Form 8-K

8-K — Athene Holding Ltd.

Accession: 0001527469-26-000030

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001527469

SIC: 6311 (LIFE INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ahl-20260507.htm (Primary)

EX-99.1 (athq12026financialsuppleme.htm)

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8-K

8-K (Primary)

Filename: ahl-20260507.htm · Sequence: 1

ahl-20260507

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 7, 2026

ATHENE HOLDING LTD.

(Exact name of registrant as specified in its charter)

Delaware 001-37963 98-0630022

(State or other jurisdiction of (Commission file number) (I.R.S. Employer

incorporation or organization) Identification Number)

7700 Mills Civic Pkwy

West Des Moines, Iowa 50266

1-(515) 342-4678

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbols Name of each exchange on which registered

Depositary Shares, each representing a 1/1,000th interest in a 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A

ATHPrA New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a 5.625% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series B

ATHPrB New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a 4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D

ATHPrD New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a 7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E

ATHPrE New York Stock Exchange

7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064 ATHS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 7, 2026, Athene Holding Ltd. (the “Company”) made available on its website the Company’s financial supplement for the first quarter ended March 31, 2026, furnished as Exhibit 99.1 hereto and incorporated by reference in this Item 2.02.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1

Quarterly Financial Supplement for Athene Holding Ltd. for the first quarter 2026 (furnished and not filed).

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ATHENE HOLDING LTD.

Date: May 7, 2026 /s/ Louis-Jacques Tanguy

Louis-Jacques Tanguy

Executive Vice President and Chief Financial Officer

EX-99.1

Filename: athq12026financialsuppleme.htm · Sequence: 2

Document

Table of Contents

Important Notice

FINANCIAL RESULTS

Financial Highlights

Condensed Consolidated Statements of Income (GAAP view)

Spread Related Earnings (Management view)

Reconciliation of Earnings Measures

Net Flows & Outflows Attributable to Athene by Type

Condensed Consolidated Balance Sheets

ASSETS

Net Invested Assets (Management view) & Agency Ratings

Net Alternative Investments (Management view)

Credit Quality of Securities & Net Invested Assets

LIABILITIES

Net Reserve Liabilities & Rollforwards

Deferred Annuity Liability Characteristics

ADDITIONAL INFORMATION

Defined Terms

Notes to the Financial Supplement

Non-GAAP Reconciliations

Important Notice

The information included in this financial supplement is unaudited and intended for informational purposes only.

AHL is a subsidiary of Apollo Global Management, Inc. The financial statements and exhibits included in this financial supplement should be read in conjunction with AHL’s reports and other filings with the US Securities and Exchange Commission, including its reports on Form 10-K, Form 10-Q and Form 8-K. This financial supplement does not constitute an offer to sell, or the solicitation of an offer to buy, any security of AHL, and nothing in this financial supplement shall in any way be relied on in connection with investment decisions. Each recipient of the information contained in this financial supplement is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of AHL.

AHL undertakes no obligation to update or correct the information in this financial supplement. AHL makes no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained in this financial supplement. AHL does not accept any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this financial supplement or its contents or any reliance on the information contained herein.

This financial supplement includes certain non-GAAP measures, including net investment earnings, cost of funds, other operating expenses, spread related earnings, net investment spread, net spread, adjusted AHL common stockholder’s equity, adjusted leverage ratio, net invested assets, net reserve liabilities, spread related earnings - excluding notable items, net investment spread - excluding notable items and net spread - excluding notable items. Management believes the use of these non-GAAP measures (which are defined and discussed in greater detail and reconciled elsewhere in this financial supplement), together with the relevant GAAP measures, provides information that may enhance an investor’s understanding of AHL’s results of operations and the underlying profitability drivers of AHL’s business. These measures should be considered supplementary to AHL’s results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

Under the statutory accounting guidance for the principles-based bond definition, certain debt securities are required to be accounted for as non-bond debt securities. These non-bond debt securities are required to be filed with and designated by the NAIC. Our non-bond debt securities that have not received a designation are presented as “Non-designated” within the NAIC rating tables in this financial supplement. “Non-designated” status is not an indication of the quality of a security.

Financial Highlights

Unaudited (in millions, except percentages)

Quarterly Trends Δ Year-to-Date Δ

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 Q/Q Y/Y 2025 2026 Y/Y

SELECTED INCOME STATEMENT DATA

GAAP

Net income (loss) available to AHL common stockholder $ 420 $ 503 $ 1,223 $ 488 $ (1,973) NM NM $ 420 $ (1,973) NM

Return on assets 0.45 % 0.51 % 1.17 % 0.45 % (1.77) % NM NM 0.45 % (1.77) % NM

NON-GAAP

Spread related earnings $ 804 $ 820 $ 872 $ 865 $ 719 (17) % (11) % $ 804 $ 719 (11) %

Net spread 1.26 % 1.22 % 1.24 % 1.20 % 0.97 % (23) bps (29) bps 1.26 % 0.97 % (29) bps

Net investment spread 1.65 % 1.58 % 1.60 % 1.58 % 1.34 % (24) bps (31) bps 1.65 % 1.34 % (31) bps

Spread related earnings, excluding notable items1

$ 826 $ 820 $ 847 $ 865 $ 719 (17) % (13) % $ 826 $ 719 (13) %

Net spread, excluding notable items1

1.29 % 1.22 % 1.21 % 1.20 % 0.97 % (23) bps (32) bps 1.29 % 0.97 % (32) bps

Net investment spread, excluding notable items1

1.68 % 1.58 % 1.57 % 1.58 % 1.34 % (24) bps (34) bps 1.68 % 1.34 % (34) bps

Alternative net investment income delta to long-term expectation2

$ 29 $ 36 $ 37 $ 28 $ 188 $ 29 $ 188

Alternative net return delta to long-term expectation 0.92 % 1.14 % 1.12 % 0.81 % 5.21 % 0.92 % 5.21 %

Impact to net spread 0.05 % 0.05 % 0.05 % 0.04 % 0.25 % 0.05 % 0.25 %

SELECTED BALANCE SHEET DATA

GAAP

Total assets

$ 381,478 $ 405,309 $ 429,915 $ 442,205 $ 447,804 1 % 17 % $ 381,478 $ 447,804 17 %

Goodwill 4,067 4,075 4,072 4,072 4,079 — % — % 4,067 4,079 — %

Total liabilities 353,704 376,105 396,874 406,567 414,104 2 % 17 % 353,704 414,104 17 %

Debt 6,301 7,864 7,856 7,848 7,840 — % 24 % 6,301 7,840 24 %

Total Athene Holding Ltd. stockholders' equity 17,519 18,148 20,411 20,492 17,848 (13) % 2 % 17,519 17,848 2 %

Leverage ratio 39.7 % 39.7 % 36.5 % 36.4 % 40.1 % NM 40 bps 39.7 % 40.1 % 40 bps

NON-GAAP

Gross invested assets

$ 343,972 $ 361,795 $ 377,180 $ 386,973 $ 396,834 3 % 15 % $ 343,972 $ 396,834 15 %

Invested assets – ACRA noncontrolling interests

(81,605) (86,755) (91,006) (94,559) (96,544) 2 % 18 % (81,605) (96,544) 18 %

Net invested assets

262,367 275,040 286,174 292,414 300,290 3 % 14 % 262,367 300,290 14 %

Net reserve liabilities

241,666 254,572 266,451 271,233 279,189 3 % 16 % 241,666 279,189 16 %

Notional debt 6,175 7,775 7,775 7,775 7,775 — % 26 % 6,175 7,775 26 %

Adjusted Athene Holding Ltd. common stockholder’s equity3

21,965 22,212 22,924 22,843 20,955 (8) % (5) % 21,965 20,955 (5) %

Adjusted leverage ratio3

22.9 % 24.9 % 24.3 % 24.4 % 25.9 % 150 bps 300 bps 22.9 % 25.9 % 300 bps

INFLOWS DATA

Gross organic inflows $ 25,563 $ 21,232 $ 22,616 $ 12,687 $ 19,747 56 % (23) % $ 25,563 $ 19,747 (23) %

Gross inorganic inflows — — — 1,340 — NM NM — — NM

Total gross inflows $ 25,563 $ 21,232 $ 22,616 $ 14,027 $ 19,747 41 % (23) % $ 25,563 $ 19,747 (23) %

Note: “NM” represents changes that are not meaningful. Please refer to the Defined Terms section for the description of key terms. Please refer to the Notes to the Financial Supplement section for discussion on non-GAAP metrics and the Non-GAAP Measure Reconciliations section for reconciliations of non-GAAP metrics. 1. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 2. Refers to the amount that as-reported alternative net investment income is below (above) management's long-term expectation of an 11% average annual return. Management’s long-term expectation is based on historical experience and provides investors with supplemental information for period-to-period comparability as well as a basis for developing expectations of future performance. There is no assurance that management’s expected long-term average annual return will be achieved. Actual results may differ materially. 3. The decrease in adjusted Athene Holding Ltd. common stockholder’s equity and resulting increase in adjusted leverage ratio was primarily driven by a one-time tax expense of $1.7 billion due to the revocation of ACRA’s election to be subject to Bermuda CIT as a result of updated guidance issued during the quarter, which led to the recognition of a full valuation allowance against the remaining Bermuda deferred tax assets established in 4Q’23 when Bermuda CIT was enacted.

Condensed Consolidated Statements of Income (GAAP view)

Unaudited (in millions, except percentages)

Quarterly Trends Δ Year-to-Date Δ

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 Q/Q Y/Y 2025 2026 Y/Y

REVENUES

Premiums

$ 127 $ 107 $ 117 $ 2,277 $ 217 (90) % 71 % $ 127 $ 217 71 %

Product charges

265 274 292 306 281 (8) % 6 % 265 281 6 %

Net investment income

3,991 4,429 4,672 4,755 4,769 — % 19 % 3,991 4,769 19 %

Investment related gains (losses) (828) (5) 2,254 123 (2,078) NM NM (828) (2,078) NM

Other revenues

4 6 6 9 4 (56) % — % 4 4 — %

Revenues of consolidated variable interest entities

Net investment income 77 80 92 32 68 113 % (12) % 77 68 (12) %

Investment related gains (losses) 550 468 565 632 407 (36) % (26) % 550 407 (26) %

Total revenues 4,186 5,359 7,998 8,134 3,668 (55) % (12) % 4,186 3,668 (12) %

BENEFITS AND EXPENSES

Interest sensitive contract benefits

1,494 3,428 4,164 3,003 1,591 (47) % 6 % 1,494 1,591 6 %

Future policy and other policy benefits

541 527 613 2,752 639 (77) % 18 % 541 639 18 %

Market risk benefits remeasurement (gains) losses 385 (111) 131 47 259 NM (33) % 385 259 (33) %

Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 267 292 355 328 337 3 % 26 % 267 337 26 %

Policy and other operating expenses

565 571 591 627 651 4 % 15 % 565 651 15 %

Total benefits and expenses 3,252 4,707 5,854 6,757 3,477 (49) % 7 % 3,252 3,477 7 %

Income before income taxes 934 652 2,144 1,377 191 (86) % (80) % 934 191 (80) %

Income tax expense (benefit) 175 (34) 266 479 1,673 249 % NM 175 1,673 NM

Net income (loss) 759 686 1,878 898 (1,482) NM NM 759 (1,482) NM

Less: Net income attributable to noncontrolling interests 294 222 619 375 456 22 % 55 % 294 456 55 %

Net income (loss) attributable to Athene Holding Ltd. stockholders 465 464 1,259 523 (1,938) NM NM 465 (1,938) NM

Less: Preferred stock dividends

45 45 36 35 35 — % (22) % 45 35 (22) %

Add: Preferred stock redemption — 84 — — — NM NM — — NM

Net income (loss) available to Athene Holding Ltd. common stockholder $ 420 $ 503 $ 1,223 $ 488 $ (1,973) NM NM $ 420 $ (1,973) NM

Spread Related Earnings (Management view)

Unaudited (in millions, except percentages)

Quarterly Trends Δ Year-to-Date Δ

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 Q/Q Y/Y 2025 2026 Y/Y

SPREAD RELATED EARNINGS

Fixed income and other net investment income $ 2,916 $ 3,180 $ 3,425 $ 3,505 $ 3,551 1 % 22 % $ 2,916 $ 3,551 22 %

Alternative net investment income 315 319 321 344 210 (39) % (33) % 315 210 (33) %

Net investment earnings 3,231 3,499 3,746 3,849 3,761 (2) % 16 % 3,231 3,761 16 %

Strategic capital management fees 29 32 35 35 36 3 % 24 % 29 36 24 %

Cost of funds (2,210) (2,470) (2,661) (2,742) (2,807) 2 % 27 % (2,210) (2,807) 27 %

Net investment spread 1,050 1,061 1,120 1,142 990 (13) % (6) % 1,050 990 (6) %

Other operating expenses (116) (109) (108) (119) (118) (1) % 2 % (116) (118) 2 %

Interest and other financing costs (130) (132) (140) (158) (153) (3) % 18 % (130) (153) 18 %

Spread related earnings $ 804 $ 820 $ 872 $ 865 $ 719 (17) % (11) % $ 804 $ 719 (11) %

Fixed income and other net investment income 4.80 % 4.97 % 5.12 % 5.08 % 5.04 % (4) bps 24 bps 4.80 % 5.04 % 24 bps

Alternative net investment income 10.08 % 9.86 % 9.88 % 10.19 % 5.79 % NM NM 10.08 % 5.79 % NM

Net investment earnings 5.06 % 5.21 % 5.34 % 5.32 % 5.08 % (24) bps 2 bps 5.06 % 5.08 % 2 bps

Strategic capital management fees 0.05 % 0.05 % 0.05 % 0.05 % 0.05 % 0 bps 0 bps 0.05 % 0.05 % 0 bps

Cost of funds (3.46) % (3.68) % (3.79) % (3.79) % (3.79) % 0 bps 33 bps (3.46) % (3.79) % 33 bps

Net investment spread 1.65 % 1.58 % 1.60 % 1.58 % 1.34 % (24) bps (31) bps 1.65 % 1.34 % (31) bps

Other operating expenses (0.18) % (0.16) % (0.15) % (0.16) % (0.16) % 0 bps (2) bps (0.18) % (0.16) % (2) bps

Interest and other financing costs (0.21) % (0.20) % (0.21) % (0.22) % (0.21) % (1) bp 0 bps (0.21) % (0.21) % 0 bps

Spread related earnings 1.26 % 1.22 % 1.24 % 1.20 % 0.97 % (23) bps (29) bps 1.26 % 0.97 % (29) bps

Average net invested assets - fixed income and other $ 242,999 $ 255,789 $ 267,607 $ 275,769 $ 281,872 2 % 16 % $ 242,999 $ 281,872 16 %

Average net invested assets - alternatives 12,506 12,914 13,000 13,526 14,480 7 % 16 % 12,506 14,480 16 %

Average net invested assets $ 255,505 $ 268,703 $ 280,607 $ 289,295 $ 296,352 2 % 16 % $ 255,505 $ 296,352 16 %

Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.

Reconciliation of Earnings Measures

Unaudited (in millions, except percentages)

Quarterly Trends Δ Year-to-Date Δ

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 Q/Q Y/Y 2025 2026 Y/Y

RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS

Net income (loss) available to Athene Holding Ltd. common stockholder $ 420 $ 503 $ 1,223 $ 488 $ (1,973) NM NM $ 420 $ (1,973) NM

Less: Preferred stock redemption — 84 — — — NM NM — — NM

Add: Preferred stock dividends 45 45 36 35 35 — % (22) % 45 35 (22) %

Add: Net income attributable to noncontrolling interests 294 222 619 375 456 22 % 55 % 294 456 55 %

Net income (loss) 759 686 1,878 898 (1,482) NM NM 759 (1,482) NM

Income tax expense (benefit) 175 (34) 266 479 1,673 249 % NM 175 1,673 NM

Income before income taxes 934 652 2,144 1,377 191 (86) % (80) % 934 191 (80) %

Realized gains (losses) on sale of AFS securities and mortgage loans (143) (61) (51) (367) (214) 42 % (50) % (143) (214) (50) %

Unrealized, allowances and other investment gains (losses) 173 (513) 373 238 (430) NM NM 173 (430) NM

Change in fair value of reinsurance assets 102 46 121 26 (66) NM NM 102 (66) NM

Offsets to investment gains (losses) 19 19 20 17 14 (18) % (26) % 19 14 (26) %

Investment gains (losses), net of offsets 151 (509) 463 (86) (696) NM NM 151 (696) NM

Change in fair values of derivatives and embedded derivatives - indexed annuities (95) 27 267 104 90 (13) % NM (95) 90 NM

Non-operating change in funding agreements 8 (4) 33 63 17 (73) % 113 % 8 17 113 %

Change in fair value of market risk benefits (297) 122 (123) 1 (148) NM 50 % (297) (148) 50 %

Non-operating change in liability for future policy benefits 17 4 (3) (33) (1) 97 % NM 17 (1) NM

Non-operating change in insurance liabilities and related derivatives (367) 149 174 135 (42) NM 89 % (367) (42) 89 %

Integration, restructuring and other non-operating items (30) (32) (36) (23) (33) 43 % 10 % (30) (33) 10 %

Stock compensation expense (11) (11) (13) (14) (10) (29) % (9) % (11) (10) (9) %

Preferred stock dividends 45 45 36 35 35 — % (22) % 45 35 (22) %

Noncontrolling interests - pre-tax income and VIE adjustments 342 190 648 465 218 (53) % (36) % 342 218 (36) %

Less: Total adjustments to income before income taxes 130 (168) 1,272 512 (528) NM NM 130 (528) NM

Spread related earnings $ 804 $ 820 $ 872 $ 865 $ 719 (17) % (11) % $ 804 $ 719 (11) %

Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.

Net Flows & Outflows Attributable to Athene by Type

Unaudited (in millions, except percentages)

Quarterly Trends Δ Year-to-Date Δ

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 Q/Q Y/Y 2025 2026 Y/Y

NET FLOWS

Retail $ 9,482 $ 7,256 $ 10,046 $ 7,343 $ 7,270 (1) % (23) % $ 9,482 $ 7,270 (23) %

Flow reinsurance 4,933 2,031 2,542 1,665 2,603 56 % (47) % 4,933 2,603 (47) %

Funding agreements1

11,144 11,707 9,724 2,800 8,531 205 % (23) % 11,144 8,531 (23) %

Pension group annuities 4 1 — 746 — NM NM 4 — NM

Other spread products2

— 237 304 133 1,343 NM NM — 1,343 NM

Gross organic inflows 25,563 21,232 22,616 12,687 19,747 56 % (23) % 25,563 19,747 (23) %

Gross inorganic inflows3

— — — 1,340 — NM NM — — NM

Total gross inflows 25,563 21,232 22,616 14,027 19,747 41 % (23) % 25,563 19,747 (23) %

Gross outflows4

(8,392) (7,230) (10,638) (9,268) (10,768) 16 % 28 % (8,392) (10,768) 28 %

Net flows $ 17,171 $ 14,002 $ 11,978 $ 4,759 $ 8,979 89 % (48) % $ 17,171 $ 8,979 (48) %

Inflows attributable to Athene $ 20,118 $ 15,838 $ 17,138 $ 10,142 $ 15,957 57 % (21) % $ 20,118 $ 15,957 (21) %

Inflows attributable to ADIP5

4,956 5,019 4,962 3,515 3,453 (2) % (30) % 4,956 3,453 (30) %

Inflows ceded to third-party reinsurers 489 375 516 370 337 (9) % (31) % 489 337 (31) %

Total gross inflows $ 25,563 $ 21,232 $ 22,616 $ 14,027 $ 19,747 41 % (23) % $ 25,563 $ 19,747 (23) %

Outflows attributable to Athene $ (7,017) $ (5,813) $ (9,181) $ (7,714) $ (8,612) 12 % 23 % $ (7,017) $ (8,612) 23 %

Outflows attributable to ADIP5

(1,375) (1,417) (1,457) (1,554) (2,156) 39 % 57 % (1,375) (2,156) 57 %

Total gross outflows4

$ (8,392) $ (7,230) $ (10,638) $ (9,268) $ (10,768) 16 % 28 % $ (8,392) $ (10,768) 28 %

OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE

Maturity-driven, contractual-based outflows6,12

$ (3,535) $ (2,389) $ (5,525) $ (3,641) $ (4,960) 36 % 40 % $ (3,535) $ (4,960) 40 %

Policyholder-driven outflows7

(3,482) (3,424) (3,656) (4,073) (3,652) (10) % 5 % (3,482) (3,652) 5 %

Income oriented withdrawals (planned)8

(1,680) (1,609) (1,660) (1,922) (1,845) (4) % 10 % (1,680) (1,845) 10 %

From policies out-of-surrender-charge (planned)9

(1,058) (1,025) (1,093) (1,198) (1,089) (9) % 3 % (1,058) (1,089) 3 %

From policies in-surrender-charge (unplanned)10

(744) (790) (903) (953) (718) (25) % (3) % (744) (718) (3) %

Core outflows (7,017) (5,813) (9,181) (7,714) (8,612) 12 % 23 % (7,017) (8,612) 23 %

Strategic reinsurance transactions — — — — — NM NM — — NM

Outflows attributable to Athene $ (7,017) $ (5,813) $ (9,181) $ (7,714) $ (8,612) 12 % 23 % $ (7,017) $ (8,612) 23 %

Annualized rate11

Maturity-driven, contractual-based outflows6,12

(5.5) % (3.6) % (7.9) % (5.0) % (6.7) % 170 bps 120 bps (5.5) % (6.7) % 120 bps

Policyholder-driven outflows7

(5.5) % (5.1) % (5.2) % (5.7) % (4.9) % (80) bps (60) bps (5.5) % (4.9) % (60) bps

Income oriented withdrawals (planned)8

(2.6) % (2.4) % (2.4) % (2.7) % (2.5) % (20) bps (10) bps (2.6) % (2.5) % (10) bps

From policies out-of-surrender-charge (planned)9

(1.7) % (1.5) % (1.5) % (1.7) % (1.5) % (20) bps (20) bps (1.7) % (1.5) % (20) bps

From policies in-surrender-charge (unplanned)10

(1.2) % (1.2) % (1.3) % (1.3) % (0.9) % (40) bps (30) bps (1.2) % (0.9) % (30) bps

Core outflows (11.0) % (8.7) % (13.1) % (10.7) % (11.6) % 90 bps 60 bps (11.0) % (11.6) % 60 bps

Strategic reinsurance transactions — % — % — % — % — % NM NM — % — % NM

Outflows attributable to Athene (11.0) % (8.7) % (13.1) % (10.7) % (11.6) % 90 bps 60 bps (11.0) % (11.6) % 60 bps

1. Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, which include our FABR program and direct funding agreements, funding agreements issued to the FHLB and long-term repurchase agreements. 2. Other spread product inflows include guaranteed investment and group annuity contracts issued in connection with defined contribution plans, stable value group annuity contracts and structured settlements. 3. Gross inorganic inflows represent acquisitions and block reinsurance transactions. On October 1, 2025, we entered into an agreement with a Japanese counterparty to reinsure a small block of whole life insurance policies on a coinsurance basis. In conjunction with the transaction, we entered into an agreement with a leading mortality reinsurer to retrocede the mortality risk related to this block of business. 4. Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities and payments related to interest, maturities and repurchases of funding agreements. 5. ADIP represents the noncontrolling interests in business ceded to ACRA. 6. Represents outflows from funding agreements, pension group annuities and multi-year guarantee fixed annuities, all of which occur based on defined maturities or substantially lapse upon reaching their contractual term. Amounts may vary on a quarterly basis, based on the timing of original issuance. 7. Represents outflows from indexed annuities and other applicable products, which have varying degrees of predictability due to policyholder actions. 8. Represents partial annuity withdrawals to meet retirement income needs within contractual annual limits. 9. Represents outflows from policies that no longer have an active surrender charge in force. 10. Represents outflows from policies with an active surrender charge in force. 11. The outflow rate is calculated as outflows attributable to Athene divided by average net invested assets for the respective period, on an annualized basis. 12. 2Q’25 outflows exclude maturities of long-term repurchase agreements of $1.1 billion, or a rate of 1.6% for the respective period on an annualized basis, which may be renewed upon joint agreement of the parties based on a variety of factors.

Condensed Consolidated Balance Sheets

Unaudited (in millions, except percentages)

December 31, 2025 March 31, 2026 Δ

ASSETS

Investments

Available-for-sale securities, at fair value $ 192,597 $ 190,376 (1) %

Trading securities, at fair value 6,409 6,232 (3) %

Equity securities, at fair value 822 763 (7) %

Mortgage loans, at fair value 91,918 93,077 1 %

Investment funds 108 184 70 %

Policy loans 301 296 (2) %

Funds withheld at interest 15,413 14,514 (6) %

Derivative assets 9,190 8,352 (9) %

Short-term investments 175 140 (20) %

Other investments 4,148 4,391 6 %

Total investments 321,081 318,325 (1) %

Cash and cash equivalents

14,994 17,852 19 %

Restricted cash

1,332 1,159 (13) %

Investments in related parties

Available-for-sale securities, at fair value 26,444 29,415 11 %

Trading securities, at fair value 454 1,376 203 %

Equity securities, at fair value 266 — NM

Mortgage loans, at fair value 1,486 1,557 5 %

Investment funds 2,149 3,136 46 %

Funds withheld at interest 4,215 3,959 (6) %

Short-term investments 18 18 — %

Other investments, at fair value 344 341 (1) %

Accrued investment income

3,395 3,601 6 %

Reinsurance recoverable

10,282 10,304 — %

Deferred acquisition costs, deferred sales inducements and value of business acquired

8,634 8,812 2 %

Goodwill 4,072 4,079 — %

Other assets

11,950 11,335 (5) %

Assets of consolidated variable interest entities

Investments

Trading securities, at fair value 3,120 3,374 8 %

Mortgage loans, at fair value 2,140 2,031 (5) %

Investment funds, at fair value 24,070 25,649 7 %

Other investments 844 884 5 %

Cash and cash equivalents 569 298 (48) %

Other assets 346 299 (14) %

Total assets

$ 442,205 $ 447,804 1 %

Condensed Consolidated Balance Sheets, continued

Unaudited (in millions, except percentages)

December 31, 2025 March 31, 2026 Δ

LIABILITIES

Interest sensitive contract liabilities

$ 315,889 $ 326,502 3 %

Future policy benefits

50,264 48,657 (3) %

Market risk benefits 4,930 5,010 2 %

Debt 7,848 7,840 — %

Derivative liabilities

5,742 5,835 2 %

Payables for collateral on derivatives and securities to repurchase

11,085 8,529 (23) %

Other liabilities

9,097 9,600 6 %

Liabilities of consolidated variable interest entities 1,712 2,131 24 %

Total liabilities 406,567 414,104 2 %

EQUITY

Preferred stock

— — NM

Common stock

— — NM

Additional paid-in capital 19,238 19,262 — %

Retained earnings 3,895 1,706 (56) %

Accumulated other comprehensive loss (2,641) (3,120) (18) %

Total Athene Holding Ltd. stockholders' equity 20,492 17,848 (13) %

Noncontrolling interests

15,146 15,852 5 %

Total equity 35,638 33,700 (5) %

Total liabilities and equity $ 442,205 $ 447,804 1 %

Net Invested Assets (Management view) & Agency Ratings

Unaudited (in millions, except percentages)

December 31, 2025 March 31, 2026

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

NET INVESTED ASSETS

Corporate $ 86,664 29.6 % $ 86,764 28.9 %

CLO 25,401 8.7 % 23,611 7.9 %

Credit 112,065 38.3 % 110,375 36.8 %

CML 31,789 10.9 % 32,578 10.9 %

RML 43,326 14.8 % 43,688 14.5 %

RMBS 7,592 2.6 % 7,232 2.4 %

CMBS 9,877 3.4 % 9,662 3.2 %

Real estate 92,584 31.7 % 93,160 31.0 %

ABS 38,417 13.1 % 41,802 13.9 %

Alternative investments 13,868 4.7 % 15,092 5.0 %

State, municipal, political subdivisions and foreign government 3,081 1.0 % 3,168 1.1 %

Equity securities 2,039 0.7 % 1,975 0.7 %

Short-term investments 207 0.1 % 146 — %

US government and agencies 14,225 4.9 % 15,985 5.3 %

Other investments 71,837 24.5 % 78,168 26.0 %

Cash and cash equivalents 10,490 3.6 % 12,969 4.3 %

Other 5,438 1.9 % 5,618 1.9 %

Net invested assets $ 292,414 100.0 % $ 300,290 100.0 %

A.M. Best S&P Global Fitch Moody’s

FINANCIAL STRENGTH RATINGS

Athene Annuity and Life Company

A+ A+ A+ A1

Athene Annuity & Life Assurance Company of New York

A+ A+ A+ A1

Athene Life Insurance Company of New York A+ NR NR NR

Athene Annuity Re Ltd. A+ A+ A+ A1

Athene Life Re Ltd. A+ A+ A+ A1

Athene Life Re International Ltd. A+ A+ A+ A1

Athene Co-Invest Reinsurance Affiliate 1A Ltd. and Athene Co-Invest Reinsurance Affiliate 1B Ltd. A+ A+ A+ A1

Athene Co-Invest Reinsurance Affiliate 2A Ltd. and Athene Co-Invest Reinsurance Affiliate 2B Ltd. A+ A+ A+ A1

Athene Co-Invest Reinsurance Affiliate International Ltd. A+ A+ A+ A1

CREDIT RATINGS

Athene Holding Ltd. a- A- A- NR

Senior notes a- A- BBB+ Baa1

Subordinated notes NR BBB BBB- Baa2

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, and the Non-GAAP Measure Reconciliations section for the reconciliation of investments, including related parties, to net invested assets. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.

Net Alternative Investments (Management view)

Unaudited (in millions, except percentages)

December 31, 2025 March 31, 2026

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

NET ALTERNATIVE INVESTMENTS

Origination platforms

Wheels $ 739 5.3 % $ 756 5.0 %

Redding Ridge 645 4.7 % 644 4.3 %

MidCap Financial 588 4.2 % 571 3.8 %

Aqua Finance 319 2.3 % 331 2.2 %

Skylign 344 2.5 % 350 2.3 %

Apterra 531 3.8 % 538 3.6 %

Atlas 560 4.0 % 562 3.7 %

Cadma 271 1.9 % 314 2.1 %

Other 733 5.3 % 755 5.0 %

Origination platforms 4,730 34.0 % 4,821 32.0 %

Apollo and other investments

Real assets 1,701 12.3 % 1,677 11.1 %

Private equity 1,086 7.8 % 1,094 7.3 %

Structured equity and other 927 6.7 % 2,495 16.5 %

Equity 3,714 26.8 % 5,266 34.9 %

Credit 2,125 15.3 % 866 5.7 %

Liquid assets and other 770 5.6 % 697 4.6 %

Apollo and other investments 6,609 47.7 % 6,829 45.2 %

Total AAA 11,339 81.7 % 11,650 77.2 %

Retirement Services

Athora 1,124 8.1 % 2,140 14.2 %

Venerable 356 2.6 % 358 2.4 %

Retirement Services 1,480 10.7 % 2,498 16.6 %

Apollo and other investments

Equity 617 4.5 % 517 3.4 %

Credit 417 3.0 % 412 2.7 %

Other 15 0.1 % 15 0.1 %

Apollo and other investments 1,049 7.6 % 944 6.2 %

Total Non AAA 2,529 18.3 % 3,442 22.8 %

Net alternative investments2

$ 13,868 100.0 % $ 15,092 100.0 %

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, including net alternative investments, and the Non-GAAP Measure Reconciliations section for the reconciliations of investments, including related parties, to net invested assets and investment funds, including related parties and consolidated VIEs, to net alternative investments. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests. Net alternative invested asset values reflect Athene’s ownership of AAA and AAA Lux. Athene’s combined net ownership percentage of AAA and AAA Lux was approximately 44% and 45% as of March 31, 2026 and December 31, 2025, respectively. 2. Net alternative investments do not correspond to total investment funds, including related parties and consolidated VIEs, on our condensed consolidated balance sheets. Net alternative investments adjusts the GAAP presentation to include investment funds included in our funds withheld at interest and modco reinsurance portfolios and VIE adjustments and exclude other investments. Net alternative investments include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.

Credit Quality of Securities

Unaudited (in millions, except percentages)

December 31, 2025 March 31, 2026

CREDIT QUALITY OF AFS SECURITIES (GAAP VIEW)

Fair Value Percentage of Total Fair Value Percentage of Total

NAIC designation

1 A-G $ 121,234 55.4 % $ 120,506 54.8 %

2 A-C 91,503 41.8 % 93,863 42.7 %

Total investment grade

212,737 97.2 % 214,369 97.5 %

3 A-C 3,356 1.5 % 2,844 1.3 %

4 A-C 1,732 0.8 % 1,630 0.7 %

5 A-C 487 0.2 % 343 0.2 %

6 697 0.3 % 557 0.3 %

Non-designated 32 — % 48 — %

Total below investment grade

6,304 2.8 % 5,422 2.5 %

Total AFS securities including related parties

$ 219,041 100.0 % $ 219,791 100.0 %

NRSRO designation

AAA/AA/A $ 114,983 52.5 % $ 115,295 52.5 %

BBB 87,497 39.9 % 90,047 41.0 %

Non-rated1

8,493 3.9 % 7,544 3.4 %

Total investment grade 210,973 96.3 % 212,886 96.9 %

2,976 1.4 % 2,312 1.0 %

1,722 0.8 % 1,501 0.7 %

CCC

1,652 0.7 % 1,571 0.7 %

CC and lower

436 0.2 % 431 0.2 %

Non-rated1

1,282 0.6 % 1,090 0.5 %

Total below investment grade

8,068 3.7 % 6,905 3.1 %

Total AFS securities including related parties

$ 219,041 100.0 % $ 219,791 100.0 %

1. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. The NRSRO ratings methodology is focused on the likelihood of recovery of all contractual payments, including principal at par regardless of entry price, while the NAIC designation methodology considers an investment at amortized cost, and the likelihood of recovery of that book value. We view the NAIC designation methodology as the most appropriate way to view our AFS portfolio when evaluating credit risk since a portion of our holdings were purchased at a significant discount to par.

Credit Quality of Net Invested Assets (Management view)

Unaudited (in millions, except percentages)

December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

CREDIT QUALITY OF NET INVESTED ASSETS

NAIC designation

NRSRO designation

1 A-G $ 100,710 54.3 % $ 101,271 53.7 % AAA/AA/A $ 93,681 50.5 % $ 94,838 50.3 %

2 A-C 77,217 41.6 % 80,564 42.8 % BBB 72,669 39.2 % 76,270 40.5 %

Non-designated 415 0.2 % 389 0.2 %

Non-rated2

10,069 5.4 % 9,391 5.0 %

Total investment grade

178,342 96.1 % 182,224 96.7 % Total investment grade 176,419 95.1 % 180,499 95.8 %

3 A-C 4,007 2.2 % 3,397 1.8 %

3,614 1.9 % 2,860 1.5 %

4 A-C 1,431 0.8 % 1,364 0.7 %

1,445 0.8 % 1,288 0.7 %

5 A-C 644 0.3 % 506 0.3 %

CCC

1,769 1.0 % 1,694 0.9 %

6 917 0.5 % 762 0.4 %

CC and lower

770 0.4 % 805 0.4 %

Non-designated 123 0.1 % 117 0.1 %

Non-rated2

1,447 0.8 % 1,224 0.7 %

Total below investment grade

7,122 3.9 % 6,146 3.3 %

Total below investment grade

9,045 4.9 % 7,871 4.2 %

Total NAIC designated assets3

185,464 100.0 % 188,370 100.0 %

Total NRSRO designated assets3

185,464 100.0 % 188,370 100.0 %

Assets without NAIC designation

Assets without NRSRO designation

Commercial mortgage loans

CM1

4,091 12.9 % 3,971 12.2 %

CM1

4,091 12.9 % 3,971 12.2 %

CM2

21,476 67.6 % 22,276 68.4 %

CM2

21,476 67.6 % 22,276 68.4 %

CM3

5,592 17.6 % 5,733 17.6 %

CM3

5,592 17.6 % 5,733 17.6 %

CM4

293 0.9 % 277 0.8 %

CM4

293 0.9 % 277 0.8 %

CM5

258 0.8 % 251 0.8 %

CM5

258 0.8 % 251 0.8 %

CM6

53 0.1 % 53 0.2 %

CM6

53 0.1 % 53 0.2 %

CM7

26 0.1 % 17 — %

CM7

26 0.1 % 17 — %

Total CMLs

31,789 100.0 % 32,578 100.0 %

Total CMLs

31,789 100.0 % 32,578 100.0 %

Residential mortgage loans

In good standing

42,512 98.1 % 42,956 98.3 %

In good standing

42,512 98.1 % 42,956 98.3 %

90 days late

563 1.3 % 420 1.0 %

90 days late

563 1.3 % 420 1.0 %

In foreclosure

251 0.6 % 312 0.7 %

In foreclosure

251 0.6 % 312 0.7 %

Total RMLs

43,326 100.0 % 43,688 100.0 %

Total RMLs

43,326 100.0 % 43,688 100.0 %

Alternative investments

13,868 15,092

Alternative investments

13,868 15,092

Cash and cash equivalents 10,490 12,969 Cash and cash equivalents 10,490 12,969

Equity securities

2,039 1,975

Equity securities

2,039 1,975

Other4

5,438 5,618

Other4

5,438 5,618

Net invested assets

$ 292,414 $ 300,290

Net invested assets

$ 292,414 $ 300,290

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 3. NAIC and NRSRO designations include corporate securities, CLO, RMBS, CMBS, ABS, state, municipal, political subdivisions and foreign government securities, short-term investments and US government and agency securities. 4. Other includes investments in company owned life insurance, accrued investment income, policy loans and other net invested assets.

Credit Quality of Net Invested Assets - ABS and CLOs (Management view)

Unaudited (in millions, except percentages)

December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

CREDIT QUALITY OF ABS – NAIC DESIGNATION CREDIT QUALITY OF ABS – NRSRO DESIGNATION

1 A-G $ 22,882 59.6 % $ 23,272 55.7 % AAA/AA/A $ 22,696 59.1 % $ 23,134 55.3 %

2 A-C 14,603 38.0 % 17,575 42.0 % BBB 14,789 38.5 % 17,719 42.4 %

Non-designated — — % — — %

Non-rated2

— — % — — %

Total investment grade 37,485 97.6 % 40,847 97.7 % Total investment grade 37,485 97.6 % 40,853 97.7 %

3 A-C 442 1.2 % 503 1.2 % BB 447 1.2 % 502 1.2 %

4 A-C 41 0.1 % 37 0.1 % B 36 0.1 % 32 0.1 %

5 A-C 124 0.3 % 97 0.2 % CCC 72 0.2 % 44 0.1 %

6 210 0.5 % 209 0.5 % CC and lower 204 0.5 % 203 0.5 %

Non-designated 115 0.3 % 109 0.3 %

Non-rated2

173 0.4 % 168 0.4 %

Total below investment grade 932 2.4 % 955 2.3 % Total below investment grade 932 2.4 % 949 2.3 %

ABS net invested assets $ 38,417 100.0 % $ 41,802 100.0 % ABS net invested assets $ 38,417 100.0 % $ 41,802 100.0 %

CREDIT QUALITY OF CLOs – NAIC DESIGNATION CREDIT QUALITY OF CLOs – NRSRO DESIGNATION

1 A-G $ 17,138 67.5 % $ 16,039 67.9 % AAA/AA/A $ 17,152 67.5 % $ 16,053 68.0 %

2 A-C 8,210 32.3 % 7,519 31.9 % BBB 8,196 32.3 % 7,505 31.8 %

Non-designated — — % — — %

Non-rated2

— — % — — %

Total investment grade 25,348 99.8 % 23,558 99.8 % Total investment grade 25,348 99.8 % 23,558 99.8 %

3 A-C 53 0.2 % 53 0.2 % BB 53 0.2 % 53 0.2 %

4 A-C — — % — — % B — — % — — %

5 A-C — — % — — % CCC — — % — — %

6 — — % — — % CC and lower — — % — — %

Non-designated — — % — — %

Non-rated2

— — % — — %

Total below investment grade 53 0.2 % 53 0.2 % Total below investment grade 53 0.2 % 53 0.2 %

CLO net invested assets $ 25,401 100.0 % $ 23,611 100.0 % CLO net invested assets $ 25,401 100.0 % $ 23,611 100.0 %

Credit Quality of Net Invested Assets - RMBS and CMBS (Management view)

Unaudited (in millions, except percentages)

December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

Invested Asset Value1

Percentage of Total

CREDIT QUALITY OF RMBS – NAIC DESIGNATION CREDIT QUALITY OF RMBS – NRSRO DESIGNATION

1 A-G $ 6,437 84.8 % $ 6,226 86.1 % AAA/AA/A $ 3,062 40.3 % $ 2,960 40.9 %

2 A-C 492 6.5 % 450 6.2 % BBB 828 10.9 % 780 10.8 %

Non-designated — — % — — %

Non-rated2

1,519 20.0 % 1,421 19.7 %

Total investment grade 6,929 91.3 % 6,676 92.3 % Total investment grade 5,409 71.2 % 5,161 71.4 %

3 A-C 244 3.2 % 247 3.4 % BB 37 0.5 % 35 0.5 %

4 A-C 104 1.4 % 99 1.4 % B 82 1.1 % 79 1.1 %

5 A-C 247 3.2 % 144 2.0 % CCC 1,343 17.7 % 1,311 18.1 %

6 59 0.8 % 58 0.8 % CC and lower 363 4.8 % 354 4.9 %

Non-designated 9 0.1 % 8 0.1 %

Non-rated2

358 4.7 % 292 4.0 %

Total below investment grade 663 8.7 % 556 7.7 % Total below investment grade 2,183 28.8 % 2,071 28.6 %

RMBS net invested assets $ 7,592 100.0 % $ 7,232 100.0 % RMBS net invested assets $ 7,592 100.0 % $ 7,232 100.0 %

CREDIT QUALITY OF CMBS – NAIC DESIGNATION CREDIT QUALITY OF CMBS – NRSRO DESIGNATION

1 A-G $ 8,139 82.4 % $ 8,016 83.0 % AAA/AA/A $ 7,358 74.5 % $ 7,294 75.5 %

2 A-C 1,090 11.0 % 1,053 10.9 % BBB 1,266 12.8 % 1,163 12.0 %

Non-designated — — % — — %

Non-rated2

274 2.8 % 273 2.8 %

Total investment grade 9,229 93.4 % 9,069 93.9 % Total investment grade 8,898 90.1 % 8,730 90.3 %

3 A-C 353 3.6 % 335 3.4 % BB 365 3.7 % 287 3.0 %

4 A-C 119 1.2 % 104 1.1 % B 216 2.2 % 246 2.6 %

5 A-C 66 0.7 % 66 0.7 % CCC 244 2.5 % 186 1.9 %

6 110 1.1 % 88 0.9 % CC and lower 154 1.5 % 213 2.2 %

Non-designated — — % — — %

Non-rated2

— — % — — %

Total below investment grade 648 6.6 % 593 6.1 % Total below investment grade 979 9.9 % 932 9.7 %

CMBS net invested assets $ 9,877 100.0 % $ 9,662 100.0 % CMBS net invested assets $ 9,877 100.0 % $ 9,662 100.0 %

Net Reserve Liabilities & Rollforwards

Unaudited (in millions, except percentages)

December 31, 2025 March 31, 2026

Dollars Percentage of Total Dollars Percentage of Total

NET RESERVE LIABILITIES

Indexed annuities $ 87,322 32.2 % $ 86,377 30.9 %

Fixed rate annuities

77,774 28.7 % 82,324 29.5 %

Total deferred annuities 165,096 60.9 % 168,701 60.4 %

Pension group annuities 25,088 9.2 % 24,249 8.7 %

Payout annuities

5,066 1.9 % 5,239 1.9 %

Funding agreements1

71,433 26.3 % 75,962 27.2 %

Life and other

4,550 1.7 % 5,038 1.8 %

Total net reserve liabilities $ 271,233 100.0 % $ 279,189 100.0 %

Quarterly Trends Δ Year-to-Date Δ

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 Q/Q Y/Y 2025 2026 Y/Y

NET RESERVE LIABILITY ROLLFORWARD

Net reserve liabilities – beginning $ 225,926 $ 241,666 $ 254,572 $ 266,451 $ 271,233 2 % 20 % $ 225,926 $ 271,233 20 %

Gross inflows2

25,830 21,533 23,379 13,318 19,869 49 % (23) % 25,830 19,869 (23) %

Acquisition and block reinsurance3

— — — 1,340 — NM NM — — NM

Inflows attributable to ACRA noncontrolling interests (5,011) (5,091) (5,167) (3,723) (3,470) (7) % (31) % (5,011) (3,470) (31) %

Inflows ceded to third-party reinsurers (496) (367) (517) (370) (337) (9) % (32) % (496) (337) (32) %

Net inflows 20,323 16,075 17,695 10,565 16,062 52 % (21) % 20,323 16,062 (21) %

Net withdrawals (7,017) (5,813) (9,181) (7,714) (8,612) 12 % 23 % (7,017) (8,612) 23 %

Other reserve changes

2,434 2,644 3,365 1,931 506 (74) % (79) % 2,434 506 (79) %

Net reserve liabilities – ending

$ 241,666 $ 254,572 $ 266,451 $ 271,233 $ 279,189 3 % 16 % $ 241,666 $ 279,189 16 %

ACRA NONCONTROLLING INTERESTS RESERVE LIABILITY ROLLFORWARD

Reserve liabilities – beginning $ 72,164 $ 76,842 $ 81,809 $ 86,826 $ 89,725 3 % 24 % $ 72,164 $ 89,725 24 %

Inflows 5,011 5,091 5,167 3,723 3,470 (7) % (31) % 5,011 3,470 (31) %

Withdrawals

(1,375) (1,417) (1,457) (1,554) (2,156) 39 % 57 % (1,375) (2,156) 57 %

Other reserve changes

1,042 1,293 1,307 730 279 (62) % (73) % 1,042 279 (73) %

Reserve liabilities – ending

$ 76,842 $ 81,809 $ 86,826 $ 89,725 $ 91,318 2 % 19 % $ 76,842 $ 91,318 19 %

Note: Please refer to the Notes to the Financial Supplement section for discussion on net reserve liabilities and the Non-GAAP Measure Reconciliations section for the reconciliation of total liabilities to net reserve liabilities. Net reserve liabilities include our economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the noncontrolling interests. 1. Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, which include our FABR program and direct funding agreements, funding agreements issued to the FHLB and long-term repurchase agreements. 2. Gross inflows equal inflows from our retail, flow reinsurance, institutional and other spread product channels as well as inflows for life and products other than deferred annuities or our institutional products, renewal inflows, annuitizations and foreign currency translation adjustments, where applicable. Gross inflows include all inflows sourced by Athene, including all of the inflows reinsured to ACRA and third-party reinsurers. 3. Acquisition and block reinsurance transactions include the reserve liabilities acquired in our inorganic channel at inception. On October 1, 2025, we entered into an agreement with a Japanese counterparty to reinsure a small block of whole life insurance policies on a coinsurance basis. In conjunction with the transaction, we entered into an agreement with a leading mortality reinsurer to retrocede the mortality risk related to this block of business.

Deferred Annuity Liability Characteristics

Unaudited (in millions, except percentages)

Base surrender charge Percentage of total Surrender charge (net of MVA) Percentage of total

SURRENDER CHARGE PERCENTAGES ON DEFERRED ANNUITIES NET ACCOUNT VALUE

No Surrender Charge

$ 23,369 14.5 % $ 23,369 14.5 %

0.0% < 2.0%

7,686 4.8 % 2,766 1.7 %

2.0% < 4.0%

6,392 3.9 % 5,492 3.4 %

4.0% < 6.0%

19,705 12.2 % 19,405 12.0 %

6.0% or greater 104,423 64.6 % 110,543 68.4 %

$ 161,575 100.0 % $ 161,575 100.0 %

Base surrender charge MVA charge (benefit) Surrender charge (net of MVA)

Aggregate surrender charge protection

5.9 % 1.4 % 7.3 %

Deferred annuities Percentage of total Average base surrender charge

YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE

No Surrender Charge

$ 23,369 14.5 % — %

Less than 2

34,845 21.5 % 5.6 %

2 to less than 4

44,787 27.7 % 6.2 %

4 to less than 6

28,741 17.8 % 7.7 %

6 to less than 8

15,509 9.6 % 7.6 %

8 to less than 10

12,092 7.5 % 9.6 %

10 or greater

2,232 1.4 % 13.6 %

$ 161,575 100.0 %

Defined Terms

•AAA - Apollo Aligned Alternatives Aggregator, L.P.

•AAA Lux - Apollo Aligned Alternatives Lux Aggregator, L.P.

•ABS - Asset-backed securities

•ACRA - Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA 1) and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with its subsidiaries, ACRA 2)

•ADIP - Apollo/Athene Dedicated Investment Program (ADIP I) and Apollo/Athene Dedicated Investment Program II (ADIP II)

•AFS - Available-for-sale

•AHL - Athene Holding Ltd.

•Bermuda CIT - Bermuda Corporate Income Tax Act 2023

•CLO - Collateralized loan obligation

•CMBS - Commercial mortgage-backed securities

•CML - Commercial mortgage loan

•FABN - Funding agreement backed notes

•FABR - Funding agreement backed repurchase agreement

•FHLB - Federal Home Loan Bank

•LBaSS - Loan-backed and structured securities

•MVA - Market value adjustment

•NAIC - National Association of Insurance Commissioners

•NRSRO - Nationally Recognized Statistical Rating Organization

•RMBS - Residential mortgage-backed securities

•RML - Residential mortgage loan

•ROA - Return on assets

•VIE - Variable interest entity

•VOE - Voting interest entity

Notes to the Financial Supplement

KEY OPERATING AND NON-GAAP MEASURES

In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures, together with the relevant US GAAP measures, provides information that may enhance an investor’s understanding of our results of operations and the underlying profitability drivers of our business. The majority of these non-GAAP measures are intended to remove from the results of operations the impact of market volatility (other than with respect to alternative investments), which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, both defined below, as well as integration, restructuring, stock compensation and certain other items which are not part of our underlying profitability drivers, as such items fluctuate from period to period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

SPREAD RELATED EARNINGS AND NET SPREAD

Spread related earnings is a pre-tax non-GAAP measure used to evaluate our financial performance including the impact of any reinsurance transactions and excluding market volatility and expenses related to integration, restructuring and stock compensation as well as other one-time items. Our spread related earnings equals net income (loss) available to Athene Holding Ltd. common stockholder adjusted to eliminate the impact of the following:

•Investment Gains (Losses), Net of Offsets—Consists of the realized gains and losses on the sale of AFS securities and mortgage loans, the change in fair value of reinsurance assets, unrealized gains and losses, changes in the provision for credit losses and other investment gains and losses. Unrealized, allowances and other investment gains and losses are primarily comprised of the fair value adjustments of trading securities and mortgage loans, other investments held under the fair value option, derivative gains and losses not hedging annuity index credits, foreign exchange impacts and the change in provision for credit losses recognized in operations net of the change in AmerUs Closed Block fair value reserve related to the corresponding change in fair value of investments. Investment gains and losses are net of offsets related to the MVAs associated with surrenders or terminations of contracts.

•Non-operating Change in Insurance Liabilities and Related Derivatives

•Change in Fair Values of Derivatives and Embedded Derivatives – Indexed Annuities—Consists of impacts related to the fair value accounting for derivatives hedging the index credits on indexed annuities and the related embedded derivative liability fluctuations from period to period. The index reserve is measured at fair value for the current period and all periods beyond the current policyholder index term. However, the indexed annuity hedging derivatives are purchased to hedge only the current index period. Upon policyholder renewal at the end of the index period, new indexed annuity hedging derivatives are purchased to align with the new term. The difference in duration between the indexed annuity hedging derivatives and the index credit reserves creates a timing difference in earnings. This timing difference of the indexed annuity hedging derivatives and index credit reserves is included as a non-operating adjustment. We primarily hedge with options that align with the index terms of our indexed annuity products (typically 1–2 years). On an economic basis, we believe this is suitable because policyholder accounts are credited with index performance at the end of each index term. However, because the term of an embedded derivative in an indexed annuity contract is longer-dated, there is a duration mismatch that may lead to mismatches for accounting purposes.

•Non-operating Change in Funding Agreements—Consists of timing differences caused by changes to interest rates on variable funding agreements and funding agreement backed notes and the associated reserve accretion patterns of those contracts. Further included are adjustments for gains associated with our early repurchases of funding agreements, when applicable.

•Change in Fair Value of Market Risk Benefits—Consists primarily of volatility in capital market inputs used in the measurement at fair value of our market risk benefits, including certain impacts from changes in interest rates, equity returns and implied equity volatilities.

•Non-operating Change in Liability for Future Policy Benefits—Consists of the non-economic loss incurred at issuance for certain pension group annuities and other payout annuities with life contingencies when valuation interest rates prescribed by US GAAP are lower than the net investment earned rates, adjusted for profit, assumed in pricing. For such contracts with non-economic US GAAP losses, the SRE reserve accretes interest using an imputed discount rate that produces zero gain or loss at issuance.

•Integration, Restructuring and Other Non-operating Items—Consists of restructuring and integration expenses related to acquisitions and block reinsurance costs, as well as certain other items, which are not predictable or related to our underlying profitability drivers.

•Stock Compensation Expense—Consists of stock compensation expenses associated with our share incentive plans, including long-term incentive expenses, which are not related to our underlying profitability drivers and fluctuate from time to time due to the structure of our plans.

•Income Tax Expense (Benefit)—Consists of the income tax effect of all income statement adjustments and is computed by applying the appropriate jurisdiction’s tax rate to all adjustments subject to income tax.

We consider these adjustments to be meaningful adjustments to net income (loss) available to Athene Holding Ltd. common stockholder for the reasons discussed in greater detail above. Accordingly, we believe using a measure that excludes the impact of these items is useful in analyzing our business performance and the trends in our results of operations. Together with net income (loss) available to Athene Holding Ltd. common stockholder, we believe spread related earnings provides a meaningful financial metric that helps investors understand our underlying results and profitability. Spread related earnings should not be used as a substitute for net income (loss) available to Athene Holding Ltd. common stockholder.

Net spread is a non-GAAP measure used to evaluate our financial performance and profitability. Net spread is computed using our spread related earnings divided by average net invested assets for the relevant period. To enhance the ability to analyze this measure across periods, interim periods are annualized. While we believe this metric is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for ROA presented under US GAAP.

SRE, EXCLUDING NOTABLE ITEMS AND NET SPREAD, EXCLUDING NOTABLE ITEMS

Spread related earnings, excluding notable items and net spread, excluding notable items represent SRE and net spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use these measures to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view these non-GAAP measures as additional measures that provide insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.

Notes to the Financial Supplement, continued

NET INVESTMENT SPREAD

Net investment spread is a key measure of profitability used in analyzing the trends of our core business operations. Net investment spread measures our investment performance plus our strategic capital management fees, less our total cost of funds. Net investment earned rate is a key measure of our investment performance while cost of funds is a key measure of the cost of our policyholder and institutional liability obligations. Strategic capital management fees consist of management fees received by us for business managed for others.

•Net investment earned rate is a non-GAAP measure we use to evaluate the performance of our net invested assets. Net investment earned rate is computed as the income from our net invested assets divided by the average net invested assets, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. The primary adjustments to net investment income to arrive at our net investment earnings are (a) net VIE impacts (revenues, expenses and noncontrolling interests), (b) the change in fair value of reinsurance assets, (c) amortization of premium/discount on held-for-trading securities, (d) forward points gains and losses on foreign exchange derivative hedges, (e) an adjustment to the change in net asset value of our ADIP investments to recognize our proportionate share of spread related earnings based on our ownership in the investment funds and (f) the removal of the proportionate share of the ACRA net investment income associated with the noncontrolling interests. We include the income and assets supporting our change in fair value of reinsurance assets by evaluating the underlying investments of the funds withheld at interest receivables and we include the net investment income from those underlying investments which does not correspond to the US GAAP presentation of change in fair value of reinsurance assets. We exclude the income and assets on business related to ceded reinsurance transactions. We believe the adjustments for reinsurance provide a net investment earned rate on the assets for which we have economic exposure. We believe a measure like net investment earned rate is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe net investment earned rate is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for net investment income presented under US GAAP.

•Cost of funds includes liability costs related to cost of crediting on deferred annuities and institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the noncontrolling interests. Cost of crediting on deferred annuities is the interest credited to the policyholders on our fixed strategies, as well as the option costs on the indexed annuity strategies. With respect to indexed annuities, the cost of providing index credits includes the expenses incurred to fund the annual index credits, and where applicable, minimum guaranteed interest credited. Cost of crediting on institutional products is comprised of (1) pension group annuity costs, including interest credited, benefit payments and other reserve changes, net of premiums received when issued, (2) funding agreement costs, including interest expense and other reserve changes and (3) guaranteed investment contract costs, including interest expense. Additionally, cost of crediting includes forward points gains and losses on foreign exchange derivative hedges. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums, product charges, excluding market value adjustments, and certain other revenues. We include the costs related to business added through assumed reinsurance transactions and exclude the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. We believe a measure like cost of funds is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.

NET INVESTMENT SPREAD, EXCLUDING NOTABLE ITEMS

Net investment spread, excluding notable items represents net investment spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use this measure to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view this non-GAAP measure as an additional measure that provides insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.

OTHER OPERATING EXPENSES

Other operating expenses excludes interest expense, policy acquisition expenses, net of deferrals, integration, restructuring and other non-operating items, stock compensation and long-term incentive plan expenses and the proportionate share of the ACRA operating expenses associated with the noncontrolling interests. We believe a measure like other operating expenses is useful in analyzing the trends of our core business operations and profitability. While we believe other operating expenses is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for policy and other operating expenses presented under US GAAP.

ADJUSTED LEVERAGE RATIO

Adjusted leverage ratio is a non-GAAP measure used to evaluate our capital structure excluding the impacts of AOCI and the cumulative changes in fair value of funds withheld and modco reinsurance assets, as well as mortgage loan assets, net of tax. Adjusted leverage ratio is calculated as total debt at notional value adjusted to exclude 50 percent of the notional value of subordinated debt as an equity credit plus 50 percent of the notional value of our preferred stock divided by adjusted capitalization. Adjusted capitalization includes our adjusted Athene Holding Ltd. common stockholder’s equity and the notional value of our total debt and preferred stock. Adjusted Athene Holding Ltd. common stockholder’s equity is calculated as the ending Athene Holding Ltd. stockholders’ equity excluding AOCI, the cumulative changes in fair value of funds withheld and modco reinsurance assets and mortgage loan assets, as well as preferred stock. These adjustments fluctuate period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities, reinsurance assets and mortgage loans. Except with respect to reinvestment activity relating to acquired blocks of businesses, we typically buy and hold investments to maturity throughout the duration of market fluctuations, therefore, the period-over-period impacts in unrealized gains and losses are not necessarily indicative of current operating fundamentals or future performance. Adjusted leverage ratio should not be used as a substitute for the leverage ratio. However, we believe the adjustments to stockholders’ equity and debt are significant to gaining an understanding of our capitalization, debt and preferred stock utilization and overall leverage capacity, because they provide insight into how rating agencies measure our capitalization, which is a consideration in how we manage our leverage capacity.

Notes to the Financial Supplement, continued

NET INVESTED ASSETS

In managing our business, we analyze net invested assets, which does not correspond to total investments, including investments in related parties, as disclosed in our condensed consolidated financial statements and notes thereto. Net invested assets represent the investments that directly back our net reserve liabilities, as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets include (a) total investments on the condensed consolidated balance sheets, with AFS securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE and VOE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. We include the underlying investments supporting our assumed funds withheld and modco agreements and exclude the underlying investments related to ceded reinsurance transactions in our net invested assets calculation to match the assets with the income received. We believe the adjustments for reinsurance provide a view of the assets for which we have economic exposure. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but do not include the proportionate share of investments associated with the noncontrolling interests. Our net invested assets are averaged over the number of quarters in the relevant period to compute our net investment earned rate for such period. While we believe net invested assets is a meaningful financial metric and enhances our understanding of the underlying drivers of our investment portfolio, it should not be used as a substitute for total investments, including related parties, presented under US GAAP.

NET RESERVE LIABILITIES

In managing our business, we also analyze net reserve liabilities, which does not correspond to total liabilities as disclosed in our condensed consolidated financial statements and notes thereto. Net reserve liabilities represent our policyholder and institutional liability obligations net of reinsurance and are used to analyze the costs of our liabilities. Net reserve liabilities include (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include our proportionate share of ACRA reserve liabilities, based on our economic ownership, but do not include the proportionate share of reserve liabilities associated with the noncontrolling interests. Net reserve liabilities are net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, we have no net economic exposure to such liabilities, assuming our reinsurance counterparties perform under our agreements. For such transactions, US GAAP requires the ceded liabilities and related reinsurance recoverables to continue to be recorded in our condensed consolidated financial statements despite the transfer of economic risk to the counterparty in connection with the reinsurance transaction. We include the underlying liabilities assumed through modco reinsurance agreements in our net reserve liabilities calculation to match the liabilities with the expenses incurred. While we believe net reserve liabilities is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total liabilities presented under US GAAP.

SALES

Sales statistics do not correspond to revenues under US GAAP but are used as relevant measures to understand our business performance as it relates to inflows generated during a specific period of time. Our sales statistics include inflows for deferred and indexed annuities and align with the LIMRA definition of all money paid into an individual annuity, including money paid into new contracts with initial purchase occurring in the specified period and existing contracts with initial purchase occurring prior to the specified period (including internal transfers). We believe sales is a meaningful metric that enhances our understanding of our business performance and is not the same as premiums presented in our condensed consolidated statements of income.

Non-GAAP Reconciliations

Unaudited (in millions, except percentages)

Quarterly Trends

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26

RECONCILIATION OF TOTAL ATHENE HOLDING LTD. STOCKHOLDERS’ EQUITY TO TOTAL ADJUSTED ATHENE HOLDING LTD. COMMON STOCKHOLDER’S EQUITY

Total Athene Holding Ltd. stockholders’ equity $ 17,519 $ 18,148 $ 20,411 $ 20,492 $ 17,848

Less: Preferred stock 3,154 2,470 2,470 2,470 2,470

Total Athene Holding Ltd. common stockholder’s equity 14,365 15,678 17,941 18,022 15,378

Less: Accumulated other comprehensive loss (4,561) (3,688) (2,486) (2,641) (3,120)

Less: Accumulated change in fair value of reinsurance assets (1,459) (1,385) (1,272) (1,171) (1,183)

Less: Accumulated change in fair value of mortgage loan assets (1,580) (1,461) (1,225) (1,009) (1,274)

Total adjusted Athene Holding Ltd. common stockholder’s equity1

$ 21,965 $ 22,212 $ 22,924 $ 22,843 $ 20,955

RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO

Total debt $ 6,301 $ 7,864 $ 7,856 $ 7,848 $ 7,840

Add: 50% of preferred stock 1,577 1,235 1,235 1,235 1,235

Less: 50% of subordinated debt 588 888 888 888 888

Less: Adjustment to arrive at notional 126 183 175 167 159

Adjusted leverage $ 7,164 $ 8,028 $ 8,028 $ 8,028 $ 8,028

Total debt $ 6,301 $ 7,864 $ 7,856 $ 7,848 $ 7,840

Total Athene Holding Ltd. stockholders’ equity 17,519 18,148 20,411 20,492 17,848

Total capitalization 23,820 26,012 28,267 28,340 25,688

Less: Accumulated other comprehensive loss (4,561) (3,688) (2,486) (2,641) (3,120)

Less: Accumulated change in fair value of reinsurance assets (1,459) (1,385) (1,272) (1,171) (1,183)

Less: Accumulated change in fair value of mortgage loan assets (1,580) (1,461) (1,225) (1,009) (1,274)

Less: Adjustment to arrive at notional 126 276 268 260 252

Total adjusted capitalization $ 31,294 $ 32,270 $ 32,982 $ 32,901 $ 31,013

Leverage ratio 39.7 % 39.7 % 36.5 % 36.4 % 40.1 %

Accumulated other comprehensive loss (5.8) % (4.4) % (2.7) % (2.9) % (3.9) %

Accumulated change in fair value of reinsurance assets (1.8) % (1.7) % (1.4) % (1.3) % (1.5) %

Accumulated change in fair value of mortgage loan assets (2.0) % (1.7) % (1.3) % (1.1) % (1.6) %

Adjustment to exclude 50% of preferred stock (5.0) % (3.8) % (3.8) % (3.7) % (4.0) %

Adjustment to exclude 50% of subordinated debt (1.9) % (2.8) % (2.7) % (2.7) % (2.9) %

Adjustment to arrive at notional (0.3) % (0.4) % (0.3) % (0.3) % (0.3) %

Adjusted leverage ratio1

22.9 % 24.9 % 24.3 % 24.4 % 25.9 %

1. The decrease in adjusted Athene Holding Ltd. common stockholder’s equity and resulting increase in adjusted leverage ratio was primarily driven by a one-time tax expense of $1.7 billion due to the revocation of ACRA’s election to be subject to Bermuda CIT as a result of updated guidance issued during the quarter, which led to the recognition of a full valuation allowance against the remaining Bermuda deferred tax assets established in 4Q’23 when Bermuda CIT was enacted.

Non-GAAP Reconciliations, continued

Unaudited (in millions, except percentages)

Quarterly Trends Year-to-Date

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 2025 2026

RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS, EXCLUDING NOTABLE ITEMS

Net income (loss) available to Athene Holding Ltd. common stockholder $ 420 $ 503 $ 1,223 $ 488 $ (1,973) $ 420 $ (1,973)

Less: Preferred stock redemption — 84 — — — — —

Add: Preferred stock dividends 45 45 36 35 35 45 35

Add: Net income attributable to noncontrolling interests 294 222 619 375 456 294 456

Net income (loss) 759 686 1,878 898 (1,482) 759 (1,482)

Income tax expense (benefit) 175 (34) 266 479 1,673 175 1,673

Income before income taxes 934 652 2,144 1,377 191 934 191

Less: Total adjustments to income before income taxes 130 (168) 1,272 512 (528) 130 (528)

Spread related earnings 804 820 872 865 719 804 719

Notable items 22 — (25) — — 22 —

Spread related earnings, excluding notable items $ 826 $ 820 $ 847 $ 865 $ 719 $ 826 $ 719

RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS

US GAAP net investment income $ 3,991 $ 4,429 $ 4,672 $ 4,755 $ 4,769 $ 3,991 $ 4,769

Change in fair value of reinsurance assets (63) (65) (75) (80) (94) (63) (94)

VIE earnings and noncontrolling interests 434 382 412 402 285 434 285

Forward points adjustment on FX derivative hedges 24 26 33 30 28 24 28

Held-for-trading amortization (29) (40) (66) (56) (57) (29) (57)

Reinsurance impacts (40) (39) (44) (34) (27) (40) (27)

ACRA noncontrolling interests (1,074) (1,159) (1,250) (1,258) (1,249) (1,074) (1,249)

Other (12) (35) 64 90 106 (12) 106

Total adjustments to arrive at net investment earnings

(760) (930) (926) (906) (1,008) (760) (1,008)

Total net investment earnings

$ 3,231 $ 3,499 $ 3,746 $ 3,849 $ 3,761 $ 3,231 $ 3,761

RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE

US GAAP net investment income rate 6.25 % 6.59 % 6.66 % 6.57 % 6.44 % 6.25 % 6.44 %

Change in fair value of reinsurance assets (0.10) % (0.10) % (0.11) % (0.11) % (0.13) % (0.10) % (0.13) %

VIE earnings and noncontrolling interests 0.68 % 0.57 % 0.59 % 0.56 % 0.39 % 0.68 % 0.39 %

Forward points adjustment on FX derivative hedges 0.04 % 0.04 % 0.05 % 0.04 % 0.04 % 0.04 % 0.04 %

Held-for-trading amortization (0.05) % (0.06) % (0.10) % (0.08) % (0.08) % (0.05) % (0.08) %

Reinsurance impacts (0.06) % (0.06) % (0.06) % (0.05) % (0.04) % (0.06) % (0.04) %

ACRA noncontrolling interests (1.68) % (1.72) % (1.78) % (1.74) % (1.68) % (1.68) % (1.68) %

Other (0.02) % (0.05) % 0.09 % 0.13 % 0.14 % (0.02) % 0.14 %

Total adjustments to arrive at net investment earned rate

(1.19) % (1.38) % (1.32) % (1.25) % (1.36) % (1.19) % (1.36) %

Net investment earned rate 5.06 % 5.21 % 5.34 % 5.32 % 5.08 % 5.06 % 5.08 %

Average net invested assets $ 255,505 $ 268,703 $ 280,607 $ 289,295 $ 296,352 $ 255,505 $ 296,352

Non-GAAP Reconciliations, continued

Unaudited (in millions, except percentages)

Quarterly Trends Year-to-Date

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 2025 2026

RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS

US GAAP benefits and expenses $ 3,252 $ 4,707 $ 5,854 $ 6,757 $ 3,477 $ 3,252 $ 3,477

Premiums (127) (107) (117) (2,277) (217) (127) (217)

Product charges (265) (274) (292) (306) (281) (265) (281)

Other revenues (4) (6) (6) (9) (4) (4) (4)

Indexed annuity option costs 430 449 469 487 502 430 502

Reinsurance impacts (30) (27) (27) (27) (22) (30) (22)

Non-operating change in insurance liabilities and embedded derivatives (47) (1,045) (1,685) (614) 399 (47) 399

Policy and other operating expenses, excluding policy acquisition expenses (440) (441) (455) (496) (504) (440) (504)

Forward points adjustment on FX derivative hedges 52 74 75 77 76 52 76

AmerUs Closed Block fair value liability (18) (6) (20) 2 11 (18) 11

ACRA noncontrolling interests (656) (927) (1,220) (933) (704) (656) (704)

Other 63 73 85 81 74 63 74

Total adjustments to arrive at cost of funds (1,042) (2,237) (3,193) (4,015) (670) (1,042) (670)

Total cost of funds $ 2,210 $ 2,470 $ 2,661 $ 2,742 $ 2,807 $ 2,210 $ 2,807

RECONCILIATION OF BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE

US GAAP benefits and expenses 5.09 % 7.01 % 8.34 % 9.34 % 4.69 % 5.09 % 4.69 %

Premiums (0.20) % (0.16) % (0.17) % (3.15) % (0.29) % (0.20) % (0.29) %

Product charges (0.41) % (0.41) % (0.41) % (0.42) % (0.38) % (0.41) % (0.38) %

Other revenues — % (0.01) % (0.01) % (0.01) % — % — % — %

Indexed annuity option costs 0.67 % 0.67 % 0.67 % 0.67 % 0.68 % 0.67 % 0.68 %

Reinsurance impacts (0.05) % (0.04) % (0.04) % (0.04) % (0.03) % (0.05) % (0.03) %

Non-operating change in insurance liabilities and embedded derivatives (0.07) % (1.56) % (2.40) % (0.85) % 0.54 % (0.07) % 0.54 %

Policy and other operating expenses, excluding policy acquisition expenses (0.69) % (0.65) % (0.65) % (0.68) % (0.68) % (0.69) % (0.68) %

Forward points adjustment on FX derivative hedges 0.08 % 0.11 % 0.11 % 0.11 % 0.10 % 0.08 % 0.10 %

AmerUs Closed Block fair value liability (0.03) % (0.01) % (0.03) % — % 0.01 % (0.03) % 0.01 %

ACRA noncontrolling interests (1.03) % (1.38) % (1.74) % (1.29) % (0.95) % (1.03) % (0.95) %

Other 0.10 % 0.11 % 0.12 % 0.11 % 0.10 % 0.10 % 0.10 %

Total adjustments to arrive at cost of funds (1.63) % (3.33) % (4.55) % (5.55) % (0.90) % (1.63) % (0.90) %

Total cost of funds 3.46 % 3.68 % 3.79 % 3.79 % 3.79 % 3.46 % 3.79 %

Average net invested assets $ 255,505 $ 268,703 $ 280,607 $ 289,295 $ 296,352 $ 255,505 $ 296,352

Non-GAAP Reconciliations, continued

Unaudited (in millions)

Quarterly Trends Year-to-Date

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 2025 2026

RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OTHER OPERATING EXPENSES

US GAAP policy and other operating expenses $ 565 $ 571 $ 591 $ 627 $ 651 $ 565 $ 651

Interest expense (167) (178) (196) (228) (224) (167) (224)

Policy acquisition expenses, net of deferrals (125) (130) (136) (131) (147) (125) (147)

Integration, restructuring and other non-operating items (30) (31) (37) (23) (33) (30) (33)

Stock compensation expenses (11) (11) (13) (14) (10) (11) (10)

ACRA noncontrolling interests (100) (97) (84) (90) (104) (100) (104)

Other (16) (15) (17) (22) (15) (16) (15)

Total adjustments to arrive at other operating expenses (449) (462) (483) (508) (533) (449) (533)

Other operating expenses $ 116 $ 109 $ 108 $ 119 $ 118 $ 116 $ 118

December 31, 2025 March 31, 2026

RECONCILIATION OF INVESTMENT FUNDS, INCLUDING RELATED PARTIES AND CONSOLIDATED VIES, TO NET ALTERNATIVE INVESTMENTS

Investment funds, including related parties and consolidated VIEs $ 26,327 $ 28,969

Investment funds within funds withheld at interest 859 820

Net assets of the VIE, excluding investment funds (9,098) (10,244)

Unrealized (gains) losses (49) (26)

Investment in ADIP (231) (215)

Other assets (169) (169)

Total adjustments to arrive at gross alternative investments (8,688) (9,834)

Gross alternative investments 17,639 19,135

ACRA noncontrolling interests (3,771) (4,043)

Net alternative investments

$ 13,868 $ 15,092

Non-GAAP Reconciliations, continued

Unaudited (in millions)

Quarterly Trends

1Q’25 2Q’25 3Q’25 4Q’25 1Q’26

RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS

Total investments, including related parties $ 308,484 $ 329,976 $ 346,389 $ 356,457 $ 358,127

Derivative assets (6,153) (6,901) (8,884) (9,190) (8,352)

Cash and cash equivalents (including restricted cash) 13,233 12,049 16,950 16,326 19,011

Accrued investment income 2,891 3,176 3,735 3,395 3,601

Net receivable (payable) for collateral on derivatives (2,793) (1,682) (4,197) (3,458) (2,718)

Reinsurance impacts (4,635) (5,226) (5,904) (6,350) (6,078)

VIE and VOE assets, liabilities and noncontrolling interests 17,459 18,066 18,808 19,023 19,360

Unrealized (gains) losses 15,392 12,202 9,860 10,002 13,230

Ceded policy loans (164) (162) (161) (160) (156)

Net investment receivables (payables) (379) (49) (69) 217 120

Allowance for credit losses 720 774 788 763 748

Other investments (83) (428) (135) (52) (59)

Total adjustments to arrive at gross invested assets

35,488 31,819 30,791 30,516 38,707

Gross invested assets

343,972 361,795 377,180 386,973 396,834

ACRA noncontrolling interests (81,605) (86,755) (91,006) (94,559) (96,544)

Net invested assets

$ 262,367 $ 275,040 $ 286,174 $ 292,414 $ 300,290

RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES

Total liabilities $ 353,704 $ 376,105 $ 396,874 $ 406,567 $ 414,104

Debt (6,301) (7,864) (7,856) (7,848) (7,840)

Derivative liabilities (3,365) (4,889) (4,853) (5,742) (5,835)

Payables for collateral on derivatives and short-term securities to repurchase (4,189) (4,513) (6,319) (7,838) (5,285)

Other liabilities (7,329) (8,008) (9,619) (8,888) (9,404)

Liabilities of consolidated VIEs (1,552) (1,760) (1,700) (1,712) (2,131)

Reinsurance impacts (12,011) (12,251) (12,867) (13,209) (12,763)

Ceded policy loans (164) (162) (161) (160) (156)

Market risk benefit asset (285) (277) (222) (212) (183)

Total adjustments to arrive at gross reserve liabilities (35,196) (39,724) (43,597) (45,609) (43,597)

Gross reserve liabilities 318,508 336,381 353,277 360,958 370,507

ACRA noncontrolling interests (76,842) (81,809) (86,826) (89,725) (91,318)

Net reserve liabilities

$ 241,666 $ 254,572 $ 266,451 $ 271,233 $ 279,189

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