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ATH-PA

Athene Holding Ltd.

ATH-PA

Athene Holding Ltd. • NYSE
$24.73 ▼ -0.72% (-0.18)
Market Cap $4.94 B
52w High $25.65
52w Low $21.60
Dividend Yield 1.59%
P/E 3.11
Volume 38.50K
Outstanding Shares 199.76M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.998B ▲ $0 $1.259B ▲ 15.741% ▲ $0 $88M ▲
Q2-2025 $5.359B ▲ $0 $464M ▼ 8.658% ▼ $0 $0
Q1-2025 $4.186B ▲ $0 ▼ $465M ▼ 11.108% ▲ $0 ▲ $0 ▼
Q4-2024 $-1.222B ▼ $17.916B ▲ $1.181B ▲ -96.645% ▼ $-17.2 ▼ $2.065B ▲
Q4-2021 $6.782B $-5.497B $1.147B 16.912% $5.98 $1.285B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $14.205B ▲ $365.225B ▲ $26.722B ▲ $338.503B ▲
Q2-2025 $10.345B ▼ $341.969B ▲ $24.357B ▲ $317.612B ▲
Q1-2025 $11.094B ▲ $318.357B ▲ $21.136B ▲ $297.221B ▲
Q4-2024 $807M ▼ $24.489B ▼ $8.129B ▼ $16.36B ▼
Q4-2021 $120.333B $233.098B $212.968B $20.13B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.146B ▲ $4.973B ▲ $-4.905B ▲ $3.201B ▲ $0 $4.973B ▲
Q2-2025 $712M ▲ $-3.281B ▼ $-28.684B ▼ $-3.201B ▼ $0 $-3.281B ▼
Q1-2025 $465M ▲ $426M ▲ $-16.715B ▼ $0 ▲ $0 ▲ $426M ▲
Q4-2024 $-2.764B ▼ $-7.597B ▼ $17.654B ▲ $-9.647B ▼ $-7.703B ▼ $-7.597B ▼
Q3-2021 $733M $4.763B $-8.177B $3.201B $-216M $4.763B

Revenue by Products

Product Q4-2019Q1-2020Q3-2020Q4-2020
Corporate and Other
Corporate and Other
 $90.00M ▲$-330.00M ▼$-10.00M ▲$960.00M ▲
Retirement Services
Retirement Services
 $11.23Bn ▲$2.47Bn ▼$1.71Bn ▼$8.28Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Athene’s recent results show that it has stayed profitable even as reported revenue has moved around quite a bit. The earlier period shows strong growth and solid earnings, while the most recent year reflects a smaller top line but still healthy net income. For an insurer, this kind of volatility is common because results are influenced by interest rates, markets, and one‑off items. Overall, the company appears to have maintained its ability to generate profits through different conditions, though the shift in revenue and some reporting quirks suggest the numbers should be read with care rather than as a smooth growth story.

Balance Sheet

Balance Sheet The balance sheet points to a company built on large pools of assets, relatively modest direct debt, and a sizable equity base. That combination typically supports resilience in an insurance business, which must honor long‑term promises to policyholders. The more recent figures show a step down in reported asset size versus earlier years, which could reflect corporate changes, reclassifications, or data limitations rather than a simple shrinkage of the business. Even so, the structure looks conservative: equity is robust relative to debt, which helps absorb shocks and supports Athene’s role as a long‑term retirement provider.

Cash Flow

Cash Flow Cash flows are more uneven than the earnings line. A prior year shows strong positive operating and free cash flow, while the most recent year is modestly negative. For insurers, this can be driven by the timing of premiums, claims, investment flows, and large deals, so a single year of negative cash flow is not automatically a red flag. However, it does underline that Athene’s business model is capital‑intensive and sensitive to how cash is managed across investment portfolios and policy obligations. The decline in the reported cash balance compared with earlier years is another point to watch over time, rather than judge from one snapshot.

Competitive Edge

Competitive Edge Athene occupies a strong niche in retirement services and annuities, supported by meaningful scale, a disciplined balance sheet, and a close partnership with Apollo Global Management. That relationship gives Athene access to specialized investment capabilities and unique asset opportunities, which can support more attractive returns than many traditional insurers can achieve. The company also benefits from an efficient cost base, lack of heavy legacy systems, and a wide distribution network through financial institutions and independent partners. These strengths are partially offset by the usual risks of the sector: sensitivity to credit markets and interest rates, regulatory scrutiny, and intense competition from other large retirement and life insurers chasing similar customers and assets.

Innovation and R&D

Innovation and R&D Athene’s innovation focus is less about traditional R&D spending and more about product design, technology, and partnerships. It has put effort into simplifying complex annuity products, such as preset investment allocations within its fixed indexed annuities, to make them easier for both advisors and customers to use. Operationally, Athene has pushed a digital‑first approach, processing the vast majority of applications electronically, cutting transaction times from weeks to days, and experimenting with artificial intelligence to improve investment and risk decisions. On the growth side, the company is extending into new areas like defined contribution retirement plans through stakes in firms such as Vitera and continues to refine products like immediate annuities and enhanced fixed indexed annuities. This mix of product simplification, digital efficiency, and strategic partnerships suggests an organization that is actively adapting its business model, not just relying on legacy blocks of policies.

Summary

Taken together, Athene appears to be a financially disciplined insurer with a focus on retirement income solutions and annuities, backed by a relatively conservative balance sheet and a powerful investment partnership with Apollo. Earnings have remained positive despite swings in reported revenue, and while cash flows and the scale of the balance sheet look uneven across the limited data points, the overall profile is that of a sizable, capital‑aware institution. Competitively, Athene’s scale, investment edge, efficient operations, and broad product set offer clear advantages, balanced by the usual sector risks tied to markets, regulation, and competition. Its ongoing digital initiatives and product innovation efforts indicate a company working to stay relevant and efficient in a changing retirement landscape—an important consideration for anyone evaluating securities linked to Athene, including preferred shares such as ATH‑PA.