease in income from credit funds was primarily driven by stronger performance from the underlying funds in 2025. The increase in income from retirement services platforms was primarily related to increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025.

Net Investment Spread

Net investment spread decreased 31 basis points to 1.34% in 2026 from 1.65% in 2025, driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds increased 33 basis points to 3.79% in 2026 from 3.46% in 2025, primarily driven by higher rates on new business, as well as runoff of lower rate business, compared to existing blocks, an increase in the amortization of DAC, DSI and VOBA and additional policy acquisition expenses related to significant growth, partially offset by lower rates on floating rate funding agreements.

Net investment earned rate increased 2 basis points to 5.08% in 2026 from 5.06% in 2025, primarily driven by higher returns on our fixed income portfolio, partially offset by lower returns on our alternative investment portfolio. Fixed income and other net investment earned rate was 5.04% in 2026, an increase from 4.80% in 2025, primarily driven byhigher rates on new deployment compared to our existing portfolio related to the higher interest rate environment and favorable redemption income, partially offset by lower floating rate income and prepayment of higher-yielding assets. Alternative net investment earned rate was 5.79% in 2026, a decrease from 10.08% in 2025, primarily driven by lower returns within origination platforms and credit funds, partially offset by higher returns within retirement services platforms. The lower returns from origination platforms were mainly attributable to outsized performance from MidCap Financial and Redding Ridge in 2025, as well as market headwinds impacting the valuation of each in 2026, a valuation increase related to strong performance from Wheels in 2025 and a valuation decrease on Atlas resulting from an underlying asset impairment in 2026. The lower returns from credit funds were primarily driven by stronger performance from the underlying funds in 2025. The higher returns from retirement services platforms were primarily related to increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025.

Adjustments to Net Income (Loss) Available to Athene Holding Ltd. Common Stockholder

The adjustments tonet income (loss) 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 items; stock compensation expense and the non-operating income tax expense (benefit) related to these adjustments. The decrease in adjustments tonet income (loss) available to Athene Holding Ltd. common stockholder in 2026 compared to 2025 was primarily driven by anincrease innon-operating income tax expense anda decrease in investment gains (losses), net of offsets, partially offset by an increase in non-operating change in insurance liabilities and related derivatives.

Non-operating income tax expense increased $1.8 billion, primarily driven by a one-time tax expense of $1.7 billion resulting from the recognition of a full valuation allowance against our Bermuda deferred tax assets, as we no longer expect Athene or ACRA to incur Bermuda CIT or Pillar Two tax expense against which such deferred tax assets could be utilized due to the OECD guidance issued in the first quarter of 2026.

Investment gains (losses), net of offsets, decreased $847 million, primarily driven by the unfavorable change in the fair value of mortgage loans, reinsurance assets and trading securities, as well as an increase in realized losses on AFS securities, partially offset by net foreign exchange gains. The unfavorable change in the fair value of mortgage loans of $937 million, reinsurance assets of$168 million and trading securities was primarily driven by an increase in US Treasury rates in 2026 compared to a decrease in 2025. The net foreign exchange gains were primarily related to the strengthening of the US dollar against foreign currencies in 2026 compared to 2025, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI.

Non-operating change in insurance liabilities and related derivatives increased $325 million, primarily driven by a favorable change in the fair value of net indexed annuity derivatives and a favorable change in the fair value of market risk benefits. The $185 million favorable change in the fair value of net indexed annuity derivatives was primarily due to the favorable impact from rates, as well as a model update, partially offset by unfavorable equity market performance. The favorable rate impact was driven by the change in discount rates used in our embedded derivative calculations as discount rates increased in 2026 compared to a decrease in 2025, partially offset by the unfavorable impact of rates on policyholder projected benefits. The net rate impact was partially offset by the performance of the equity indices to which our indexed annuity policies are linked, with the 2026 impact amplified by the strong growth in our indexed annuity block of business over the previous twelve months. The largest percentage of our indexed annuity policies are linked to the S&P 500 Index, which decreased 4.6% in both 2026 and 2025. The $149 million favorable change in the fair value of market risk benefits was primarily driven by an increase in the risk-free discount rates across the long end of the curve compared to 2025, which are used in the fair value measurement of the liability for market risk benefits, partially offset by unfavorable equity market performance.