As of September 30, 2024, Athene Holding Ltd. reported significant growth in its financial performance compared to the previous fiscal period. Total investments surged to $257.8 billion, up from $213.1 billion at the end of 2023. This increase was driven by a rise in available-for-sale (AFS) securities, which reached $164.7 billion, compared to $134.3 billion previously. Mortgage loans also saw a substantial increase, climbing to $58.6 billion from $44.1 billion.
The company’s total liabilities rose to $327.9 billion, up from $279.3 billion, with interest-sensitive contract liabilities increasing to $245.4 billion from $204.7 billion. Despite this rise in liabilities, total stockholders’ equity improved significantly, reaching $17.4 billion, up from $13.8 billion, and retained earnings turned positive at $1.3 billion, compared to an accumulated deficit of $92 million at the end of 2023.
In terms of revenue, Athene reported $6.5 billion for the three months ended September 30, 2024, a dramatic increase from $1.4 billion in the same period of 2023. However, revenues for the nine months ended September 30, 2024, decreased to $16.9 billion from $18.2 billion in the prior year. Net income for the third quarter was $1.5 billion, up from $331 million, while net income for the nine months increased to $3.8 billion from $2.0 billion.
Investment-related gains also saw a remarkable turnaround, increasing to $1.5 billion in Q3 2024 from a loss of $2.6 billion in Q3 2023. This was attributed to favorable changes in the fair value of mortgage loans and derivatives. Net investment income rose to $3.8 billion for the third quarter, compared to $2.9 billion in the same period last year.
Strategically, Athene announced the merger of its subsidiaries, Athene Annuity & Life Assurance Company and Athene Annuity & Life Company, aimed at streamlining operations and reducing costs. The company also established a new liquidity facility with a borrowing capacity of $2.6 billion, enhancing its financial flexibility.
Overall, while Athene experienced a decline in total revenues for the nine-month period, its profitability metrics improved significantly, reflecting a robust operational performance and strategic initiatives that bolstered its financial position.
About Athene Holding Ltd.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.