v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amount and Fair Value of Derivative Instruments
The following table presents the notional amount and fair value of derivative instruments:

March 31, 2026December 31, 2025
Notional AmountFair ValueNotional AmountFair Value
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps26,971 $787 $660 26,437 $560 $868 
Forwards1,950 99 21 2,302 81 34 
Interest rate swaps4,198 51 275 4,347 86 242 
Forwards on net investments243 5 — 234 — — 
Interest rate swaps35,231 69 47 31,252 129 30 
Total derivatives designated as hedges1,011 1,003 856 1,174 
Derivatives not designated as hedges
Equity options100,871 5,683 327 97,259 6,905 170 
Futures52 88 — 890 192 1 
Foreign currency swaps20,398 335 561 19,248 230 744 
Interest rate swaps and forwards26,803 115 448 14,606 72 295 
Other swaps2,262 109 14 2,845 78 2 
Foreign currency forwards47,663 1,011 3,482 47,486 857 3,356 
Embedded derivatives
Funds withheld, including related parties(2,921)46 (2,765)150 
Interest sensitive contract liabilities— 13,549 — 14,749 
Total derivatives not designated as hedges4,420 18,427 5,569 19,467 
Total derivatives$5,431 $19,430 $6,425 $20,641 
Schedule of Gains (Losses) Related to Cash Flow Hedges
The following represents the carrying amount and the cumulative amount of fair value hedging adjustments of hedged liabilities, excluding liabilities solely hedging foreign currency risk and cumulative amounts related to foreign currency gains (losses):

March 31, 2026December 31, 2025
(In millions)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)
Interest sensitive contract liabilities
Foreign currency interest rate swaps$4,033 $87 $4,271 $77 
Interest rate swaps20,287 81 19,175 (20)
The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:

Amounts excluded
(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair value
Three months ended March 31, 2026
Investment related gains (losses)
Foreign currency forwards$40 $(36)$4 $7 $— 
Foreign currency swaps173 (174)(1)— — 
Foreign currency interest rate swaps(59)58 (1)— — 
Interest rate swaps(107)106 (1)— — 
Interest sensitive contract benefits
Foreign currency interest rate swaps24 (23)1 — — 
Three months ended March 31, 2025
Investment related gains (losses)
Foreign currency forwards(115)104 (11)10 — 
Foreign currency swaps(332)359 27 — — 
Foreign currency interest rate swaps137 (134)3 — — 
Interest rate swaps129 (125)4 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps23 (23)— — — 

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:

Three months ended March 31,
(In millions)20262025
Foreign currency forwards$1 $26 
Foreign currency swaps193 107 
Schedule of Gains (Losses) Related to Derivatives Not Designated as Hedges
The following is a summary of the gains (losses) related to derivatives not designated as hedges:

Three months ended March 31,
(In millions)20262025
Equity options$(1,155)$(936)
Futures(47)(7)
Foreign currency swaps436 (279)
Interest rate swaps and forwards and other swaps(114)(67)
Foreign currency forwards46 (210)
Embedded derivatives on funds withheld(161)158 
Amounts recognized in investment related gains (losses)(995)(1,341)
Embedded derivatives in indexed annuity products1
1,531 1,003 
Total gains (losses) on derivatives not designated as hedges$536 $(338)
1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations.
Schedule of Offsetting Derivative Assets
The estimated fair value of Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:

Gross amounts not offset on the condensed consolidated statements of financial condition
(In millions)
Gross amount recognized1
Financial instruments2
Collateral (received)/pledgedNet amount
Off-balance sheet securities collateral3
Net amount after securities collateral
March 31, 2026
Derivative assets$8,352 $(2,726)$(5,283)$343 $(126)$217 
Derivative liabilities(5,835)2,726 2,566 (543)591 48 
December 31, 2025
Derivative assets$9,190 $(2,602)$(5,908)$680 $(889)$(209)
Derivative liabilities(5,742)2,602 2,491 (649)561 (88)
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of March 31, 2026 and December 31, 2025, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.
3 For non-cash collateral received, Athene does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.
Schedule of Offsetting Derivative Liabilities
The estimated fair value of Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:

Gross amounts not offset on the condensed consolidated statements of financial condition
(In millions)
Gross amount recognized1
Financial instruments2
Collateral (received)/pledgedNet amount
Off-balance sheet securities collateral3
Net amount after securities collateral
March 31, 2026
Derivative assets$8,352 $(2,726)$(5,283)$343 $(126)$217 
Derivative liabilities(5,835)2,726 2,566 (543)591 48 
December 31, 2025
Derivative assets$9,190 $(2,602)$(5,908)$680 $(889)$(209)
Derivative liabilities(5,742)2,602 2,491 (649)561 (88)
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of March 31, 2026 and December 31, 2025, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.
3 For non-cash collateral received, Athene does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.