Athene Holding Ltd. reported significant financial results for the third quarter of 2025, with total revenues reaching $7.998 billion, a 22.6% increase from $6.522 billion in the same period last year. The company's net income attributable to common stockholders was $1.223 billion, up 111% from $580 million in the prior year. This growth was primarily driven by a substantial increase in net investment income, which rose to $4.672 billion from $3.777 billion, and a notable increase in investment-related gains, which reached $2.254 billion compared to $1.539 billion in 2024.
In terms of operational metrics, Athene's total assets grew to $429.9 billion as of September 30, 2025, up from $363.3 billion at the end of 2024. The company experienced a net investment spread of 1.60%, a decrease from 1.83% in the previous year, attributed to higher costs of funds. The total net invested assets also increased to $286.2 billion, reflecting strong organic inflows of $69.4 billion, significantly exceeding gross liability outflows of $26.3 billion.
Strategically, Athene has focused on expanding its product offerings and enhancing its distribution channels. The company reported strong sales in its retail channel, particularly in fixed indexed annuities (FIAs) and registered index-linked annuities (RILAs), despite a decrease in multi-year guaranteed annuity (MYGA) sales. The flow reinsurance channel also saw record volumes, contributing to the overall growth. Additionally, Athene has been active in the acquisition space, completing a block reinsurance transaction in Japan and continuing to explore opportunities for inorganic growth.
The company’s liquidity position remains robust, with access to a $2.6 billion liquidity facility and a $1.25 billion credit facility, both undrawn as of the reporting date. Athene's capital management strategy includes maintaining a strong capital base to support its growth initiatives, with approximately $8.6 billion in capital available for deployment. The company continues to monitor market conditions closely, particularly in light of fluctuating interest rates and economic uncertainties, to ensure it can meet its obligations and capitalize on investment opportunities.
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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