Athene Holding Ltd.

Results of Operations

The following summarizes the condensed consolidated results of operations:

Three Months Ended September 30, 2026 Compared to the Three Months Ended September 30, 2025

In this section, references to 2026 refer to the three months ended September 30, 2026 and references to 2025 refer to the three months ended September 30, 2025.

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

Net income (loss) available to Athene Holding Ltd. common stockholder decreased $2.4 billion to $(1.2) billion in 2026 from $1.2 billion in 2025. The decrease in net income (loss) available to Athene Holding Ltd. common stockholder was primarily driven by a $4.9 billion decrease in revenues, partially offset by a $1.1 billion decrease in benefits and expenses, an $816 million decrease in net income (loss) attributable to noncontrolling interests and a $685 million decrease in income tax expense (benefit).

Revenues

Revenues decreased $4.9 billion to $3.1 billion in 2026 from $8.0 billion in 2025. The decrease was primarily driven by a decrease in investment related gains (losses) and a decrease in VIE net investment income, partially offset by an increase in net investment income, an increase in VIE investment related gains (losses) and an increase in premiums.

Investment related gains (losses) decreased $5.7 billion to $(3.4) billion in 2026 from $2.3 billion in 2025, primarily driven byan unfavorable change in the fair value of mortgage loans, reinsurance assets and trading securities, an unfavorable change in the fair value of indexed annuity hedging derivatives and losses on interest rate derivatives. The change in fair value of mortgage loans decreased $2.2 billion, the change in fair value of reinsurance assets decreased $615 million and the change in fair value of trading securities decreased $415 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 $1.7 billion, 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 2.0% in 2026, compared to an increase of 7.8% in 2025. The derivative losses were primarily driven by an increase in US Treasury rates in 2026 resulting in losses on interest rate derivatives that do not qualify for hedge accounting.

VIE net investment income decreased$69 million to$23 million in 2026 from$92 million in 2025, primarily driven by the deconsolidation of several VIEs, as well as ongoing paydown and payoff activity related to VIE mortgage loans.

Net investment income increased $651 million to $5.3 billionin 2026 from $4.7 billion in 2025, primarily driven by significant growth in our investment portfolio attributable to strong net flows of $31.1 billion 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, later deployment into assets during the quarter compared to 2025, higher investment management fees driven by the significant growth in our investment portfolio over the previous twelve months and run-off of higher-yielding assets.

VIE investment related gains (losses) increased $80 million to $645 million in 2026 from$565 million in 2025, primarily driven by the consolidation of AAA Lux in the fourth quarter of 2025 andadditional contributions into AAA in 2026, partially offset by an unfavorable change in the fair value of trading securities held in VIEs driven by an increase in US Treasury rates in 2026 compared to a decrease in 2025.

Premiums increased $73 million to $190 million in 2026 from$117 million in 2025, primarily driven by anincrease 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, partially offset by an increase in ceded premium related to the retrocession of mortality risk on a pension group annuity transaction beginning in the second quarter of 2026.

Benefits and Expenses

Benefits and expenses decreased $1.1 billion to $4.8 billion in 2026 from $5.9 billion in 2025. The decrease was primarily driven by a decrease in market risk benefits remeasurement (gains) losses, a decrease in interest sensitive contract benefits and a decrease in future policy and other policy benefits, partially offset by an increase in the amortization of DAC, DSI and VOBA and an increase in policy and other operating expenses. Our annual unlocking of assumptions resulted in an increase in total benefits and expenses of $515 million compared to a decrease of $55 million in 2025. The 2026 unlocking was driven by an increase of $439 million in interest sensitive contract benefits, an increase of $61 million related to DAC, DSI and VOBA amortization and an increase of $22 million in future policy and other policy benefits, partially offset by a decrease of $7 million in market risk benefits. 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.

Market risk benefits remeasurement (gains) losses decreased $757 million to $(626) million in 2026 from $131 million in 2025. The gains in 2026 compared to losses in 2025 were primarily driven by a favorable change in the fair value of market risk benefits, partially offset by an unfavorable change in unlocking. The change in fair value of market risk benefits was primarily driven by a favorable $956 million impact due to an increase in the risk-free discount rates across the long end of the curve compared to a decrease in 2025, which are used in the fair value measurement of the liability for market risk benefits, partially offset by an unfavorable $123 million impact related to less favorable equity market performance in 2026 compared to 2025. The market risk benefits unlocking in 2026 was $7 million favorable primarily due to changes in projected interest crediting, partially offset by changes in policyholder behavior. 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.

Interest sensitive contract benefits decreased$495 million to $3.7 billion in 2026 from $4.2 billion in 2025, primarily driven by a decrease in the change in our indexed annuity reserves, lower rates on floating rate funding agreements and later origination of new business within the quarter compared to 2025. These impacts were partially offset by an unfavorable change in unlocking, significant growth in our deferred annuity and funding agreement blocks of business over the previous twelve months, higher rates on new deferred annuity and funding agreement issuances, as well as run-off of lower rate business, in comparison to our existing blocks of business and an increase in reserve accretion on floating rate funding agreements due to the increase in short-term rates impacting future cash flows and the associated reserve. 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 $2.0 billion was primarily due to theperformance of the equity indices to which our indexed annuity policies are linked. The largest percentage of our indexed annuity policies are linked to the S&P 500 Index, which increased 2.0% in 2026, compared to an increase of 7.8% in 2025. The decrease in the change in fair value of indexed annuity embedded derivatives was also driven by the favorable 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 rate movements on policyholder projected benefits. Unlocking in 2026 was $439 million unfavorable, consisting of $438 million of unfavorable fair value of indexed annuity embedded derivative unlocking and $1 million of unfavorable negative VOBA unlocking. The unfavorable unlocking was primarily driven by changes to projected interest crediting and policyholder behavior, partially offset by updated economic assumptions. Unlocking in 2025 was $90 million favorable, consisting of $79 million of favorable fair value of indexed annuity embedded derivative and investment contract provision unlocking and $11 million of favorable negative VOBA unlocking. The favorable unlocking was primarily driven by changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, as well as updated economic assumptions.

Future policy and other policy benefits decreased $18 million to$595 million in 2026 from$613 million in 2025, primarily driven by a decrease in the AmerUs Closed Block fair value liability, an increase in ceded benefit payments related to the retrocession of mortality risk on a pension group annuity transaction beginning in the second quarter of 2026 and a favorable change in unlocking. These impacts were partially offset by an increase in payout annuity reserves related to the issuance of structured settlements, as well as life reserves related to renewal premiums from the Sony block reinsurance transaction executed in the fourth quarter of 2025. The change in the AmerUs Closed Block fair value liability was primarily due to unrealized losses on the underlying assets reflecting an increase in US Treasury rates in 2026 compared to a decrease in 2025. Unlocking in 2026 was $22 million unfavorable, consisting of $51 million of unfavorable future policy benefit reserve unlocking, partially offset by $29 million of favorable negative VOBA and deferred profit liability unlocking. The unfavorable unlocking was primarily driven by updated mortality assumptions. 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 was primarily driven by updated mortality assumptions and changes in policyholder behavior, partially offset by updated economic assumptions.

Amortization of DAC, DSI and VOBA increased $121 million to $476 million in 2026 from $355 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, an increase in VOBA amortization and an unfavorable change in unlocking. Unlocking in 2026 was $61 million unfavorable primarily due to changes in policyholder behavior and projected interest crediting, partially offset by updated economic assumptions. Unlocking in 2025 was$53 million unfavorable primarily due to changes in policyholder behavior and projected interest crediting, as well as updated economic and mortality assumptions.

Policy and other operating expenses increased $99 million to $690 million in 2026 from $591 million in 2025, primarily driven by an increase in interest expense, an increase in policy acquisition expenses related to significant growth and an increase in contingent investment fees ACRA is obligated to pay on behalf of ADIP, partially offset by a decrease in VIE operating expenses due to the deconsolidation of several VIEs. The increase in interest expense was primarily related to an increase in host accretion on business ceded to Catalina, as well as interest on long-term debt issued in the third quarter of 2026.

Income Tax Expense (Benefit)

Income tax expense (benefit) decreased $685 million to $(419) million in 2026 from $266 million in 2025, primarily driven by a pre-tax loss in 2026 compared to pre-tax income subject to US income tax in 2025. Our effective tax rate in thethird quarter of 2026 was 24% compared to 12% in 2025.

Net Income (Loss) Attributable to Noncontrolling Interests

Net income (loss) attributable to noncontrolling interests decreased $816 million to$(197) million in 2026 from$619 millionin 2025, primarily driven 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 and an unfavorable net change in the fair value of attributed indexed annuity derivatives and embedded derivatives, partially offset by a favorable change in the fair value of market risk benefits related to an increase in US Treasury rates in 2026 compared to a decrease in 2025, the consolidation of AAA Lux in the fourth quarter of 2025 and third-party contributions into AAA in 2026 increasing the noncontrolling interest portion of VIE earnings.

Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

In this section, references to 2026 refer to the nine months ended September 30, 2026 and references to 2025 refer to the nine months ended September 30, 2025.

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

Net income (loss) available to Athene Holding Ltd. common stockholder decreased $4.3 billion to $(2.2) billion in 2026 from $2.1 billion in 2025. The decrease in net income (loss) available to Athene Holding Ltd. common stockholder was primarily driven by a $1.7 billion increase in benefits and expenses, a $1.7 billion decrease in revenues, a $1.1 billion increase in income tax expense and an $84 million decrease related to the 2025 preferred stock redemption, partially offset by a $178 million decrease in net income (loss) attributable to noncontrolling interests.

Revenues

Revenues decreased $1.7 billion to $15.9 billion in 2026 from $17.5 billion in 2025. The decrease was primarily driven by a decrease in investment related gains (losses) and a decrease in VIE net investment income, partially offset by an increase in net investment income, an increase in premiums and an increase in VIE investment related gains (losses).

Investment related gains (losses) decreased $3.9 billion to $(2.5) billion in 2026 from $1.4 billion in 2025, primarily driven by an unfavorable change in the fair value of mortgage loans, reinsurance assets and trading securities. These impacts were partially offset by favorable net foreign exchange and derivative impacts, a $673 million gain resulting from the early call of our investment in AP Grange in the second quarter of 2026 and a favorable change in the fair value of indexed annuity hedging derivatives. The change in fair value of mortgage loans decreased $3.9 billion, reinsurance assets decreased $1.0 billion and trading securities decreased $677 million, primarily driven by an increase in US Treasury rates in 2026 compared to a decrease in 2025. The favorable net foreign exchange and derivative impacts were primarily due to foreign exchange gains in 2026 compared to losses in 2025 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. The foreign exchange impact was partially offset by losses on interest rate derivatives that do not qualify for hedge accounting primarily driven by an increase in US Treasury rates in 2026. The change in fair value of indexed annuity hedging derivatives increased $155 million, primarily driven by the 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 increased 11.8% in 2026, compared to an increase of 13.7% in 2025.

VIE net investment income decreased $115 million to $134 million in 2026 from$249 million in 2025, primarily driven by the deconsolidation of several VIEs, as well as ongoing paydown and payoff activity related to VIE mortgage loans.

Net investment income increased $2.0 billion to $15.1 billionin 2026 from $13.1 billion in 2025, 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, later deployment into assets during the year compared to 2025, higher investment management fees driven by the significant growth in our investment portfolio over the previous twelve months and run-off of higher-yielding assets.

Premiums increased $226 million to $577 million in 2026 from$351 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 block reinsurance transaction executed in the fourth quarter of 2025, partially offset byan increase in ceded premium related to the retrocession of mortality risk on a pension group annuity transaction beginning in the second quarter of 2026.

VIE investment related gains (losses) increased $128 million to $1.7 billion in 2026 from $1.6 billion in 2025, primarily driven by the consolidation of AAA Lux in the fourth quarter of 2025 andadditional contributions into AAA and AAA Lux in 2026. These impacts were partially offset by the deconsolidation of several VIEs, lower returns on the underlying assets within AAA and AAA Lux in 2026 and an unfavorable change in the fair value of trading securities held in VIEs related to an increase in US Treasury rates in 2026 compared to a decrease in 2025.

Benefits and Expenses

Benefits and expenses increased $1.7 billion to $15.5 billion in 2026 from $13.8 billion in 2025. 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 future policy and other policy benefits, partially offset by a decrease in market risk benefits remeasurement (gains) losses. Our annual unlocking of assumptions resulted in an increase in total benefits and expenses of $515 million compared to a decrease of $55 million in 2025. The 2026 unlocking was driven by an increase of $439 million in interest sensitive contract benefits, an increase of $61 million related to DAC, DSI and VOBA amortization and an increase of $22 million in future policy and other policy benefits, partially offset by a decrease of $7 million in market risk benefits. 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.

Interest sensitive contract benefits increased $1.9 billion to $11.0 billion in 2026 from $9.1 billion in 2025, primarily driven by significant growth in our deferred annuity and funding agreement blocks of business over the previous twelve months, higher rates on new deferred annuity and funding agreement issuances, as well as run-off of lower rate business, in comparison to our existing blocks of business, an unfavorable change in unlocking, an increase in reserve accretion on floating rate funding agreements due to the increase in short-term rates impacting future cash flows and the associated reserve and lower negative VOBA amortization. These impacts were partially offset by lower rates on floating rate funding agreements, later origination of new business within the year compared to 2025 and a decrease in the change in our indexed annuity reserves. 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 $1.2 billion was primarily due to a favorable 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 rate movements on policyholder projected benefits 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 increased 11.8% in 2026, compared to an increase of 13.7% in 2025. Unlocking in 2026 was $439 million unfavorable, consisting of $438 million of unfavorable fair value of indexed annuity embedded derivative unlocking and $1 million of unfavorable negative VOBA unlocking. The unfavorable unlocking was primarily driven by changes to projected interest crediting and policyholder behavior, partially offset by updated economic assumptions. Unlocking in 2025 was $90 million favorable, consisting of $79 million of favorable fair value of indexed annuity embedded derivative and investment contract provision unlocking and $11 million of favorable negative VOBA unlocking. The favorable unlocking was primarily driven by changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, as well as updated economic assumptions.

Amortization of DAC, DSI and VOBA increased $249 million to $1.2 billion in 2026 from $914 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 and an unfavorable change in unlocking. Unlocking in 2026 was $61 million unfavorable primarily due to changes in policyholder behavior and projected interest crediting, partially offset by updated economic assumptions. Unlocking in 2025 was$53 million unfavorable primarily due to changes in policyholder behavior and projected interest crediting, as well as updated economic and mortality assumptions.

Policy and other operating expenses increased $228 million to $2.0 billion in 2026 from $1.7 billion in 2025, primarily driven by an increase in interest expense, as well as increases in policy acquisition and other operating expenses related to significant growth, partially offset by a decrease in VIE operating expenses due to the deconsolidation of several VIEs. The increase in interest expense was primarily related to an increase in host accretion on business ceded to Catalina, a full nine months of interest on long-term debt issued in the second quarter of 2025 and interest on long-term debt issued in the third quarter of 2026.

Future policy and other policy benefits increased $147 million to $1.8 billion in 2026 from $1.7 billion in 2025, primarily driven by an increase in payout annuity reserves related to the issuance of structured settlements, as well as life reserves related to renewal premiums from the Sony block reinsurance transaction executed in the fourth quarter of 2025 and a $45 million increase in accrued interest. These impacts were partially offset byan increase in ceded benefit payments related to the retrocession of mortality risk on a pension group annuity transaction beginning in the second quarter of 2026, a decrease in the AmerUs Closed Block fair value liability and a favorable change in unlocking. The change in the AmerUs Closed Block fair value liability was primarily due to unrealized losses on the underlying assets reflecting an increase in US Treasury rates in 2026 compared to a decrease in 2025. Unlocking in 2026 was $22 million unfavorable, consisting of $51 million of unfavorable future policy benefit reserve unlocking, partially offset by $29 million of favorable negative VOBA and deferred profit liability unlocking. The unfavorable unlocking was primarily driven by updated mortality assumptions. 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 was primarily driven by updated mortality assumptions and changes in policyholder behavior, partially offset by updated economic assumptions.

Market risk benefits remeasurement (gains) losses decreased $796 million to $(391) million in 2026 from $405 million in 2025. The gains in 2026 compared to losses in 2025 were primarily driven by a favorable change in the fair value of market risk benefits, partially offset by a $35 million increase in fees collected due to growth in the in-force population of policies with income rider benefits, increasing the market risk benefit reserve, as well as an unfavorable change in unlocking. The change in fair value of market risk benefits was primarily driven by a favorable $956 million impact due to an increase in the risk-free discount rates across the long end of the curve compared to a decrease in 2025, which are used in the fair value measurement of the liability for market risk benefits, partially offset by an unfavorable $61 million impact related to less favorable equity market performance in 2026 compared to 2025. The market risk benefits unlocking in 2026 was $7 million favorable primarily due to changes in projected interest crediting, partially offset by changes in policyholder behavior. 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.

Income Tax Expense (Benefit)

Income tax expense (benefit) increased $1.1 billion to $1.5 billion in 2026 from $407 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. This was partially offset by a decrease in pre-tax income subject to US income tax. Our effective tax rate in 2026 was 413% compared to 11% in 2025.

Net Income (Loss) Attributable to Noncontrolling Interests

Net income (loss) attributable to noncontrolling interests decreased $178 million to$1.0 billion in 2026 from$1.1 billionin 2025, primarily driven 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. This was partially offset by favorable net foreign exchange impacts, a favorable impact from the revocation of Bermuda CIT at ACRA resulting in the reversal of tax expense recognized in 2025, a favorable change in realized gains and losses on investments as 2026 includes the impact of the gain from the early call of our investment in AP Grange, a favorable change in the fair value of market risk benefits related to an increase in US Treasury rates in 2026 compared to a decrease in 2025, the consolidation of AAA Lux in the fourth quarter of 2025 and third-party contributions into AAA and AAA Lux in 2026 increasing the noncontrolling interest portion of the VIE earnings resulting from favorable performance in 2026.

Preferred Stock Redemption

Preferred stock redemption decreased $84 million to $0 million in 2026 from $84 million in 2025 driven by the redemption of our Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C (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, 2026 Compared to the Three Months Ended September 30, 2025

In this section, references to 2026 refer to the three months ended September 30, 2026 and references to 2025 refer to the three months ended September 30, 2025.

Spread Related Earnings

Spread related earnings decreased $28 million, or 3%, to $844 million in 2026 from $872 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 and strategic capital management fees.

Cost of funds increased $563 million to $3.2 billion in 2026 from $2.7 billion in 2025, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business, as well as run-off of lower rate business, compared to existing blocks, an increase in the amortization of DAC, DSI and VOBA and an unfavorable change in unlocking. These impacts were partially offset by lower rates on floating rate funding agreements and later origination of new business within the quarter compared to 2025. Unlocking, net of the noncontrolling interests, in 2026 was $65 million unfavorable, primarily driven by changes in policyholder behavior and updated mortality assumptions, partially offset by changes to projected interest crediting and updated economic assumptions. Unlocking, net of the noncontrolling interests, in 2025 was $5 million favorable, primarily driven by updated mortality assumptions and changes in policyholder behavior, partially offset by changes to projected interest crediting and updated economic assumptions.

Interest and other financing costs increased $9 million to $149 million in 2026 from $140 million in 2025, primarily driven by an increase in interest expense related to the issuance of long-term debt in the third quarter of 2026.

Net investment earnings increased $536 million to $4.3 billion in 2026 from $3.7 billion in 2025, primarily driven by $37.7 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, favorable derivative impacts and an increase in alternative net investment income. These impacts were partially offset by lower floating rate income, later deployment into assets during the quarter compared to 2025, higher investment management fees driven by the significant growth in our investment portfolio over the previous twelve months and run-off of higher-yielding assets. The increase in alternative net investment income compared to 2025 was primarily driven by more favorable performance within equity funds, partially offset by less favorable performance within origination platforms, credit funds and retirement services platforms. The increase in income from equity funds was primarily attributable to significant growth within our structured equity portfolio and a valuation increase on an underlying fund in 2026. The decrease in income from origination platforms was primarily attributable to a valuation decrease on an asset within our other origination platforms driven by the wind down of select businesses in 2026, a valuation increase on Apterra Infrastructure Capital, LLC (Apterra) in 2025 driven by origination outperformance, a valuation increase related to strong performance from Wheels in 2025 and strong growth from origination partnerships within Aqua Finance, Inc. (Aqua Finance) in 2025. The decrease in income from credit funds was primarily attributable to a decrease in average NAV and credit spread widening in 2026 compared to tightening in 2025. The decrease in income from retirement services platforms was related to a valuation increase on Venerable in 2025 related to the reinsurance transaction with Corebridge Financial, Inc. (Corebridge), partially offset by the upsize of our investment in Athora in 2026 and increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025.

Strategic capital management fees increased $5 million to $40 million in 2026 from $35 million in 2025, primarily driven by additional fees received from ADIP II attributable to strong net flows into ACRA 2 over the previous twelve months.

Net investment spread decreased 22 basis points to 1.38% in 2026 from 1.60% in 2025, driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds increased 26 basis points to 4.05% in 2026 from 3.79% in 2025, primarily driven by higher rates on new business, as well as run-off of lower rate business, compared to existing blocks, an increase in the amortization of DAC, DSI and VOBA and an unfavorable change in unlocking. These impacts were partially offset by lower rates on floating rate funding agreements and later origination of new business within the quarter compared to 2025.

Net investment earned rate increased 4 basis points to 5.38% in 2026 from 5.34% in 2025, primarily driven by higher returns on our fixed income portfolio, partially offset by lower returns on our alternative investment portfolio. Our fixed income and other net investment earned rate was 5.16% in 2026, an increase from 5.12% in 2025, primarily driven byhigher rates on new deployment compared to our existing portfolio related to the higher interest rate environment and favorable derivative impacts, partially offset by lower floating rate income, later deployment into assets during the quarter compared to 2025 and run-off of higher-yielding assets. Our alternative net investment earned rate was 9.65% in 2026, a decrease from 9.88% in 2025, primarily due to $3.0 billion of growth in our average alternative net invested assets during the previous twelve months, which outpaced the increase in alternative net investment income. The lower alternative net investment earned rate was primarily driven by lower returns within origination and retirement services platforms, as well as credit funds, partially offset by higher returns within equity funds. The lower return from origination platforms was primarily attributable to a valuation decrease on an asset within our other origination platforms driven by the wind down of select businesses in 2026, a valuation increase on Apterra in 2025 driven by origination outperformance, a valuation increase related to strong performance from Wheels in 2025 and strong growth from origination partnerships within Aqua Finance in 2025. The lower return from retirement services platforms was related to a valuation increase on Venerable in 2025 related to the reinsurance transaction with Corebridge, partially offset by increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025. The lower return from credit funds was primarily attributable to credit spread widening in 2026 compared to tightening in 2025. The higher return from equity funds was primarily attributable to a valuation increase on an underlying fund in 2026.

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

The adjustments tonet income (loss) available to Athene Holding Ltd. common stockholder represent 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 a decrease in investment gains (losses), net of offsets, partially offset by an increase in non-operating change in insurance liabilities and related derivatives and a decrease in non-operating income tax expense (benefit). Our annual unlocking of assumptions, net of the noncontrolling interests, resulted in a decrease in our adjustments to net income (loss) available to Athene Holding Ltd. common stockholder of $273 million compared to an increase of $74 million in 2025. The 2026 unlocking was driven by $273 million of unfavorable indexed annuity embedded derivative unlocking. The 2025 unlocking was driven by $75 million of favorable indexed annuity embedded derivative unlocking, partially offset by $1 million of unfavorable liability for future policy benefits unlocking.

Investment gains (losses), net of offsets, decreased $3.1 billion, primarily driven by an unfavorable change in the fair value of mortgage loans, reinsurance assets and trading securities and losses on interest rate derivatives. The unfavorable changes in the fair value of mortgage loans of $1.7 billion, reinsurance assets of $296 million and trading securities were primarily driven by an increase in US Treasury rates in 2026 compared to a decrease in 2025. The derivative losses were primarily driven by an increase in US Treasury rates in 2026 resulting in losses on interest rate derivatives that do not qualify for hedge accounting.

Non-operating change in insurance liabilities and related derivatives increased $227 million, primarily driven by a favorable change in the fair value of market risk benefits, partially offset by an unfavorable change in the fair value of net indexed annuity derivatives and an unfavorable change in non-operating funding agreement reserves. The $669 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 a decrease in 2025, which are used in the fair value measurement of the liability for market risk benefits, partially offset by less favorable equity market performance compared to 2025. The $341 million unfavorable change in the fair value of net indexed annuity derivatives was primarily due to an unfavorable change in fair value of indexed annuity embedded derivative unlocking and less favorable performance of the equity indices to which our indexed annuity policies are linked, partially offset by favorable rate impacts. The largest percentage of our indexed annuity policies are linked to the S&P 500 Index, which increased 2.0% in 2026, compared to an increase of 7.8% in 2025. The favorable rate impacts were primarily driven by the favorable 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 rate movements on policyholder projected benefits. The fair value of indexed annuity embedded derivative unlocking, net of the noncontrolling interests, in 2026 was $273 million unfavorable primarily driven by changes to projected interest crediting and policyholder behavior. The fair value of indexed annuity embedded derivative unlocking, net of the noncontrolling interests, in 2025 was $75 million favorable primarily driven by changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions. The $103 million unfavorable change to non-operating funding agreement reserves was primarily driven by an increase in reserve accretion on floating rate funding agreements due to the increase in short-term rates impacting future cash flows and the associated reserve.

Non-operating income tax expense (benefit) decreased $571 million, primarily driven by a pre-tax non-operating loss in 2026 compared to pre-tax non-operating income subject to US income tax in 2025.

Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

In this section, references to 2026 refer to the nine months ended September 30, 2026 and references to 2025 refer to the nine months ended September 30, 2025.

Spread Related Earnings

SRE decreased $56 million, or 2%, to $2.4 billion in 2026 from $2.5 billion 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 and strategic capital management fees.

Cost of funds increased $1.6 billion to $9.0 billion in 2026 from $7.3 billion in 2025, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business, as well as run-off of lower rate business, compared to existing blocks, an increase in the amortization of DAC and DSI and an unfavorable change in unlocking. These impacts were partially offset by lower rates on floating rate funding agreements and later origination of new business within the year compared to 2025. Unlocking, net of the noncontrolling interests, in 2026 was $65 million unfavorable, primarily driven by changes in policyholder behavior and updated mortality assumptions, partially offset by changes to projected interest crediting and updated economic assumptions. Unlocking, net of the noncontrolling interests, in 2025 was $5 million favorable, primarily driven by updated mortality assumptions and changes in policyholder behavior, partially offset by changes to projected interest crediting and updated economic assumptions.

Interest and other financing costs increased $41 million to $443 million in 2026 from $402 million in 2025, primarily driven bya full nine months of interest expense on long-term debt issued in the second quarter of 2025 and interest on long-term debt issued in the third quarter of 2026, 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 earnings increased $1.6 billion to $12.1 billion in 2026 from $10.5 billion in 2025, primarily driven by $39.3 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 and favorable derivative impacts. These impacts were partially offset by lower floating rate income, later deployment into assets during the year compared to 2025, a decrease in alternative net investment income, higher investment management fees driven by the significant growth in our investment portfolio over the previous twelve months and run-off 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 equity funds and retirement services platforms. The decrease in income from origination platforms was primarily attributable to a valuation increase related to strong performance from Wheels in 2025, outsized performance from MidCap Financial attributable to increased projections in 2025, a valuation decrease on Atlas resulting from an underlying asset impairment in 2026 and strong growth from origination partnerships within Aqua Finance in 2025, partially offset by a valuation increase on an asset within our other origination platforms due to growth in 2026. The decrease in income from credit funds was primarily attributable to a decrease in average NAV and credit spread widening in 2026 compared to tightening in 2025. The increase in income from equity funds was mainly attributable to significant growth in our structured equity portfolio, as well as more favorable performance within real assets, partially offset by lower income from private equity in 2026. The increase in income from retirement services platforms was primarily related to the upsize of our investment in Athora and a valuation increase on Athora in 2026 related to updated business plans following its acquisition, as well as increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025, partially offset by a valuation increase on Venerable in 2025 related to the reinsurance transaction with Corebridge.

Strategic capital management fees increased $17 million to $113 million in 2026 from $96 million in 2025, primarily driven by additional fees received from ADIP II attributable to strong net flows into ACRA 2 over the previous twelve months.

Net investment spread decreased 21 basis points to 1.40% in 2026 from 1.61% in 2025, driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds increased 24 basis points to 3.89% in 2026 from 3.65% in 2025, primarily driven by higher rates on new business, as well as run-off of lower rate business, compared to existing blocks, an increase in the amortization of DAC and DSI and an unfavorable change in unlocking. These impacts were partially offset by lower rates on floating rate funding agreements and later origination of new business within the year compared to 2025.

Net investment earned rate increased 3 basis points to 5.24% in 2026 from 5.21% in 2025, primarily driven by higher returns on our fixed income portfolio, partially offset by lower returns on our alternative investment portfolio. Our fixed income and other net investment earned rate was 5.08% in 2026, an increase from 4.97% in 2025, primarily driven byhigher rates on new deployment compared to our existing portfolio related to the higher interest rate environment and favorable derivative impacts, partially offset by lower floating rate income, later deployment into assets during the year compared to 2025 and run-off of higher-yielding assets. Our alternative net investment earned rate was 8.26% in 2026, a decrease from 9.98% in 2025, primarily driven by lower returns within origination platforms, credit funds and retirement services platforms, partially offset by higher returns within equity funds. The lower return from origination platforms was primarily attributable to a valuation increase related to strong performance from Wheels in 2025, outsized performance from MidCap Financial attributable to increased projections in 2025, a valuation decrease on Atlas resulting from an underlying asset impairment in 2026 and strong growth from origination partnerships within Aqua Finance in 2025, partially offset by a valuation increase on an asset within our other origination platforms due to growth in 2026. The lower return from credit funds was primarily attributable to credit spread widening in 2026 compared to tightening in 2025. The lower return from retirement services platforms was primarily related to a valuation increase on Venerable in 2025 related to the reinsurance transaction with Corebridge, partially offset by a valuation increase on Athora in 2026 related to updated business plans following its acquisition, as well as increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025. The higher return from equity funds was mainly attributable to more favorable performance within real assets, partially offset by less favorable performance within private equity in 2026.

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

The decrease in adjustments tonet income (loss) available to Athene Holding Ltd. common stockholder in 2026 compared to 2025 was primarily driven bya decrease in investment gains (losses), net of offsets, and an increase in non-operating income tax expense (benefit), partially offset by an increase in non-operating change in insurance liabilities and related derivatives. Our annual unlocking of assumptions, net of the noncontrolling interests, resulted in a decrease in our adjustments to net income (loss) available to Athene Holding Ltd. common stockholder of $273 million compared to an increase of $74 million in 2025. The 2026 unlocking was driven by $273 million of unfavorable indexed annuity embedded derivative unlocking. The 2025 unlocking was driven by $75 million of favorable indexed annuity embedded derivative unlocking, partially offset by $1 million of unfavorable liability for future policy benefits unlocking.

Investment gains (losses), net of offsets, decreased $3.4 billion, primarily driven by the unfavorable change in the fair value of mortgage loans, reinsurance assets and trading securities, partially offset by the $458 million gain, net of the ACRA noncontrolling interests, resulting from the early call of our investment in AP Grange in the second quarter of 2026 and favorablenet foreign exchange and derivative impacts. The unfavorable changes in the fair value of mortgage loans of $3.1 billion, reinsurance assets of $471 million and trading securities were primarily driven by an increase in US Treasury rates in 2026 compared to a decrease in 2025. The favorable net foreign exchange and derivative impacts were primarily due to foreign exchange gains in 2026 compared to losses in 2025 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. The foreign exchange impact was partially offset by losses on interest rate derivatives that do not qualify for hedge accounting primarily driven by an increase in US Treasury rates in 2026.

Non-operating income tax expense increased $1.5 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. This was partially offset by a tax benefit on non-operating pre-tax losses in 2026.

Non-operating change in insurance liabilities and related derivatives increased $761 million, primarily driven by a favorable change in the fair value of market risk benefits and a favorable change in the fair value of net indexed annuity derivatives, partially offset by an unfavorable change in non-operating funding agreement reserves. The $751 million favorable change in the fair value of market risk benefits was primarily driven by an increase in risk-free discount rates across the long end of the curve compared to a decrease in 2025, which are used in the fair value measurement of the liability for market risk benefits. The $136 million favorable change in the fair value of net indexed annuity derivatives was primarily due to favorable rate impacts 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, partially offset by an unfavorable change in fair value of indexed annuity embedded derivative unlocking. The largest percentage of our indexed annuity policies are linked to the S&P 500 Index, which increased 11.8% in 2026, compared to an increase of 13.7% in 2025. The favorable rate impact was driven by a favorable 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 rate movements on policyholder projected benefits. The fair value of indexed annuity embedded derivative unlocking, net of the noncontrolling interests, in 2026 was $273 million unfavorable primarily driven by changes to projected interest crediting and policyholder behavior. The fair value of indexed annuity embedded derivative unlocking, net of the noncontrolling interests, in 2025 was $75 million favorable primarily driven by changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions. The $110 million unfavorable change to non-operating funding agreement reserves was primarily driven by an increase in reserve accretion on floating rate funding agreements due to the increase in short-term rates impacting future cash flows and the associated reserve.