Logo

ATH-PE

Athene Holding Ltd.

ATH-PE

Athene Holding Ltd. • NYSE
$25.66 ▼ -0.47% (-0.12)
Market Cap $5.23 B
52w High $27.45
52w Low $24.17
Dividend Yield 1.94%
P/E 0
Volume 12.56K
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

Five-Year Company Overview

Income Statement

Income Statement Athene looks solidly profitable, but with some ups and downs. Revenue surged earlier in the period, then pulled back more recently, which is common in insurance as deal volumes and investment income move around. Despite this volatility, net earnings have stayed healthy, which suggests the business can still generate solid profit even when top-line growth cools. The lack of recent detail on margins and earnings per share likely reflects reporting changes after the merger with Apollo, so headline profit numbers should be read with some caution. Overall, this is a business that seems to earn well but with results that can swing from year to year as markets and transaction flows change.

Balance Sheet

Balance Sheet The balance sheet appears conservative and equity-rich, which is important for an insurer taking on long‑dated retirement promises. Reported financial debt is low relative to equity, implying Athene relies more on policyholder liabilities and less on borrowing for leverage. Cash balances have come down from earlier levels, but insurers typically hold most of their value in investment portfolios rather than plain cash, so that is not unusual. One watchpoint is the apparent drop in total reported assets in the latest period, which may be mostly due to reporting format changes; still, it underlines that understanding the true asset base and matching of assets to liabilities is key for this company.

Cash Flow

Cash Flow Recent cash flow from operations is slightly negative despite positive earnings, highlighting how insurance cash flows can differ sharply from accounting profit. Shifts in premiums, claims timing, collateral, and investment purchases can all cause meaningful swings from year to year. Capital spending is minimal, as expected for a financial services business that is more people‑ and systems‑driven than asset‑heavy. The main takeaway is that traditional free cash flow metrics are less informative here; what matters more is Athene’s ability to consistently invest incoming premiums at attractive returns while meeting obligations, something that requires a deeper look than these headline figures provide.

Competitive Edge

Competitive Edge Athene holds a strong niche in retirement services, especially in annuities, pension risk transfer, and reinsurance for other insurers. Its close integration with Apollo Global Management is a key differentiator: access to Apollo’s investment engine gives Athene an edge in sourcing and managing complex assets, which can translate into more competitive pricing and better spreads. The company’s scale and experience in handling large pension deals further reinforce its position. The flip side is that this model leans heavily on sophisticated credit and alternative investments, which can be harder for outsiders to evaluate and may behave differently in stressed markets than plain bonds.

Innovation and R&D

Innovation and R&D Innovation at Athene is less about traditional R&D and more about smarter investing and better digital experiences. The use of AI‑driven indices inside annuity products, partnerships with firms like EquBot and IBM Watson, and tools like PFaroe for pension risk analytics show a willingness to use advanced data and technology to shape products and manage risk. The “Digital First” push and advisor platforms aim to simplify complex products and speed up processing, which can be a real competitive advantage in a paperwork‑heavy industry. Future innovation seems focused on using technology to enter new retirement channels, simplify products, and scale up without adding as much manual work—an approach that could enhance efficiency but also requires continuous investment and good execution.

Summary

Athene appears to be a profit-generating, equity-strong retirement and insurance platform with a distinctive tie to Apollo that shapes almost everything it does. Earnings have been solid even as reported revenue and cash flows move around, reflecting the inherently volatile and complex nature of insurance accounting and investment income. The balance sheet looks conservatively structured, with modest financial debt and a focus on long‑term liabilities backed by large investment portfolios. Competitively, Athene is well positioned in annuities, pension risk transfer, and reinsurance, and it uses technology and AI in ways that are advanced for its industry. Key considerations going forward include sensitivity to interest rates and credit markets, the complexity and opacity of alternative investments, regulatory oversight of retirement products, and the execution risk in its ambitious growth and digital plans. Overall, this is a sophisticated, investment‑driven insurance business whose strengths and risks are closely tied to markets and to its partnership with Apollo.