The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 9 for more information on Athene’s products.


	Three months ended March 31, 2026
	DAC								DSI		VOBA		Total DAC, DSI and VOBA
(In millions)	Traditional deferred annuities		Indexed annuities		Funding agreements		Other investment-type and other		Indexed annuities
Balance at December 31, 2025	$	1,471	$	3,135	$	66	$	25	$	2,111	$	1,826	$	8,634
Additions	142		204		6		12		151		—		515

Amortization	(105)		(84)		(7)		(1)		(60)		(80)		(337)

Balance at March 31, 2026	$	1,508	$	3,255	$	65	$	36	$	2,202	$	1,746	$	8,812


	Three months ended March 31, 2025
	DAC								DSI		VOBA		Total DAC, DSI and VOBA
(In millions)	Traditional deferred annuities		Indexed annuities		Funding agreements		Other investment-type and other		Indexed annuities
Balance at December 31, 2024	$	1,158	$	2,278	$	40	$	11	$	1,476	$	2,210	$	7,173
Additions	237		258		19		1		184		—		699

Amortization	(81)		(58)		(5)		—		(40)		(83)		(267)
Other	1		—		—		—		—		—		1
Balance at March 31, 2025	$	1,315	$	2,478	$	54	$	12	$	1,620	$	2,127	$	7,606

Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance.

Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders).