Our Business

¹ Full year total U.S. annuity market industry ranking per LIMRA U.S. Individual Annuities Sales Survey as of December 31, 2025.

² Full year 2025 funding agreement backed notes (FABN) market share per Deutsche Bank. Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, which include our funding agreement backed repurchase agreement program and direct funding agreements, funding agreements issued to the Federal Home Loan Bank and long-term repurchase agreements.

³ Single premium product industry ranking per LIMRA for the period January 1, 2017  through December 31, 2025.

⁴ Athene Holding Ltd. GAAP total assets, AHL shareholders' equity and total liabilities as of December 31, 2025. Pledged assets and funds in trust (restricted assets) total $110.7 billion and net reserve liabilities of $271.2 billion as of December 31, 2025.

Athene Annuity and Life Company (AAIA), on a statutory basis, based on the financial statement as of December 31, 2025: Total Admitted Assets: $340.75 billion; Total Liabilities: $336.63 billion; Reserves Required: Direct - $228.11 billion; Assumed - $21.11 billion; Ceded - $74.35 billion; Net - $174.87 billion; Capital & Surplus: Common capital stock - $0.01 billion; Paid-in and contributed surplus - $5.76 billion; Unassigned surplus - $(1.65) billion; Total Capital & Surplus: $4.12 billion.

Athene Annuity & Life Assurance Company of New York (AANY), on a statutory basis, based on the financial statement as of December 31, 2025: Total Admitted Assets: $5.37 billion; Total Liabilities: $4.98 billion; Reserves Required: Direct - $3.16 billion; Ceded - $2.72 billion; Net - $432 million; Total Capital & Surplus: $394 million; Securities Pledged as Collateral (Cash) $10.27 million.

The individual subsidiary insurance company is responsible for meeting its ongoing insurance policy and contract obligations. Neither Apollo Global Management, Inc. nor Athene Holding Ltd. is responsible for meeting the ongoing insurance policy and contract obligations of the subsidiary insurance companies.

⁵ Spread related earnings YTD as of December 31, 2025. 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, stock compensation and other expenses. Our spread related earnings equals net income (loss) available to AHL common stockholder adjusted to eliminate the impact of the following: (a) investment gains (losses), net of offsets; (b) non-operating change in insurance liabilities and related derivatives; (c) integration, restructuring, and other non-operating expenses; (d) stock compensation expense; and (e) income tax expense (benefit).

We consider these adjustments to be meaningful adjustments to net income (loss) available to AHL common stockholder. Accordingly, we believe using a measure which 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 AHL 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 AHL common stockholder.

⁶ Gross organic inflows YTD as of December 31, 2025.

⁷ As of December 31, 2025. 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.

⁸ As of December 31, 2025. Excess equity capital is computed as capital in excess of the capital required to support our core operating strategies, as determined based upon internal modeling and analysis of economic risk, as well as inputs from rating agency capital models and consideration of both National Association of Insurance Commissioners risk-based capital and Bermuda capital requirements.

⁹ Financial strength ratings for Athene Annuity and Life Company, Athene Annuity & Life Assurance Company of New York and Athene Life Re Ltd. S&P, Fitch, AM Best and Moody’s credit ratings reflect their assessment of the relative ability of an insurer to meet its ongoing insurance policy and contract obligations. AM Best rating as of August 2025 (A+, 2nd highest of 16), S&P rating as of August 2025 (A+, 5th highest out of 21), Fitch rating as of August 2025 (A+, 5th highest of 19) and Moody’s rating as of July 2025 (A1, 5th highest of 21). Athene Holding Ltd.’s credit rating is A-/A-/a- for S&P, Fitch and AM Best, respectively.