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ATH-PD

Athene Holding Ltd.

ATH-PD

Athene Holding Ltd. • NYSE
$17.03 ▼ -0.41% (-0.07)
Market Cap $3.47 B
52w High $19.79
52w Low $15.87
Dividend Yield 1.22%
P/E 2.14
Volume 31.58K
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 Q4-2020Q1-2021Q2-2021Q4-2021
Corporate and Other
Corporate and Other
 $720.00M ▲$40.00M ▼$540.00M ▲$570.00M ▲
Retirement Services
Retirement Services
 $5.11Bn ▲$3.64Bn ▼$2.69Bn ▼$16.51Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Athene’s income profile shows a business that has scaled up from 2020 and maintained solid profitability, even as reported revenue has moved around. Earnings grew meaningfully from 2020 to 2021 and have stayed relatively strong since, which is encouraging for an insurer operating in a volatile rate and credit environment. The detailed 2024 profit lines look incomplete in the data, but the positive net income suggests the core franchise is still earning money after claims, expenses, and investment results. As with most insurers, results can swing with markets and interest rates, so the underlying trend looks constructive but not perfectly smooth.

Balance Sheet

Balance Sheet The balance sheet appears conservatively financed, with relatively modest financial debt compared with the company’s equity base, which is generally a plus for an insurance company that must honor long‑term promises. Reported assets and equity drop sharply between 2021 and 2024 in this dataset, which likely reflects a change in reporting scope or structure rather than a simple shrinkage of the business, so these figures should be treated with caution. Overall, Athene’s profile is more that of a well‑capitalized, liability‑driven financial firm than a highly leveraged one, but the apparent discontinuity in the data means outside validation of current scale and capital strength is important.

Cash Flow

Cash Flow The limited cash flow history shows strong positive operating and free cash flow in 2020, followed by slightly negative figures in 2024 and missing detail for 2021. For a financial institution, swings in reported cash flow can reflect movements in investments and policyholder balances rather than core profitability alone, so one weak year in isolation is not necessarily alarming. Capital spending appears minimal, which is typical for an asset‑light, service‑oriented financial business. Still, the short and patchy record makes it hard to judge the consistency of Athene’s ability to turn accounting profit into cash over time.

Competitive Edge

Competitive Edge Athene occupies a strong niche in retirement services and annuities, reinforced by its deep partnership with Apollo Global Management, which supplies sophisticated investment capabilities and access to specialized assets. This relationship, combined with Athene’s scale and presence across retail, reinsurance, and institutional channels, helps it offer competitive products while managing risk across multiple sources of business. Its balance sheet strength and credit profile support trust from policyholders and distribution partners, both critical in insurance. Key strategic risks include dependence on Apollo’s investment engine, exposure to credit and interest‑rate cycles, intense competition from other life insurers and asset managers, and a complex regulatory environment.

Innovation and R&D

Innovation and R&D Innovation at Athene is less about lab research and more about technology, product design, and partnerships. The company is pushing a “digital first” approach, including paperless annuity processes, faster onboarding, and the use of AI for customer support and internal productivity, which can lower costs and improve experiences for both advisers and end clients. On the product side, features like simplified allocation tools and new income products such as immediate annuities show a focus on making retirement solutions easier to understand and integrate into financial plans. Moves into in‑plan annuities for 401(k)s and international reinsurance are more experimental growth avenues that could be meaningful over time but also carry execution, integration, and regulatory risk.

Summary

Putting it together, Athene looks like a scaled retirement and annuity platform built around a strong investment partnership with Apollo, conservative leverage, and a willingness to innovate in products and technology. Profitability over the past few years appears solid despite natural volatility in insurance results, though the reported numbers contain gaps and structural shifts that call for cautious interpretation. The business benefits from diversification across channels and geographies, a strong brand with distributors, and an increasingly digital operating model. On the other hand, it is inherently exposed to market and credit conditions, regulatory change, and the complexity of managing large pools of long‑dated liabilities against sophisticated investments. Overall, the picture is of a financially disciplined insurer with meaningful strategic advantages, but also with the usual risks and uncertainties that come with a capital‑intensive, market‑linked retirement business.