Athene Holding Ltd. reported its financial results for the first quarter of 2025, revealing a significant decline in net income and revenues compared to the same period in 2024. The company generated net income of $759 million, down from $1.475 billion a year earlier, while net income available to common stockholders fell to $420 million from $1.147 billion. Total revenues decreased by $1.535 billion to $4.186 billion, primarily driven by a $2.5 billion drop in investment-related gains, which were partially offset by a $699 million increase in net investment income.
The decrease in revenues was attributed to unfavorable changes in the fair value of financial instruments, particularly fixed indexed annuity (FIA) hedging derivatives, which saw a significant decline due to poor equity market performance. The S&P 500 Index, which underpins many of these derivatives, fell by 4.6% during the quarter. Despite these challenges, net investment income rose to $3.991 billion, reflecting growth in the investment portfolio and higher rates on new investments, although this was tempered by increased management fees.
Operationally, Athene's total assets grew to $381.5 billion as of March 31, 2025, up from $363.3 billion at the end of 2024. The company reported strong gross organic inflows of $25.6 billion, a 27% increase from the previous year, driven by its retail, flow reinsurance, and institutional channels. The retail channel saw fixed annuity sales of $9.5 billion, while the flow reinsurance channel generated $4.9 billion in inflows, reflecting strategic opportunities and partnerships.
Looking ahead, Athene plans to continue expanding its organic and inorganic growth strategies, particularly in international markets. The company has established ACRA 2 as a capital vehicle to support its growth initiatives and maintain a strong financial position. As of March 31, 2025, Athene reported approximately $8.2 billion in capital available for deployment, indicating a solid foundation for future investments and growth opportunities.
About Athene Holding Ltd.
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