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ATH-PB

Athene Holding Ltd.

ATH-PB

Athene Holding Ltd. • NYSE
$19.91 ▼ -0.05% (-0.01)
Market Cap $4.06 B
52w High $22.84
52w Low $18.34
Dividend Yield 1.41%
P/E 2.5
Volume 17.73K
Outstanding Shares 203.80M

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 Q1-2021Q2-2021Q3-2021Q4-2021
Corporate and Other
Corporate and Other
 $40.00M ▲$540.00M ▲$90.00M ▼$490.00M ▲
Retirement Services
Retirement Services
 $3.64Bn ▲$2.69Bn ▼$5.19Bn ▲$6.13Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Athene shows that it can earn solid profits from its retirement and annuity business, with net income remaining firmly positive in the years shown. Revenue stepped up meaningfully from 2020 to 2021, reflecting strong growth in business volume and investment income, although the more recent figures look partially incomplete, so any year‑to‑year comparison should be treated with caution. Profitability appears healthy for an insurer, suggesting that pricing, underwriting, and investment spreads have generally been favorable. Overall, the income statement paints a picture of a business that has been able to scale while staying profitable, but the gaps in the latest data limit how confidently one can judge current momentum.

Balance Sheet

Balance Sheet Athene’s balance sheet is typical of a large insurer: asset‑heavy and built around managing long‑term obligations. Reported equity is sizable relative to the modest amount of financial debt shown, implying a conservative use of leverage and meaningful capital backing its liabilities. The drop in reported total assets and cash in the most recent year likely reflects differences in reporting or incomplete data rather than a simple contraction of the business, so it should be interpreted carefully. Overall, Athene appears to operate with a solid capital base, which is important for an insurance group that promises long‑dated guarantees.

Cash Flow

Cash Flow Cash generation has been somewhat uneven in the limited data provided. Earlier periods show healthy free cash flow, while the most recent year indicates slightly negative operating and free cash flow, which for an insurer can be driven by timing of claims, investments, and reserve movements rather than simple operating weakness. The absence of significant capital spending is consistent with a financial services model that is not asset‑intensive in terms of physical equipment. However, because the cash flow series is short and partially missing, it is hard to draw strong conclusions about the underlying cash profile beyond noting that it can fluctuate year to year.

Competitive Edge

Competitive Edge Athene holds a strong position in the retirement services and annuity market, helped by its size, brand, and specialization in fixed and fixed indexed annuities as well as pension risk transfer solutions. Its close partnership with Apollo Global Management is a major competitive advantage, giving it access to distinctive investment opportunities and expertise that many rivals lack; this supports its spread‑based business model. Scale, a relatively efficient cost base, and a broad product range allow Athene to compete aggressively on rates and product design. At the same time, it operates in a competitive and highly regulated industry, where changes in interest rates, market conditions, and regulation can quickly shift the playing field.

Innovation and R&D

Innovation and R&D Athene focuses its innovation on product design, digital processes, and investment capabilities rather than classic laboratory‑style research. It has pushed strongly into electronic applications and paperless processing, cutting down cycle times for annuity business and making it easier for agents and customers to do business with the company. On the product side, it has developed indexed annuities with AI‑driven indices, preset allocation options, and novel crediting methods that aim to balance growth potential with downside protection. The firm is also investing in technology for in‑plan lifetime income within retirement plans, cloud modernization, and generative AI tools, suggesting an ongoing commitment to using technology to improve both distribution and risk management rather than standing still.

Summary

Athene appears to be a profitable, well‑capitalized retirement and annuity provider with a business model centered on earning attractive spreads between its investment returns and policy obligations. The financials suggest solid earnings power and a conservative balance sheet, though the latest figures are incomplete and should be viewed with care. Cash flows can swing from year to year, which is not unusual for an insurer, but makes it important to focus on multi‑year trends rather than any single period. Competitively, its partnership with Apollo, scale in annuities, and pension risk transfer capabilities provide meaningful advantages, while its digital tools and AI‑linked products show a willingness to innovate in a traditionally slow‑moving segment. Overall, Athene comes across as a financially strong, innovation‑minded player in retirement services, operating in a complex environment that is sensitive to markets, regulation, and interest rates.