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Athene Holding Ltd (ATH)

Description

Athene Holding Ltd is a leading financial services company specializing in retirement savings products, annuities, reinsurance, and pension risk transfers, with integrated asset management capabilities through its relationship with Apollo.

Historical Reports

Financial Information

Report Date
2025-02-28
Report Period
Full Year 2024
Debt
$6,309 million
Debt History
Debt increased by 50% year‑over‑year
Debt Trend
Increasing

Profit Information

Profit
$3,280 million
Profit History
Profit decreased by 27% year‑over‑year
Profit Trend
Decreasing

Detailed Report

Financial Report – Athene Holding Ltd (2025‑02‑28)

  • Report Date: 2025‑02‑28
  • Period: Full Year 2024

Profit & Loss Analysis

  • Net income available to common shareholders: $3,280 million, down 27% from $4,484 million in 2023.
  • Total revenues: $20,689 million (vs. $28,194 million in 2023).
  • Benefit expenses: $15,055 million (vs. $23,603 million), driven by lower block reinsurance impact and reserve releases.
  • Income tax: $730 million expense (vs. $1,161 million benefit in 2023) due to one‑time deferred‑tax adjustments.

Debt Analysis

  • Total debt of $6,309 million, up 50% from $4,209 million at year‑end 2023.
  • Issuances: $1.25 billion revolving facility, $1 billion 2054 senior notes, $0.6 billion 2054 subordinated notes.
  • Lower reinsurance premiums from block transactions and litigation headwinds in pension‑buyout market.
  • Retail annuity inflows hit record $39 billion, offset by reduced institutional pension transactions.
  • Investment income up on higher rates; offset by fair‑value adjustments and credit‑loss provisions.

Pros

  • Diversified growth across Retail, Flow Reinsurance, Funding Agreements, Pension Annuities.
  • $9 billion of deployable capital and strong ratings (S&P A–, Fitch A).
  • Deep Apollo partnership: competitive asset sourcing/management.

Cons & Risks

  • Elevated leverage and rising interest costs.
  • Earnings volatility from mark‑to‑market annuity guarantees and tax regime changes.
  • Regulatory capital requirements (NAIC, Bermuda) may limit dividend flexibility.

Statistics Breakdown

2024 Gross Inflows by Channel: Retail $39.037 B, Flow Reinsurance $5.573 B, Funding Agreements $28.748 B, Pension Group Annuity $0.918 B; Net Investment Income: Fixed Income $10.811 B, Alternatives $0.939 B; Spread‑Related Earnings: $3.221 B.

Company Direction Insights

Athene’s capital‐efficient model and multi‑channel distribution continue to support profitable growth. Retail annuity sales remain robust, and strategic reinsurance relationships underpin reserve management. The partnership with Apollo delivers diversified asset sourcing and enhanced net yields. However, rising debt levels require careful leverage management, and regulatory capital tests in Bermuda and U.S. will shape future dividend policy. Looking ahead, Athene is positioned to expand inorganic opportunities via its ACRA vehicle, while monitoring market volatility, interest‑rate shifts, and tax developments.