Athene Holding Ltd. reported a net income available to common stockholders of $2.63 billion for the year ended December 31, 2025, a decrease of 20% compared to $3.28 billion in 2024. The decrease was primarily driven by a $5.5 billion increase in benefits and expenses, a $156 million increase in income tax expense, and a $67 million increase in net income attributable to noncontrolling interests, partially offset by a $5.0 billion increase in revenues and an $84 million increase from preferred stock redemption. Total revenues increased to $25.68 billion, up from $20.69 billion in the previous year, driven by higher net investment income, premiums, and VIE investment-related gains, partially offset by a decrease in investment-related gains.
Gross premiums and deposits, net of external ceded reinsurance, totaled $83.65 billion in 2025, compared to $68.02 billion in 2024 and $66.74 billion in 2023. Annuity products accounted for $46.16 billion of the 2025 total, with indexed annuities contributing $16.72 billion and fixed-rate annuities contributing $28.05 billion. Funding agreements generated $35.38 billion in gross premiums and deposits. Net reserve liabilities, representing policyholder liability obligations, reached $271.23 billion as of December 31, 2025, compared to $225.93 billion at the end of 2024. Indexed annuities comprised the largest portion of net reserve liabilities at $87.32 billion, followed by fixed-rate annuities at $77.77 billion.
Strategic developments included the launch of a Guaranteed Investment Contract (GIC) for defined contribution stable value funds and the commencement of sales of structured settlement annuities. The company also acquired Advantage Retirement Solutions, rebranded as Vitera, to enhance its annuity offerings for defined contribution plans. As part of its growth strategy, Athene continued to leverage its relationship with Apollo to source high-quality assets and offer creative solutions to insurance companies seeking to restructure their businesses. The company also capitalized on market dislocations to opportunistically reposition its portfolio and maintain risk management discipline.
As of December 31, 2025, Athene estimated it had $8.6 billion in capital available to deploy, consisting of $3.2 billion in excess equity capital, $2.6 billion in untapped leverage capacity, and $2.8 billion in available undrawn capital at ACRA. The company continued to utilize its internal reinsurance structure, with substantially all existing and new deposits generated by its US insurance subsidiaries reinsured to its Bermuda reinsurance subsidiaries. As of December 31, 2025, ALRe, ALReI, and AARe had retroceded $142.1 billion of reserve liabilities to ACRA. The company's human capital management initiatives focused on fostering a culture of teamwork, engagement, and inclusivity, with approximately 1,970 employees as of December 31, 2025.
About Athene Holding Ltd.
Athene Holding Ltd. is a financial services company specializing in retirement savings products, including fixed indexed annuities, fixed rate annuities, pension group annuities, and funding agreements. It serves individuals and institutions seeking retirement solutions, leveraging Apollo Global Management’s asset management platform to invest in high-quality fixed income and alternative assets. Athene’s business model focuses on generating spread income by matching long-term liabilities with diversified, risk-managed investments.
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