Long-duration Contracts (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Rollforward of Policyholder Account Balance

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.


	Three months ended March 31, 2026
(In millions, except percentages)	Traditional Deferred Annuities			Indexed Annuities			Funding Agreements			Other Investment-type			Total
Balance at December 31, 2025	$	109,201		$	105,317		$	85,555		$	8,821		$	308,894
Deposits	7,122			3,430			8,531			728			19,811
Policy charges	—			(210)			—			—			(210)
Surrenders and withdrawals	(2,407)			(2,818)			(47)			(26)			(5,298)
Benefit payments	(362)			(415)			(3,892)			(64)			(4,733)
Interest credited	1,264			1,031			899			60			3,254
Foreign exchange	(55)			1			(187)			(56)			(297)
Other	—			—			(122)			(38)			(160)
Balance at March 31, 2026	$	114,763		$	106,336		$	90,737		$	9,425		$	321,261

Weighted average crediting rate	4.7		%	2.8		%	4.5		%	3.0		%
Net amount at risk	$	423		$	17,214		$	—		$	17
Cash surrender value	107,870			97,474			—			6,627


	Three months ended March 31, 2025
(In millions, except percentages)	Traditional Deferred Annuities			Indexed Annuities			Funding Agreements			Other Investment-type			Total
Balance at December 31, 2024	$	86,661		$	97,861		$	54,768		$	8,030		$	247,320
Deposits	10,515			4,127			10,744			118			25,504
Policy charges	—			(186)			—			—			(186)
Surrenders and withdrawals	(1,305)			(2,824)			—			(19)			(4,148)
Benefit payments	(342)			(391)			(2,768)			(86)			(3,587)
Interest credited	993			840			644			54			2,531
Foreign exchange	175			2			287			230			694
Other	—			—			144			(9)			135
Balance at March 31, 2025	$	96,697		$	99,429		$	63,819		$	8,318		$	268,263


Weighted average crediting rate	4.6		%	2.6		%	4.6		%	2.7		%
Net amount at risk	$	421		$	15,599		$	—		$	45
Cash surrender value	90,843			90,820			—			6,907

Schedule of Reconciliation of Interest Sensitive Contract Liabilities

The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition:


	March 31,
(In millions)	2026		2025
Traditional deferred annuities	$	114,763	$	96,697
Indexed annuities	106,336		99,429

Funding agreements	90,737		63,819
Other investment-type	9,425		8,318

Reconciling items1	5,241		5,176
Interest sensitive contract liabilities	$	326,502	$	273,439

1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following represents policyholder account balances by range of guaranteed minimum crediting rates (“GMCR”), as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums. Athene’s funding agreements and other investment-type products provide Athene with little to no discretionary ability to change the rates of interest payable to the respective policyholder or institution and, as a result, those policyholder account balances are excluded from the following tables.


	March 31, 2026
(In millions)	At Guaranteed Minimum		1 Basis Point – 100 Basis Points Above Guaranteed Minimum		Greater than 100 Basis Points Above Guaranteed Minimum		Total
Traditional deferred annuities
< 2.0%	$	4,979	$	1,750	$	92,399	$	99,128
2.0% – < 4.0%	5,464		532		5,017		11,013
4.0% – < 6.0%	4,617		1		1		4,619
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	15,063	$	2,283	$	97,417	$	114,763



Indexed annuities
< 2.0%	$	1,405	$	1,039	$	3,570	$	6,014
2.0% – < 4.0%	3,532		153		—		3,685


Total indexed annuities with GMCR	4,937		1,192		3,570		9,699
Other1							96,637
Total indexed annuities							$	106,336


























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.


	March 31, 2025
(In millions)	At Guaranteed Minimum		1 Basis Point – 100 Basis Points Above Guaranteed Minimum		Greater than 100 Basis Points Above Guaranteed Minimum		Total
Traditional deferred annuities
< 2.0%	$	4,759	$	1,620	$	77,515	$	83,894
2.0% – < 4.0%	6,194		634		1,997		8,825
4.0% – < 6.0%	3,972		2		1		3,975
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	14,928	$	2,256	$	79,513	$	96,697



Indexed annuities
< 2.0%	$	1,658	$	1,211	$	3,129	$	5,998
2.0% – < 4.0%	4,276		44		186		4,506


Total indexed annuities with GMCR	5,934		1,255		3,315		10,504
Other1							88,925
Total indexed annuities							$	99,429



























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.

Schedule of Rollforward by Product and Reconciliation of Future Policy Benefit and Premiums and Interest Expense

The following is a rollforward by product within future policy benefits:


	Three months ended March 31, 2026
(In millions, except percentages and years)	Payout Annuities with Life Contingencies			Whole Life			Total
Present value of expected net premiums
Beginning balance, present value of expected net premiums	$	—		$	1,402		$	1,402
Effect of changes in discount rate assumptions	—			(25)			(25)
Effect of foreign exchange on the change in discount rate assumptions	—			1			1
Beginning balance at original discount rate	—			1,378			1,378

Effect of actual to expected experience	—			(4)			(4)
Adjusted balance	—			1,374			1,374
Issuances	—			4			4
Interest accrual	—			13			13
Net premium collected	—			(82)			(82)
Foreign exchange	—			(9)			(9)

Ending balance at original discount rate	—			1,300			1,300
Effect of changes in discount rate assumptions	—			7			7
Effect of foreign exchange on the change in discount rate assumptions	—			(1)			(1)
Ending balance, present value of expected net premiums	$	—		$	1,306		$	1,306
Present value of expected future policy benefits
Beginning balance, present value of expected future policy benefits	$	42,058		$	3,795		$	45,853
Effect of changes in discount rate assumptions	5,941			1,036			6,977
Effect of foreign exchange on the change in discount rate assumptions	21			(47)			(26)
Beginning balance at original discount rate	48,020			4,784			52,804

Effect of actual to expected experience	(2)			13			11
Adjusted balance	48,018			4,797			52,815
Issuances	127			4			131
Interest accrual	433			43			476
Benefit payments	(1,082)			(88)			(1,170)
Foreign exchange	(14)			(38)			(52)

Ending balance at original discount rate	47,482			4,718			52,200
Effect of changes in discount rate assumptions	(6,753)			(1,151)			(7,904)
Effect of foreign exchange on the change in discount rate assumptions	(14)			61			47
Ending balance, present value of expected future policy benefits	40,715			3,628			44,343
Less: Present value of expected net premiums	—			1,306			1,306
Net future policy benefits	$	40,715		$	2,322		$	43,037

Weighted-average liability duration (in years)	9.2			20.1
Weighted-average interest accretion rate	3.7		%	5.2		%
Weighted-average current discount rate	5.5		%	6.5		%
Expected future gross premiums, undiscounted	$	—		$	1,844
Expected future gross premiums, discounted1	—			1,484
Expected future benefit payments, undiscounted	69,188			11,477

1 Discounted at the original discount rate.


	Three months ended March 31, 2025
(In millions, except percentages and years)	Payout Annuities with Life Contingencies			Whole Life			Total
Present value of expected net premiums
Beginning balance, present value of expected net premiums	$	—		$	880		$	880
Effect of changes in discount rate assumptions	—			(30)			(30)
Effect of foreign exchange on the change in discount rate assumptions	—			2			2
Beginning balance at original discount rate	—			852			852




Interest accrual	—			4			4
Net premium collected	—			(47)			(47)
Foreign exchange	—			40			40
Ending balance at original discount rate	—			849			849
Effect of changes in discount rate assumptions	—			20			20
Effect of foreign exchange on the change in discount rate assumptions	—			(1)			(1)
Ending balance, present value of expected net premiums	$	—		$	868		$	868
Present value of expected future policy benefits
Beginning balance, present value of expected future policy benefits	$	42,261		$	2,711		$	44,972
Effect of changes in discount rate assumptions	7,378			206			7,584
Effect of foreign exchange on the change in discount rate assumptions	(5)			(1)			(6)
Beginning balance at original discount rate	49,634			2,916			52,550

Effect of actual to expected experience	(42)			2			(40)
Adjusted balance	49,592			2,918			52,510
Issuances	75			—			75
Interest accrual	442			17			459
Benefit payments	(1,132)			(22)			(1,154)
Foreign exchange	25			143			168

Ending balance at original discount rate	49,002			3,056			52,058
Effect of changes in discount rate assumptions	(6,778)			(288)			(7,066)
Effect of foreign exchange on the change in discount rate assumptions	(6)			(10)			(16)
Ending balance, present value of expected future policy benefits	42,218			2,758			44,976
Less: Present value of expected net premiums	—			868			868
Net future policy benefits	$	42,218		$	1,890		$	44,108



Weighted-average liability duration (in years)	9.4			30.0
Weighted-average interest accretion rate	3.7		%	4.8		%
Weighted-average current discount rate	5.4		%	4.7		%
Expected future gross premiums, undiscounted	$	—		$	1,073
Expected future gross premiums, discounted1	—			927
Expected future benefit payments, undiscounted	71,699			10,126


1 Discounted at the original discount rate.

The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition:


	March 31,
(In millions)	2026		2025
Payout annuities with life contingencies	$	40,715	$	42,218
Whole life	2,322		1,890
Reconciling items1	5,620		5,789
Future policy benefits	$	48,657	$	49,897

1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.

The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of operations:


	Premiums
	Three months ended March 31,
(In millions)	2026		2025
Payout annuities with life contingencies	$	119	$	70
Whole life	91		51
Reconciling items1	7		6
Total premiums	$	217	$	127

	Interest Expense
	Three months ended March 31,
(In millions)	2026		2025
Payout annuities with life contingencies	$	433	$	442
Whole life	29		12

Total interest expense	$	462	$	454

1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations:


	Three months ended March 31,
(In millions)	2026		2025
Reserves	$	(15)	$	40
Deferred profit liability	23		1
Negative VOBA	(2)		—
Total remeasurement gains (losses)	$	6	$	41

Schedule of Rollforward of Net Market Risk Benefit Liabilities by Product

The following is a rollforward of net market risk benefit liabilities by product:


	Three months ended March 31, 2026
(In millions, except years)	Traditional Deferred Annuities		Indexed Annuities		Total
Balance at December 31, 2025	$	205	$	4,511	$	4,716
Effect of changes in instrument-specific credit risk	(5)		(255)		(260)
Balance, beginning of period, before changes in instrument-specific credit risk	200		4,256		4,456
Issuances	—		64		64
Interest accrual	2		46		48
Attributed fees collected	—		106		106
Benefit payments	(1)		(22)		(23)
Effect of changes in interest rates	(1)		(23)		(24)
Effect of changes in equity	—		116		116
Effect of actual policyholder behavior compared to expected behavior	2		38		40


Balance, end of period, before changes in instrument-specific credit risk	202		4,581		4,783
Effect of changes in instrument-specific credit risk	1		43		44
Balance at March 31, 2026	203		4,624		4,827
Less: Reinsurance recoverable	—		78		78
Balance at March 31, 2026, net of reinsurance	$	203	$	4,546	$	4,749


Net amount at risk	$	423	$	17,214
Weighted-average attained age of contract holders (in years)	77		70


	Three months ended March 31, 2025
(In millions, except years)	Traditional Deferred Annuities		Indexed Annuities		Total
Balance at December 31, 2024	$	190	$	3,525	$	3,715
Effect of changes in instrument-specific credit risk	(3)		(154)		(157)
Balance, beginning of period, before changes in instrument-specific credit risk	187		3,371		3,558
Issuances	—		87		87
Interest accrual	2		42		44
Attributed fees collected	—		93		93
Benefit payments	(1)		(14)		(15)
Effect of changes in interest rates	6		183		189
Effect of changes in equity	—		50		50
Effect of actual policyholder behavior compared to expected behavior	—		30		30


Balance, end of period, before changes in instrument-specific credit risk	194		3,842		4,036
Effect of changes in instrument-specific credit risk	—		41		41
Balance at March 31, 2025	194		3,883		4,077
Less: Reinsurance recoverable	—		47		47
Balance at March 31, 2025, net of reinsurance	$	194	$	3,836	$	4,030


Net amount at risk	$	421	$	15,599
Weighted-average attained age of contract holders (in years)	76		69

Schedule of Reconciliation of Market Risk Benefits

The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition.


	March 31, 2026
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	203	$	203
Indexed annuities	183		4,807		4,624





Total	$	183	$	5,010	$	4,827

	March 31, 2025
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	194	$	194
Indexed annuities	285		4,168		3,883





Total	$	285	$	4,362	$	4,077

Schedule of Unobservable Inputs for Market Risk Benefits

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

March 31, 2026

Fair Value

(In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

273

Discounted cash flow

Discount rate

5.2% – 52.8%

25.2%

132

Direct capitalization

Capitalization rate

7.0%

1,181

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.8%

Derivative assets

Option model

Volatility rate

50.0%

Investments of consolidated VIEs

Bank loans

589

Discounted cash flow

Discount rate

6.1% – 11.8%

8.8%

270

Adjusted transaction value

N/A

Equity securities

364

Discounted cash flow

Discount rate

13.7% – 13.7%

13.7%

Adjusted transaction value

N/A

Option model

Volatility rate

65.0% – 200.0%

95.5%

Bonds

200

Discounted cash flow

Discount rate

6.5% – 9.4%

7.2%

447

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

37,666

Discounted cash flow

Discount rate

3.0% – 23.5%

6.7%

Mortgage loans2

96,665

Discounted cash flow

Discount rate

1.4% – 31.4%

6.7%

Investment funds2

147

Discounted cash flow

Discount rate

14.0% – 14.0%

14.0%

288

Recoverability

Estimated proceeds

N/A

2,163

Adjusted transaction value

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

21.0% – 25.0%

23.9%

Due to related parties

Adjusted transaction value

N/A

Liabilities of Consolidated VIEs

Bank Loans

Adjusted transaction value

N/A

Discounted cash flow

Discount rate

6.4% – 11.5%

9.0%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

13,549

Discounted cash flow

Nonperformance risk

0.5% – 1.3%

0.8%

Option budget

0.5% – 5.9%

3.1%

Surrender rate

6.2% – 14.0%

9.7%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

December 31, 2025

Fair Value

(In millions)

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

850

Discounted cash flow

Discount rate

5.7% – 52.8%

17.3%

154

Direct capitalization

Capitalization rate

7.0%

193

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.8%

Derivative assets

Option model

Volatility rate

40.0%

Investments of consolidated VIEs

Bank loans

357

Discounted cash flow

Discount rate

6.7% – 13.9%

8.9%

740

Adjusted transaction value

N/A

Equity securities

392

Discounted cash flow

Discount rate

10.0% – 13.5%

12.8%

1,014

Adjusted transaction value

N/A

Option model

Volatility rate

100.0% – 105.0%

102.9%

Bonds

430

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

31,915

Discounted cash flow

Discount rate

2.8% – 22.9%

6.4%

Mortgage loans2

95,524

Discounted cash flow

Discount rate

1.0% – 31.5%

6.5%

Recoverability

Estimated proceeds

N/A

Investment funds2

1,313

Discounted cash flow

Discount rate

13.0% – 14.0%

13.1%

286

Recoverability

Estimated proceeds

N/A

Reported net asset value

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 24.0%

22.9%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

14,749

Discounted cash flow

Nonperformance risk

0.4% – 1%

0.6%

Option budget

0.5% – 5.9%

3.1%

Surrender rate

6.0% – 14.2%

9.6%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

The following summarizes the unobservable inputs for market risk benefits:


	March 31, 2026
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	4,827	Discounted cash flow	Nonperformance risk	0.5	%	1.3	%	1.1	%	1	Decrease
				Option budget	0.5	%	5.9	%	2.7	%	2	Decrease
				Surrender rate	3.9	%	7.9	%	5.2	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	86.5	%	3	Increase

	March 31, 2025
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	4,077	Discounted cash flow	Nonperformance risk	0.5	%	1.3	%	1.1	%	1	Decrease
				Option budget	0.5	%	6.0	%	2.4	%	2	Decrease
				Surrender rate	3.1	%	6.8	%	4.5	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	85.1	%	3	Increase








1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.