Long-duration Contracts (Tables)

6 Months Ended

Jun. 30, 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.


	Six months ended June 30, 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	17,694			8,656			14,249			1,433			42,032
Policy charges	(1)			(426)			—			—			(427)
Surrenders and withdrawals	(4,402)			(5,830)			(47)			(52)			(10,331)
Benefit payments	(747)			(811)			(7,020)			(133)			(8,711)
Interest credited	2,644			2,329			1,900			133			7,006
Foreign exchange	(156)			—			(312)			(177)			(645)
Other	—			—			(318)			(64)			(382)
Balance at June 30, 2026	$	124,233		$	109,235		$	94,007		$	9,961		$	337,436

Weighted average crediting rate	4.7		%	2.8		%	4.5		%	3.1		%
Net amount at risk	$	423		$	18,262		$	—		$	15
Cash surrender value	116,670			101,270			—			6,777


	Six months ended June 30, 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	15,357			8,868			21,676			502			46,403
Policy charges	(1)			(382)			—			—			(383)
Surrenders and withdrawals	(2,913)			(5,601)			—			(36)			(8,550)
Benefit payments	(703)			(807)			(3,906)			(153)			(5,569)
Interest credited	2,098			1,376			1,456			110			5,040
Foreign exchange	337			7			1,021			437			1,802
Other	—			—			213			(34)			179
Balance at June 30, 2025	$	100,836		$	101,322		$	75,228		$	8,856		$	286,242


Weighted average crediting rate	4.6		%	2.7		%	4.6		%	2.7		%
Net amount at risk	$	420		$	15,997		$	—		$	39
Cash surrender value	94,874			93,191			—			7,191

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:


	June 30,
(In millions)	2026		2025
Traditional deferred annuities	$	124,233	$	100,836
Indexed annuities	109,235		101,322

Funding agreements	94,007		75,228
Other investment-type	9,961		8,856

Reconciling items1	7,157		5,996
Interest sensitive contract liabilities	$	344,593	$	292,238

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.


	June 30, 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%	$	4,884	$	1,582	$	101,354	$	107,820
2.0% – < 4.0%	5,317		467		6,080		11,864
4.0% – < 6.0%	4,544		1		1		4,546
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	14,748	$	2,050	$	107,435	$	124,233



Indexed annuities
< 2.0%	$	1,383	$	974	$	3,610	$	5,967
2.0% – < 4.0%	3,395		194		—		3,589


Total indexed annuities with GMCR	4,778		1,168		3,610		9,556
Other1							99,679
Total indexed annuities							$	109,235


























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


	June 30, 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%	$	5,071	$	1,857	$	80,432	$	87,360
2.0% – < 4.0%	5,962		610		2,598		9,170
4.0% – < 6.0%	4,300		2		1		4,303
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	15,336	$	2,469	$	83,031	$	100,836



Indexed annuities
< 2.0%	$	1,544	$	1,182	$	3,280	$	6,006
2.0% – < 4.0%	4,070		37		—		4,107


Total indexed annuities with GMCR	5,614		1,219		3,280		10,113
Other1							91,209
Total indexed annuities							$	101,322



























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:


	Six months ended June 30, 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	—			(8)			(8)
Adjusted balance	—			1,370			1,370
Issuances	—			7			7
Interest accrual	—			25			25
Net premium collected	—			(161)			(161)
Foreign exchange	—			(25)			(25)

Ending balance at original discount rate	—			1,216			1,216

Effect of foreign exchange on the change in discount rate assumptions	—			(1)			(1)
Ending balance, present value of expected net premiums	$	—		$	1,215		$	1,215
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	(49)			34			(15)
Adjusted balance	47,971			4,818			52,789
Issuances	273			7			280
Interest accrual	861			84			945
Benefit payments	(2,158)			(202)			(2,360)
Foreign exchange	(13)			(110)			(123)

Ending balance at original discount rate	46,934			4,597			51,531
Effect of changes in discount rate assumptions	(6,531)			(1,181)			(7,712)
Effect of foreign exchange on the change in discount rate assumptions	(15)			87			72
Ending balance, present value of expected future policy benefits	40,388			3,503			43,891
Less: Present value of expected net premiums	—			1,215			1,215
Net future policy benefits	40,388			2,288			42,676
Less: Reinsurance recoverable	—			5			5
Net future policy benefits, net of reinsurance	$	40,388		$	2,283		$	42,671

Weighted-average liability duration (in years)	9.2			19.5
Weighted-average interest accretion rate	3.7		%	5.2		%
Weighted-average current discount rate	5.5		%	6.5		%
Expected future gross premiums, undiscounted	$	—		$	1,715
Expected future gross premiums, discounted1	—			1,380
Expected future benefit payments, undiscounted	69,045			10,554

1 Discounted at the original discount rate.


	Six months ended June 30, 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

Effect of actual to expected experience	—			(1)			(1)
Adjusted balance	—			851			851

Interest accrual	—			10			10
Net premium collected	—			(92)			(92)
Foreign exchange	—			76			76
Ending balance at original discount rate	—			845			845
Effect of changes in discount rate assumptions	—			23			23

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	(64)			2			(62)
Adjusted balance	49,570			2,918			52,488
Issuances	133			—			133
Interest accrual	879			35			914
Benefit payments	(2,238)			(49)			(2,287)
Foreign exchange	75			270			345

Ending balance at original discount rate	48,419			3,174			51,593
Effect of changes in discount rate assumptions	(6,465)			(553)			(7,018)
Effect of foreign exchange on the change in discount rate assumptions	(28)			(24)			(52)
Ending balance, present value of expected future policy benefits	41,926			2,597			44,523
Less: Present value of expected net premiums	—			868			868
Net future policy benefits	$	41,926		$	1,729		$	43,655



Weighted-average liability duration (in years)	9.4			29.4
Weighted-average interest accretion rate	3.7		%	4.8		%
Weighted-average current discount rate	5.3		%	5.1		%
Expected future gross premiums, undiscounted	$	—		$	1,064
Expected future gross premiums, discounted1	—			919
Expected future benefit payments, undiscounted	70,754			10,085


1 Discounted at the original discount rate.

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


	June 30,
(In millions)	2026		2025
Payout annuities with life contingencies	$	40,388	$	41,926
Whole life	2,288		1,729
Reconciling items1	5,565		5,745
Future policy benefits	$	48,241	$	49,400

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
	Six months ended June 30,
(In millions)	2026		2025
Payout annuities with life contingencies	$	199	$	122
Whole life	177		101
Reconciling items1	11		11
Total premiums	$	387	$	234

	Interest Expense
	Six months ended June 30,
(In millions)	2026		2025
Payout annuities with life contingencies	$	861	$	879
Whole life	59		25

Total interest expense	$	920	$	904

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:


	Six months ended June 30,
(In millions)	2026		2025
Reserves	$	7	$	61
Deferred profit liability	31		2
Negative VOBA	(6)		(3)
Total remeasurement gains (losses)	$	32	$	60

Schedule of Rollforward of Net Market Risk Benefit Liabilities by Product

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


	Six months ended June 30, 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	—		193		193
Interest accrual	4		95		99
Attributed fees collected	1		212		213
Benefit payments	(2)		(47)		(49)
Effect of changes in interest rates	(2)		(24)		(26)
Effect of changes in equity	—		(62)		(62)
Effect of actual policyholder behavior compared to expected behavior	2		64		66


Balance, end of period, before changes in instrument-specific credit risk	203		4,687		4,890
Effect of changes in instrument-specific credit risk	4		220		224
Balance at June 30, 2026	207		4,907		5,114
Less: Reinsurance recoverable	—		88		88
Balance at June 30, 2026, net of reinsurance	$	207	$	4,819	$	5,026


Net amount at risk	$	423	$	18,262
Weighted-average attained age of contract holders (in years)	77		69


	Six months ended June 30, 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	—		201		201
Interest accrual	4		89		93
Attributed fees collected	1		189		190
Benefit payments	(3)		(30)		(33)
Effect of changes in interest rates	3		(29)		(26)

Effect of actual policyholder behavior compared to expected behavior	—		53		53


Balance, end of period, before changes in instrument-specific credit risk	192		3,844		4,036
Effect of changes in instrument-specific credit risk	3		173		176
Balance at June 30, 2025	195		4,017		4,212
Less: Reinsurance recoverable	—		50		50
Balance at June 30, 2025, net of reinsurance	$	195	$	3,967	$	4,162


Net amount at risk	$	420	$	15,997
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.


	June 30, 2026
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	207	$	207
Indexed annuities	169		5,076		4,907





Total	$	169	$	5,283	$	5,114

	June 30, 2025
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	195	$	195
Indexed annuities	277		4,294		4,017





Total	$	277	$	4,489	$	4,212

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:

June 30, 2026

Fair Value

(In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

1,203

Discounted cash flow

Discount rate

6.0% – 52.8%

16.6%

Option model

Volatility rate

60.0%

285

Adjusted transaction value

N/A

Derivative assets

Option model

Volatility rate

40.0%

Investments of consolidated VIEs

Bank loans

312

Discounted cash flow

Discount rate

7.4% – 13.3%

9.3%

175

Adjusted transaction value

N/A

Equity securities

343

Discounted cash flow

Discount rate

14.2%

147

Direct capitalization

Capitalization rate

7.2%

Adjusted transaction value

N/A

Option model

Volatility rate

75.0% – 200.0%

131.2%

Bonds

Discounted cash flow

Discount rate

6.6% – 8.0%

6.6%

1,680

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

37,037

Discounted cash flow

Discount rate

3.2% – 23.5%

6.7%

Mortgage loans2

103,581

Discounted cash flow

Discount rate

1.4% – 35.0%

6.8%

Investment funds2

2,311

Discounted cash flow

Discount rate

14.0% – 14.0%

14.0%

290

Recoverability

Estimated proceeds

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

21.0% – 25.0%

24.0%

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

8.6% – 13.0%

10.6%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

16,384

Discounted cash flow

Nonperformance risk

0.3% – 1.1%

0.7%

Option budget

0.5% – 5.9%

3.3%

Surrender rate

6.3% – 13.4%

9.8%

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%

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:


	June 30, 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	$	5,114	Discounted cash flow	Nonperformance risk	0.3	%	1.1	%	0.9	%	1	Decrease
				Option budget	0.5	%	5.9	%	2.7	%	2	Decrease
				Surrender rate	4.0	%	7.5	%	5.1	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	86.7	%	3	Increase

	June 30, 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	$	4,212	Discounted cash flow	Nonperformance risk	0.3	%	1.1	%	1.0	%	1	Decrease
				Option budget	0.5	%	6.0	%	2.5	%	2	Decrease
				Surrender rate	3.1	%	6.7	%	4.4	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	85.4	%	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.