Athene Variable Life
Account A
Financial Statements
As of and for the year ended December 31, 2025


Athene Variable Life Account A
Index of the Financial Statements
As of and for the year ended December 31, 2025

Page
Report of Independent Registered Public Accounting Firm
Financial Statements
Statements of Net Assets
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements




REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Policyowners of Athene Variable Life Account A and the
Board of Directors of Athene Annuity and Life Company

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of net assets of each of the subaccounts listed in the table below, which comprises Athene Variable Life Account A (the "Account") as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Alger Funds Large Cap Growth PortfolioFidelity Variable Insurance Products Contrafund PortfolioT. Rowe Price Equity Series, Inc. Health Sciences Portfolio II
The Alger Funds Capital Appreciation PortfolioFidelity Variable Insurance Products Investment Grade Bond PortfolioLord Abbett Series Fund, Inc. Mid Cap Stock Portfolio
The Alger Funds Mid Cap Growth PortfolioFidelity Variable Insurance Products Mid-Cap PortfolioLord Abbett Series Fund, Inc. Calibrated Dividend Growth Portfolio
The Alger Funds Small Cap Growth PortfolioFidelity Variable Insurance Products Government Money Market FundLord Abbett Series Fund, Inc. Bond-Debenture Portfolio
LVIP American Century Variable Portfolios, Inc. VP Disciplined Core Value FundInvesco Variable Investment Funds High Yield FundLord Abbett Series Fund, Inc. Growth and Income Portfolio
LVIP American Century Variable Portfolios, Inc. VP Value FundInvesco Variable Investment Funds Core Equity FundVanguard Variable Insurance Funds Mid-Cap Index Portfolio
LVIP American Century Variable Portfolios, Inc. VP Ultra FundLazard Retirement Series, Inc. Retirement U.S. Small Cap Equity PortfolioVanguard Variable Insurance Funds Real Estate Index Portfolio
BNY Mellon Investment Portfolios Sustainable US Equity Portfolio FundAllspring VT Discovery SMID Cap Growth FundVanguard Variable Insurance Funds Total Bond Market Index Portfolio
BNY Mellon Investment Portfolios Stock Index FundJanus Henderson Portfolio Overseas PortfolioVanguard Variable Insurance Funds Total Stock Market Index Portfolio
BNY Mellon Investment Portfolios Small Cap Stock Index PortfolioT. Rowe Price Equity Series, Inc. Equity Income Portfolio IIVanguard Variable Insurance Funds Small Company Growth Portfolio
Fidelity Variable Insurance Products Overseas PortfolioT. Rowe Price Equity Series, Inc. Blue Chip Growth PortfolioVanguard Variable Insurance Funds Capital Growth Portfolio
Fidelity Variable Insurance Products Growth PortfolioT. Rowe Price Equity Series, Inc. Moderate Allocation Portfolio



1


The financial highlights for each of the years or periods ended on or prior to December 31, 2021, were audited by other independent registered public accountants whose report, dated April 28, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on the subaccounts’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The subaccounts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the subaccounts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.


/s/ Deloitte & Touche LLP

Des Moines, Iowa
April 30, 2026

We have served as the Account’s auditor since 2022.





2

Athene Variable Life Account A
Statements of Net Assets
December 31, 2025
LVIP American Century
The Alger FundsVariable Portfolios, Inc.
Large CapCapitalMid CapSmall CapVP DisciplinedVP
GrowthAppreciationGrowthGrowthCore ValueValue
PortfolioPortfolioPortfolioPortfolioFundFund
Assets
Investments in shares of mutual funds, at fair value$49,466 $223,495 $23,994 $850 $409,795 $643,966 
Total Assets$49,466 $223,495 $23,994 $850 $409,795 $643,966 
Net assets in the accumulation period$49,466 $223,495 $23,994 $850 $409,795 $643,966 
Net assets$49,466 $223,495 $23,994 $850 $409,795 $643,966 
Accumulation unit value low$107.487 $197.344 $66.222 $53.429 $59.777 $64.528 
Accumulation unit value high$111.772 $222.387 $99.389 $53.429 $60.246 $87.563 
Accumulation units outstanding460 1,005 260 16 6,852 8,052 
Shares of mutual funds owned479 1,735 1,007 46 42,334 49,843 
Investments, at cost$32,343 $139,833 $18,915 $755 $373,813 $546,138 
(Continued)


The accompanying notes are an integral part of these financial statements.
3

Athene Variable Life Account A
Statements of Net Assets
December 31, 2025
LVIP American Century
Variable Portfolios, Inc.BNY Mellon Investment Portfolios
SustainableSmall Cap
US EquityStockStock
VP UltraPortfolioIndexIndex
FundFundFundPortfolio
Assets
Investments in shares of mutual funds, at fair value$57,351 $3,640 $1,303,895 $90,217 
Total Assets$57,351 $3,640 $1,303,895 $90,217 
Net assets in the accumulation period$57,351 $3,640 $1,303,895 $90,217 
Net assets$57,351 $3,640 $1,303,895 $90,217 
Accumulation unit value low$107.350 $67.219 $90.075 $58.243 
Accumulation unit value high$107.350 $67.219 $95.439 $58.243 
Accumulation units outstanding534 54 14,476 1,549 
Shares of mutual funds owned1,821 62 14,962 5,009 
Investments, at cost$38,246 $2,336 $832,010 $87,142 
(Continued)

The accompanying notes are an integral part of these financial statements.
4

Athene Variable Life Account A
Statements of Net Assets
December 31, 2025
Fidelity Variable Insurance Products
Government
InvestmentMoney
OverseasGrowthContrafundGrade BondMid-CapMarket
PortfolioPortfolioPortfolioPortfolioPortfolioFund
Assets
Investments in shares of mutual funds, at fair value$321,983 $424,685 $1,601,525 $357,384 $656,167 $389,250 
Total Assets$321,983 $424,685 $1,601,525 $357,384 $656,167 $389,250 
Net assets in the accumulation period$321,983 $424,685 $1,601,525 $357,384 $656,167 $389,250 
Net assets$321,983 $424,685 $1,601,525 $357,384 $656,167 $389,250 
Accumulation unit value low$28.998 $70.052 $105.244 $20.451 $70.340 $14.397 
Accumulation unit value high$40.691 $115.523 $118.289 $20.451 $70.340 $14.397 
Accumulation units outstanding9,982 5,611 14,984 17,475 9,328 27,037 
Shares of mutual funds owned11,873 4,572 28,166 31,460 17,493 389,252 
Investments, at cost$277,173 $393,279 $1,191,970 $391,570 $629,205 $389,252 
(Continued)

The accompanying notes are an integral part of these financial statements.
5

Athene Variable Life Account A
Statements of Net Assets
December 31, 2025
Invesco Variable Investment FundsLazardAllspring
RetirementVT
Series, Inc.Funds
RetirementDiscovery
HighCoreU.S. SmallSMID Cap
YieldEquityCap EquityGrowth
FundFundPortfolioFund
Assets
Investments in shares of mutual funds, at fair value$29,270 $67,384 $323,333 $3,554 
Total Assets$29,270 $67,384 $323,333 $3,554 
Net assets in the accumulation period$29,270 $67,384 $323,333 $3,554 
Net assets$29,270 $67,384 $323,333 $3,554 
Accumulation unit value low$32.198 $61.579 $49.337 $73.804 
Accumulation unit value high$32.198 $61.579 $79.073 $73.804 
Accumulation units outstanding909 1,094 4,685 48 
Shares of mutual funds owned6,175 1,870 24,968 141 
Investments, at cost$31,674 $58,204 $348,392 $3,762 
(Continued)

The accompanying notes are an integral part of these financial statements.
6

Athene Variable Life Account A
Statements of Net Assets
December 31, 2025
Janus
Henderson
PortfolioT. Rowe Price Equity Series, Inc.
Equity Blue ChipModerateHealth
OverseasIncomeGrowthAllocationSciences
PortfolioPortfolio IIPortfolioPortfolioPortfolio II
Assets
Investments in shares of mutual funds, at fair value$504,933 $530,103 $1,020,383 $177,730 $194,371 
Total Assets$504,933 $530,103 $1,020,383 $177,730 $194,371 
Net assets in the accumulation period$504,933 $530,103 $1,020,383 $177,730 $194,371 
Net assets$504,933 $530,103 $1,020,383 $177,730 $194,371 
Accumulation unit value low$57.865 $47.721 $117.870 $42.561 $126.330 
Accumulation unit value high$80.237 $47.721 $117.870 $42.561 $126.330 
Accumulation units outstanding6,942 11,108 8,657 4,176 1,539 
Shares of mutual funds owned9,046 18,496 15,619 7,924 3,597 
Investments, at cost$316,094 $505,446 $572,378 $163,500 $166,534 
(Continued)

The accompanying notes are an integral part of these financial statements.
7

Athene Variable Life Account A
Statements of Net Assets
December 31, 2025
Lord Abbett Series Fund, Inc.
Calibrated
Mid CapDividend Bond-Growth and
StockGrowthDebentureIncome
PortfolioPortfolioPortfolioPortfolio
Assets
Investments in shares of mutual funds, at fair value$290,840 $22,596 $9,664 $670,442 
Total Assets$290,840 $22,596 $9,664 $670,442 
Net assets in the accumulation period$290,840 $22,596 $9,664 $670,442 
Net assets$290,840 $22,596 $9,664 $670,442 
Accumulation unit value low$41.380 $72.151 $31.415 $50.590 
Accumulation unit value high$41.380 $72.151 $31.415 $50.590 
Accumulation units outstanding7,029 313 308 13,253 
Shares of mutual funds owned11,165 1,139 911 15,978 
Investments, at cost$268,698 $19,799 $10,407 $584,456 
(Continued)

The accompanying notes are an integral part of these financial statements.
8

Athene Variable Life Account A
Statements of Net Assets
December 31, 2025
Vanguard Variable Insurance Funds
Total BondTotal StockSmall
Mid-CapReal EstateMarketMarketCompanyCapital
IndexIndexIndexIndexGrowthGrowth
PortfolioPortfolioPortfolioPortfolioPortfolioPortfolio
Assets
Investments in shares of mutual funds, at fair value$333,811 $337,452 $202,372 $226,685 $81,707 $525,039 
Total Assets$333,811 $337,452 $202,372 $226,685 $81,707 $525,039 
Net assets in the accumulation period$333,811 $337,452 $202,372 $226,685 $81,707 $525,039 
Net assets$333,811 $337,452 $202,372 $226,685 $81,707 $525,039 
Accumulation unit value low$67.761 $36.976 $18.082 $81.403 $62.498 $115.518 
Accumulation unit value high$67.761 $36.976 $18.082 $81.403 $62.498 $115.518 
Accumulation units outstanding4,926 9,126 11,192 2,785 1,307 4,545 
Shares of mutual funds owned11,939 29,166 18,738 3,720 4,285 8,493 
Investments, at cost$267,235 $349,733 $214,047 $161,687 $78,502 $287,685 
(Concluded)

The accompanying notes are an integral part of these financial statements.
9

Athene Variable Life Account A
Statements of Operations
Year Ended December 31, 2025
LVIP American Century
The Alger FundsVariable Portfolios, Inc.
Large CapCapitalMid CapSmallVP DisciplinedVP
GrowthAppreciationGrowthCap GrowthCore ValueValue
PortfolioPortfolioPortfolioPortfolioFundFund
Income
Dividends$— $— $— $— $6,483 $9,932 
Expenses
Mortality and expense and administration charges— — — — — — 
Net investment income— — — — 6,483 9,932 
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares1,044 41,891 71 (42)(76)5,744 
Capital gain distributions5,325 35,148 — 10 — 46,800 
Net realized gain (loss) on investments6,369 77,039 71 (32)(76)52,544 
Net change in unrealized appreciation (depreciation)
 on investments5,317 (1,982)3,395 62 46,649 26,053 
Net increase in net assets
resulting from operations$11,686 $75,057 $3,466 $30 $53,056 $88,529 
(Continued)

The accompanying notes are an integral part of these financial statements.
10

Athene Variable Life Account A
Statements of Operations
Year Ended December 31, 2025
LVIP American Century
Variable Portfolios, Inc.BNY Mellon Investment Portfolios
SustainableSmall Cap
US EquityStockStock
VP UltraPortfolioIndexIndex
FundFundFundPortfolio
Income
Dividends$— $8 $12,371 $1,067 
Expenses
Mortality and expense and administration charges— — — — 
Net investment income— 8 12,371 1,067 
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares1,592 42 55,398 (13)
Capital gain distributions4,535 271 66,964 8,123 
Net realized gain (loss) on investments6,127 313 122,362 8,110 
Net change in unrealized appreciation (depreciation)
on investments620 186 61,454 (4,443)
Net increase in net assets
resulting from operations$6,747 $507 $196,187 $4,734 
(Continued)

The accompanying notes are an integral part of these financial statements.
11

Athene Variable Life Account A
Statements of Operations
Year Ended December 31, 2025
Fidelity Variable Insurance Products
Government
InvestmentMoney
OverseasGrowthContrafundGrade BondMid-CapMarket
PortfolioPortfolioPortfolioPortfolioPortfolioFund
Income
Dividends$4,368 $202 $— $12,597 $2,686 $25,840 
Expenses
Mortality and expense and administration charges— — — — — — 
Net investment income4,368 202 — 12,597 2,686 25,840 
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares11,511 4,582 33,055 (6,689)12,589 — 
Capital gain distributions28,457 54,254 249,991 — 69,753 — 
Net realized gain (loss) on investments39,968 58,836 283,046 (6,689)82,342 — 
Net change in unrealized appreciation (depreciation)
on investments12,662 (4,055)(6,771)19,373 (12,503)— 
Net increase in net assets
resulting from operations$56,998 $54,983 $276,275 $25,281 $72,525 $25,840 
(Continued)

The accompanying notes are an integral part of these financial statements.
12

Athene Variable Life Account A
Statements of Operations
Year Ended December 31, 2025
Invesco Variable Investment FundsLazardAllspring
RetirementVT
Series, Inc.Funds
RetirementDiscovery
HighCoreU.S. SmallSMID Cap
YieldEquityCap EquityGrowth
FundFundPortfolioFund
Income
Dividends$2,003 $413 $— $— 
Expenses
Mortality and expense and administration charges— — — — 
Net investment income2,003 413 — — 
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares(316)97 (3,754)(1)
Capital gain distributions— 4,751 37,812 25 
Net realized gain (loss) on investments(316)4,848 34,058 24 
Net change in unrealized appreciation (depreciation)
on investments182 4,164 (25,082)161 
Net increase in net assets
resulting from operations$1,869 $9,425 $8,976 $185 
(Continued)

The accompanying notes are an integral part of these financial statements.
13

Athene Variable Life Account A
Statements of Operations
Year Ended December 31, 2025
Janus
Henderson
PortfolioT. Rowe Price Equity Series, Inc.
Equity Blue ChipModerate Health
OverseasIncomeGrowthAllocationSciences
PortfolioPortfolio IIPortfolioPortfolioPortfolio II
Income
Dividends$6,759 $7,116 $— $4,365 $— 
Expenses
Mortality and expense and administration charges— — — — — 
Net investment income6,759 7,116 — 4,365 — 
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares68,633 11,550 124,678 6,964 2,633 
Capital gain distributions— 50,771 85,154 7,576 7,062 
Net realized gain (loss) on investments68,633 62,321 209,832 14,540 9,695 
Net change in unrealized appreciation (depreciation)
on investments46,412 (3,015)(54,884)8,350 20,087 
Net increase in net assets
resulting from operations$121,804 $66,422 $154,948 $27,255 $29,782 
(Continued)

The accompanying notes are an integral part of these financial statements.
14

Athene Variable Life Account A
Statements of Operations
Year Ended December 31, 2025
Lord Abbett Series Fund, Inc.
Calibrated
Mid CapDividend Bond-Growth and
StockGrowthDebentureIncome
PortfolioPortfolioPortfolioPortfolio
Income
Dividends$926 $127 $563 $3,617 
Expenses
Mortality and expense and administration charges— — — — 
Net investment income926 127 563 3,617 
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares960 34 (81)39,737 
Capital gain distributions22,469 1,676 — 68,288 
Net realized gain (loss) on investments23,429 1,710 (81)108,025 
Net change in unrealized appreciation (depreciation)
on investments(4,522)1,276 250 35 
Net increase in net assets
resulting from operations$19,833 $3,113 $732 $111,677 
(Continued)

The accompanying notes are an integral part of these financial statements.
15

Athene Variable Life Account A
Statements of Operations
Year Ended December 31, 2025
Vanguard Variable Insurance Funds
Total BondTotal StockSmall
Mid-CapReal EstateMarketMarketCompanyCapital
IndexIndexIndexIndexGrowthGrowth
PortfolioPortfolioPortfolioPortfolioPortfolioPortfolio
Income
Dividends$3,840 $8,856 $6,502 $2,362 $387 $4,516 
Expenses
Mortality and expense and administration charges(631)(662)(383)(419)(165)(899)
Net investment income3,209 8,194 6,119 1,943 222 3,617 
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares1,230 (1,437)(1,481)2,441 (2,207)7,766 
Capital gain distributions15,299 5,670 — 11,025 5,499 19,406 
Net realized gain (loss) on investments16,529 4,233 (1,481)13,466 3,292 27,172 
Net change in unrealized appreciation (depreciation)
on investments13,939 (3,224)7,818 17,133 1,643 87,394 
Net increase in net assets
resulting from operations$33,677 $9,203 $12,456 $32,542 $5,157 $118,183 
(Concluded)

The accompanying notes are an integral part of these financial statements.
16

Athene Variable Life Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
LVIP American Century
The Alger FundsVariable Portfolios, Inc.
Large CapCapitalMid CapSmall CapVP DisciplinedVP
GrowthAppreciationGrowthGrowthCore ValueValue
PortfolioPortfolioPortfolioPortfolioFundFund
Net assets at December 31, 2023$28,658 $173,293 $22,936 $672 $340,387 $544,546 
Changes from 2024 operations
Net investment income— — — — 4,749 16,064 
Net realized gain (loss) on investments621 5,273 (1,304)(80)(1,806)44,062 
 Net change in unrealized appreciation (depreciation) on investments11,463 76,158 5,409 144 41,596 (11,938)
Net increase in net assets resulting from operations12,084 81,431 4,105 64 44,539 48,188 
Contract transactions
Deposits— — — — 5,500 12,555 
Surrenders and death benefits— (9,729)(5,512)— (11,401)(6,880)
Contract maintenance charges(1,441)(5,453)(683)(184)(15,604)(15,070)
Other transfers between sub-accounts,
 including fixed interest account158 304 55 177 (75)(26,427)
 Net increase (decrease) in net assets resulting from contract transactions(1,283)(14,878)(6,140)(7)(21,580)(35,822)
Total increase (decrease) in net assets10,801 66,553 (2,035)57 22,959 12,366 
Net assets at December 31, 2024$39,459 $239,846 $20,901 $729 $363,346 $556,912 
Changes from 2025 operations
Net investment income— — — — 6,483 9,932 
Net realized gain (loss) on investments6,369 77,039 71 (32)(76)52,544 
Net change in unrealized appreciation (depreciation) on investments5,317 (1,982)3,395 62 46,649 26,053 
 Net increase in net assets resulting from operations11,686 75,057 3,466 30 53,056 88,529 
Contract transactions
Deposits— — — — 5,589 6,797 
Surrenders and death benefits— (88,589)— — — — 
Contract maintenance charges(1,871)(5,719)(410)(196)(11,930)(13,858)
Other transfers between sub-accounts,
 including fixed interest account192 2,900 37 287 (266)5,586 
 Net increase (decrease) in net assets resulting from contract transactions(1,679)(91,408)(373)91 (6,607)(1,475)
Total increase (decrease) in net assets10,007 (16,351)3,093 121 46,449 87,054 
Net assets at December 31, 2025$49,466 $223,495 $23,994 $850 $409,795 $643,966 
(Continued)

The accompanying notes are an integral part of these financial statements.
17

Athene Variable Life Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
LVIP American Century
Variable Portfolios, Inc.BNY Mellon Investment Portfolios
SustainableSmall Cap
US EquityStockStock
VP UltraPortfolioIndexIndex
FundFundFundPortfolio
Net assets at December 31, 2023$43,810 $2,655 $1,129,499 $80,460 
Changes from 2024 operations
Net investment income— 16 13,606 918 
Net realized gain (loss) on investments6,122 55 149,345 2,203 
 Net change in unrealized appreciation on investments5,832 584 92,575 3,245 
Net increase in net assets resulting from operations11,954 655 255,526 6,366 
Contract transactions
Deposits771 — 24,441 1,072 
Surrenders and death benefits(2,429)— (117,573)— 
Contract maintenance charges(1,221)(113)(24,897)(2,322)
Other transfers between sub-accounts,
 including fixed interest account(597)24 (63,274)559 
Net increase (decrease) in net assets
 resulting from contract transactions(3,476)(89)(181,303)(691)
Total increase (decrease) in net assets8,478 566 74,223 5,675 
Net assets at December 31, 2024$52,288 $3,221 $1,203,722 $86,135 
Changes from 2025 operations
Net investment income— 8 12,371 1,067 
Net realized gain (loss) on investments6,127 313 122,362 8,110 
Net change in620 186 61,454 (4,443)
 unrealized appreciation (depreciation) on investments
Net increase in net
 assets resulting from operations6,747 507 196,187 4,734 
Contract transactions
Deposits778 — 15,859 991 
Surrenders and death benefits— — (85,054)— 
Contract maintenance charges(1,295)(122)(24,092)(2,226)
Other transfers between sub-accounts,
 including fixed interest account(1,167)34 (2,727)583 
Net increase (decrease) in net assets
 resulting from contract transactions(1,684)(88)(96,014)(652)
Total increase (decrease) in net assets5,063 419 100,173 4,082 
Net assets at December 31, 2025$57,351 $3,640 $1,303,895 $90,217 
(Continued)
The accompanying notes are an integral part of these financial statements.
18

Athene Variable Life Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
Fidelity Variable Insurance Products
Government
InvestmentMoney
OverseasGrowthContrafundGrade BondMid-CapMarket
PortfolioPortfolioPortfolioPortfolioPortfolioFund
Net assets at December 31, 2023$283,105 $383,731 $1,091,755 $358,705 $589,789 $817,185 
Changes from 2024 operations
Net investment income4,256 — 418 12,743 3,501 42,959 
Net realized gain (loss) on investments18,038 105,627 190,600 (3,144)87,986 — 
 Net change in unrealized (8,854)(16,759)169,316 (3,224)9,675 — 
appreciation (depreciation) on investments
Net increase in net assets resulting from operations13,440 88,868 360,334 6,375 101,162 42,959 
Contract transactions
Deposits7,267 14,175 23,158 14,734 8,541 43,180 
Surrenders and death benefits(4,035)(16,519)(21,994)(15,700)(15,269)(813)
Contract maintenance charges(9,795)(12,253)(34,534)(12,891)(20,581)(38,179)
Other transfers between sub-accounts,
 including fixed interest account3,457 (80,507)(11,673)13,224 (7,156)88,088 
Net increase (decrease) in net assets
 resulting from contract transactions(3,106)(95,104)(45,043)(633)(34,465)92,276 
Total increase (decrease) in net assets10,334 (6,236)315,291 5,742 66,697 135,235 
Net assets at December 31, 2024$293,439 $377,495 $1,407,046 $364,447 $656,486 $952,420 
Changes from 2025 operations
Net investment income4,368 202 — 12,597 2,686 25,840 
Net realized gain (loss) on investments39,968 58,836 283,046 (6,689)82,342 — 
Net change in unrealized appreciation (depreciation) on investments12,662 (4,055)(6,771)19,373 (12,503)— 
Net increase in net
 assets resulting from operations56,998 54,983 276,275 25,281 72,525 25,840 
Contract transactions
Deposits5,779 5,976 22,718 11,970 7,722 11,259 
Surrenders and death benefits(23,897)(137)(55)(41,640)(64,994)(571,576)
Contract maintenance charges(10,240)(12,405)(35,413)(12,872)(19,971)(17,618)
Other transfers between sub-accounts,
 including fixed interest account(96)(1,227)(69,046)10,198 4,399 (11,075)
Net increase (decrease) in net assets
 resulting from contract transactions(28,454)(7,793)(81,796)(32,344)(72,844)(589,010)
Total increase (decrease) in net assets28,544 47,190 194,479 (7,063)(319)(563,170)
Net assets at December 31, 2025$321,983 $424,685 $1,601,525 $357,384 $656,167 $389,250 
(Continued)

The accompanying notes are an integral part of these financial statements.
19

Athene Variable Life Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
InvescoLazardAllspring
 Variable InvestmentRetirementVT
 FundsSeries, Inc.Funds
RetirementDiscovery
HighCoreU.S. SmallSMID Cap
YieldEquityCap EquityGrowth
FundFundPortfolioFund
Net assets at December 31, 2023$28,140 $47,161 $318,155 $2,992 
Changes from 2024 operations
Net investment income1,635 384 — — 
Net realized gain (loss) on investments(190)4,656 11,936 (15)
 Net change in unrealized appreciation (depreciation) on investments669 6,989 23,439 554 
Net increase in net assets resulting from operations2,114 12,029 35,375 539 
Contract transactions
Deposits868 1,112 9,300 — 
Surrenders and death benefits(885)— (1,809)— 
Contract maintenance charges(817)(1,695)(11,632)(130)
Other transfers between sub-accounts,
 including fixed interest account24 (25)2,706 53 
Net increase (decrease) in net assets
 resulting from contract transactions(810)(608)(1,435)(77)
Total increase (decrease) in net assets1,304 11,421 33,940 462 
Net assets at December 31, 2024$29,444 $58,582 $352,095 $3,454 
Changes from 2025 operations
Net investment income2,003 413 — — 
Net realized gain (loss) on investments(316)4,848 34,058 24 
Net change in unrealized appreciation (depreciation) on investments182 4,164 (25,082)161 
Net increase in net
 assets resulting from operations1,869 9,425 8,976 185 
Contract transactions
Deposits894 1,112 7,125 — 
Surrenders and death benefits(2,115)— (45,196)— 
Contract maintenance charges(795)(1,798)(10,986)(138)
Other transfers between sub-accounts,
 including fixed interest account(27)63 11,319 53 
Net increase (decrease) in net assets
 resulting from contract transactions(2,043)(623)(37,738)(85)
Total increase (decrease) in net assets(174)8,802 (28,762)100 
Net assets at December 31, 2025$29,270 $67,384 $323,333 $3,554 
(Continued)
The accompanying notes are an integral part of these financial statements.
20

Athene Variable Life Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
Janus
Henderson
PortfolioT. Rowe Price Equity Series, Inc.
Equity Blue ChipModerateHealth
OverseasIncomeGrowthAllocationSciences
PortfolioPortfolio IIPortfolioPortfolioPortfolio II
Net assets at December 31, 2023$511,660 $437,989 $796,379 $202,783 $153,280 
Changes from 2024 operations
Net investment income7,455 7,808 — 4,933 — 
Net realized gain (loss) on investments16,458 34,350 91,718 6,094 16,977 
 Net change in unrealized appreciation (depreciation) on investments6,513 7,703 182,937 9,184 (14,809)
Net increase in net assets resulting from operations30,426 49,861 274,655 20,211 2,168 
Contract transactions
Deposits14,149 12,161 4,799 3,948 2,131 
Surrenders and death benefits(15,826)(1,337)(16,473)(1,102)(2,033)
Contract maintenance charges(20,714)(8,104)(25,811)(8,711)(4,123)
Other transfers between sub-accounts,
 including fixed interest account6,572 353 (20,546)1,744 4,716 
Net increase (decrease) in net assets
 resulting from contract transactions(15,819)3,073 (58,031)(4,121)691 
Total increase (decrease) in net assets14,607 52,934 216,624 16,090 2,859 
Net assets at December 31, 2024$526,267 $490,923 $1,013,003 $218,873 $156,139 
Changes from 2025 operations
Net investment income6,759 7,116 — 4,365 — 
Net realized gain (loss) on investments68,633 62,321 209,832 14,540 9,695 
Net change in unrealized appreciation (depreciation) on investments46,412 (3,015)(54,884)8,350 20,087 
Net increase in net
 assets resulting from operations121,804 66,422 154,948 27,255 29,782 
Contract transactions
Deposits12,383 11,108 3,970 3,886 2,475 
Surrenders and death benefits(145,171)(30,702)(56,663)(65,227)— 
Contract maintenance charges(18,246)(8,121)(21,985)(7,725)(4,122)
Other transfers between sub-accounts,
 including fixed interest account7,896 473 (72,890)668 10,097 
Net increase (decrease) in net assets
 resulting from contract transactions(143,138)(27,242)(147,568)(68,398)8,450 
Total increase (decrease) in net assets(21,334)39,180 7,380 (41,143)38,232 
Net assets at December 31, 2025$504,933 $530,103 $1,020,383 $177,730 $194,371 
(Continued)
The accompanying notes are an integral part of these financial statements.
21

Athene Variable Life Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
Lord Abbett Series Fund, Inc.
Calibrated
Mid CapDividend Bond-Growth and
StockGrowthDebentureIncome
PortfolioPortfolioPortfolioPortfolio
Net assets at December 31, 2023$245,421 $16,996 $7,940 $710,262 
Changes from 2024 operations
Net investment income1,232 109 485 6,303 
Net realized gain (loss) on investments29,717 1,177 (64)73,038 
 Net change in unrealized appreciation (depreciation) on investments4,738 2,467 125 66,534 
Net increase in net assets resulting from operations35,687 3,753 546 145,875 
Contract transactions
Deposits7,579 177 510 11,260 
Surrenders and death benefits(7,390)— — (78,538)
Contract maintenance charges(8,898)(359)(453)(34,975)
Other transfers between sub-accounts,
 including fixed interest account(1,621)(535)159 (2,344)
Net increase (decrease) in net assets
 resulting from contract transactions(10,330)(717)216 (104,597)
Total increase (decrease) in net assets25,357 3,036 762 41,278 
Net assets at December 31, 2024$270,778 $20,032 $8,702 $751,540 
Changes from 2025 operations
Net investment income926 127 563 3,617 
Net realized gain (loss) on investments23,429 1,710 (81)108,025 
Net change in unrealized appreciation (depreciation) on investments(4,522)1,276 250 35 
Net increase in net
 assets resulting from operations19,833 3,113 732 111,677 
Contract transactions
Deposits5,209 177 510 8,410 
Surrenders and death benefits(500)— — (176,935)
Contract maintenance charges(8,549)(389)(488)(29,697)
Other transfers between sub-accounts,
 including fixed interest account4,069 (337)208 5,447 
Net increase (decrease) in net assets
 resulting from contract transactions229 (549)230 (192,775)
Total increase (decrease) in net assets20,062 2,564 962 (81,098)
Net assets at December 31, 2025$290,840 $22,596 $9,664 $670,442 
(Continued)

The accompanying notes are an integral part of these financial statements.
22

Athene Variable Life Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
Vanguard Variable Insurance Funds
Total BondTotal StockSmall
Mid-CapReal EstateMarketMarketCompanyCapital
IndexIndexIndexIndexGrowthGrowth
PortfolioPortfolioPortfolioPortfolioPortfolioPortfolio
Net assets at December 31, 2023$257,130 $307,338 $172,248 $162,150 $77,095 $371,948 
Changes from 2024 operations
Net investment income3,256 9,003 4,464 1,884 268 3,697 
Net realized gain (loss) on investments4,309 5,231 (860)14,971 (1,586)18,197 
Net change in unrealized
appreciation (depreciation) on investments30,529 843 (1,524)20,812 9,705 27,025 
Net increase in net assets resulting from operations38,094 15,077 2,080 37,667 8,387 48,919 
Contract transactions
Deposits10,907 11,259 5,139 5,718 5,026 9,466 
Surrenders and death benefits(1,507)(3,930)(662)(1,786)(1,431)(6,040)
Contract maintenance charges(8,217)(9,629)(5,463)(7,605)(5,149)(11,443)
Other transfers between sub-accounts,
 including fixed interest account(395)(4,010)9,349 58 (745)(865)
Net increase (decrease) in net assets
 resulting from contract transactions788 (6,310)8,363 (3,615)(2,299)(8,882)
Total increase (decrease) in net assets38,882 8,767 10,443 34,052 6,088 40,037 
Net assets at December 31, 2024$296,012 $316,105 $182,691 $196,202 $83,183 $411,985 
Changes from 2025 operations
Net investment income3,209 8,194 6,119 1,943 222 3,617 
Net realized gain (loss) on investments16,529 4,233 (1,481)13,466 3,292 27,172 
Net change in unrealized appreciation (depreciation) on investments13,939 (3,224)7,818 17,133 1,643 87,394 
Net increase in net
 assets resulting from operations33,677 9,203 12,456 32,542 5,157 118,183 
Contract transactions
Deposits12,125 11,458 6,090 6,136 5,722 9,516 
Surrenders and death benefits(40)(280)— — (27)(83)
Contract maintenance charges(7,264)(8,929)(5,812)(8,378)(5,242)(11,584)
Other transfers between sub-accounts,
 including fixed interest account(699)9,895 6,947 183 (7,086)(2,978)
Net increase (decrease) in net assets
 resulting from contract transactions4,122 12,144 7,225 (2,059)(6,633)(5,129)
Total increase (decrease) in net assets37,799 21,347 19,681 30,483 (1,476)113,054 
Net assets at December 31, 2025$333,811 $337,452 $202,372 $226,685 $81,707 $525,039 
(Concluded)

The accompanying notes are an integral part of these financial statements.
23

Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025

1.    Organization

Athene Variable Life Account A (the Separate Account), is a segregated investment account of Athene Annuity & Life Assurance Company (the Company). The Separate Account is registered under the Investment Company Act of 1940, as amended, as a unit investment trust that follows investment company accounting guidance in accordance with accounting principles generally accepted in the United States of America. The Separate Account is a funding vehicle for individual variable life contracts issued by the Company.

On October 11, 2024, Athene Annuity & Life Assurance Company (AADE) merged with and into Athene Annuity and Life Company (AAIA), with AAIA as the surviving entity following the receipt of all required regulatory approvals.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and segregated from the Company’s other assets and liabilities. The portion of the Separate Account’s assets applicable to the variable life contracts cannot be used to fulfill any other obligations arising from any other business the Company may conduct.

The Separate Account includes four variable life insurance products: Clarity Variable Universal Life (Clarity VUL), Conseco Variable Universal Life (Conseco VUL), Clarity Survivorship Variable Universal Life (Clarity SVUL), and Clarity Duo Variable Universal Life (Clarity Duo). None of these products are being actively marketed by the Company; however, these are available for purchase. The significant features of the products are summarized below:

Clarity VUL and Conseco VUL - These contracts provide accumulation values, surrender rights, loan privileges and other features associated with life insurance as well as tax deferred investment options to potentially maximize the value of the contract.

Clarity SVUL - This contract also offers a combination of life insurance and tax‑deferred investment opportunities, but it covers two people in a single contract that pays a death benefit at the second death.

Clarity Duo - This contract utilizes two products, a single premium fixed annuity and a variable universal life contract, to create a single one‑time transaction that will pay the variable universal life’s premiums over seven years.

Investments
The deposits of the Separate Account are invested at the direction of the contract holders in the sub-accounts that comprise the Separate Account (the Subaccounts). The sub-accounts invest in the following underlying mutual fund portfolios (collectively the Funds):

24
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
SubaccountMutual Fund
The Alger FundsThe Alger Funds
Large Cap Growth PortfolioLarge Cap Growth Portfolio
Capital Appreciation PortfolioCapital Appreciation Portfolio
Mid Cap Growth PortfolioMid Cap Growth Portfolio
Small Cap Growth PortfolioSmall Cap Growth Portfolio
LVIP American Century Variable Portfolios*LVIP American Century Variable Portfolios*
VP Disciplined Core Value Fund VP Disciplined Core Value Fund
VP Value Fund VP Value Fund
VP Ultra FundVP Ultra Fund
BNY Mellon Investment Portfolios BNY Mellon Investment Portfolios
Sustainable US Equity Portfolio FundSustainable US Equity Portfolio Fund
Stock Index FundStock Index Fund
Small Cap Stock Index PortfolioSmall Cap Stock Index Portfolio
Fidelity Variable Insurance ProductsFidelity Variable Insurance Products
Overseas PortfolioOverseas Portfolio
Growth PortfolioGrowth Portfolio
Contrafund PortfolioContrafund Portfolio
Investment Grade Bond PortfolioInvestment Grade Bond Portfolio
Mid-Cap PortfolioMid-Cap Portfolio
Government Money Market FundGovernment Money Market Fund
Invesco Variable Investment FundsInvesco Variable Investment Funds
High Yield FundHigh Yield Fund
Core Equity FundCore Equity Fund
Lazard Retirement Series, Inc.Lazard Retirement Series, Inc.
Retirement U.S. Small Cap Equity PortfolioRetirement U.S. Small Cap Equity Portfolio
Allspring VT FundsAllspring VT Funds
Discovery SMID Cap Growth FundDiscovery SMID Cap Growth Fund
Janus Henderson PortfolioJanus Henderson Portfolio
Overseas PortfolioOverseas Portfolio
T. Rowe Price Equity Series, Inc. T. Rowe Price Equity Series, Inc.
Equity Income Portfolio IIEquity Income Portfolio II
Blue Chip Growth PortfolioBlue Chip Growth Portfolio
Moderate Allocation Portfolio Moderate Allocation Portfolio
Health Sciences Portfolio IIHealth Sciences Portfolio II
Lord Abbett Series Fund, Inc.Lord Abbett Series Fund, Inc.
Mid Cap Stock PortfolioMid Cap Stock Portfolio
Calibrated Dividend Growth PortfolioCalibrated Dividend Growth Portfolio
Bond-Debenture PortfolioBond-Debenture Portfolio
Growth and Income PortfolioGrowth and Income Portfolio
Vanguard Variable Insurance FundsVanguard Variable Insurance Funds
Mid-Cap Index PortfolioMid-Cap Index Portfolio
(Continued)
25
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
SubaccountMutual Fund
Real Estate Index PortfolioReal Estate Index Portfolio
Total Bond Market Index PortfolioTotal Bond Market Index Portfolio
Total Stock Market Index PortfolioTotal Stock Market Index Portfolio
Small Company Growth PortfolioSmall Company Growth Portfolio
Capital Growth PortfolioCapital Growth Portfolio
(Concluded)


2.    Summary of Significant Accounting Policies
Basis of Accounting
Financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America for variable life separate accounts registered as unit investment trusts.
Use of Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results may differ from the estimates used in preparing the financial statements. The primary estimates included in the accompanying financial statements are the assumptions and judgments utilized in determining the fair value of investments.
Investment Valuation
Investments in mutual fund shares are carried in the statements of net assets at fair value based on the net asset value (NAV) of the underlying mutual funds, which value their investment securities at fair value. Investment transactions are accounted for on a trade-date basis, and the cost of investments sold is determined by the first-in, first-out method.
In valuing securities, the Company uses a fair value hierarchy that prioritizes the inputs in the valuation techniques used to measure fair value into three broad levels.
Level 1    Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.
Level 2    Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument.  Such inputs include market interest rates and volatilities, spreads and yield curves.
Level 3    Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement.  Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.
All assets held by the Separate Account are classified in Level 2. There were no transfers between levels in 2025.
26
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Dividends
Dividends paid to the Separate Account are automatically reinvested in shares of the same funds on the payable date.
Accumulation Unit Value
Accumulation unit value is calculated at close on trading days based on the contract owner's proportion of the fund NAV over the number of units outstanding for the respective fund.

Federal Income Taxes
The operations of the Separate Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the Code). The Separate Account is not separately taxable as a regulated investment company under Subchapter M of the Code and is not otherwise taxable as an entity separate from the Company. Based on this, no charge is being made currently to the Separate Account for federal income taxes. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Segment Reporting
Each Subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. The chief operating decision maker (CODM) oversees the activities of the Separate Account using information of each Subaccount. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by the Company to support the liabilities of the applicable insurance contracts. The President of the Company is the CODM.

The CODM uses increase (decrease) in net assets from operations as their performance measure in order to make operations decisions while monitoring the net assets of each of the funds within the Separate Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the Statements of Net Assets as net assets. Refer to the Statements of Operations and Changes in Net Assets and related notes for each Subaccount’s operating segment significant expenses. All assets and revenue are generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

3.    Fund Charges
The Separate Account pays the Company certain amounts relating to the distribution and administration of the policies funded by the Separate Account and as reimbursement for certain mortality and other risks assumed by the Company.

Mortality and Expense and Administration Charges
The Separate Account deducts a mortality and expense and administration fee from the contract holder of 0.20%, on an annual basis, of the accumulation value invested in the Vanguard Variable Insurance Funds. This fee is deducted as part of the daily accumulation unit value calculation, in net investment income (loss).
Premium Charges
The Company deducts a premium charge from each premium payment from the contract holder of 5.5% to 8.0% of all premiums in the first through the tenth contract year and 4% of all premiums in the eleventh and later contract years for all of the products except Clarity Duo. Premium charges are deducted from deposits; therefore, deposits are recorded net of premium charges, and these charges are not recorded in the financial statements of the Separate Account. These charges are recorded in the Company's general account.
27
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Contract Maintenance Charges
Contract maintenance charges are made up of risk charges, contract charges and cost of insurance.
Risk Charge
For Clarity VUL and Conseco VUL, the Separate Account deducts a risk charge each month of 0.80% to 0.84%, on an annual basis, of the accumulation value in the sub-account for the first through tenth contract year and 0.36% to 0.40%, on an annual basis, of the accumulation value in the sub-account for the eleventh contract year and thereafter. For Clarity SVUL, the Separate Account deducts a risk charge of 0.07% per month of the accumulation value in the sub-account for the first through the fifteenth contract year and 0.03% per month of the accumulation value in the sub-account for the sixteenth contract year and thereafter. Clarity Duo assesses a risk charge that varies from 0.40% to 0.70%, on an annual basis, of the accumulation value in the sub-account for the first through tenth contract year and 0.15% to 0.45%, on an annual basis, of the accumulation value in the sub-account for the eleventh contract year and thereafter. The amount of the charge will vary among policyholders, and is based on the sex, age and rate class of the primary insured. Risk charges for all the products are recognized as redemptions of units. These charges are included in contract maintenance charges in the accompanying Statements of Changes in Net Assets.

Contract Charges
The Separate Account deducts a contract charge of $25 to $35 per month in the first contract year and $5 to $7.50 per month thereafter for all of the products except for Clarity Duo. Contract charges are recognized as redemptions of units and are included in contract maintenance charges in the accompanying Statements of Changes in Net Assets.
Cost of Insurance
A deduction for cost of insurance and cost of any riders is also made monthly. This charge will depend on the specified amount of insurance coverage, the accumulation value, and the sex, age and rate class of the primary insured. Cost of insurance is recognized as a redemption of units and is included in contract maintenance charges in the accompanying Statements of Changes in Net Assets.
Surrender Charges
Surrender charges will be imposed in the event of a full or partial surrender. The surrender charge will depend on the year of surrender, sex, issue age and rate class of the primary insured. A fee of $25 will also be assessed on all partial surrenders, in addition to any other surrender charges already imposed. Clarity VUL allows for one free partial surrender each contract year up to 10% of the unloaned accumulation value but never to exceed the net surrender value of the contract. Surrender charges are withheld from the proceeds of the surrender by the Company with the net amount being remitted to the contract holder. These charges are not recorded in the financial statements of the Separate Account. These fees are recorded in the Company's general account.
Transfer Fees
Transfers in excess of twelve for Clarity VUL and Clarity SVUL and in excess of 20 for Conseco VUL and Clarity Duo during each contract year will result in a $25 transfer fee assessment against the contract. These fees are recorded in the Company's general account. Fees charged on separate account contractowner deposits are included in the statement of changes in net assets as other transfers between sub-accounts, including fixed interest account.

28
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
4.    Purchases and Sales of Securities
    The cost of investments purchased and proceeds from investments sold were as follows for the year ended December 31, 2025:
    
Cost ofProceeds
PurchasesFrom Sales
The Alger Funds
Large Cap Growth Portfolio$5,471 $1,825 
Capital Appreciation Portfolio35,376 91,636 
Mid Cap Growth Portfolio15 389 
Small Cap Growth Portfolio284 183 
LVIP American Century Variable Portfolios, Inc.
VP Disciplined Core Value Fund10,114 10,239 
VP Value Fund 74,925 19,667 
VP Ultra Fund6,204 3,354 
BNY Mellon Investment Portfolios
Sustainable US Equity Portfolio Fund303 118 
Stock Index Fund92,514 109,193 
Small Cap Stock Index Portfolio10,930 2,393 
Fidelity Variable Insurance Products
Overseas Portfolio47,879 43,508 
Growth Portfolio61,199 14,536 
Contrafund Portfolio265,903 97,707 
Investment Grade Bond Portfolio30,953 50,701 
Mid-Cap Portfolio92,864 93,268 
Government Money Market Fund43,010 606,179 
Invesco Variable Investment Funds
High Yield Fund 2,537 2,577 
Core Equity Fund 6,111 1,571 
Lazard Retirement Series, Inc.
Retirement U.S. Small Cap Equity Portfolio50,280 50,204 
Allspring VT Funds
Discovery SMID Cap Growth Fund 72 132 
(Continued)
29
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Cost ofProceeds
PurchasesFrom Sales
Janus Henderson Portfolio
Overseas Portfolio $17,014 $153,394 
T. Rowe Price Equity Series, Inc.
Equity Income Portfolio II67,018 36,373 
Blue Chip Growth Portfolio98,228 160,641 
Moderate Allocation Portfolio16,911 73,368 
Health Sciences Portfolio II23,269 7,757 
Lord Abbett Series Fund, Inc.
Mid-Cap Stock Portfolio 32,388 8,765 
Calibrated Dividend Growth Portfolio1,922 668 
Bond-Debenture Portfolio1,251 459 
Growth and Income Portfolio79,944 200,815 
Vanguard Variable Insurance Funds
Mid-Cap Index Portfolio28,542 5,912 
Real Estate Index Portfolio37,073 11,065 
Total Bond Market Index Portfolio24,918 11,574 
Total Stock Market Index Portfolio18,884 7,974 
Small Company Growth Portfolio12,329 13,241 
Capital Growth Portfolio31,614 13,720 
(Concluded)

30
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
5.    Summary of Unit Transactions
    Transactions in units for the years ended December 31, 2025 and 2024 were as follows:
Years Ended
December 31,
20252024
UnitsUnits
The Alger Funds Large Cap Growth Portfolio
  Contract purchases— — 
  Redemptions and transfers to/(from)(18)(18)
The Alger Funds Capital Appreciation Portfolio
  Contract purchases— — 
Redemptions and transfers to/(from)(428)(101)
The Alger Funds Mid Cap Growth Portfolio
  Contract purchases— — 
Redemptions and transfers to/(from)(5)(81)
The Alger Funds Small Cap Growth Portfolio
  Contract purchases— — 
Redemptions and transfers to/(from)2 — 
LVIP American Century Variable Portfolios, Inc.
VP Disciplined Core Value Fund
  Contract purchases104 110 
Redemptions and transfers to/(from)(226)(529)
LVIP American Century Variable Portfolios, Inc. VP Value Fund
  Contract purchases85 170 
Redemptions and transfers to/(from)(107)(676)
LVIP American Century Variable Portfolios, Inc. VP Ultra Fund
  Contract purchases8 9 
Redemptions and transfers to/(from)(24)(52)
BNY Mellon Investment Portfolios Sustainable
 US Equity Portfolio Fund
  Contract purchases— — 
Redemptions and transfers to/(from)(2)(1)
BNY Mellon Investment Portfolios Stock Index Fund
  Contract purchases198 347 
Redemptions and transfers to/(from)(1,428)(2,926)
BNY Mellon Investment Portfolios Small Cap Stock Index Portfolio
  Contract purchases18 20 
Redemptions and transfers to/(from)(27)(33)
Fidelity Variable Insurance Products Overseas Portfolio
  Contract purchases211 293 
Redemptions and transfers to/(from)(1,233)(446)
(Continued)
31
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Years Ended
December 31,
20252024
UnitsUnits
Fidelity Variable Insurance Products Growth Portfolio
  Contract purchases94 250 
Redemptions and transfers to/(from)(200)(2,147)
Fidelity Variable Insurance Products Contrafund Portfolio
  Contract purchases244 291 
Redemptions and transfers to/(from)(1,219)(849)
Fidelity Variable Insurance Products Investment
 Grade Bond Portfolio
  Contract purchases605 772 
Redemptions and transfers to/(from)(2,238)(808)
Fidelity Variable Insurance Products Mid-Cap Portfolio
  Contract purchases122 143 
Redemptions and transfers to/(from)(1,224)(722)
Fidelity Variable Insurance Products Government
 Money Market Fund
  Contract purchases 798 3,187 
Redemptions and transfers to/(from)(42,650)3,578 
Invesco Variable Investment Funds High Yield Fund
  Contract purchases29 31 
Redemptions and transfers to/(from)(96)(60)
Invesco Variable Investment Funds Core Equity Fund
  Contract purchases20 23 
Redemptions and transfers to/(from)(31)(35)
Lazard Retirement Series, Inc Retirement U.S.
 Small Cap Equity Portfolio
  Contract purchases95 126 
Redemptions and transfers to/(from)(522)(135)
Allspring VT Discovery SMID Cap Growth Fund
  Contract purchases— — 
Redemptions and transfers to/(from)(1)(1)
Janus Henderson Portfolio Overseas Portfolio
  Contract purchases176 224 
Redemptions and transfers to/(from)(2,454)(463)
T. Rowe Price Equity Series, Inc. Equity Income Portfolio II
  Contract purchases252 297 
Redemptions and transfers to/(from)(879)(223)
T. Rowe Price Equity Series, Inc. Blue Chip Growth Portfolio
  Contract purchases38 55 
Redemptions and transfers to/(from)(1,585)(722)
T. Rowe Price Equity Series, Inc. Moderate Allocation Portfolio
  Contract purchases97 108 
Redemptions and transfers to/(from)(1,809)(224)
(Continued)
32
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Years Ended
December 31,
20252024
UnitsUnits
T. Rowe Price Equity Series, Inc. Health Sciences Portfolio II
  Contract purchases23 19 
Redemptions and transfers to/(from)60 (13)
Lord Abbett Series Fund, Inc. Mid Cap Stock Portfolio
  Contract purchases134 202 
Redemptions and transfers to/(from)(110)(492)
Lord Abbett Series Fund, Inc. Calibrated Dividend Growth Portfolio
  Contract purchases3 3 
Redemptions and transfers to/(from)(12)(15)
Lord Abbett Series Fund, Inc. Bond-Debenture Portfolio
  Contract purchases17 18 
Redemptions and transfers to/(from)(9)(10)
Lord Abbett Series Fund, Inc. Growth and Income Portfolio
  Contract purchases184 276 
Redemptions and transfers to/(from)(4,355)(2,711)
Vanguard Variable Insurance Funds Mid-Cap Index Portfolio
  Contract purchases191 192 
Redemptions and transfers to/(from)(128)(180)
Vanguard Variable Insurance Funds Real Estate Index Portfolio
  Contract purchases313 321 
Redemptions and transfers to/(from)16 (465)
Vanguard Variable Insurance Funds Total Bond
 Market Index Portfolio
  Contract purchases348 305 
Redemptions and transfers to/(from)61 206 
Vanguard Variable Insurance Funds Total Stock
 Market Index Portfolio
  Contract purchases85 91 
Redemptions and transfers to/(from)(113)(148)
Vanguard Variable Insurance Funds Small Company
 Growth Portfolio
  Contract purchases98 89 
Redemptions and transfers to/(from)(200)(132)
Vanguard Variable Insurance Funds Capital Growth Portfolio
  Contract purchases100 108 
Redemptions and transfers to/(from)(146)(208)
(Concluded)
33
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
6.    Financial Highlights
The Company sells four different variable life products which have unique combinations of features and fees that are charged against the contract holder’s account balance. Differences in the fee structures result in a variety of unit values, expense ratios and total returns. This information is presented as a range of minimum and maximum values based upon product grouping. The range is determined by identifying the lowest and the highest contract expense rate. Below is a summary of units outstanding, unit values and net assets at December 31, 2025, 2024, 2023, 2022 and 2021, and the ratios of investment income, expenses to average net assets, and total return for the years then ended:
Investment
Unit ValueNetIncomeExpense Total Return (3)
UnitsLow to HighAssetsRatio (1)Ratio (2)Low to High
The Alger Funds:
Large Cap Growth Portfolio
2025460$107.487 $111.772 $49,466 —%—30.27%30.26%
202447882.512 85.801 39,459 ——42.8942.89
202349657.746 60.048 28,658 ——32.6732.67
202256043.527 45.262 24,447 ——(38.65)(38.65)
202158070.953 73.781 41,306 ——11.8411.84
Capital Appreciation Portfolio
20251,005197.344 222.387 223,495 ——32.8732.87
20241,433148.525 167.372 239,846 ——48.1348.13
20231,534100.264 112.987 173,293 ——43.1343.13
20221,57270.051 78.941 124,100 ——(36.52)(36.52)
20211,611110.356 124.360 200,402 ——19.1319.13
 Mid Cap Growth Portfolio
202526066.222 99.389 23,994 ——16.7616.76
202426556.714 85.119 20,901 ——21.0721.07
202334646.845 70.307 22,936 ——23.1723.17
202250038.032 57.080 27,386 ——(36.07)(36.07)
202151559.492 89.289 44,185 ——4.204.20
Small Cap Growth Portfolio
20251653.429 53.429 850 ——5.915.91
20241450.447 50.447 729 ——7.747.74
20231446.821 46.821 672 ——16.4916.49
20221240.193 40.193 481 ——(38.01)(38.01)
20211064.841 64.841 672 ——(6.06)(6.06)
LVIP American Century Variable Portfolios, Inc.:
VP Disciplined Core Value Fund
20256,85259.777 60.246 409,795 1.73—14.7914.79
20246,97452.074 52.483 363,346 1.30—13.1613.16
20237,39346.019 46.381 340,387 1.38—8.658.65
20228,98042.354 42.687 380,810 1.77—(12.74)(12.74)
20219,40148.536 48.917 456,856 1.08—23.6523.65
(Continued)
34
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Investment
Unit ValueNetIncomeExpense Total Return (3)
UnitsLow to HighAssetsRatio (1)Ratio (2)Low to High
VP Value Fund
20258,052$64.528 $87.563 $643,966 1.67%—16.02%16.01%
20248,07455.619 75.473 556,912 2.96—9.499.49
20238,58050.798 68.931 544,546 2.24—9.109.10
202210,22646.598 63.233 584,737 2.16—0.620.62
202111,29846.311 62.843 639,019 1.75—24.5124.51
VP Ultra Fund
2025534107.350 107.350 57,351 ——12.8612.86
202455095.117 95.117 52,288 ——28.7928.79
202359373.853 73.853 43,810 ——43.5143.51
202261351.463 51.463 31,551 ——(32.38)(32.38)
202159376.100 76.100 45,111 ——23.1623.16
BNY Mellon Investment Portfolios:
Sustainable US Equity Portfolio Fund
20255467.219 67.219 3,640 0.25—15.9715.97
20245657.962 57.962 3,221 0.53—24.8924.89
20235746.411 46.411 2,655 0.72—24.0124.01
20225937.427 37.427 2,205 0.52—(22.87)(22.87)
20216148.525 48.525 2,947 0.75—27.0027.00
Stock Index Fund
202514,47690.075 95.439 1,303,895 1.03—17.5317.53
202415,70676.639 81.203 1,203,722 1.16—24.6624.66
202318,28561.478 65.139 1,129,499 1.41—25.9325.93
202219,81848.631 51.527 971,862 0.98—(18.63)(18.63)
202119,90559.768 63.328 1,195,135 1.09—28.4128.41
Small Cap Stock Index Portfolio
20251,54958.243 58.243 90,217 1.26—5.365.36
20241,55855.282 55.282 86,135 1.11—7.967.96
20231,57151.207 51.207 80,460 1.01—15.3915.39
20221,82144.378 44.378 80,814 0.91—(16.65)(16.65)
20211,92453.243 53.243 102,420 0.67—26.1426.14
(Continued)
35
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Investment
Unit ValueNetIncomeExpense Total Return (3)
UnitsLow to HighAssetsRatio (1)Ratio (2)Low to High
Fidelity Variable Insurance Products:
Overseas Portfolio
20259,982$28.998 $40.691 $321,983 1.37%—20.05%20.05%
202411,00424.154 33.894 293,439 1.41—4.814.81
202311,15723.046 32.339 283,105 0.69—20.2220.22
202213,12819.170 26.900 281,797 0.82—(24.68)(24.68)
202113,86425.452 35.715 391,424 0.32—19.3919.39
Growth Portfolio
20255,61170.052 115.523 424,685 0.05—14.6114.61
20245,71761.123 100.797 377,495 ——30.0730.07
20237,61446.991 77.492 383,731 ——35.8935.89
20228,86234.580 57.026 325,850 0.35—(24.64)(24.64)
20218,93445.889 75.676 438,790 ——22.9022.90
Contrafund Portfolio
202514,984105.244 118.289 1,601,525 ——21.1921.19
202415,95986.839 97.603 1,407,046 0.03—33.4533.45
202316,51765.073 73.139 1,091,755 0.25—33.1233.12
202218,14048.884 54.944 905,027 0.25—(26.49)(26.49)
202120,05566.498 74.741 1,358,593 0.03—27.5127.51
Investment Grade Bond Portfolio
202517,47520.451 20.451 357,384 3.49—7.227.22
202419,10819.073 19.073 364,447 3.51—1.791.79
202319,14418.738 18.738 358,705 2.08—6.206.20
202220,75117.643 17.643 366,117 2.00—(12.96)(12.96)
202124,42820.270 20.270 495,154 2.04—(0.61)(0.61)
Mid-Cap Portfolio
20259,32870.340 70.340 656,167 0.44—11.7511.75
202410,43062.943 62.943 656,486 0.55—17.4917.49
202311,00953.572 53.572 589,789 0.52—15.0815.08
202213,28646.554 46.554 618,531 0.50—(14.74)(14.74)
202113,86854.604 54.604 757,252 0.60—25.6025.60
Government Money Market Fund
202527,03714.397 14.397 389,250 4.14—4.134.13
202468,88913.825 13.825 952,420 4.97—5.105.10
202362,12413.154 13.154 817,185 4.73—4.894.89
202267,24612.541 12.541 843,297 1.44—1.441.44
202167,36612.363 12.363 832,834 0.01—0.010.01
(Continued)
36
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Investment
Unit ValueNetIncomeExpense Total Return (3)
UnitsLow to HighAssetsRatio (1)Ratio (2)Low to High
Invesco Variable Investment Funds:
High Yield Fund
2025909$32.198 $32.198 $29,270 7.04%—6.73%6.72%
202497630.169 30.169 29,444 5.72—7.737.73
20231,00528.005 28.005 28,140 5.36—10.1810.18
20221,00125.419 25.419 25,435 4.61—(9.55)(9.55)
20211,09328.104 28.104 30,724 4.83—4.384.38
Core Equity Fund
20251,09461.579 61.579 67,384 0.67—16.1716.17
20241,10553.009 53.009 58,582 0.71—25.6125.61
20231,11742.202 42.202 47,161 0.78—23.3623.36
20221,12634.210 34.210 38,516 0.93—(20.55)(20.55)
20211,12743.057 43.057 48,519 0.67—27.7427.74
Lazard Retirement Series, Inc:
Retirement U.S. Small Cap Equity Portfolio
20254,68549.337 79.073 323,333 ——2.182.18
20245,11248.283 77.383 352,095 ——11.1211.12
20235,12143.453 69.642 318,155 ——10.0210.02
20226,50539.494 63.296 360,433 ——(15.52)(15.52)
20217,75646.747 74.921 516,785 0.05—19.8719.87
Allspring VT Funds:
Discovery SMID Cap Growth Fund
20254873.804 73.804 3,554 ——5.395.39
20244970.032 70.032 3,454 ——18.1318.13
20235059.282 59.282 2,992 ——20.1420.14
20225249.344 49.344 2,553 ——(37.85)(37.85)
20215379.392 79.392 4,218 ——(5.04)(5.04)
(Continued)
37
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Investment
Unit ValueNetIncomeExpense Total Return (3)
UnitsLow to HighAssetsRatio (1)Ratio (2)Low to High
Janus Henderson Portfolio:
Overseas Portfolio
20256,942$57.865 $80.237 $504,933 1.42%—28.87%28.87%
20249,22044.901 62.261 526,267 1.37—5.845.84
20239,45942.425 58.827 511,660 1.33—10.8710.87
202211,64338.264 53.058 560,259 1.75—(8.60)(8.60)
202114,00741.867 58.053 749,330 1.16—13.5813.58
T. Rowe Price Equity Series, Inc.:
Equity Income Portfolio II
202511,10847.721 47.721 530,103 1.44—14.0714.07
202411,73541.833 41.833 490,923 1.63—11.3811.38
202311,66137.559 37.559 437,989 1.74—9.319.31
202212,89434.359 34.359 443,014 1.65—(3.59)(3.59)
202113,62635.637 35.637 485,583 1.39—25.2225.22
Blue Chip Growth Portfolio
20258,657117.870 117.870 1,020,383 ——18.7418.74
202410,20499.271 99.271 1,013,003 ——35.5135.51
202310,87173.256 73.256 796,379 ——49.2949.29
202212,68449.070 49.070 622,386 ——(38.50)(38.50)
202113,25579.793 79.793 1,057,641 ——17.6217.62
Moderate Allocation Portfolio
20254,17642.561 42.561 177,730 2.17—14.5014.50
20245,88837.170 37.170 218,873 2.30—10.0610.06
20236,00433.773 33.773 202,783 2.08—15.3515.35
20226,79629.279 29.279 198,974 1.57—(18.31)(18.31)
20216,87835.844 35.844 246,522 0.98—10.0610.06
Health Science Portfolio II
20251,539126.330 126.330 194,371 ——17.8017.80
20241,456107.237 107.237 156,139 ——1.421.42
20231,450105.738 105.738 153,280 ——2.682.68
20221,653102.973 102.973 170,175 ——(12.69)(12.69)
20211,705117.935 117.935 201,131 ——12.8312.83
Lord Abbett Series Fund, Inc.:
Mid Cap Stock Portfolio
20257,02941.380 41.380 290,840 0.34—7.057.05
20247,00538.653 38.653 270,778 0.47—14.9014.90
20237,29533.641 33.641 245,421 0.38—15.4215.42
20227,86029.147 29.147 229,090 0.68—(11.21)(11.21)
202110,59432.829 32.829 347,791 0.59—28.7028.70
(Continued)
38
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Investment
Unit ValueNetIncomeExpense Total Return (3)
UnitsLow to HighAssetsRatio (1)Ratio (2)Low to High
Calibrated Dividend Growth Portfolio
2025313$72.151 $72.151 $22,596 0.61%—15.98%15.98%
202432262.210 62.210 20,032 0.57—22.1422.14
202333450.934 50.934 16,996 0.86—16.3316.33
202233843.785 43.785 14,798 0.85—(13.55)(13.55)
202136250.647 50.647 18,357 0.73—25.6225.62
Bond-Debenture Portfolio
202530831.415 31.415 9,664 6.19—8.338.33
202430029.000 29.000 8,702 5.77—6.726.72
202329227.174 27.174 7,940 4.56—6.556.55
202229825.503 25.503 7,595 4.05—(12.80)(12.80)
202139629.247 29.247 11,577 3.04—3.283.28
Growth and Income Portfolio
202513,25350.590 50.590 670,442 0.53—17.2917.29
202417,42443.133 43.133 751,540 0.81—20.6020.60
202319,85935.765 35.765 710,262 0.73—13.1913.19
202225,15031.598 31.598 794,684 1.22—(9.44)(9.44)
202130,38134.891 34.891 1,060,033 1.07—29.0229.02
Vanguard Variable Insurance Funds:
Mid-Cap Index Portfolio
20254,92667.761 67.761 333,811 1.220.2011.3211.32
20244,86360.872 60.872 296,012 1.370.2014.8414.84
20234,85153.004 53.004 257,130 1.420.2015.6015.60
20224,87445.851 45.851 223,475 1.120.20(18.98)(18.98)
20214,98556.594 56.594 282,112 1.090.2024.1124.11
Real Estate Index Portfolio
20259,12636.976 36.976 337,452 2.680.202.902.90
20248,79735.933 35.933 316,105 3.080.204.534.53
20238,94134.375 34.375 307,338 2.130.2011.4811.48
20229,00430.836 30.836 277,654 1.910.20(26.44)(26.44)
20219,46541.922 41.922 396,803 2.020.2039.9339.93
Total Bond Market Index Portfolio
202511,19218.082 18.082 202,372 3.390.206.726.72
202410,78316.943 16.943 182,691 2.690.201.041.04
202310,27216.769 16.769 172,248 2.340.205.375.37
202210,36915.915 15.915 165,016 2.110.20(13.39)(13.39)
202112,24518.374 18.374 225,003 2.030.20(1.91)(1.91)
(Continued)
39
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
Investment
Unit ValueNetIncomeExpense Total Return (3)
UnitsLow to HighAssetsRatio (1)Ratio (2)Low to High
Total Stock Market Index Portfolio
20252,785 $81.403 $81.403 $226,685 1.14%0.2016.70%16.69%
20242,813 69.755 69.755 196,202 1.240.2023.4623.46
20232,870 56.498 56.498 162,150 1.160.2025.7025.70
20223,889 44.946 44.946 174,813 1.310.20(19.75)(19.75)
20214,276 56.009 56.009 239,473 1.210.2025.3925.39
Small Company Growth Portfolio
20251,307 62.498 62.498 81,707 0.470.205.905.90
20241,409 59.018 59.018 83,183 0.540.2011.1611.16
20231,452 53.095 53.095 77,095 0.410.2019.4119.41
20221,511 44.465 44.465 67,176 0.260.20(25.50)(25.50)
20211,473 59.685 59.685 87,924 0.370.2013.9913.99
Capital Growth Portfolio
20254,545 115.518 115.518 525,039 1.010.2028.7228.72
20244,591 89.743 89.743 411,985 1.110.2013.1813.18
20234,691 79.290 79.290 371,948 1.130.2027.7427.74
20224,853 62.073 62.073 301,224 0.880.20(15.65)(15.65)
20214,884 73.593 73.593 359,420 0.930.2021.3021.30
(Concluded)

(1)    These amounts represent the dividends, excluding distributions of capital gains, received by the sub account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by average net assets. These ratios exclude expenses assessed by the sub-account. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. The investment income ratio is calculated for the effective period for each fund as applicable.
(2)    These ratios represent the annualized contract expenses of the Separate Account, which consist of the mortality and expense and administration charges. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to the contract owner accounts through redemption of units and expenses of the underlying funds are excluded.
(3)    These amounts represent the total return for the year, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses would result in a reduction in the total return presented. The total return is calculated for the effective period for each fund as applicable.

40
Athene Variable Life Account A
Notes to Financial Statements
December 31, 2025
7.    Subsequent Events
The Company has evaluated subsequent events through April 30, 2026, the date that these financial statements were available to be issued. Based on this evaluation, no events have occurred subsequent to December 31, 2025 that require disclosure or adjustment to the financial statements at that date or for the period ended.
41

Athene Annuity and Life
Company
Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023


Athene Annuity and Life Company
Index
December 31, 2025, 2024 and 2023

Page
Independent Auditor’s Report
Financial Statements
Balance Sheets – Statutory-Basis
Statements of Operations – Statutory-Basis
Statements of Changes in Capital and Surplus – Statutory-Basis
Statements of Cash Flows – Statutory-Basis
Notes to Financial Statements – Statutory-Basis


INDEPENDENT AUDITOR'S REPORT
To the Board of Directors of
Athene Annuity and Life Company
7700 Mills Civic Parkway
West Des Moines, IA 50266
Opinions
We have audited the statutory-basis financial statements of Athene Annuity and Life Company (the “Company”), which comprise the balance sheets - statutory-basis as of December 31, 2025 and 2024, and the related statements of operations - statutory-basis, statements of changes in capital and surplus – statutory-basis, and statements of cash flows – statutory-basis for each of the three years in the period ended December 31, 2025, and the related notes to the statutory-basis financial statements (collectively referred to as the “statutory-basis financial statements”).

Unmodified Opinion on Statutory‐Basis of Accounting
In our opinion, the accompanying statutory-basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division described in Note 1 and Note 2 to the statutory-basis financial statements.
Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory-basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for the three years then ended.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Statutory-Basis Financial Statements section of our report. We are required to be independent of the Company, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America

As described in Note 1 and Note 2 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by the Company using the accounting practices prescribed or
1


permitted by the Iowa Insurance Division, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Iowa Insurance Division. The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 1 and Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.
Emphasis of Matter

As described in Note 1 to the statutory‐basis financial statements, Athene Annuity and Life Assurance Company merged with and into the Company. Our opinion is not modified with respect to this matter.

Responsibilities of Management for the Statutory‐Basis Financial Statements
Management is responsible for the preparation and fair presentation of the statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory-basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory-basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the statutory-basis financial statements are issued.
Auditor’s Responsibilities for the Audit of the Statutory‐Basis Financial Statements
Our objectives are to obtain reasonable assurance about whether the statutory-basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory-basis financial statements.
In performing an audit in accordance with GAAS, we:

•Exercise professional judgment and maintain professional skepticism throughout the audit.
•Identify and assess the risks of material misstatement of the statutory‐basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory‐basis financial statements.
2



•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory‐basis financial statements.
•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control– elated matters that we identified during the audit.

/s/ Deloitte & Touche LLP

Des Moines, Iowa
March 31, 2026
3

Athene Annuity and Life Company
Balance Sheets – Statutory-Basis
December 31, 2025 and 2024
(Dollars in thousands, except per share amounts)


20252024
Admitted assets
Cash and invested assets:
Bonds$158,852,395 $130,962,442 
Preferred stocks1,450,140 1,819,311 
Common stocks:
Affiliated entities508,666 431,051 
Unaffiliated1,085,683 741,073 
Mortgage loans86,638,528 60,226,224 
Real estate held for the production of income219,236 212,030 
Policy loans130,700 140,451 
Cash, cash equivalents and short-term investments9,357,352 9,764,163 
Receivable for securities415,289 232,578 
Derivative assets5,395,753 4,845,625 
Derivative collateral assets655,644 579,393 
Other invested assets17,387,119 11,568,991 
Total cash and invested assets282,096,505 221,523,332 
Accrued investment income2,479,627 2,016,652 
Premiums due and deferred, net of loading4,015 4,326 
Reinsurance receivable225,086 39,562 
Funds withheld receivable on reinsurance2,765,938 2,921,009 
Reinsurance recoverable1,236 1,331 
Corporate owned life insurance2,062,897 1,012,862 
Amounts due from parent, subsidiaries, and affiliates4,553 22,537 
Federal income tax recoverable252,301 166,513 
Net deferred income tax asset417,544 206,585 
Other admitted assets42,133 48,258 
Separate account assets50,398,020 49,882,253 
Total admitted assets$340,749,855 $277,845,220 
The accompanying notes are an integral part of the financial statements.

4

Athene Annuity and Life Company
Balance Sheets – Statutory-Basis
December 31, 2025 and 2024
(Dollars in thousands, except per share amounts)
20252024
Liabilities and capital and surplus
Liabilities:
Policy and contract liabilities:
Life and annuity$110,615,749 $96,601,505 
Accident and health1,637 1,974 
Deposit-type contracts64,259,784 36,359,016 
Policy and contract claims465,828 431,994 
Total policy and contract liabilities175,342,998 133,394,489 
Accrued insurance expenses71,727 70,912 
Interest maintenance reserve219,836 204,696 
Asset valuation reserve5,362,458 3,765,492 
Amounts due to parent, subsidiaries, and affiliates142,863 52,270 
Payable for securities243,786 315,273 
Derivative liabilities1,694,680 1,030,094 
Derivative and other collateral liability5,837,970 5,617,217 
Remittances and items not allocated256,371 165,436 
Liability for unclaimed property116,647 115,952 
Funds held under reinsurance treaties66,695,002 55,558,281 
Reinsurance payable862,449 2,535,564 
Other reinsurance liability500,007 360,458 
Repurchase agreement liability5,045,980 5,625,701 
Due to separate account22,158,151 14,735,349 
Other liabilities2,808,129 1,687,697 
Separate account liabilities49,269,017 48,711,282 
Total liabilities336,628,071 273,946,163 
Capital and surplus:
Common stock, $1 per share par value - 10,000,000
 shares authorized, issued and outstanding10,000 10,000 
Paid-in surplus5,758,301 5,735,000 
Unassigned surplus (deficit) (1,646,517)(1,845,943)
Total capital and surplus4,121,784 3,899,057 
Total liabilities and capital and surplus$340,749,855 $277,845,220 

The accompanying notes are an integral part of the financial statements.

5

Athene Annuity and Life Company
Statements of Operations – Statutory-Basis
Years Ended December 31, 2025, 2024 and 2023
(Dollars in thousands)
202520242023
Premiums and other revenues
Premiums and annuity considerations for life and accident
 and health policies and contracts$8,844,191 $7,736,850 $9,687,027 
Considerations for supplementary contracts with
 life contingencies12,976 12,448 (206,655)
Net investment income12,732,699 10,501,479 5,644,299 
Amortization of interest maintenance reserve24,171 21,463 20,480 
Commissions and expense allowances on reinsurance ceded2,324,454 1,803,638 1,882,891 
Corporate owned life insurance income150,035 12,862 1,301 
Net gain (loss) from operations from separate accounts480,323 674,736 237,746 
Modified coinsurance adjustment ceded7,777,675 (31,753,929)20,488,103 
Funds withheld adjustment assumed130,184 120,230 90,817 
Other income34,323 25,840 25,062 
Total premiums and other revenues32,511,031 (10,844,383)37,871,071 
Benefits and expenses
Benefits paid or provided for:
Surrender benefits3,230,046 2,353,840 2,208,333 
Annuity and other benefits1,267,813 1,224,417 1,062,931 
Increase (decrease) in policy reserves14,033,013 (21,501,778)28,991,221 
Interest on policy or contract funds5,890,697 1,573,988 700,563 
Total benefits24,421,569 (16,349,533)32,963,048 
Funds withheld adjustment ceded3,544,758 1,709,373 277,234 
Interest maintenance reserve ceded19,320 29,503 6,495 
Commissions1,657,039 1,575,075 1,480,785 
Commissions and expense allowance on reinsurance assumed301,470 182,717 126,105 
Interest maintenance reserve assumed(7,328)(18,059)53,130 
General insurance expenses650,748 649,100 574,847 
Insurance taxes, licenses, and fees6,195 65,948 43,674 
Transfer to separate account, net342,044 307,035 1,802,671 
Other expense (income)136,380 (8,096)(5,021)
Total benefits and expenses31,072,195 (11,856,937)37,322,968 
Net gain (loss) from operations before dividends to
policyowners, federal income taxes and net realized
capital gains (losses) 1,438,836 1,012,554 548,103 
Dividends to policyowners20 17 20 
Net gain (loss) from operations before federal income
taxes and net realized capital gains (losses)1,438,816 1,012,537 548,083 
Federal income tax expense (benefit)(186,034)(222,705)452,495 
Net gain (loss) from operations before net realized
capital gains (losses)1,624,850 1,235,242 95,588 
Net realized capital gains (losses), net of tax and transfers to
interest maintenance reserve(533,277)(285,751)(174,391)
Net income (loss)$1,091,573 $949,491 $(78,803)

The accompanying notes are an integral part of the financial statements.

6

Athene Annuity and Life Company
Statements of Changes in Capital and Surplus – Statutory-Basis
Years Ended December 31, 2025, 2024 and 2023
(Dollars in thousands)
UnassignedTotal
CommonPaid-inSurplusCapital
StockSurplus(Deficit) and Surplus
Balances at December 31, 2022$10,000 $3,323,896 $(1,004,287)$2,329,609 
Correction of prior period error— — (70,481)(70,481)
Net loss— — (78,803)(78,803)
Capital contribution— 1,450,466 — 1,450,466 
Change in net deferred income tax— — 733,722 733,722 
Change in net unrealized capital gains (losses), net of deferred tax— — 812,632 812,632 
Change in nonadmitted assets— — (134,806)(134,806)
Change in asset valuation reserve— — (924,913)(924,913)
Surplus withdrawn from (contributed to) separate accounts during period— — (115,398)(115,398)
Other changes in surplus in separate accounts statement— — (102,945)(102,945)
Captive tax sharing agreement— — (42)(42)
Reinsurance adjustment— — (593,440)(593,440)
Balances at December 31, 202310,000 4,774,362 (1,478,761)3,305,601 
Merger adjustment— — (388,057)(388,057)
Correction of prior period error— — (7,582)(7,582)
Net income— — 949,491 949,491 
Capital contribution— 960,638 — 960,638 
Change in net deferred income tax— — (61,136)(61,136)
Change in net unrealized capital gains (losses), net of deferred tax— — 1,534,314 1,534,314 
Change in nonadmitted assets— — (137,182)(137,182)
Change in asset valuation reserve— — (925,988)(925,988)
Other changes in surplus in separate accounts statement— — (517,892)(517,892)
Captive tax sharing agreement— — 350 350 
Change in valuation basis on reserves— — 376,597 376,597 
Reinsurance adjustment— — (1,190,097)(1,190,097)
Balances at December 31, 202410,000 5,735,000 (1,845,943)3,899,057 
Correction of prior period error— — (22,061)(22,061)
Net income— — 1,091,573 1,091,573 
Capital contribution— 23,301 — 23,301 
Change in net deferred income tax— — 686,892 686,892 
Change in net unrealized capital gains (losses), net of deferred tax— — 1,633,567 1,633,567 
Change in nonadmitted assets— — 228,585 228,585 
Change in asset valuation reserve— — (1,587,714)(1,587,714)
Other changes in surplus in separate accounts statement— — (522,291)(522,291)
Cumulative effect of changes in accounting principles— — (8,112)(8,112)
Captive tax sharing agreement— — 110 110 
Change in valuation basis on reserves— — 83,153 83,153 
Reinsurance adjustment— — (1,384,276)(1,384,276)
Balances at December 31, 2025$10,000 $5,758,301 $(1,646,517)$4,121,784 
The accompanying notes are an integral part of the financial statements.

7

Athene Annuity and Life Company
Statements of Cash Flows – Statutory-Basis
Years Ended December 31, 2025, 2024 and 2023
(Dollars in thousands)
202520242023
Cash from operations
Premiums and policy proceeds, net of reinsurance$8,857,405 $7,750,038 $9,516,710 
Net investment income received12,281,981 9,300,493 5,091,189 
Commissions and expense allowances on reinsurance ceded2,307,078 1,811,471 1,883,507 
Funds withheld adjustment ceded(3,544,758)(1,709,373)(277,234)
Net benefits received (paid)(3,436,726)(34,968,361)15,813,076 
Commissions and insurance expenses paid(2,716,752)(2,400,280)(2,153,701)
Federal income tax received (paid)(73,434)18,197 (507,742)
Net transfers (to) from separate accounts7,080,758 8,596,689 637,212 
Other revenues received less other expenses paid34,300 85,036 46,658 
Net cash from operations20,789,852 (11,516,090)30,049,675 
Cash from investments
Proceeds from investments sold, matured or repaid:
Bonds54,035,221 34,416,151 13,382,521 
Stocks372,130 338,477 102,598 
Mortgage loans12,676,074 7,020,006 3,374,534 
Other invested assets4,250,688 1,130,989 1,745,846 
Miscellaneous proceeds50,339 281,845 160,981 
Total investment proceeds71,384,452 43,187,468 18,766,480 
Cost of investments acquired:
Bonds(83,690,859)(69,109,193)(28,599,173)
Stocks(498,515)(1,136,707)(973,696)
Mortgage loans(38,403,243)(26,688,611)(18,127,510)
Real estate(10,583)(5,754)— 
Other invested assets(7,749,491)(2,013,159)(2,154,461)
Miscellaneous applications(1,469,924)(552,064)(363,694)
Total costs of investments acquired(131,822,615)(99,505,488)(50,218,534)
Net change in policy loans9,863 7,908 6,819 
Net cash from investments(60,428,300)(56,310,112)(31,445,235)
Cash from financing and miscellaneous sources
Net deposits (withdrawals) on deposit-type contracts27,900,768 14,108,577 3,343,053 
Capital contribution— 311,663 310,471 
Borrowed funds and repurchase agreements(579,722)2,549,382 (868,264)
Net change in derivative and other collateral liability220,753 2,195,307 1,711,348 
Funds held under reinsurance11,136,724 49,702,719 (1,349,641)
Other cash provided (applied)553,114 (526,240)1,148,967 
Net cash from financing and miscellaneous sources39,231,637 68,341,408 4,295,934 
Net change in cash, cash equivalents and short-term investments(406,811)515,206 2,900,374 
Cash, cash equivalents and short-term investments
Beginning of year9,764,163 9,248,957 6,348,583 
End of year$9,357,352 $9,764,163 $9,248,957 
The accompanying notes are an integral part of the financial statements.

8

Athene Annuity and Life Company
Statements of Cash Flows – Statutory-Basis
Years Ended December 31, 2025, 2024 and 2023
(Dollars in thousands)
202520242023
Supplemental disclosures of cash flow information for non-cash transactions
Security exchanges and asset in kind trades - bond proceeds (investing)13,227,345 4,409,615 2,904,032 
Security exchanges and asset in kind trades - bonds acquired (investing)(13,227,345)(4,409,615)(2,904,032)
Reinsurance activity settled in bonds (operating)2,664,709 470,814 270,727 
Reinsurance activity settled in bonds (investing)(2,664,709)(470,814)(270,727)
Asset transfer bonds to other invested assets - proceeds (investing)1,672,916 — 3,801 
Asset transfer stocks to other invested assets - proceeds (investing)167,410 — — 
Asset transfer bonds and stocks to other invested assets - acquired (investing)(1,840,325)— (3,801)
Intercompany tax settlement (operating)415,722 — — 
Intercompany tax settlement - bonds and other invested assets acquired (investing)(415,722)— — 
Interest capitalization (operating)217,286 118,597 56,796 
Interest capitalization (investing)(217,286)(118,597)(56,796)
Security exchanges and asset in kind trades - other invested asset proceeds (investing)162,390 65,000 10,913 
Security exchanges and asset in kind trades - other invested assets acquired (investing)(162,390)(65,000)(10,913)
Asset transfer mortgage loans to other invested assets - proceeds (investing)71,695 292,556 4,170 
Asset transfer mortgage loans to other invested assets - acquired (investing)(71,695)(292,556)(4,170)
Asset transfer to other invested assets - receivable for securities (investing)26,930 — — 
Asset transfer to other invested assets - acquired (investing)(26,930)— — 
Capital contribution of stock compensation expense (financing)23,301 26,638 50,466 
Capital contribution of stock compensation expense (investing)(135)(274)(408)
Capital contribution of stock compensation expense (operating)23,167 (26,364)(50,058)
Asset transfer other invested assets to stocks - proceeds (investing)4,113 — — 
Asset transfer other invested assets to stocks - acquired (investing)(4,113)— — 
Capital contribution - non-cash (financing)— 622,337 1,294,714 
Capital contribution - non-cash (investing)— (614,665)(1,282,881)
Capital contribution - non-cash (operating)— (7,672)(11,833)
Asset transfer bonds to mortgage loans - proceeds (investing)— 85,153 139,494 
Asset transfer bonds to mortgage loans - acquired (investing)— (85,783)(132,015)
Asset transfer mortgage loans to bonds - proceeds (investing)— 44,067 — 
Asset transfer mortgage loans to bonds - acquired (investing)— (44,067)— 
Reinsurance recapture - bonds proceeds (investing)— 39,269 35,672 
Reinsurance recapture (operating)— (39,269)(35,672)
Security exchanges and asset in kind trades - stock proceeds (investing)— 30,018 24,002 
Security exchanges and asset in kind trades - stocks acquired (investing)— (30,018)(24,002)
Asset transfer bonds to stocks - proceeds (investing)— 1,714 — 
Asset transfer bonds to stocks - acquired (investing)— (1,714)— 
Asset transfer bonds to mortgage loans - net investment income (operating)— 630 1,280 
Asset transfer bonds to mortgage loans - suspense (financing)— — (8,760)
Asset transfer mortgage loans to real estate - proceeds (investing)— — 74,200 
Asset transfer mortgage loans to real estate - acquired (investing)— — (74,200)
The accompanying notes are an integral part of the financial statements.

9

Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)

1.    Nature of Operations and Significant Accounting Policies

Organization and Nature of Business
Athene Annuity and Life Company (the Company) is a stock life insurance company domiciled in the State of Iowa and was founded in 1896. The Company is licensed in the District of Columbia, Puerto Rico and all states except New York. The Company is a leading retirement services company offering savings products through independent agents and financial institutions that are focused on simple, tax efficient solutions such as fixed indexed and fixed rate annuities. The Company also issues group annuity contracts within a separate account structure to employers related to pension group annuity (PGA) transactions and issues funding agreements and guaranteed interest contracts to financial institutions.
All outstanding shares of the Company are owned by Athene Annuity Re Ltd. (AARe), which is an indirect wholly owned subsidiary of Athene Holding Ltd. (AHL). AHL is a direct subsidiary of Apollo Global Management Inc. (AGM).

The Company owns all the outstanding capital stock of Athene Annuity & Life Assurance Company of New York (AANY), which in turn owns all the outstanding capital stock of Athene Life Insurance Company of New York (ALICNY). The Company also owns all the outstanding capital stock of Structured Annuity Reinsurance Company (STAR), Athene Re USA IV, Inc. (Athene Re IV), Centralife Annuities Services, Inc. and P.L. Assigned Services, Inc.

Merger
On December 20, 2023, the Company and Athene Annuity & Life Assurance Company (AADE), its Delaware domiciled parent company, executed an Agreement and Plan of Merger. Effective October 11, 2024, following the receipt of all required regulatory approvals, AADE merged with and into the Company, with the Company as the surviving entity. The Company received a no objection letter from the Insurance Division, Department of Commerce, of the State of Iowa (Iowa Department) to use a merger effective date of October 1, 2024 for financial reporting purposes.

The merger was accounted for in accordance with the Statement of Statutory Accounting Principles (SSAP) No. 68, Business Combinations and Goodwill, as a statutory merger. As such, financial statements for periods prior to the merger were combined and the recorded assets, liabilities and surplus of the Company and AADE were carried forward to the merged company. The common capital stock of AADE was deemed canceled and AADE’s investment in the affiliated common stock of the Company was eliminated. The business the Company previously ceded to AADE under a coinsurance agreement is no longer reflected as assumed and ceded risks in the recast merged financial statements. The impact of these merger adjustments, net of eliminations, increased capital and surplus by $257,019 as of the merger effective date.

Summarized financial information for the Company and AADE presented separately for the period prior to the merger is as follows.

December 31, 2023
The CompanyAADEEliminationsMerged Totals
Capital and surplus$2,875,879 $3,143,630 $(2,713,908)$3,305,601 
Total premiums and other revenues36,940,976 908,478 21,617 37,871,071 
Total benefits and expenses36,732,225 699,871 (109,128)37,322,968 
Net income (loss)(209,334)(215)130,746 (78,803)



10

Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
As described in Note 2, the Company utilizes certain accounting practices prescribed by the Iowa Department to account for its derivative instruments and indexed annuity policy reserves. These accounting practices differed from the methods utilized by AADE. Effective on the date of merger, these prescribed practices were applied to the former AADE block, including for the calculation of balances impacting reinsurance settlements for business ceded under affiliated reinsurance treaties. Also effective on the date of merger, the Company removed AVR balances previously ceded by AADE. In accordance with SSAP No. 3, Accounting Changes and Correction of Errors, the effects of these accounting changes were recorded directly to surplus in 2024, and the historical financials were not restated. The net impact of adopting these accounting changes, net of reinsurance and taxes, decreased surplus by $388,057 as of the merger effective date, primarily driven by the removed ceded AVR balances which did not have an impact on total adjusted capital.

Regulatory Closed Blocks
The Company established two regulatory closed blocks, on March 31, 2000 for Indianapolis Life Insurance Company and June 30, 1996 for AmerUs Life Insurance Company, in connection with the reorganization of two mutual insurance predecessor entities of the Company to a stock form. Insurance policies which had a dividend scale in effect at the time of the reorganizations were included in the closed blocks. The closed blocks were designed to give reasonable assurance to owners of affected policies that assets will be available to support such policies, including maintaining dividend scales in effect at the time of the reorganization, if the experience underlying such scales continues. The assets allocated to the closed blocks, including revenue therefrom, will accrue solely to benefit the owners of policies included in the block until the block is no longer in effect. Payment of dividends on closed block policies will be supported by closed block assets; however, in the unlikely event the closed block assets are insufficient to meet minimum policy obligations, dividend payments will be made from the general funds.

Basis of Presentation
The preparation of financial statements of insurance companies requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

The accompanying financial statements have been prepared on the basis of accounting practices prescribed or permitted by the Iowa Department. The State of Iowa has adopted the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual. These practices differ from accounting principles generally accepted in the United States of America (GAAP) and are presumed to be material.
The more significant of the differences from those prescribed or permitted by the Iowa Department and GAAP are as follows:
Fixed Maturity Securities: Investments in bonds, redeemable preferred stocks, and surplus notes are reported at amortized cost or fair value based on their rating by the NAIC; for GAAP, such investments would be designated at purchase as held-to-maturity, trading or available-for-sale. For GAAP, held-to-maturity fixed maturity investments would be reported at amortized cost, and the remaining fixed maturity investments would be reported at fair value with unrealized holding gains and losses reported in operations for those designated as trading and as a separate component of other comprehensive income for those designated as available-for-sale.
A decline in a security’s estimated fair value that is other-than-temporary is treated as a realized loss in the statements of operations and the cost basis of the security is reduced to its estimated fair value. Under GAAP, available-for-sale securities with a fair value that has declined below amortized cost are evaluated to determine how the decline in fair value should be recognized. If it is determined, based on
11
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
the facts and circumstances related to the specific security, that the holder intends to sell a security or it is more likely than not that the holder would be required to sell a security before the recovery of its amortized cost, any existing allowance for credit losses is reversed and the amortized cost of the security is written down to fair value. If neither of these conditions exist, the holder evaluates whether the decline in fair value has resulted from a credit loss or other factors. If the decline in fair value resulted from a credit loss, the cost basis is not reduced but rather a valuation allowance is established and is remeasured each period for the passage of time, any change in expected cash flows, and changes in the fair value of the security.

Mortgage Loans: Mortgage loans are reported at amortized cost. Valuation allowances, if necessary, are established for mortgage loans based on the difference between the net value of the collateral, determined as the fair value of the collateral less estimated costs to obtain and sell, and the recorded investment in the mortgage loan. Under GAAP, such allowances are established for the expected credit losses at the time of purchase and represent the portion of the asset’s amortized cost basis the Company does not expect to collect due to credit losses over the asset’s contractual life. Expected credit losses consider past events, current conditions, and reasonable and supportable forecasts of future economic conditions or macroeconomic forecasts. Effective January 1, 2022, the Company elected the fair value option on the Company’s mortgage loan portfolio for GAAP. Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses).

Real Estate: Investments in real estate are reported net of related obligations. Under GAAP, real estate is reported on a gross basis.

Short-term Investments: Short-term investments include investments with maturities less than one year from the date of acquisition and are included in cash, cash equivalents and short-term investments in the balance sheets and statements of cash flows. Under GAAP, investments with maturities less than three months from the date of acquisition are included in cash and cash equivalents while investments with maturities less than one year but greater than three months are included in short-term investments and are not part of cash and cash equivalents in the statements of cash flows.
Derivatives: Derivative instruments used in hedging transactions that meet the criteria of an effective hedge, and are designated in a hedge accounting relationship, are valued and reported in a manner that is consistent with the hedged asset or liability (e.g., amortized cost or fair value with the net unrealized capital gains (losses) reported in surplus along with any adjustment for federal income taxes). Embedded derivatives are not accounted for separately from the host contract. Under GAAP, all derivatives are reported on the balance sheets at fair value, and an embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risks of the host contract is accounted for separately from the host contract and valued and reported at fair value. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge, or that meet the required criteria but the Company has chosen not to apply hedge accounting, are accounted for at fair value and the changes in the fair value are recorded as unrealized gains or unrealized losses directly to surplus rather than to income as required under GAAP. Refer to Note 2 for discussion surrounding the Company's prescribed practices applied to derivatives.
Other Invested Assets: Changes in value of certain other long-term investments accounted for under the equity method of accounting are recorded as unrealized gains and losses as a component of surplus. Under GAAP, such changes are recorded through earnings.
Interest Maintenance Reserve (IMR):  Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity of the individual security sold. The Company also defers the gains and losses related to the market value adjustment (MVA) on annuity policies.  The net deferral is reported as IMR in the accompanying balance
12
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
sheets.  Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR.  Under GAAP, realized capital gains and losses and the MVA would be reported in the statements of operations on a pretax basis in the period that the assets giving rise to the gains or losses are sold or the MVA was realized. 
Asset Valuation Reserve (AVR): The AVR provides a valuation allowance for invested assets and is determined by an NAIC prescribed formula with changes reflected directly in surplus; AVR is not recognized for GAAP.
Policy Acquisition Costs: The costs of acquiring and renewing business are expensed as incurred. Under GAAP, acquisition costs directly related to successful acquisition of new or renewal contracts are capitalized and amortized over the life of the contracts.
Nonadmitted Assets: Certain assets are designated as nonadmitted; principally, as applicable, certain receivables from agents and bills receivable, electronic data processing equipment, capitalized software, furniture and equipment, prepaid expenses, certain deferred income tax assets, non-insurance subsidiaries for which audited GAAP financial statements are not obtained, and other certain assets not specifically identified as an admitted asset within the NAIC Accounting Practices and Procedures Manual, are excluded from the accompanying balance sheets and are charged directly to surplus. Under GAAP, there is no concept of nonadmitted assets.
Universal Life and Annuity Policies: Revenues for universal life and annuity policies with mortality or morbidity risk (including annuities with purchase rate guarantees) consist of the entire premium received. Benefits incurred represent the total of surrender and death benefits paid and the change in policy reserves. Interest on these policies is reflected in other benefits. Premiums received and benefits incurred for annuity policies without mortality or morbidity risk are recorded using deposit accounting, and recorded directly to an appropriate policy reserve account, without recognizing premium income or benefits paid. Under GAAP, premiums received on universal life are recorded directly to the reserve liability and benefits incurred represent interest credited to the policy account value and the excess of benefits paid over the policy account value. For deferred annuity policies and single premium immediate annuity (SPIA) policies without life contingencies, premiums received and benefits paid are recorded directly to the policy reserve liability.

Deposit-Type Contracts: The Company records the liability for guaranteed interest contracts and fixed coupon rate funding agreements in the amount equal to the present value of the future interest payments and maturity payments discounted at the appropriate statutory valuation rate. For floating coupon rate funding agreements, the Company records the liability in the amount equal to the notional value plus the accrued interest on the next coupon payment. Under GAAP, these liabilities are recorded using the effective interest method based on the initial deposit and projected future coupon payments and maturity value. For funding agreements denominated in foreign currencies, the liabilities are calculated in the foreign currency and then converted to US dollars using the spot foreign exchange rate as of the balance sheet date.
For SPIA without life contingencies, the Company records the liability as the present value of cash flows discounted using prescribed valuation interest rates. Under GAAP, these liabilities are recorded using the effective interest method whereby an effective interest rate is solved for such that the present value of benefits and maintenance expenses equals the gross premium received less deferrable acquisition costs.
Benefit Reserves: Certain policy reserves, including the group annuity contracts related to PGAs, are calculated as the present value of cash flows discounted using prescribed valuation interest rates and prescribed mortality rather than on estimated expected experience or actual account balances as would be required under GAAP. For group annuity contracts related to PGA business, the Company received
13
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
approval from the Iowa Department to use an alternative methodology where mortality is based on prudent best estimate assumptions rather than prescribed mortality. For PGA group annuity contracts with deferred lives (participants not currently receiving pension benefits but eligible to commence at a future date), the present value of expected benefits is determined using prudent best estimate assumptions (mortality, election type, election age, etc.) based on any plan experience, industry data and actuarial judgment.
Reinsurance: Policy and contract liabilities ceded to reinsurers under coinsurance agreements have been reported as reductions of the related reserves rather than as assets as would be required by GAAP. Any reinsurance balances deemed to be uncollectible are written off through a charge to earnings. A liability for reinsurance balances is provided for unsecured policy reserves ceded to reinsurers not authorized to assume such business. Changes to those amounts are credited or charged directly to surplus. Under GAAP, an allowance for expected credit losses is established through a charge to earnings with subsequent changes to expected credit losses recognized as an adjustment to that allowance through a charge to earnings. Upfront commissions allowed by reinsurers on business ceded are reported as income when received rather than being deferred and amortized with deferred policy acquisition costs as required under GAAP.
Deferred Income Taxes: Deferred tax assets are limited to: 1) the amount of capital gains taxes paid in prior years that can be recovered through capital loss carrybacks for existing temporary differences that reverse during a time frame corresponding with Internal Revenue Service (IRS) tax loss carryback provisions, not to exceed three years, plus 2) the lesser of the amount of the remaining gross deferred tax assets expected to be realized within three years of the balance sheet date or 15% of adjusted capital and surplus excluding any net deferred income tax assets, electronic data processing equipment and operating software and any net positive goodwill, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities after considering the character (i.e. ordinary versus capital) of the deferred tax assets and liabilities. The remaining deferred tax assets are nonadmitted. Deferred taxes do not include amounts for state taxes. Under GAAP, state taxes are included in the computation of deferred taxes, a deferred tax asset is recorded for the amount of gross deferred tax assets expected to be realized in future years, and a valuation allowance is established for deferred tax assets not realizable.
Policyowner Dividends: Policyowner dividends are recognized when declared rather than over the term of the related policies as required by GAAP, and are reserved one year in advance through charges to operations.
Subsidiaries, Controlled and Affiliated Entities: The accounts and operations of the Company’s subsidiaries are not consolidated with the accounts and operations of the Company. Under GAAP, such consolidation would be required.
Comprehensive Income: Comprehensive income and its components are not presented in the financial statements, which is required under GAAP.
Separate Accounts: Separate account premiums and benefits are recognized in the accompanying statements of operations and transferred to or from the separate account. Under GAAP, separate account premiums and benefits are not recognized. The accounts and operations of the Company’s Funding Agreements, Group Annuity, and Index-Linked Annuity Separate Accounts are not consolidated with the accounts and operations of the Company as would be required under GAAP.




14
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Other significant accounting policies follow:

Investments
The Company's bonds, asset-backed securities, preferred stocks, affiliated and unaffiliated common stocks, mortgage loans, real estate, policy loans, short-term investments, cash equivalents and other invested assets are stated using methods prescribed by the NAIC, as follows:

•Bonds not backed by other loans are principally stated at amortized cost using the modified scientific method unless they are designated by the Securities Valuation Office (SVO) of the NAIC as Class 6, in which case they are reported at the lower of amortized cost or fair value. Bonds containing issuer call provisions (except "make-whole" call provisions) are amortized to the call or maturity value and date which produces the lowest asset value (yield-to-worst).

•Asset-backed securities are valued at amortized cost using the interest method including anticipated prepayments unless they are designated by the Securities Valuation Office (SVO) of the NAIC as Class 6, in which case they are reported at the lower of amortized cost or fair value. Prepayment assumptions are obtained from dealer surveys or internal estimates and are based on the current interest rate and economic environment. The retrospective adjustment method is used to value all such securities, except for principal-only, interest-only, purchased credit impaired securities, and securities not highly rated at the time of purchase, which are valued using the prospective method.

•Perpetual preferred stock is carried at fair value, not to exceed any currently effective call price. The related net unrealized capital gains or losses are reported in surplus along with any adjustment for federal income taxes. Redeemable preferred stock designated by the SVO as Class 3 or better is carried at amortized cost. Redeemable preferred stock designated by the SVO as Class 4 to 6 is carried at the lower of cost or fair value.

•Affiliated common stock of the Company’s insurance subsidiaries is reported in accordance with SSAP No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, at the subsidiary's underlying capital and surplus plus unamortized goodwill. The Company’s investment in non-insurance subsidiaries is reported at the subsidiary's GAAP book value. The net change in the underlying book value of the subsidiaries is reflected within surplus as a change in unrealized capital gains and losses.

•Unaffiliated common stocks are reported at fair value based on quoted market prices or commercially available vendor prices and the related net unrealized capital gains or losses are reported in surplus along with any adjustment for federal income taxes. The Company is a member of the Federal Home Loan Bank (FHLB) of Des Moines which requires members to purchase FHLB capital stock in relation to the amount of FHLB advances drawn by such member. There is no active market for FHLB stock, and the stock is carried at cost, which is equivalent to fair value.

•There are no restrictions on assets, except for those disclosed in Note 4.

•Mortgage loans are reported at unpaid principal balances, net of unamortized premiums and discounts, less valuation allowance for specific reserves. A mortgage loan is considered for a specific allowance when, based on current information and events, it is probable that the Company will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage agreement. When management determines that it will not be able to collect all scheduled principal and interest, a valuation allowance is established and the mortgage loan is written down to the net value of the collateral, determined as the fair value of the collateral less estimated costs to obtain and sell and the recorded investment in the mortgage loan. The creation of a valuation allowance for specific reserves or change to an existing valuation allowance for specific reserves is reflected within surplus as a change in
15
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
unrealized gains and losses. Mortgage loans for which foreclosure is probable are considered permanently impaired and a direct write down is recognized as a realized loss in the statements of operations and a new cost basis is established.

•Real estate classified as held for sale is reported at lower of depreciated cost or fair value, net of related obligations. Real estate classified as held for the production of income is reported at depreciated cost net of related obligations.

•Policy loans are valued at unpaid principal balances.

•Short-term investments include investments with remaining maturities of one year or less at the time of acquisition (excluding those investments classified as cash equivalents as defined below) and are principally stated at amortized cost. Short-term investments include bonds and money market instruments.

•Cash equivalents are money market mutual funds or short-term highly liquid investments with an original or remaining maturity of three months or less at the date of purchase and are principally stated at amortized cost.

•Other invested assets are primarily comprised of partnership interests. Partnership interests are accounted for under the equity method of accounting under which the carrying value of the related partnership interest is based on the Company’s proportional share of the GAAP equity of the partnership. Any difference between the cost basis and carrying value of the partnership interest is reflected in surplus. Other than partnerships, other invested assets may include surplus notes, debt securities that do not qualify as bonds, collateral loans secured by mortgage loans and tax credit investments. Surplus notes with an NAIC 1 or NAIC 2 designation are reported at amortized cost. Surplus notes with an NAIC 3 through NAIC 6 designation are reported at the lesser of amortized cost or fair value, with fluctuations in fair value reflected within surplus as a change in unrealized gains and losses. Debt securities that do not qualify as bonds are carried at the lesser of amortized cost or fair value, with fluctuations in fair value reflected within surplus as a change in unrealized gains and losses. In addition, residual interests in securitization vehicles that do not qualify as bonds are reported using the calculated practical expedient method, where the book/adjusted carrying value is reduced by distributions received until the residual interests have a book/adjusted carrying value of zero. Any distributions received thereafter are recognized as interest income. Collateral loans secured by mortgage loans follow the mortgage loan accounting previously discussed. Tax credit investments (including low-income housing and other federal and state tax credit structures) are carried at proportional amortized cost, net of amortization recognized over the expected period of projected tax credits and other tax benefits. Impairments that are other-than-temporary are recognized in realized losses; ongoing accretion and amortization is reflected in net investment income.

•Repurchase agreements and reverse repurchase agreements are agreements between a seller and a buyer, whereby the seller of securities sells and simultaneously agrees to purchase the same or substantially the same securities from the buyer at an agreed upon price and, usually, at a stated date as defined in SSAP No. 103, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. The Company's repurchase agreements are accounted for as secured borrowings. The Company pledges investments, receives cash as collateral and establishes a liability to return the collateral. For reverse repurchase agreements, the Company lends cash and establishes a short-term investment or cash equivalent for the principal amount loaned under the agreement.

Changes in unrealized gains or losses on bonds, preferred stocks, and common stocks carried at fair value are credited or charged directly to surplus, except those securities with OTTI. A decline in a security’s estimated fair value that is other-than-temporary is treated as a realized loss in the statements of operations and the cost basis of the security is reduced to its estimated fair value. The Company identifies fixed income and equity securities that could potentially have impairments that are other-than-temporary by monitoring changes in fair value of its securities relative to the amortized cost of those
16
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
securities. The Company reviews its bonds and stocks on a case-by-case basis to determine whether an OTTI exists and whether losses should be recognized through earnings. The Company considers relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (1) the extent and length of time the fair value has been below cost; (2) the reasons for the decline in fair value; (3) the issuer’s financial position and access to capital; and (4) for fixed income securities, the Company’s intent to sell a security or whether it is more likely than not it will be required to sell the security before the recovery of its amortized cost (which, in some cases, may extend to maturity) and for equity securities, the Company’s ability and intent to hold the security for a period of time that allows for the recovery in value. To the extent the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized.

The recognition of an OTTI for asset-backed securities is dependent upon the Company’s ability and intent to hold the security until the ultimate recovery of amortized cost. SSAP No. 43, Asset-backed Securities, requires that an OTTI loss be recognized in earnings for an asset-backed security in an unrealized loss position when it is anticipated that the cost basis will not be recovered. When an OTTI is recognized, the non-interest related portion of the OTTI loss is recorded through AVR and the interest related portion is recorded through IMR. In situations where the Company intends to sell the security, or it does not have the intent and ability to hold the security until recovery of the amortized cost basis, the entire difference between the security’s amortized cost and estimated fair value is recognized as an OTTI loss in the statements of operations. In situations where the Company does not intend to sell the security, and has both the intent and ability to hold the security until recovery of the amortized cost basis but does not expect to recover the entire amortized cost, the difference between the amortized cost basis of the security and the net present value of the future cash flows expected to be collected is recognized as an OTTI loss in the statements of operations.
Realized capital gains and losses are determined on a first-in, first-out basis and are recorded net of related federal income taxes. The AVR is established by the Company to provide for potential losses in the event of default by issuers of certain invested assets. These amounts are determined using a formula prescribed by the NAIC and are reported as a liability. The formula for the AVR provides for a corresponding adjustment for realized gains and losses. Under a formula prescribed by the NAIC, the Company defers, in the IMR, the portion of realized gains and losses on sales of fixed income investments (principally bonds and mortgage loans) attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity of the security.
Changes in nonadmitted asset carrying amounts are recorded directly to surplus.
Interest income is recognized on an accrual basis. The Company does not accrue income on bonds in default, mortgage loans on real estate in default or foreclosure or which are delinquent more than 90 days. Income is also not accrued when collection is uncertain. In addition, accrued interest is excluded from interest income when payment exceeds 90 days past due.
Derivatives
Derivatives are carried on the Company’s balance sheets as both derivative assets and derivative liabilities. The Company currently executes both bilateral trades and cleared trades. For bilateral trades, the Company has elected to present any derivatives subject to master netting provisions as a gross asset or liability, gross of collateral presented. Cleared trades are cleared and settled through the broker, the central clearing counterparty and Futures Commission Merchant (FCM). On the date a derivative contract is executed, the Company designates derivatives as either a cash flow hedge, fair value hedge, or a free-standing derivative held for other risk management purposes, which primarily involve managing asset or liability risks associated with the Company’s reinsurance treaties which do not qualify for hedge accounting. Free-standing derivatives also include derivatives that economically hedge interest rate risk and other cash flows risks but do not qualify for, or the Company has chosen not to apply, hedge
17
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
accounting. The Company’s policy is to align the derivative income or expense to the statements of operations line item for which it relates.

For bilateral derivative positions, in order to reduce the amount of exposure on derivative instruments, the Company may be required to pledge or receive collateral for any derivative contracts that are entered into. The amount of collateral that is required is based on the fair value of the contract and credit threshold of the counterparty. For cleared derivative positions, the Company is required to satisfy daily collateral requirements associated with our FCM agreement and these amounts include initial margin requirements.
Derivative instruments that qualify for hedge accounting are valued and reported in a manner consistent with the hedged asset or liability. To qualify for hedge accounting, the Company must maintain specific documentation regarding the risk management objectives of the hedge and demonstrate on an ongoing basis that the hedging relationship remains highly effective. Derivatives that do not qualify for, or for which the Company has elected not to apply hedge accounting, excluding replication transactions and those accounted for in accordance with Iowa Administrative Code Section 191-97, Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve (IAC Section 191-97) (refer to discussion in Note 2), are measured at fair value each reporting period with changes in fair value recorded as unrealized gains or losses in surplus. Cash payments made or received on these derivative instruments are recorded through income.

Futures are recorded at fair value of margin on deposit with the clearing broker and changes in this margin on deposit are recognized in the summary of operations through investment income.

Separate Accounts
Separate account assets and liabilities reported in the balance sheets represent funds that are separately administered. The Company maintains five separate account arrangements. The first arrangement includes one separate account containing funding agreements. The assets within this separate account represent a reinsurance receivable, as these funding agreements are ceded as discussed in Note 7.
The second arrangement includes three separate accounts, consisting of previously sold variable annuity and variable universal life products. The Company ceased marketing these products in 2009. The assets and liabilities of the variable lines of business are reported at fair value since the underlying investment risks are assumed by the policy owners. Investment income and gains or losses arising from the variable lines of business accrue directly to the policy owners and are, therefore, not included in investment earnings in the accompanying statements of operations.
The third arrangement, known as Group Annuity Separate Accounts, includes separate accounts supporting annuity contracts issued to various employers, or trusts established by such employers, in respect of those employers' pension plans. The group fixed annuity contracts obligate the Company's general account to make annuity payments if the separate account is not able to do so.
The fourth arrangement, known as Index-Linked Deferred Annuity Contract Separate Accounts, supports registered index-linked deferred annuity contracts issued by the Company.  The Company’s general account has guaranteed the amounts under the index-linked deferred annuity contracts, to the extent not covered by the assets in the separate account. 

The fifth arrangement, known as Private Placement Variable Annuity Separate Accounts, supports private placement variable deferred annuity contracts issued by the Company to purchasers meeting the requirements as a qualified purchaser or an accredited investor under applicable federal securities laws.
18
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Contract owners bear the entire investment risk, including the risk of loss of principal for all amounts invested in the contract.

Premiums and Annuity Considerations
Revenues for policies with mortality or morbidity risk (including annuities with purchase rate guarantees) consist of the entire premium received. These revenues are recognized when due. Benefits incurred represent the total of surrender and death benefits paid and the change in policy reserves. Premiums received and benefits paid for annuity policies without mortality or morbidity risk are recorded using deposit accounting, and recorded directly to an appropriate policy reserve account, without recognizing premium income or benefits paid. Accident and health premiums are earned pro-rata over the terms of the policies.

Deferred and uncollected life insurance premiums represent annual or fractional premiums, either due and uncollected or not yet due, where policy reserves have been provided on the assumption that the full premium for the current year has been collected.
Policy Reserves and Funds on Deposit
Policy reserves for life and annuity contracts, including the group annuity contracts related to PGA, are developed using prescribed actuarial methods. Life reserves are calculated using the Net Level Premium method, Commissioner’s Reserve Valuation Method, or a modified method. Annuity reserves are calculated using the Commissioner’s Annuity Reserve Valuation Method, or for certain group fixed indexed annuities, the Commissioner's Reserve Valuation Method. The use of these reserve methods for life policies is to partially offset the effect of immediately expensing acquisition costs by providing a policy reserve increase in the first policy year, which is less than the reserve increase in renewal years. For group annuity contracts related to PGA business, the Company received approval from the Iowa Department to use an alternative methodology, under Iowa code with commissioner approval, where prudent best estimate mortality assumptions are used. Reserves meet the minimum requirements of the insurance laws and regulations of the state of domicile.
Accident and health policy reserves are calculated using statistical analyses to develop and estimate the ultimate net cost of reported and unreported losses. The reserves also include an amount for unearned premiums determined by prorating the premiums received over the terms of the policies and active-life mid-terminal reserves for individual non-cancelable and guaranteed renewable policies using the net level premium method.
The reserves related to fixed-rate investment contracts and policyowner funds left on deposit with the Company are generally equal to fund balances less applicable surrender charges.
The Company offers riders on its fixed annuities which provide for future withdrawal and death benefits. In accordance with the NAIC’s Accounting Practices and Procedures Manual, the rider should be reserved for under Actuarial Guideline 33 (AG 33). The Company requested and received approval from the Iowa Department to use an alternative methodology under the Practical Considerations section of AG 33 for policies issued prior to January 1, 2014. The reserve held for policies issued prior to January 1, 2014 is based on Actuarial Guideline 43 (AG 43), the approved alternative method for these contracts. The reserve held for policies issued January 1, 2014 and after is based on AG 33.

19
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The Company uses an AG 43 reserving approach for the closed individual variable annuity block and index-linked annuity business not classified as a registered indexed linked annuity (RILA). All reinsurance applicable to this business, including treaties covering guaranteed minimum accumulation benefits and guaranteed minimum death benefit features, are covered by AG 43. AG 43 prescribes an approach to calculating reserves that uses a combination of a principles-based method and a rules-based method. Reserves are recorded in aggregate as the greater of (a) a principle-based approach using a range of stochastically generated economic scenarios applied to the in force policies in aggregate and (b) a rule-based, seriatim calculation using defined assumptions and a single economic scenario. Specific attributes of the business and its management, including guarantee features, fund allocation, hedging activity and revenue sources are reflected as well.

The Company uses the formulaic Commissioners Reserve Valuation Method, a rules-based method, to value the variable universal life policies. It is a closed block of business, issued from 1985 to 2008. The Company uses Valuation Manual 21 (VM-21) for RILA and private placement variable deferred annuity contracts. VM-21 became effective January 1, 2020 for new and existing variable and RILA contracts, however Athene received approval from the Iowa Department to continue to use AG 43 for the closed variable annuity block which the Company stopped marketing in 2002. VM-21 is a principles-based reserve approach that utilizes company specific assumptions and stochastic scenarios, floored by a standard projection which uses prescribed assumptions and acts as a guardrail against potential outliers resulting from company specific assumptions.

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the premium beyond the date of death. Reserves are recognized for surrender values in excess of reserves as legally computed.

Additional premiums are charged for policies issued on substandard lives according to underwriting classification. Mean reserves are determined by computing the regular mean reserve for the policy and holding an additional one half of the extra premium charged for the year.

Tabular interest, tabular less actual reserves released and tabular cost have been determined using the underlying policy data.
The following summarizes the mortality tables used to compute life and annuity policy reserves on a net basis:

December 31, 2025December 31, 2024
AmountPercentAmountPercent
Life insurance - (41 CSI, 41 CSO, 41 SSI, 58 CET, 58 CSO, 60 CSG, 61 CIET, 61 CSI, 80 CET, 80 CSO, 01 CSO, 17 CSO, AE, STD IND (2.0 - 7.5%))$47,634 0.0 %$53,368 0.1 %
Annuities - (71 IAM, 71 GAM, 83 GAM, 83 IAM, A2000, 12 IAR, VM21, 51 GAM, 83a, A2000BAS, 2012 IAR/IAR VM, 83 CARVM (1.00 - 11.25%))110,240,030 99.7 96,225,542 99.6 
Other - (0.75 - 11.25%)328,085 0.3 322,595 0.3 
Total$110,615,749 100.0 %$96,601,505 100.0 %

Contract Claim Reserves
Claim reserves represent the estimated accrued liability for claims reported to the Company and claims incurred but not yet reported through the date of the balance sheets. These reserves are estimated using either individual case-basis valuations or statistical analysis techniques. These estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available.

20
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Participating Business
Participating policies entitle the policyowners to receive dividends based on actual interest, mortality, morbidity, and expense experience for the related policies. These dividends are distributed to the policyowners through an annual dividend using current dividend scales, which are approved by the Company's Board of Directors. As of December 31, 2025 and 2024, 9.8% and 9.9%, respectively, of the Company's life policies were paying dividends.

The method of accounting for policyowner dividends is based upon dividends credited annually to policyowners on their policy anniversary date plus the change from the prior period on one year’s projected dividend liability on policies in force at the statement date. There was no additional income allocated to participating policyowners for the years ended December 31, 2025 and 2024.

Corporate Owned Life Insurance
The Company is the owner and beneficiary of life insurance policies which are included as admitted assets in the balance sheets at their cash surrender values pursuant to SSAP No. 21, Other Admitted Assets. As of December 31, 2025 and 2024, the cash surrender value of the policies is $2,062,897 and $1,012,862, respectively, and is allocated 100% to other invested assets based on the primary underlying investment characteristics.

Reinsurance
Reinsurance premiums and benefits, paid or provided, are accounted for on a basis consistent with those used in accounting for the policy as originally issued and with the terms of the reinsurance contracts. Gains associated with reinsurance of in force blocks of business are included in surplus and are amortized into income as earnings emerge on the business reinsured. Premiums ceded and recoverable losses have been reported as a reduction of premium income and benefits, respectively. Policy liabilities and accruals are reported in the accompanying financial statements net of amounts ceded. For the Company’s modified coinsurance agreements, the profit and loss with respect to policyholder reserves and the assets supporting the reserves are reflected through the modified coinsurance adjustment ceded line in the accompanying statements of operations. The policyholder reserves are reported within the policy and contract liabilities lines and the assets supporting the reserve are reported within investment asset and liabilities lines of the accompanying balance sheets. Reinsurance recoverable are amounts due from reinsurers on benefits paid by the Company. Reinsurance receivables consist of commissions and expense allowances due and other refunds due from the reinsurer. Reinsurance payables consist of premiums and other refunds due to the reinsurer. The Company has elected to present receivables and payables from affiliated reinsurance agreements on a net basis on the balance sheets.

Federal Income Taxes
Deferred federal income taxes are calculated as defined by SSAP No. 101, Income Taxes. SSAP No. 101 establishes deferred tax assets and liabilities based on differences between statutory and tax reporting. The deferred tax assets are then subject to an admissibility test which can limit the amount of deferred tax assets that are recorded.

Accounting Changes
Effective January 1, 2025, the Company adopted the principle-based-bond definition (PBBD). This adoption clarifies that securities qualifying as issuer credit obligations fall under the scope of SSAP No. 26, Bonds, while those qualifying as asset-backed securities fall under SSAP No. 43, Asset-Backed Securities. Securities that do not meet these criteria are reported as debt securities that do not qualify as bonds, residual tranches, other invested assets, or non-admitted assets. Changes in the measurement of bonds due to the transition is reported as a change in unrealized gains (losses) and not as a change in accounting principle. The impacts of securities reclassified under the PBBD are as follows:

21
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
•As of January 1, 2025, the aggregate book adjusted carrying value prior to adoption of PBBD for all securities reclassified from bonds to other invested assets is $1,648,522 in the general account and $229,013 in the separate accounts. 

•As of January 1, 2025, the aggregate book adjusted carrying value after adoption of PBBD for securities reclassified from bonds to other invested assets that resulted in a change in measurement basis from amortized cost to lower of amortized cost or fair value is $872,113 in the general account and $127,674 in the separate accounts.

•The aggregate surplus impact for securities reclassified from bonds to other invested assets includes the difference between the book adjusted carrying value as of December 31, 2024 and the book adjusted carrying value after adoption as of January 1, 2025 for those securities that resulted in a change in measurement basis. The total surplus impact from the change in measurement basis was not material.

•Contemporaneous with the January 1, 2025 adoption of the PBBD, the Company made conforming revisions for INT 24-01: Principles-Based Bond Definition Implementation Questions and Answers, which provided further clarification on the accounting for hybrid instruments, among other topics. Pursuant to this guidance, the Company reclassified certain hybrid instruments from preferred stock to other invested assets. The corresponding impact to surplus was not material.

During 2025, the Company elected to change the valuation rate basis on certain assumed blocks of deferred annuity business from issue year to change in funds. The cumulative effect of this change as of January 1, 2025, decreased policy reserve liabilities by $83,153, and after consideration of modco reinsurance, increased surplus by $24,659, which was recorded directly to surplus in accordance with SSAP No. 3, Accounting Changes and Correction of Errors.

During 2024, the Company elected to change the valuation rate basis for in force and future deferred annuity business from issue year to change in funds. The cumulative effect of this change as of January 1, 2024, decreased policy reserve liabilities net of coinsurance by $342,623, and after consideration of modco reinsurance, increased surplus by $136,183, which was recorded directly to surplus in accordance with SSAP No. 3, Accounting Changes and Correction of Errors.

Also during 2024, the Company elected to change the formula reserve basis for in force and future funding agreements to use the single premium immediate annuity statutory valuation interest rate to value fixed interest rate funding agreements. The cumulative effect of this change as of January 1, 2024, decreased policy reserve liabilities net of coinsurance by $33,974, and after consideration of modco reinsurance, had no impact to surplus.


2.    Prescribed and Permitted Statutory Accounting Practices

The Iowa Department recognizes only statutory accounting practices prescribed and permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Iowa Insurance Law. The NAIC’s Accounting Practices and Procedures Manual has been adopted as a component of prescribed or permitted practices by the State of Iowa. The Commissioner of the Iowa Department (the Commissioner) has the right to permit other specific practices that deviate from prescribed practices.
Among the products issued by the Company are indexed universal life insurance and indexed annuities. These products allow a portion of the premium to earn interest based on certain indices, including the Standard & Poor’s 500® Composite Stock Price Index (S&P) and other bespoke indices. Call options, futures, variance swaps and total return swaps are purchased to hedge the interest credited to the
22
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
customer as a direct result of movements in the related indices. In 2006, the Commissioner issued Bulletin 06-01, Accounting for Derivative Instruments Used to Hedge the Growth in Interest Credited for Index Products, which prescribes that an insurer may elect to recognize changes in the fair value of derivative instruments purchased to hedge indexed products in the statements of operations. The Company has elected to apply Bulletin 06-01 to its futures, variance swaps and total return swaps that are hedging fixed indexed annuities. Application of Bulletin 06-01 does not impact the Company's surplus.
In 2009, the Commissioner of the Division promulgated Iowa Administrative Code (IAC) Section 191-97, Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve, which prescribes that an insurer may elect (i) to use an amortized cost method to account for certain derivative instruments, such as call options, purchased to hedge the growth in interest credited to the customer on indexed insurance products and (ii) to utilize an indexed annuity reserve calculation methodology under which call options associated with the current index interest crediting term are valued at zero. IAC Section 191-97 does not apply to products that do not guarantee a minimum interest accumulation, such as our variable and index-linked deferred annuities. The Company has elected to apply IAC Section 191-97 to its eligible over the counter (OTC) call options and reserve liabilities.

The NAIC requires annuities issued by life insurance companies on or after January 1, 2015, to use the 2012 Individual Annuity Reserving (IAR) Mortality Table. During 2015, the Commissioner promulgated IAC Section 191-43.3(5), which sets an elective alternative effective date of January 1, 2016 for adoption of the 2012 IAR Mortality Table. The Company has chosen to use the Annuity 2000 Mortality Table for annuities issued between January 1, 2015 and December 31, 2015.

For the year ended December 31, 2025, the Company received a permitted accounting practice from the Iowa Department to record its investment in Apollo Aligned Alternatives Aggregator, L.P. (AAA) as if the underlying investments held by AAA were owned directly by the Company.  The permission represents a deviation from SSAP No. 48, Joint Ventures, Partnerships and Limited Liability Companies, and requires the Company to apply look-through accounting and reporting to AAA’s investments as if the investments were owned directly by the Company.  Application of this permitted practice at January 1, 2025 reduced the Company’s carrying value of AAA by $212,312, and after applying reinsurance, reduced the Company’s capital and surplus by $8,112, which was recorded directly through surplus as a cumulative effect of change in accounting principle.  As a result of this permitted practice, the Company’s net income for the year ended December 31, 2025 decreased by $20,002 and cumulative capital and surplus as of December 31, 2025 was reduced by $262,983 prior to the application of reinsurance. After the application of reinsurance, the permitted practice increased net income for the year ended December 31, 2025 by $8,112 and had no impact on the Company’s capital and surplus.














23
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
A reconciliation of the Company’s net income and surplus between practices prescribed or permitted by the Iowa Department and NAIC Statutory Accounting Practices (NAIC SAP) is shown below:
Years Ended December 31,
202520242023
Net income (loss), Iowa basis$1,091,573 $949,491 $(78,803)
Iowa prescribed practice:
Derivative instruments Bulletin 06-01(17,652)1,609 (9,233)
Derivative instruments IAC 191-9781,558 52,527 (207,841)
2015 Mortality IAC 191-43.3(5)(716)645 (24)
Iowa permitted practice:
AAA measurement(8,112)— — 
Net income (loss), NAIC statutory accounting practices$1,146,651 $1,004,272 $(295,901)
Surplus, Iowa basis$4,121,784 $3,899,057 $3,305,601 
Iowa prescribed practice:
Derivative instruments IAC 191-9752,276 (37,596)2,174 
2015 Mortality IAC 191-43.3(5)(6,773)(6,058)(6,703)
Surplus, NAIC statutory accounting practices$4,167,287 $3,855,403 $3,301,072 

The Company owns all of the outstanding capital stock of Athene Re IV, a special purpose financial captive life insurance company domiciled in the State of Vermont. Athene Re IV, with the explicit permission of the Commissioner of the Vermont Department of Financial Regulation of the State of Vermont, has included as an admitted asset a letter of credit serving as collateral for reinsurance credit taken by the Company in connection with reinsurance agreements entered into between Athene Re IV and the Company. Under NAIC SAP, the letter of credit would not otherwise be treated as an admitted asset.
There is no difference in Athene Re IV's net income between NAIC statutory accounting practices and practices prescribed or permitted by the Vermont Department for the year ended December 31, 2025, 2024 or 2023.

A reconciliation of Athene Re IV’s surplus between practices prescribed and permitted by the State of Vermont and NAIC SAP is shown below:
Years Ended December 31,
202520242023
Surplus, Vermont basis$41,517 $42,097 $42,815 
Vermont permitted practice:
Letter of credit(76,004)(86,109)(96,314)
Surplus, NAIC statutory accounting practices$(34,487)$(44,012)$(53,499)
If Athene Re IV had not been permitted to include the letter of credit in surplus, its risk-based capital would have been below Mandatory Control Level.

24
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The Company carries its investment in Athene Re IV at Athene Re IV’s capital and surplus of $41,517. If Athene Re IV had not been permitted to include the letter of credit in surplus, Athene Re IV’s capital and surplus would be negative and the Company would have carried its investment in Athene Re IV at $0.

3.    Correction of Prior Period Errors

During 2025, the Company discovered an error which resulted in a $9,252 understatement of asset valuation reserve (AVR) and a corresponding overstatement of surplus in the prior period financial statements. The Company also discovered an error in 2025 which resulted in a $64,047 understatement of annuity contract reserve liabilities and a $51,238 understatement of reserves ceded under modco reinsurance, resulting in a $12,809 overstatement of surplus in the prior period financial statements. In accordance with SSAP No. 3, Accounting Changes and Correction of Errors, these corrections were recorded directly to surplus.

Also during 2025, the Company discovered an error which resulted in a $13,428 overstatement of commissions and expense allowances on reinsurance ceded in the separate account prior period financial statements. In accordance with SSAP No. 3, the correction was recorded directly to surplus in the separate account and is included within the other changes in surplus in separate accounts statement line of the statements of changes in capital and surplus in these financial statements.

The net impact of these 2025 corrections decreased surplus on the general account by a total of $35,490, representing 0.9% of ending capital and surplus as of both December 31, 2025 and 2024.

During 2024, the Company discovered an error which resulted in a $59,214 understatement of commissions and expense allowances on reinsurance ceded and a $12,435 understatement of federal income tax payable in the prior period financial statements. In accordance with SSAP No. 3, these corrections were recorded directly to surplus.

The Company also discovered an error in 2024 in the tax reserves which resulted in a $54,361 understatement of federal income tax payable, and a $3,569 understatement of net deferred income tax asset in the prior period financial statements. In accordance with SSAP No. 3, the federal income tax expense correction was recorded directly to surplus.

The net impact of both of these 2024 corrections decreased surplus by a total of $4,013, representing 0.1% of ending capital and surplus as of both December 31, 2024 and 2023.

During 2023, the Company discovered an error in the tax reserves which resulted in a $70,481 understatement of federal income tax payable and a $12,556 understatement of admitted net deferred income tax asset in the prior period financial statements. In accordance with SSAP No. 3, the current tax expense correction was recorded directly to surplus. The net impact of the corrections decreased surplus by $57,925, representing 1.8% of ending capital and surplus as of December 31, 2023.


25
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
4.    Investments

The carrying value and estimated fair value of investments principally held at amortized cost are summarized as follows:
GrossGross
CarryingUnrealizedUnrealizedFair
ValueGainsLossesValue
December 31, 2025
Issuer credit obligations
U.S. government obligations$14,783,433 $109,352 $643,540 $14,249,245 
Non-U.S. sovereign jurisdiction securities640,533 7,857 122,104 526,286 
Municipal bonds - general obligations (direct & guaranteed)34,712 338 1,411 33,639 
Municipal bonds - special revenue343,244 8,216 35,412 316,048 
Project finance bonds issued by operating entities5,634,436 35,111 30,927 5,638,620 
Corporate bonds40,883,031 553,167 2,430,824 39,005,374 
Mandatory convertible bonds20,659 6,884 — 27,543 
Single entity backed obligations8,711,535 271,125 268,271 8,714,389 
Bonds issued by funds representing operating entities11,834,873 167,409 135,970 11,866,312 
Bank loans - issued1,058,120 4,232 940 1,061,412 
Bank loans - acquired1,443,904 1,127 12,299 1,432,732 
Total issuer credit obligations85,388,480 1,164,818 3,681,698 82,871,600 
Asset-backed securities
Financial asset-backed securities - self-liquidating58,721,405 513,341 744,039 58,490,707 
Financial asset-backed securities - not self-liquidating10,088,798 636 34,650 10,054,784 
Non-financial asset-backed securities4,653,712 49,799 63,090 4,640,421 
Total asset-backed securities73,463,915 563,776 841,779 73,185,912 
Total bonds$158,852,395 $1,728,594 $4,523,477 $156,057,512 
Short-term investments$18,569 $13 $— $18,581 
Cash equivalents$7,283,525 $— $— $7,283,525 

26
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
GrossGross
CarryingUnrealizedUnrealizedFair
ValueGainsLossesValue
December 31, 2024
Bonds
U.S. governments$5,691,898 $7,834 $723,050 $4,976,682 
All other governments534,630 11 148,354 386,287 
U.S. states, territories and possessions, etc. guaranteed26,984 — 2,842 24,143 
U.S. political subdivisions of states, territories, and possessions, guaranteed36,508 84 703 35,888 
U.S. special revenue and special assessment obligations, etc. non-guaranteed1,245,585 27,818 51,540 1,221,863 
Industrial and miscellaneous92,650,264 778,284 4,605,296 88,823,251 
Hybrid securities300,009 9,195 3,090 306,115 
Parent, subsidiaries and affiliates29,239,015 111,592 454,347 28,896,260 
Unaffiliated bank loans1,237,549 4,437 27,333 1,214,653 
Total bonds$130,962,442 $939,255 $6,016,555 $125,885,142 
Short-term investments$1,017,411 $530 $74 $1,017,867 
Cash equivalents$6,831,570 $119 $— $6,831,688 

A summary of the carrying value and fair value of the Company’s investments in bonds at December 31, 2025, by contractual maturity, is as follows:

Carrying
ValueFair Value
Due in one year or less$1,548,741 $1,547,325 
Due after one year through five years19,176,805 19,380,243 
Due after five years through ten years16,049,469 15,930,852 
Due after ten years 48,613,466 46,013,180 
Asset-backed securities73,463,914 73,185,912 
Total$158,852,395 $156,057,512 

The actual maturities may differ from the contractual maturities in the foregoing table because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

27
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The following tables show unrecognized gross unrealized losses and fair value for investments which other-than-temporary declines in value have not been recognized in the current period, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position:

Less thanTwelve Months
Twelve Monthsor MoreTotal
GrossGrossGross
UnrealizedUnrealizedUnrealized
Fair ValueLossesFair ValueLossesFair ValueLosses
December 31, 2025
Issuer credit obligations
U.S. government obligations$5,642,735 $88,171 $2,137,107 $555,369 $7,779,842 $643,540 
Non-U.S. sovereign jurisdiction securities11,224 103 354,176 122,001 365,400 122,104 
Municipal bonds - general obligations (direct & guaranteed)344 — 8,184 1,411 8,528 1,411 
Municipal bonds - special revenue2,509 56 196,781 35,356 199,290 35,412 
Project finance bonds issued by operating entities2,015,564 12,561 103,305 18,366 2,118,869 30,927 
Corporate bonds6,497,315 112,087 14,050,543 2,318,737 20,547,858 2,430,824 
Single entity backed obligations120,994 655 2,625,955 267,616 2,746,949 268,271 
Bonds issued by funds representing operating entities464,869 2,765 1,244,623 133,205 1,709,492 135,970 
Bank loans - issued462,228 614 43,133 326 505,361 940 
Bank loans - acquired394,736 3,353 364,049 8,946 758,785 12,299 
Total issuer credit obligations15,612,518 220,365 21,127,856 3,461,333 36,740,374 3,681,698 
Asset-backed securities
Financial asset-backed securities - self-liquidating18,315,119 178,848 7,763,652 565,191 26,078,771 744,039 
Financial asset-backed securities - not self-liquidating2,773,766 30,046 627,056 4,604 3,400,822 34,650 
Non-financial asset-backed securities275,048 1,685 1,258,208 61,405 1,533,256 63,090 
Total asset-backed securities21,363,933 210,579 9,648,916 631,200 31,012,849 841,779 
Total bonds$36,976,451 $430,944 $30,776,772 $4,092,533 $67,753,223 $4,523,477 
Preferred stocks$— $— $709,957 $398 $709,957 $398 
Debt securities that do not qualify as bonds$733,012 $31,747 $— $— $733,012 $31,747 
Total$37,709,463 $462,691 $31,486,729 $4,092,931 $69,196,192 $4,555,622 

28
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Less thanTwelve Months
Twelve Monthsor MoreTotal
GrossGrossGross
UnrealizedUnrealizedUnrealized
Fair ValueLossesFair ValueLossesFair ValueLosses
December 31, 2024
Bonds
U.S. governments$2,709,698 $110,760 $1,629,049 $612,290 $4,338,747 $723,050 
All other governments52,041 4,528 333,542 143,826 385,583 148,354 
U.S. states, territories and possessions, etc. guaranteed— — 24,143 2,842 24,143 2,842 
U.S. political subdivisions of states, territories, and possessions, guaranteed23,595 284 3,210 419 26,805 703 
U.S. special revenue and special assessment obligations, etc. non-guaranteed455,333 12,486 187,382 39,054 642,715 51,540 
Industrial and miscellaneous19,320,939 494,895 26,731,924 4,110,401 46,052,863 4,605,296 
Hybrid securities12,071 49 33,384 3,041 45,455 3,090 
Parent, subsidiaries, and affiliates10,345,774 142,588 4,098,655 311,759 14,444,429 454,347 
Unaffiliated bank loans371,017 660 203,298 26,673 574,315 27,333 
Total bonds$33,290,468 $766,250 $33,244,587 $5,250,305 $66,535,055 $6,016,555 
Preferred stocks$64,995 $1 $709,950 $405 $774,945 $406 
Short-term investments$116,275 $74 $— $— $116,275 $74 
Total$33,471,738 $766,325 $33,954,537 $5,250,710 $67,426,275 $6,017,035 

Included in the above tables are 4,346 securities from 2,038 issuers at December 31, 2025 and 5,187 securities from 2,166 issuers at December 31, 2024. The unrealized losses on corporate securities come primarily from the Consumer Non-cyclical, Electric, Energy, Consumer Cyclical, and Communications sectors. The unrealized losses are primarily attributable to changes in market interest rates since acquisition. Unrealized losses were not recognized in income as the Company intends to hold these securities and it is not more likely than not that the Company will be required to sell a security before the recovery of its amortized cost.

The following table shows unrecognized gross unrealized losses and fair value on asset-backed securities and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2024. These asset-backed securities were included within the bonds lines of the above table for 2024.

Less thanTwelve Months
Twelve Monthsor MoreTotal
GrossGrossGross
UnrealizedUnrealizedUnrealized
Fair ValueLossesFair ValueLossesFair ValueLosses
Asset-backed securities$16,658,621 $261,954 $12,560,446 $1,172,029 $29,219,067 $1,433,983 

The evaluation of OTTI for the Company’s investments considered the factors discussed in Note 1.





29
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The Company recognized OTTI on asset-backed securities due to the intent to sell or inability or lack of intent to retain the investment for a period of time sufficient to recover the amortized cost basis as follows:

Year Ended December 31,Year Ended December 31,Year Ended December 31,
202520242023
Amortized cost basis prior to OTTI$1,766 $— $31,140 
Less: OTTI recognized224 — 3,400 
Fair value and amortized cost after OTTI$1,542 $— $27,740 


OTTI was recognized on the following asset-backed securities in 2025 due to the present value of the cash flows expected to be collected being less than the amortized cost basis:

AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
05532VBB23/31/2025$352 $7 $193 $345 
05543DBQ63/31/20254,323 46 4,109 4,277 
05952FAG83/31/20251,828 25 1,654 1,803 
12668AQ243/31/20253,088 28 3,060 3,060 
12668BMY63/31/20251,430 2 1,346 1,428 
126694G933/31/2025552 25 506 527 
126694JH23/31/2025153 4 98 149 
362334MH43/31/20251,355 1 1,319 1,354 
362341FN43/31/20251,526 54 1,455 1,472 
38375UFL93/31/2025142 4 100 138 
38375UPB03/31/2025313 11 223 302 
38375UTQ33/31/2025164 — 112 164 
38375UUT53/31/2025780 78 516 702 
38376R2Y13/31/20251,139 6 791 1,133 
38376RAR73/31/2025406 3 273 403 
38376RBL93/31/2025106 3 73 103 
38376RHQ23/31/2025207 4 147 203 
38376RQH23/31/2025597 22 427 575 
38376RWU63/31/2025932 1 629 931 
38380LC923/31/2025174 1 116 173 
41161PVJ93/31/20255,413 36 5,022 5,377 
466247JW43/31/20252,445 13 2,346 2,432 
466247UG63/31/2025459 80 373 379 
46630KAC03/31/20251,842 11 1,718 1,831 
62951MAY63/31/20252,613 18 2,365 2,595 
761118QM33/31/20256,572 234 6,104 6,338 
86361XAA73/31/20257,451 354 7,089 7,097 
91863*AB13/31/202514,458 5,689 2,828 8,769 
G0445QAA63/31/20251,440 32 1,420 1,408 
00212JBN16/30/20259,543 42 8,891 9,501 
05533WBF06/30/20253,651 1 3,347 3,650 
05952FAG86/30/20251,769 23 1,644 1,746 
05952FAL76/30/2025826 9 772 817 
30
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
12489WGD06/30/2025925 42 882 883 
12667F5W16/30/20251,709 11 1,693 1,698 
12667GDA86/30/20253,374 17 3,326 3,357 
12668BTG86/30/2025353 9 335 344 
225458Y286/30/2025149 1 134 148 
251510HW66/30/2025300 1 283 299 
36185MBJ06/30/20254,722 11 4,579 4,711 
36185NQ946/30/202599 3 68 96 
3622MWAS26/30/2025363 2 351 361 
3622N6AA76/30/20251,406 4 1,247 1,402 
362341WZ86/30/202550 3 47 47 
38375BMU36/30/2025106 6 84 100 
38375UEE66/30/2025248 3 164 245 
38375ULF56/30/2025475 25 320 450 
38375UQG86/30/2025525 23 363 502 
38375UTQ36/30/2025132 3 91 129 
38375UXF26/30/2025134 2 109 132 
38376R2Y16/30/20251,002 50 708 952 
38376R5B86/30/2025294 10 195 284 
38376RAR76/30/2025353 1 238 352 
38376RHQ26/30/2025171 5 115 166 
38376RSY36/30/2025382 20 256 362 
38376RWU66/30/2025866 57 565 809 
38376RWW26/30/2025619 10 424 609 
38378U8F76/30/2025272 10 171 262 
41161PVJ96/30/20255,258 35 4,950 5,223 
41164LAB56/30/2025789 4 767 785 
45660L4W66/30/20252,783 11 2,772 2,772 
45661EGH16/30/2025815 2 744 813 
466247UG66/30/2025415 43 372 372 
55275BAA56/30/20251,229 2 1,213 1,227 
59025GAA96/30/2025522 1 518 521 
59025QAC36/30/2025323 18 229 305 
61748HVH16/30/2025684 11 659 673 
61748JAE76/30/2025907 27 874 880 
61749WAT46/30/2025365 1 344 364 
61755GAM56/30/2025166 — 138 166 
61755GBF96/30/20251,218 — 1,027 1,218 
61915YAE16/30/20252,130 44 2,076 2,086 
62951MAY66/30/20252,529 17 2,315 2,512 
62951MAZ36/30/2025800 11 765 789 
649603AP26/30/2025212 7 196 205 
65536XAN36/30/2025678 9 568 669 
68403KAD76/30/2025236 1 232 235 
75114HAD96/30/202512,555 550 11,863 12,005 
761118EN46/30/2025191 — 183 191 
863579RT76/30/20251,114 3 1,110 1,111 
86359DRS86/30/20254,175 19 4,156 4,156 
31
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
86361XAA76/30/20257,160 158 7,001 7,002 
872227AE36/30/20251,129 3 1,126 1,126 
91863*AA36/30/202585,089 30,495 37,449 54,594 
91863*AB16/30/20257,907 7,790 117 117 
949789AA96/30/20251,033 7 1,018 1,026 
94986KAA46/30/2025443 5 431 438 
G0445QAA66/30/20251,448 12 507 1,436 
05532VBB29/30/2025208 29 105 179 
12667GDA89/30/20253,324 36 3,288 3,288 
12668BZB29/30/20252,200 69 2,130 2,131 
126694G939/30/2025466 21 434 445 
32051GYL39/30/2025816 22 770 794 
36185MBJ09/30/20254,687 327 4,201 4,360 
36185MEV09/30/20254,047 5 3,308 4,042 
362334MH49/30/20252,582 20 2,462 2,562 
38375BKM39/30/2025200 8 133 192 
38375UBG49/30/2025164 7 124 157 
38375UEE69/30/2025218 14 156 204 
38375UFL99/30/2025114 5 92 109 
38375UQG89/30/2025461 25 311 436 
38375UTN09/30/2025365 51 213 314 
38375UXA39/30/2025171 3 119 168 
38375UZG89/30/2025215 — 148 215 
38375UZL79/30/2025120 5 89 115 
38376R3Q79/30/2025252 — 173 252 
38376R5B89/30/2025248 2 168 246 
38376RAR79/30/2025327 2 221 325 
38376RDA19/30/2025402 1 266 401 
38376RDN39/30/2025670 31 463 639 
38376RFS09/30/2025521 7 372 514 
38376RJQ09/30/2025409 1 295 408 
38376RMF09/30/2025248 15 227 233 
38376RQH29/30/2025413 9 308 404 
38376RSY39/30/2025326 22 221 304 
38376RT559/30/2025182 8 116 174 
38376RWU69/30/2025711 11 499 700 
38376RWW29/30/2025543 26 366 517 
38376RZ669/30/2025225 15 141 210 
38378U8F79/30/2025242 17 139 225 
38380LC929/30/2025138 4 89 134 
41164LAB59/30/2025772 14 754 758 
45660L4E69/30/20251,377 10 1,153 1,367 
45660LMX49/30/20254,869 128 4,741 4,741 
45668LAA99/30/20252,886 33 2,453 2,853 
46628TAD39/30/20257,591 67 7,524 7,524 
46628TAE19/30/20258,031 52 7,979 7,979 
59025QAC39/30/2025351 53 210 298 
61748HYQ89/30/20257,487 190 7,297 7,297 
32
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
61748JAE79/30/2025857 7 850 850 
61766LAE99/30/20252,381 36 1,219 2,345 
62951MAY69/30/20252,456 17 2,255 2,439 
761118QM39/30/20256,094 69 5,749 6,025 
78473WAC79/30/2025969 19 934 950 
87244BAA69/30/20256,618 1,808 4,382 4,810 
91863*AA39/30/202553,810 17,285 25,147 36,525 
91863*AB19/30/202579 31 48 48 
408203AL19/30/2025101,287 16,043 45,970 85,244 
BAN0VUVR89/30/20257,044 985 4,549 6,059 
004421YB312/31/2025415 94 321 321 
05532VBB212/31/2025173 35 106 138 
05533WBF012/31/20253,507 33 3,220 3,474 
073881AD612/31/20253,395 28 3,257 3,367 
1248MBAF212/31/20258,364 106 7,375 8,258 
12639MFA812/31/20251,293 19 1,274 1,274 
12645VAC112/31/20252,048 52 1,773 1,996 
12669GK6712/31/2025450 23 389 427 
16165LAF712/31/202518,967 105 16,457 18,862 
32051GYL312/31/2025765 24 741 741 
36185MEV012/31/20253,991 24 3,270 3,967 
362341LL112/31/20251,771 21 1,734 1,750 
362341WE512/31/2025501 38 435 463 
38375ULF512/31/2025382 56 228 326 
38375UPB012/31/2025186 22 119 164 
38375UQG812/31/2025390 32 281 358 
38375UQJ212/31/2025129 15 78 114 
38375UTN012/31/2025276 35 180 241 
38375UUT512/31/2025364 3 256 361 
38376RFS012/31/2025440 8 324 432 
38376RHQ212/31/2025120 1 81 119 
38376RSY312/31/2025270 16 194 254 
38376RTF312/31/2025173 3 115 170 
38376RVB912/31/2025255 2 170 253 
38378U8F712/31/2025214 29 119 185 
41161PTN312/31/2025489 7 474 482 
41164LAB512/31/202511,785 143 11,642 11,642 
45660L4E612/31/20251,352 24 1,132 1,328 
45660LT2512/31/2025845 40 691 805 
466247JW412/31/20252,346 19 2,255 2,327 
59025QAC312/31/2025336 139 188 197 
61748HQW412/31/20255,388 160 5,122 5,228 
61748HUF612/31/20256,667 83 6,584 6,584 
61748HYQ812/31/20256,972 94 6,879 6,878 
61756XAG012/31/20255,011 24 4,469 4,987 
61915YAE112/31/20252,106 70 2,004 2,036 
62951MAY612/31/20254,245 38 4,013 4,207 
62951MAZ312/31/2025742 24 704 718 
33
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
65536XAN312/31/2025660 89 571 571 
749691C4112/31/20252,321 82 2,238 2,239 
749691F7112/31/20252,472 70 2,402 2,402 
761118DN512/31/20251,184 16 1,136 1,168 
761118QM312/31/20255,833 279 5,554 5,554 
76114BAB412/31/20251,725 9 1,548 1,716 
81743QAG912/31/20251,177 24 1,153 1,153 
81743QAJ312/31/20253,440 3 3,310 3,437 
86358LAA812/31/2025187 45 141 142 
86361PAN612/31/20253,693 67 3,617 3,626 
86361XAA712/31/20257,027 376 6,651 6,651 
878048AL112/31/2025626 105 484 521 
881561F3312/31/20251,275 44 1,211 1,231 
91863*AA312/31/202536,414 16,817 14,531 19,597 
91863*AB112/31/202539 38 44 1 
95000TBA312/31/20252,337 580 1,758 1,757 
G0445QAA612/31/20251,267 725 543 542 
$105,205 

OTTI was recognized on the following asset-backed securities in 2024 due to the present value of the cash flows expected to be collected being less than the amortized cost basis:
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
05529DAA03/31/2024$5,943 $43 $5,901 $5,900 
07386HUL33/31/2024734 108 626 626 
12543WAA63/31/20241,215 28 1,059 1,187 
12566QAE33/31/2024414 24 384 390 
12566QAG83/31/2024388 23 361 366 
12566RAD33/31/20241,260 106 1,154 1,154 
12566WAM23/31/2024227 38 189 189 
12641TAS53/31/20244,459 382 3,983 4,077 
12641TCC83/31/20243,042 142 2,521 2,900 
12668A5X93/31/20244,938 81 4,768 4,857 
16165TAH63/31/20241,073 259 814 814 
17307GY513/31/20244,581 73 4,509 4,508 
17309KAK33/31/20243,057 82 2,975 2,975 
17309VAA13/31/20241,072 56 970 1,016 
173105AH03/31/2024815 42 758 773 
36185MBJ03/31/20245,075 212 4,757 4,863 
36185MEV03/31/20244,476 8 3,538 4,468 
38375ULF53/31/2024904 2 628 902 
38375UQG83/31/2024995 30 654 965 
38375UTN03/31/2024716 30 502 686 
38375UWN63/31/2024798 22 543 776 
38375UWQ93/31/20241,138 73 747 1,065 
38375UXF23/31/2024213 4 179 209 
34
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
38375UZL73/31/2024166 1 115 165 
38376R2Y13/31/20241,857 5 1,196 1,852 
38376RAA43/31/20241,443 90 919 1,353 
38376RDS23/31/20241,416 28 1,025 1,388 
38376RHQ23/31/2024292 7 206 285 
38376RK883/31/2024443 21 297 422 
38376RLK03/31/20241,123 23 795 1,100 
38376RLS33/31/2024239 6 165 233 
38376RMF03/31/2024758 222 536 536 
38376RNG73/31/2024296 5 207 291 
38376RNN23/31/2024512 8 346 504 
38376RNY83/31/2024942 25 634 917 
38376RQF63/31/20241,991 30 1,398 1,961 
38376RQH23/31/20241,068 19 739 1,049 
38376RRP33/31/20241,043 2 716 1,041 
38376RSA53/31/20241,165 2 750 1,163 
38376RTF33/31/2024478 19 310 459 
38376RWU63/31/20241,440 28 972 1,412 
38376RZ663/31/2024464 21 296 443 
38380LC923/31/2024281 10 171 271 
45660L4E63/31/20241,505 4 1,252 1,501 
61761PAG03/31/20243,293 16 2,993 3,277 
65540AAB33/31/20245,376 25 5,086 5,351 
86361XAA73/31/20247,013 156 6,849 6,857 
872227AE33/31/20242,267 58 1,894 2,209 
87222PAB93/31/20242,579 67 2,495 2,512 
91863*AB13/31/202428,697 511 17,995 28,186 
026933AA96/30/20243,824 327 3,416 3,497 
05490AAG86/30/20248,845 8,845 — — 
12667GDA86/30/20243,975 16 3,827 3,959 
16678RFC66/30/20242,417 288 1,810 2,129 
251510GR86/30/2024963 153 809 810 
251510LF86/30/2024664 22 642 642 
38375BKW16/30/2024106 38 50 68 
38375BQY16/30/2024111 29 66 82 
38375UFR66/30/2024222 24 126 198 
38375ULF56/30/2024818 25 554 793 
38375UMZ06/30/2024424 31 282 393 
38375UPY06/30/20241,170 37 858 1,133 
38375UUT56/30/20241,169 35 824 1,134 
38375UXF26/30/2024197 3 168 194 
38375UZG86/30/2024421 13 296 408 
38376R2Y16/30/20241,708 93 1,079 1,615 
38376R3Q76/30/2024451 12 312 439 
38376R5B86/30/2024483 38 295 445 
38376RAR76/30/2024544 42 344 502 
38376RBN56/30/2024504 30 348 474 
38376RDA16/30/2024762 55 480 707 
35
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
38376RDN36/30/20241,395 76 995 1,319 
38376RDS26/30/20241,197 13 893 1,184 
38376RDZ66/30/2024501 6 354 495 
38376RFS06/30/20241,007 21 713 986 
38376RJQ06/30/2024934 39 662 895 
38376RLK06/30/2024943 34 669 909 
38376RLS36/30/2024220 6 161 214 
38376RN516/30/2024320 34 217 286 
38376RNN26/30/2024435 8 298 427 
38376RRC26/30/20241,281 58 854 1,223 
38376RRP36/30/2024917 10 625 907 
38376RSA56/30/20241,067 60 681 1,007 
38376RSY36/30/2024616 19 420 597 
38376RT556/30/2024336 15 221 321 
38376RUM66/30/20241,339 51 915 1,288 
38376RWW26/30/20241,095 47 719 1,048 
38378U8F76/30/2024510 27 338 483 
38380LC926/30/2024241 3 152 238 
466247UG66/30/2024438 63 375 375 
46631JAA66/30/20243,557 16 2,885 3,541 
61748HQW46/30/20246,648 169 6,008 6,479 
61749LAF86/30/2024670 111 556 559 
61762UCH46/30/20246,774 77 6,480 6,697 
75114NAA26/30/20247,049 13 7,036 7,036 
75114NAC86/30/20243,744 18 3,726 3,726 
751150AA16/30/202413,092 796 11,721 12,296 
91863*AB16/30/202428,259 6,974 14,297 21,285 
95000TBC96/30/2024655 109 438 546 
BAN0VUVR86/30/202413,880 4,686 7,480 9,194 
BAN0VUVS66/30/20245,803 3,235 2,184 2,568 
02147UAA19/30/2024978 19 942 959 
05531XAG99/30/20244,014 38 3,338 3,976 
05532GAF79/30/20242,164 9 2,140 2,155 
07386HUL39/30/2024920 81 839 839 
12641TAS59/30/20243,901 50 3,851 3,851 
12641TCC89/30/20242,802 177 2,456 2,625 
126694MU99/30/20241,491 12 1,232 1,479 
16678RFC69/30/20242,308 243 1,847 2,065 
17324KAA69/30/20244,146 845 3,301 3,301 
362611BR59/30/20241,237 7 1,175 1,230 
38375B3G59/30/2024290 2 223 288 
38375BGQ99/30/2024106 12 76 94 
38376RAR79/30/2024499 7 359 492 
38376RBL99/30/2024157 6 111 151 
38376RBZ89/30/2024130 23 104 107 
38376RWU69/30/20241,248 55 845 1,193 
38377EX749/30/202495 16 78 79 
41161PK449/30/20244,382 42 4,034 4,340 
36
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
466247QP19/30/20241,587 1 1,519 1,586 
466247UG69/30/2024407 23 385 384 
46631JAA69/30/20243,523 17 2,978 3,506 
46631NAT69/30/20242,456 88 2,329 2,368 
61748HWT49/30/20241,753 28 1,621 1,725 
61763GEQ29/30/202414,307 69 13,754 14,238 
81744LAN49/30/20241,409 4 1,304 1,405 
86212VAE49/30/202416,640 25 16,116 16,615 
86361XAA79/30/20247,665 217 7,448 7,448 
87244BAA69/30/20249,579 3,173 3,815 6,406 
91863*AB19/30/202421,315 5,933 9,992 15,382 
93935HAJ69/30/20242,492 6 2,307 2,486 
G0445QAA69/30/20243,470 869 2,056 2,601 
00192JAE612/31/20241,640 15 1,570 1,625 
00442BAD312/31/20241,190 25 1,123 1,165 
00442BAE112/31/20242,700 56 2,592 2,644 
00443KAD212/31/20242,046 97 1,945 1,949 
00443LAA612/31/20241,008 14 977 994 
007036PG512/31/2024462 32 406 430 
026933AA912/31/20243,437 346 3,092 3,091 
05532VBB212/31/2024449 83 230 366 
05952FAG812/31/20241,867 9 1,679 1,858 
07400NAH312/31/2024118 44 13 74 
12464YAA712/31/20241,661 28 1,567 1,633 
12464YAB512/31/20241,338 23 1,275 1,315 
12465MAA212/31/20241,039 22 959 1,017 
12667F5W112/31/20241,844 40 1,803 1,804 
12667GDA812/31/20243,602 11 3,591 3,591 
126694JG412/31/20241,951 15 1,896 1,936 
16678RFC612/31/20242,104 191 1,885 1,913 
17324KAC212/31/20241,181 644 537 537 
32051GYL312/31/2024898 15 883 883 
36185MBJ012/31/20244,840 36 4,641 4,804 
36245RAA712/31/20241,454 42 1,369 1,412 
36245RAB512/31/2024845 23 787 822 
38375B3G512/31/2024266 5 188 261 
38375BGQ912/31/202499 36 62 63 
38375BKM312/31/2024258 4 202 254 
38375BLM212/31/2024104 35 69 69 
38375BSB912/31/2024107 39 67 68 
38375UEE612/31/2024349 21 194 328 
38375UFR612/31/2024168 5 107 163 
38375ULD012/31/2024102 29 73 73 
38375UQG812/31/2024692 7 452 685 
38375UQJ212/31/2024218 20 159 198 
38375UQL712/31/2024109 41 67 68 
38375UTN012/31/2024484 14 334 470 
38375UTQ312/31/2024202 8 137 194 
37
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
38375UWN612/31/2024546 12 372 534 
38375UXA312/31/2024255 3 183 252 
38375UZL712/31/2024113 — 80 113 
38376R2Y112/31/20241,287 4 874 1,283 
38376R3Q712/31/2024354 3 257 351 
38376R5B812/31/2024376 10 241 366 
38376R5Z512/31/2024194 11 124 183 
38376RAA412/31/20241,192 100 784 1,092 
38376RAR712/31/2024453 16 311 437 
38376RBL912/31/2024128 1 87 127 
38376RBZ812/31/2024101 17 84 84 
38376RDS212/31/2024842 10 612 832 
38376RDZ612/31/2024377 3 264 374 
38376RFT812/31/2024646 6 469 640 
38376RJD912/31/202487 6 81 81 
38376RK8812/31/2024303 1 217 302 
38376RLH712/31/2024289 7 215 282 
38376RNG712/31/2024186 2 132 184 
38376RNN212/31/2024333 1 232 332 
38376RNQ512/31/2024131 2 92 129 
38376RNY812/31/2024619 2 429 617 
38376RQF612/31/20241,292 5 922 1,287 
38376RQH212/31/2024678 10 497 668 
38376RRC212/31/2024969 20 662 949 
38376RSY312/31/2024501 18 336 483 
38376RT5512/31/2024258 6 176 252 
38376RTF312/31/2024327 22 207 305 
38376RVB912/31/2024412 15 278 397 
38376RW3612/31/2024103 31 72 72 
38376RWU612/31/20241,049 12 703 1,037 
38376RWW212/31/2024849 1 578 848 
38376RZ6612/31/2024309 3 208 306 
38377EX7412/31/202476 12 64 64 
38380LC9212/31/2024199 4 128 195 
41161PTN312/31/20241,535 7 1,444 1,528 
41161PVJ912/31/20245,639 60 5,167 5,579 
41164LAB512/31/2024830 5 793 825 
43709XAE112/31/20245,045 91 4,818 4,954 
466309AC512/31/2024605 51 554 554 
46631JAA612/31/20243,441 14 2,832 3,427 
59024FAE412/31/20241,114 61 1,053 1,053 
59025QAC312/31/2024369 111 258 258 
61755GBF912/31/20241,282 3 1,046 1,279 
61762UCH412/31/20246,502 147 6,355 6,355 
61766LAG412/31/20242,121 1,455 666 666 
61766LAQ212/31/20241,224 926 298 298 
61915YAE112/31/20242,224 113 2,102 2,111 
62951MAY612/31/20242,674 17 2,415 2,657 
38
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earnings of OTTIOTTI
75114HAD912/31/202412,539 246 12,293 12,293 
761118DN512/31/20241,355 30 1,280 1,325 
761118QM312/31/20246,712 61 6,481 6,651 
872227AE312/31/20242,122 318 1,800 1,804 
91863*AB112/31/202416,427 2,215 8,770 14,212 
BAN0VUVR812/31/20248,868 643 7,253 8,225 
BAN0VUVS612/31/20242,320 30 1,981 2,290 
G0445QAA612/31/20242,251 842 1,408 1,409 
$52,221 

OTTI was recognized on the following asset-backed securities in 2023 due to the present value of the cash flows expected to be collected being less than the amortized cost basis:
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earningsof OTTIOTTI
00192JAD83/31/2023$1,536 $129 $1,392 $1,407 
05952HAD13/31/20231,527 12 1,443 1,515 
1248MBAF23/31/20239,869 62 8,539 9,807 
12639MFA83/31/2023788 18 691 770 
12641TAS53/31/20234,943 65 4,363 4,878 
12668BMY63/31/20231,812 5 1,612 1,806 
126694K313/31/2023383 7 329 376 
17322JAB93/31/20231,435 13 1,422 1,422 
61748HQW43/31/20237,771 104 7,338 7,667 
61755GBF93/31/20231,504 3 1,197 1,501 
65540AAB33/31/20236,065 2 5,649 6,063 
74958TAB93/31/20232,035 6 1,932 2,029 
76114BAB43/31/20231,995 9 1,747 1,986 
863579JH23/31/2023929 35 873 895 
00212JBN13/31/202323,384 6 21,371 23,378 
02151HAC93/31/20231,848 3 1,837 1,846 
05543DBQ63/31/20234,914 4 4,739 4,909 
05952FAG83/31/20232,049 25 1,906 2,025 
05956DAD63/31/20231,334 25 1,309 1,309 
073881AD63/31/20233,974 30 3,348 3,944 
07388DAC23/31/20233,784 17 3,728 3,766 
12642LBS03/31/20231,186 2 1,114 1,183 
12645VAC13/31/20233,183 69 2,890 3,113 
12646AAY83/31/20236,224 29 6,183 6,195 
12646NAL83/31/2023662 14 610 648 
12667GMA83/31/20231,513 21 1,359 1,492 
12668BCL53/31/20232,478 8 2,462 2,470 
16165TAZ63/31/20231,049 14 944 1,035 
17309KAK33/31/20233,385 52 3,333 3,333 
45660LTS83/31/2023508 3 419 506 
45661EGC23/31/2023772 26 680 746 
39
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earningsof OTTIOTTI
456681AE53/31/20234,319 22 4,134 4,298 
466278BR83/31/20231,872 59 1,802 1,813 
46628BCC23/31/2023921 33 824 888 
46632BAE43/31/2023824 18 696 806 
61748HUF63/31/20238,784 167 8,192 8,617 
61756VBE83/31/20232,538 24 2,094 2,515 
69121PCH43/31/20233,514 11 3,443 3,503 
74927XAE23/31/2023482 26 456 456 
749691C413/31/20232,429 115 2,298 2,314 
749691F713/31/20232,547 43 2,504 2,504 
00192JAD86/30/20231,375 20 1,328 1,355 
12639MFA86/30/2023767 9 653 758 
61748HQW46/30/20237,277 6 6,966 7,271 
00442BAD36/30/20231,376 74 1,234 1,302 
00442BAE16/30/20233,121 168 2,818 2,953 
00442JAD66/30/2023462 27 363 435 
058930AD06/30/20232,650 22 2,388 2,628 
16162WPZ66/30/20231,826 16 1,731 1,810 
16165TAB96/30/2023521 88 433 433 
41161PVK66/30/20236,567 52 6,160 6,514 
41161UAC66/30/20233,179 21 2,661 3,158 
46631JAA66/30/20233,929 48 3,123 3,881 
55027BAA66/30/202314,350 184 13,393 14,167 
59023MAD26/30/20232,568 124 2,214 2,444 
61748HYQ86/30/20238,725 30 8,252 8,695 
61763GEQ26/30/202316,145 14 14,735 16,131 
863579RT76/30/202399 1 97 98 
87222PAB96/30/20232,730 53 2,678 2,678 
94983JAG76/30/20231,775 52 1,671 1,723 
94984NAA06/30/20231,513 82 1,382 1,431 
05952FAG86/30/20231,991 15 1,855 1,976 
073881AD66/30/20233,712 5 3,259 3,707 
07388DAC26/30/20233,647 6 3,542 3,641 
12645VAC16/30/20233,102 37 2,730 3,065 
12646AAY86/30/20236,003 19 5,909 5,984 
12646NAL86/30/2023646 8 576 638 
61748HUF66/30/20238,563 17 8,241 8,546 
74927XAE26/30/2023434 14 413 420 
00443KAD26/30/20232,430 120 2,291 2,310 
00443LAA66/30/20231,112 29 999 1,083 
05539BEH36/30/20234,767 2 4,241 4,765 
12489WGD06/30/20231,462 45 1,416 1,416 
12667GRV76/30/20234,735 12 4,516 4,723 
12668BBN26/30/202310,233 90 10,143 10,143 
170257AH26/30/2023850 12 786 838 
17307G3F36/30/2023142 4 136 138 
225470RU96/30/20232,361 95 2,161 2,266 
2254W0MF96/30/20231,581 — 1,401 1,581 
40
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earningsof OTTIOTTI
3623418H56/30/2023102 33 69 69 
362528AA96/30/20234,085 22 3,941 4,063 
41161PK446/30/20232,248 — 2,057 2,247 
41161PWC36/30/20231,196 12 1,070 1,183 
45254TQW76/30/20232,822 49 2,507 2,773 
46634DCP16/30/20231,373 1 1,276 1,372 
46635AAH66/30/20232,921 48 2,664 2,873 
46637JCJ96/30/20232,679 45 2,506 2,634 
55275BAA56/30/20231,528 53 1,475 1,475 
59024FAD66/30/2023864 86 722 777 
59024FAE46/30/20231,350 134 1,127 1,216 
61758LAD16/30/20231,764 8 1,751 1,756 
65539KAF56/30/20234,206 46 3,764 4,160 
65539LAF36/30/20232,925 30 2,577 2,895 
863579XC76/30/20234,536 25 4,512 4,512 
86363GAF16/30/202384 1 78 83 
12641TAS59/30/20234,759 146 4,250 4,613 
61748HQW49/30/20237,215 115 6,674 7,100 
12669GK679/30/2023615 58 423 556 
38375BLM29/30/2023260 14 144 246 
38375BTZ59/30/2023275 1 157 274 
38375ULD09/30/2023240 1 147 239 
38375ULQ19/30/2023535 5 406 529 
38375UMZ09/30/2023491 39 276 452 
38375UNX49/30/2023365 5 199 361 
38375UPB09/30/2023510 46 324 464 
38375UQJ29/30/2023436 8 266 429 
38375UTQ39/30/2023457 5 295 452 
38375UTU49/30/2023753 44 465 709 
38375UWQ99/30/20231,664 146 775 1,518 
38375UXF29/30/2023356 38 179 318 
38375UZL79/30/2023239 15 153 224 
38376R2Y19/30/20232,421 21 1,479 2,400 
38376R3Q79/30/2023644 8 433 636 
38376RAA49/30/20231,820 82 913 1,738 
38376RAP19/30/2023130 4 81 126 
38376RAR79/30/2023819 37 403 782 
38376RBL99/30/2023365 10 210 355 
38376RBN59/30/2023632 51 373 581 
38376RBZ89/30/2023264 2 172 262 
38376RDA19/30/2023903 59 516 843 
38376RDC79/30/2023700 7 603 693 
38376RDZ69/30/2023878 22 558 856 
38376RHQ29/30/2023490 53 224 437 
38376RK889/30/2023570 6 382 564 
38376RLH79/30/2023580 4 383 576 
38376RLS39/30/2023467 57 171 409 
38376RNG79/30/2023425 6 274 419 
41
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earningsof OTTIOTTI
38376RT559/30/2023529 11 329 518 
38376RW369/30/2023252 3 150 249 
38376XNE99/30/20231,021 17 595 1,004 
38380LVM29/30/2023962 26 646 936 
872227AE39/30/20232,421 86 2,102 2,334 
12642LBS09/30/20231,062 35 951 1,027 
61748HUF69/30/20238,440 99 7,975 8,341 
55275BAA59/30/20231,434 42 1,298 1,392 
07386HUL39/30/2023786 117 669 669 
07386HYW59/30/20231,425 33 1,391 1,391 
16165TAH69/30/20231,013 211 802 802 
3622EAAC49/30/20235,336 94 5,128 5,242 
38375BKW19/30/2023127 5 82 122 
38375UFN59/30/2023969 14 728 955 
38375UFR69/30/2023306 7 178 299 
38375UQG89/30/20231,432 22 846 1,410 
38375UVC19/30/2023693 11 542 682 
38375UVZ09/30/2023119 — 72 118 
38375UWN69/30/20231,299 45 717 1,254 
38375UZG89/30/2023545 — 339 544 
38376R5B89/30/2023741 20 420 721 
38376RDN39/30/20231,841 212 1,062 1,629 
38376RFS09/30/20231,361 55 762 1,306 
38376RFT89/30/2023912 63 549 848 
38376RJQ09/30/20231,399 13 961 1,386 
38376RNN29/30/2023843 25 454 819 
38376RNQ59/30/2023210 5 137 205 
38376RRP39/30/20231,525 14 932 1,511 
38376RSA59/30/20231,489 101 824 1,388 
38376RSY39/30/20231,111 16 616 1,095 
38376RTF39/30/2023685 1 401 684 
38376RUM69/30/20232,271 43 1,358 2,228 
38376RWU69/30/20232,148 147 989 2,001 
38376RWW29/30/20231,778 55 1,074 1,724 
38378U8F79/30/2023932 16 549 916 
38380LC929/30/2023407 12 216 395 
45668LAA99/30/20235,228 53 4,153 5,175 
61759FAJ09/30/2023965 207 759 759 
86361XAA712/31/20237,900 156 7,567 7,744 
91863*AB112/31/202342,124 13,334 19,461 28,790 
61762UCH49/30/20236,989 4 6,633 6,984 
76110H7A19/30/20232,418 18 2,255 2,400 
00192JAD812/31/20231,300 14 1,278 1,286 
61748HQW412/31/20236,901 94 6,779 6,807 
16165TAB912/31/2023516 121 392 396 
38375BLM212/31/2023211 47 123 164 
38375BTZ512/31/2023234 43 130 191 
38375ULD012/31/2023199 31 123 168 
42
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earningsof OTTIOTTI
38375UNX412/31/2023311 77 169 234 
38375UQJ212/31/2023386 56 233 330 
38375UTQ312/31/2023395 41 255 355 
38375UTU412/31/2023698 47 452 651 
38375UWQ912/31/20231,460 283 826 1,177 
38375UXF212/31/2023301 78 192 222 
38375UZL712/31/2023194 5 130 189 
38376R2Y112/31/20232,169 133 1,287 2,036 
38376R3Q712/31/2023576 21 375 555 
38376RAA412/31/20231,679 239 940 1,440 
38376RAR712/31/2023763 149 411 615 
38376RBL912/31/2023306 56 167 250 
38376RBN512/31/2023568 46 362 522 
38376RBZ812/31/2023220 17 143 203 
38376RDA112/31/2023821 32 506 789 
38376RDZ612/31/2023747 90 476 657 
38376RHQ212/31/2023401 96 211 304 
38376RLH712/31/2023488 37 327 452 
38376RLS312/31/2023388 137 174 251 
38376RNG712/31/2023351 16 236 334 
38376RT5512/31/2023457 32 283 425 
38376RW3612/31/2023209 35 125 173 
38376XNE912/31/2023732 61 463 671 
00256DAB812/31/20231,328 206 870 1,122 
126694JH212/31/2023343 153 159 189 
38375B3G512/31/2023472 57 286 415 
38375BKM312/31/2023460 — 324 460 
38375BMU312/31/2023297 45 191 253 
38375BQY112/31/2023138 30 85 107 
38375UEH912/31/2023138 29 75 109 
38375ULF512/31/20231,107 110 681 998 
38375UQL712/31/2023190 27 107 163 
38375UUT512/31/20231,717 210 1,073 1,507 
38375UXA312/31/2023510 58 308 451 
38376R5Z512/31/2023394 63 216 331 
38376RLK012/31/20231,459 177 922 1,282 
38376RQF612/31/20232,556 310 1,571 2,246 
38376RQH212/31/20231,306 99 832 1,207 
38376RRC212/31/20231,954 361 1,078 1,593 
38377EX7412/31/2023172 23 127 149 
61756VAG412/31/20231,840 19 1,455 1,821 
12667GMA812/31/20231,323 21 1,180 1,302 
17309KAK312/31/20233,213 10 3,195 3,204 
12489WGD012/31/20231,338 53 1,285 1,285 
170257AH212/31/2023745 58 620 687 
55275BAA512/31/20231,377 12 1,366 1,366 
38375UQG812/31/20231,227 125 735 1,102 
38375UWN612/31/20231,099 216 604 884 
43
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
AmortizedOTTIFair ValueAmortized
Date ofCost PriorRecognizedat TimeCost After
SecurityImpairmentto OTTIin Earningsof OTTIOTTI
38375UZG812/31/2023477 70 291 407 
38376R5B812/31/2023645 75 355 570 
38376RDN312/31/20231,615 167 1,031 1,447 
38376RFS012/31/20231,275 187 732 1,088 
38376RFT812/31/2023838 58 539 780 
38376RJQ012/31/20231,258 58 851 1,201 
38376RNN212/31/2023723 149 390 575 
38376RRP312/31/20231,331 131 796 1,200 
38376RSA512/31/20231,300 44 791 1,255 
38376RSY312/31/2023946 180 526 766 
38376RTF312/31/2023609 81 351 528 
38376RUM612/31/20231,982 280 1,173 1,702 
38376RWU612/31/20231,930 454 983 1,476 
38376RWW212/31/20231,493 124 918 1,369 
38378U8F712/31/2023818 148 471 671 
38380LC9212/31/2023361 52 187 309 
05532VBB212/31/2023591 17 517 575 
12645QAC212/31/20232,290 38 2,252 2,252 
12667GT8612/31/20231,083 16 982 1,068 
36185MBJ012/31/20235,106 43 4,864 5,063 
38375BKB712/31/2023281 11 227 270 
38375BQQ812/31/2023330 33 232 296 
38375BZT212/31/2023541 53 349 488 
38375UBG412/31/2023447 31 310 417 
38375UEE612/31/2023556 54 309 503 
38375UTN012/31/20231,053 259 554 795 
38376RDS212/31/20231,728 102 1,113 1,626 
38376RM5212/31/2023461 99 255 361 
38376RN5112/31/2023521 111 262 410 
38376RNY812/31/20231,253 194 720 1,060 
38376RVB912/31/2023802 107 462 695 
38379RHB212/31/2023286 44 230 242 
74923JAH012/31/2023551 242 309 309 
761118KU112/31/2023703 10 5,901 693 
761118NN412/31/202313,680 194 13,486 13,486 
05490AAJ212/31/20238,401 8,247 154 154 
$36,882 


44
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
5GI Securities
The following table displays the carrying value and associated fair values for 5GI securities, by investment type. 5GI securities are unrated by the NAIC, but are current on principal and interest payments.

December 31, 2025December 31, 2024
Number of 5GI SecuritiesBook Adjusted Carrying ValueFair ValueNumber of 5GI SecuritiesBook Adjusted Carrying ValueFair Value
Asset-backed securities1 $209 $247 1 $257 $268 
Total1 $209 $247 1 $257 $268 

Sub-Prime Mortgage Related Risk Exposure
The Company has exposure to the sub-prime mortgage credit market through certain mortgage-backed securities (MBS). These securities consist of diversified investments with both fixed-rate and variable-rate collateral, are focused on senior positions within the structure, have borrowers which have demonstrated attachment and ability to pay despite financial stress, and the vast majority are rated 1 or 2 by the NAIC. At December 31, 2025 and 2024, the Company held MBS with sub-prime exposure with a carrying value of $176,477 and $179,343, respectively, a cost of $168,680 and $171,170, respectively, and a fair value of $179,557 and $176,431, respectively. There were $162 and $1,028 of other-than-temporary impairments recognized on these securities during 2025 and 2024, respectively.
The Company generally defines sub-prime residential whole mortgage loans as borrowers with impaired credit history and lower FICO scores.  The price paid for the sub-prime residential whole mortgage loans factored in the consideration of the borrower’s ability to repay along with the overall credit profile of the loan.  The Company continues to monitor the performance of the sub-prime residential whole mortgage loans along with performance expectations. The Company held the following in sub-prime residential whole mortgage loans:
December 31, 2025
Book Adjusted Carrying ValueFair ValueValue of Land and BuildingsOther-Than-Temporary Impairment Losses Recognized
Mortgages in the process of foreclosure$19,839 $21,987 $55,059 $— 
Mortgages in good standing433,171 418,496 915,990 — 
Mortgages with restructured terms— — — — 
Total$453,010 $440,483 $971,049 $— 
45
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
December 31, 2024
Book Adjusted Carrying ValueFair ValueValue of Land and BuildingsOther-Than-Temporary Impairment Losses Recognized
Mortgages in the process of foreclosure$32,296 $33,656 $77,080 $— 
Mortgages in good standing467,339 437,493 958,633 — 
Mortgages with restructured terms— — — — 
Total$499,635 $471,149 $1,035,713 $— 
Mortgage Loans, Including Mezzanine Real Estate Loans
The Company’s investments in mortgage loans on real estate consist primarily of mortgage loans made on a full recourse basis. During 2025, the Company acquired residential mortgage loans (RMLs) with interest rates ranging from 3% to 15%. Of the RMLs acquired during 2025, the maximum percentage of any one loan to the value at the time of the loan was 148%.
During 2025, the Company acquired commercial mortgage loans (CMLs) with interest rates ranging from 3% to 10%. The Company invests in both fixed-rate and variable-rate loans and manages its credit risk associated with these loans by diversifying its mortgage portfolio by property type and geographic location. Of the CMLs acquired in 2025, the maximum loan to value of any one loan, exclusive of insured or guaranteed or purchase money mortgages, was 82%. Mezzanine CMLs comprise 3% and 3% of the total CMLs for the years ending December 31, 2025 and 2024, respectively.
The portfolio credit risk for mortgage loans was concentrated in the following geographic regions:
December 31, 2025December 31, 2024
Carrying ValuePercent of TotalCarrying ValuePercent of Total
North Central$2,361,373 2.7 %$1,574,213 2.6 %
South Central2,765,172 3.2 1,874,323 3.1 
South Atlantic6,523,387 7.5 5,678,365 9.4 
Pacific5,904,984 6.8 5,721,636 9.5 
Mountain1,554,094 1.8 1,345,131 2.2 
Atlantic8,396,296 9.7 7,204,977 12.0 
New England1,002,405 1.2 1,006,741 1.7 
International6,042,718 7.0 4,300,444 7.2 
Total commercial mortgage loans34,550,429 39.9 28,705,830 47.7 
Total residential mortgage loans52,088,099 60.1 31,520,394 52.3 
Total mortgage loans$86,638,528 100.0 %$60,226,224 100.0 %
46
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The Company's RML portfolio includes first lien RMLs, collateralized by properties located in the United States, United Kingdom and the Netherlands. At December 31, 2025, California, Texas, and Florida represented 23.7%, 15.9%, and 10.6%, respectively, of the portfolio. The remaining 49.8% represented all other states, with each individual state comprising less than 5% of the RML portfolio. At December 31, 2024, California, Florida, and Texas represented 27.1%, 12.7%, and 7.5%, respectively, of the portfolio, and the remaining 52.7% represented all other states, with each individual state comprising less than 5% of the RML portfolio.


47
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The age analysis of mortgage loans by type and identification is as follows:

December 31, 2025
Residential
InsuredAll OtherCommercialMezzanineTotal
Recorded investment (all)
Current$187,713$50,016,045$32,851,139$937,435$83,992,332
30-59 days past due49,786954,576362,294—1,366,656
60-89 days past due18,050273,858216,511—508,419
90-179 days past due16,717213,43138,232—268,380
180+ days past due17,278340,645144,818—502,741
Total mortgage loans$289,544$51,798,555$33,612,994$937,435$86,638,528
Accruing interest 90 - 179 days past due
Recorded investment$—$—$—$—$—
Interest accrued91—412—503
Accruing interest 180+ days past due
Recorded investment$—$—$—$—$—
Interest accrued51641,601—2,121
Interest reduced
Recorded investment$— $— $— $— $— 
Number of loans— — — — — 
Percent reduced— %— %— %— %— %
Participant or co-lender in a mortgage loan agreement
Recorded investment$— $— $— $— $— 
Investment in impaired loans
Average recorded investment$— $517 $42,092 $24,150 $66,759 
Interest income recognized— — — — — 
Recorded investments on nonaccrual status— 48,041 420,922 72,451 541,414 
Amount of interest income recognized using a cash-basis method of accounting— — — — — 
48
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
December 31, 2024
Residential
InsuredAll OtherCommercialMezzanineTotal
Recorded investment (all)
Current$217,492$28,933,306$27,210,711$970,434$57,331,943
30-59 days past due51,3191,252,938308,126—1,612,383
60-89 days past due22,107361,798191,656—575,561
90-179 days past due22,855258,862——281,717
180+ days past due24,037375,68024,903—424,620
Total Mortgage Loans$337,810$31,182,584$27,735,396$970,434$60,226,224
Accruing interest 90 - 179 days past due
Recorded investment$22,855$39,149$—$—$62,004
Interest accrued160606——766
Accruing interest 180+ days past due
Recorded investment$24,037$96,605$23,932$—$144,574
Interest accrued8471,0313202182,416
Interest reduced
Recorded investment$— $— $— $— $— 
Number of loans— — — — — 
Percent reduced— %— %— %— %— %
Participant or co-lender in a mortgage loan agreement
Recorded investment$— $— $— $— $— 
Investment in impaired loans
Average recorded investment$— $525 $12,197 $24,150 $36,872 
Interest income recognized— — — — — 
Recorded investments on nonaccrual status— 51,927 24,395 72,451 148,773 
Amount of interest income recognized using a cash-basis method of accounting— — — — — 


Allowance for credit losses for mortgage loans are as follows:
Years Ended December 31,
202520242023
Balance at beginning of period $68,096 $68,792 $43,140 
Additions charged to operations45,206 28,596 27,206 
Direct write-downs charged against the allowances(765)— — 
Recoveries of amounts previously charged off(5,645)(29,292)(1,554)
Balance at end of period$106,892 $68,096 $68,792 






49
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Mortgage loans derecognized as a result of foreclosure are as follows:

Years Ended December 31,
202520242023
Aggregate amount of mortgage loans derecognized$71,695 $35,933 $78,740 
Real estate collateral recognized71,695 35,933 78,740 
Other collateral recognized— — — 
Receivables recognized from a government guarantee of the foreclosed mortgage loan— — — 

At December 31, 2025 and 2024, there were no taxes, assessments or amounts which had been advanced but not repaid and not included in the mortgage loan. The primary credit quality indicator monitored is loan performance. Nonperforming mortgage loans are 90 days or more past due and are in non-accrual status. The Company accrues interest income on impaired loans to the extent deemed collectible (delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. The Company recognizes interest income on its impaired loans upon receipt.

Real Estate
The Company did not acquire real estate held for the production of income in 2025 or 2024.

There were no sales of real estate in 2025, 2024 and 2023. There were no gains or losses recognized as a result of sales during 2025, 2024 and 2023.

The Company had $0, $17,314 and $0 of impairment losses recognized on real estate that are included in net realized capital gains or losses for the years ended December 31, 2025, 2024 and 2023, respectively.

Other Invested Assets
The Company has no investments in joint venture, partnerships or limited liability companies that exceed 10% of its admitted assets. During 2025, 2024 and 2023, there were impairments of $11,809, $2,823 and $0, respectively, on other invested assets. The impairments were based on an assessment that future cash flows of affected investments would be less than the cost basis. Fair value is determined utilizing statements received from the partnerships and limited liability companies or commercial pricing services using a variety of market observable information in their valuation techniques, or an internal model.

The Company invests in renewable, solar energy and low income housing projects that provide tax benefits, reducing the Company's tax liability. As of December 31, 2025 and 2024, the Company had $48,603 and $7,637, respectively, of investment in these tax credit investment structures and recognized $506,668, $74,086 and $52,773 of amortization and non-income tax related activity through net investment income and other income for the years ended December 31, 2025, 2024 and 2023, respectively. The Company recognized tax credits and other tax benefits of $547,606, $81,701 and $64,457 during 2025, 2024 and 2023, respectively. The Company did not recognize impairments on the tax credit investments during 2025, 2024 or 2023. As of December 31, 2025, the Company has commitments to provide additional contributions of $284,160 to tax credit investments for the years 2026-2035.





50
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The tax credits expected to be generated by the Company's investments in future periods is as follows:

2026$29,977 
202729,977 
202829,977 
202929,977 
203029,977 
Thereafter123,795 
Total$273,680 

As of December 31, 2025 and 2024, the Company held $707,254 and $900,000, respectively, collateral loans for which mortgage loans served as the qualifying investment collateral. These collateral loans are reported within other invested assets on the balance sheets.

Investment Income
Major categories of investment income (loss) are summarized as follows:

Years Ended December 31,
202520242023
Bonds$8,279,778 $6,612,392 $4,669,744 
Preferred stocks106,539 103,593 72,243 
Common stocks82,338 38,740 23,974 
Mortgage loans4,736,362 3,400,112 1,982,371 
Real estate37,404 37,281 32,137 
Derivatives458,865 708,426 (926,714)
Policy loans5,546 7,778 7,741 
Cash, cash equivalents and short-term investments422,726 577,610 545,665 
Other invested assets(132,205)65,963 56,879 
Other, net13,455 (24)(2,302)
Total gross investment income14,010,808 11,551,871 6,461,738 
Less: Investment expenses1,278,109 1,050,392 817,439 
Net investment income$12,732,699 $10,501,479 $5,644,299 

Investment income due and accrued with amounts over 90 days past due, with the exception of mortgage loans in default, is nonadmitted. The components of accrued investment income are as follows:
December 31,
20252024
Gross accrued investment income$2,482,135 $2,020,422 
Nonadmitted accrued investment income(2,508)(3,770)
Accrued investment income$2,479,627 $2,016,652 

51
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
As of December 31, 2025 and 2024, deferred interest was $2,624 and $201,349, respectively. As of December 31, 2025 and 2024, cumulative paid-in-kind interest was $112,792 and $93,956, respectively, and has been included in the principal balance of invested assets.
The Company disposed of securities with callable features which generated prepayment fee income as follows:
Years Ended December 31,
202520242023
General Account - number of securities142664
General Account - amount of income$563 $3,023 $5,227 
Separate Account - number of securities81625
Separate Account - amount of income$115 $782 $837 
Proceeds from bonds and related gross realized gains and losses were as follows:
Years Ended December 31,
202520242023
Proceeds$39,527,727 $20,835,521 $6,717,840 
Gross realized gains$625,019 $325,426 $107,449 
Gross realized losses(641,436)(481,715)(416,459)
Net realized gains (losses) on bonds$(16,417)$(156,289)$(309,010)

Gross realized losses on bonds for the years ended December 31, 2025, 2024 and 2023 include $110,227, $96,319 and $138,834, respectively, of losses recognized on other-than-temporary impairments in values of investments.










52
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Realized capital gains and losses are reported net of amounts transferred to the IMR and federal income taxes as follows:
Years Ended December 31,
202520242023
Bonds$(16,417)$(156,289)$(309,010)
Stocks3,557 2,614 (41,952)
Mortgage loans60,082 (208,806)(37,766)
Real estate— (17,314)— 
Derivatives(538,998)42,314 97,363 
Other invested assets(90,029)(12,895)17,113 
Foreign exchange on cash46,575 (16,698)(24,900)
Other(12,962)33,565 11,085 
Total net realized gains (losses) on investments(548,192)(333,509)(288,067)
Less amount transferred to IMR (net of related taxes of
$(7,182) in 2025, $(12,229) in 2024 and $(24,835) in 2023)(27,020)(46,007)(93,425)
Federal income tax expense (benefit)12,105 (1,751)(20,251)
Net realized capital gains (losses), net of tax and transfers to interest maintenance reserve$(533,277)$(285,751)$(174,391)

The proceeds received and amortized cost were used as the basis for determining the realized gain or loss on sale.

The change in net unrealized capital gains and losses on investments recorded in surplus is as follows:

Year Ended December 31,
202520242023
Bonds$19,043 $(10,714)$(15,430)
Stocks83,864 35,416 23,058 
Derivatives798,266 568,425 367,675 
Mortgage Loans(38,797)696 (25,652)
Other invested assets1,055,962 836,140 704,809 
Foreign exchange190,138 291,029 (29,606)
Other1,450 (1,448)(2)
Total change in net unrealized capital gains (losses)2,109,926 1,719,544 1,024,852 
Deferred capital gains tax476,359 185,230 212,220 
Change in net unrealized capital gains (losses), net of deferred tax$1,633,567 $1,534,314 $812,632 






53
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Pledged and Restricted Assets
Assets pledged to others as collateral or otherwise restricted by the Company are as follows:

December 31, 2025
Total General AccountSupporting Separate Account ActivityPercentage of Total AssetsPercentage of Admitted Assets
Repurchase Agreements$6,310,542 $118,757 1.9 %1.9 %
Reverse Repurchase Agreements1,546,951 — 0.5 0.5 
On deposit with states11,552 — 0.0 0.0 
FHLB capital stock1,057,204 — 0.3 0.3 
Pledged collateral to FHLB (including assets backing funding agreements)— 43,563,085 12.8 12.8 
Pledged as collateral for derivatives1,947,575 — 0.6 0.6 
Reinsurance trust19,802,922 — 5.8 5.8 
Pledged asset - funding agreement25,339,987 — 7.4 7.4 
Derivative and other collateral received5,837,970 — 1.7 1.7 
Total$61,854,703 $43,681,842 31.0 %31.0 %
December 31, 2024
Total General AccountSupporting Separate Account ActivityPercentage of Total AssetsPercentage of Admitted Assets
Repurchase Agreements$6,615,296 $107,627 2.4 %2.4 %
Reverse Repurchase Agreements723,671 — 0.3 0.3 
On deposit with states9,812 — 0.0 0.0 
FHLB capital stock710,704 — 0.3 0.3 
Pledged collateral to FHLB (including assets backing funding agreements)183,976 29,854,473 10.8 10.8 
Pledged as collateral for derivatives683,370 — 0.2 0.2 
Reinsurance trust13,139,434 — 4.7 4.7 
Commercial mortgages50 — 0.0 0.0 
Pledged asset - funding agreement16,171,957 — 5.8 5.8 
Derivative and other collateral received5,617,217 — 2.0 2.0 
Total$43,855,487 $29,962,100 26.5 %26.5 %
As of December 31, 2025, the Company has invested assets in the general and separate accounts of $176,261,406 held under modco reinsurance and $66,318,994 held under funds withheld reinsurance agreements, which represented 51.7% and 19.5% of total admitted assets, respectively. Of these amounts, $43,909,968 were considered related party investments for the reinsurer.




54
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Repurchase Agreement Transactions Accounted for as Secured Borrowing
The Company participates in repurchase agreements with unaffiliated financial institutions. Under these agreements, the Company lends bonds and receives cash as collateral. The Company monitors the estimated fair value of the collateral and the securities loaned throughout the duration of the contract and contributes additional collateral as necessary. Securities loaned under these agreements may be sold or re-pledged by the transferee.

Certain repurchase agreements and reverse repurchase agreements are presented net on the balance sheets when they are subject to master netting arrangements and when the Company has both (1) the legal right to offset the amounts owed with amounts due from the same counterparty and (2) the intent to settle the transactions on a net basis or to realize the asset and settle the liability simultaneously. Amounts that are not eligible for offset are presented on a gross basis on the balance sheets.

The Company had repurchase agreements that were bilateral trades with the following scheduled maturities:
December 31,
20252024
Open, no maturity$— $— 
Overnight— — 
2 days to 1 week— — 
Over 1 week to 1 month2,795,934 3,051,375 
Over 1 month to 3 months— — 
Over 3 months to 1 year— 1,095,145 
Over 1 year3,156,997 1,479,181 
Total 1
$5,952,931 $5,625,701 

1 Included in repurchase agreement liability on the balance sheets.

The ending book adjusted carrying value and fair value of the securities sold under the repurchase agreements by NAIC designation are as follows:

December 31,
20252024
Book Adjusted Carrying ValueFair ValueBook Adjusted Carrying ValueFair Value
Bonds
NAIC 1$4,968,509 $4,835,033 $5,374,334 $4,676,837 
NAIC 21,342,033 1,279,855 1,240,962 1,100,229 
NAIC 3— — — — 
NAIC 4— — — — 
NAIC 5— — — — 
NAIC 6— — — — 
Total$6,310,542 $6,114,888 $6,615,296 $5,777,066 

55
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Reverse Repurchase Agreement Transactions Accounted for as Secured Borrowing
The Company participates in reverse repurchase agreements that use bilateral and tri-party trades. Under these agreements, the Company purchases securities with the agreement that the securities will be repurchased by the seller at a specified price within a specified period of time. The Company monitors the estimated fair value of the securities loaned throughout the duration of the contract and receives additional collateral from the counterparty as necessary. As of December 31, 2025 and 2024, amounts loaned under reverse repurchase agreements were $1,546,951 and $723,671, respectively. The fair value of the securities acquired, comprised of U.S. government and agencies, was $1,546,442 as of December 31, 2025. The fair value of the securities acquired, comprised of commercial mortgage loans and asset-backed securities, was $1,066,272, as of December 31, 2024.
The reverse repurchase agreements have the following scheduled maturities:
December 31,
20252024
Open, no maturity$— $— 
Overnight640,000 — 
2 days to 1 week— — 
Over 1 week to 1 month906,951 — 
Over 1 month to 3 months397,495 
Over 3 months to 1 year326,176 
Over 1 year— — 
Total$1,546,951 $723,671 
5.    Derivatives

The Company utilizes derivative instruments which may include the following:

Options: The Company has issued fixed indexed and index-linked products. These contracts credit interest based on certain indices, including the S&P and other bespoke indices. OTC call and put option contracts are purchased to hedge the interest credited to the customer as a direct result of movements in the underlying indices. Upon exercise, the Company will receive the fair value of the call option.
Variance Swaps: The Company offers fixed indexed products. These contracts credit interest based on certain indices, including the S&P and other bespoke indices. The Company uses variance swaps to hedge the market risks from changes in volatility for these products. Under variance swaps, the Company and the counterparty agree to exchange amounts calculated based on a fixed rate (implied volatility at inception of transaction) and realized volatility over the life of the transaction (similar to an interest rate swap). Generally, no cash is exchanged at the outset of the contract and neither party makes principal payments.

Interest Rate Swaps: The Company uses interest rate swaps to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities. The Company also uses interest rate swaps to synthetically create the characteristics of a bond, referred to as a replication synthetic asset transaction (RSAT). An RSAT is created by pairing underlying bonds with the interest rate swap to create a synthetic instrument with different interest payment profiles. Under interest rate swaps, the Company agrees with other parties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed
56
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
notional principal amount. Generally, no cash is exchanged at the outset of the contract and neither party makes principal payments.

Futures: Under exchange-traded futures contracts, the Company agrees to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts. Futures contracts are purchased to hedge the interest credited to the customer as a direct result of movements in the related indices.
Futures are recorded at fair value of margin on deposit with the clearing broker. For futures that hedge fixed indexed annuity products, changes in margin on deposit are recognized through investment income. For futures that hedge index-linked annuity products, changes in margin on deposit are recorded as unrealized capital gains or losses until the time of sale.

Currency Swaps: Foreign currency swaps are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets denominated in foreign currencies. With a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the termination of the currency swap by each party.

The currency swaps for which the Company has not applied hedge accounting are recorded at fair value each reporting period with changes in fair value recorded as unrealized gains or losses and included in surplus in accordance with SSAP No. 86, Derivatives. Cash which is exchanged as the difference between fixed and floating interest rates is recognized in the statements of operations through investment income. If the contract is terminated prior to maturity, a realized gain or loss is reported in the statements of operations for the amount of cash exchanged in order to close the contract.

The Company has currency swaps in qualifying hedge relationships at December 31, 2025 and 2024. Currency swaps are accounted for as cash flow hedges. Interest rate swaps are accounted for as fair value hedges.

Forwards: The Company uses foreign exchange forward contracts to hedge certain invested assets against movement in foreign currency. The price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date.

Credit Default Swaps: Credit default swaps are used in RSAT transactions to synthetically create the characteristics of a bond, or hedge credit risk. These transactions provide the Company with a periodic premium to compensate it for accepting credit risk and are used to enhance investment income or improve the default characteristics of the portfolio. The exposure amount of such agreement, which is usually the notional amount, is equal to the maximum proceeds that must be paid by a counterparty for the defaulted security. Should a credit event occur on a reference entity, a counterparty would be required to pay the notional amount in exchange for receipt of an obligation of the reference entity.
Credit default swaps used in replication transactions are carried at amortized cost. The premiums received are accrued and recognized in the summary of operations through investment income over the life of the agreements. A capital loss would be recorded on the date of default, through the summary of operations, to reflect the difference between the amount paid and the fair value of the bonds received.

Total Return Swaps: The Company purchases total rate of return swaps to gain exposure and benefit from a reference asset without actually having to own it. Total rate of return swaps are contracts in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of the underlying asset, which includes both the income it generates and any capital gains.

57
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The parties with whom the Company enters into OTC option contracts, OTC swap contracts, and OTC forward contracts are highly rated financial institutions whereby contracts are supported by collateral, which minimizes the credit risk associated with such contracts. The parties with whom the Company enters into cleared futures and cleared interest rate swap contracts are regulated commission merchants who are members of a trading exchange. The parties with whom the Company enters into OTC interest rate swap contracts are highly rated financial institutions whereby contracts are supported by collateral, which minimizes the credit risk associated with such contracts.

During 2025, 2024 and 2023, the Company did not recognize gains or losses resulting from any derivative instruments which previously qualified for hedge accounting that no longer qualify for hedge accounting (or which were ineffective for a portion of the year).

At December 31, 2025 and 2024, the Company’s outstanding derivative instruments, shown in notional or contract amounts and fair value, are summarized as follows:

Contract or
Notional AmountFair Value
2025202420252024
Derivative assets:
Options$85,967,255 $74,368,184 6,756,740 4,835,805 
Credit default swaps510,000 10,000 75,820 (509)
Interest rate swaps39,746,274 22,535,230 100,683 (231,089)
Total return swaps388,320 76,507 892 223 
Futures138,587 36,011 189,091 90,665 
Currency swaps11,893,736 18,807,758 557,144 1,077,930 
Forwards7,321,202 9,774,773 207,548 650,475 
Swaptions1,653,069 2,204,092 382 2,136 
Equity warrants— — 1,148 405 
Derivative liabilities:
Options5,621,497 3,642,738 168,308 125,578 
Interest rate swaps543,895 550,895 11,469 28,224 
Total return swaps144,462 152,544 1,606 3,593 
Futures445 — 1,031 11,361 
Currency swaps26,443,163 8,361,062 1,237,479 895,773 
Forwards11,950,311 4,715,214 309,962 192,164 

6.    Fair Value

Included in the financial statements are certain financial instruments carried at fair value.  Other financial instruments are periodically measured at fair value, such as certain bonds and preferred stock carried at the lower of cost or fair value.
The fair value of an asset and a liability is the amount at which that asset could be bought or sold and the liability could be transferred in a current transaction between willing parties, that is, other than in a forced or liquidation sale.


58
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Determination of Fair Value
The following methods and assumptions were used by the Company in estimating fair value for financial instruments in the accompanying financial statements and notes thereto:
Bonds, preferred stocks, cash equivalents, short-term investments (bonds), and unaffiliated common stocks: Fair values of these investments are based on quoted market prices or commercially available pricing vendors, when available. If neither a quoted market price nor vendor price is available, the Company obtains broker quotes or utilizes an internally-developed model to estimate fair value.
In the case of privately placed corporate bonds, fair values are estimated by discounting expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments.

The fair values for unaffiliated common stock are derived based on the process described above, except for FHLB common stock, which is valued at cost which is equivalent to fair value.

Mortgage loans: The estimated net cash flows to maturity were discounted to derive an estimated fair value using a discount rate based on the loan’s remaining weighted average life and credit quality. Loans which have been restructured are valued primarily at the discounted estimated net cash flows to maturity. Loans that are in foreclosure or are significantly delinquent were valued at the underlying collateral value.

Policy loans, cash, and short-term investments (money market): The carrying amounts reported in the accompanying balance sheets for these instruments approximates fair value.

Derivative instruments: Fair values for derivative instruments included in both derivative assets and derivative liabilities are principally valued using an income approach with valuations principally provided by third party brokers. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure.

Derivative collateral asset and liability: The carrying amounts reported in the accompanying balance sheets approximate fair value, as the collateral is held in cash.

Other invested assets: Partnership interests are valued based on the most recent net asset value (NAV) obtained from fund managers, adjusted for contribution and distribution activity to roll forward the NAV to the balance sheet date. For fixed-rate and variable-rate investments, the carrying amounts reported in the accompanying balance sheets approximate fair value. Surplus notes are valued consistent with bonds, as discussed above. Certain assets included within other invested assets are valued based on cost.

Separate account assets - variable products: Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts. The underlying investments generally include mutual funds, short-term investments and cash, the valuations of which are based upon a quoted market price or commercially available pricing vendors.
Separate account assets and liabilities - group annuity and index-linked annuity: Fair values of the underlying separate accounts assets and liabilities supporting PGA and index-linked annuity follow the same fair value assumptions and methods utilized in the general account.

Separate account liabilities – funding agreements: Fair values of the separate account funding agreement liabilities follow the same fair value assumptions and methods utilized in the general account.

59
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Deposit-type contracts: Fair values of the Company’s liabilities under contracts not involving mortality or morbidity risks (principally, immediate annuities and supplementary contracts) are calculated by discounting best estimate cash flows based on market interest rate assumptions. Fair value of funding agreements are calculated by discounting future cash flows using market rates on the valuation date.

Repurchase agreements: Repurchase agreements are short-term in nature, therefore the carrying value approximates fair value.

Valuation Hierarchy
The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100, Fair Value. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with significant unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:

Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.

Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument.  Such inputs include market interest rates and volatilities, spreads and yield curves.

Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement.  Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.


60
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Fair Value Measurements
The following tables provide information about the Company’s financial assets and liabilities which are measured and reported at fair value in the balance sheets:
December 31, 2025
Level 1Level 2Level 3Total
Assets at fair value
Bonds$10,030 $80,157 $20,049 $110,236 
Preferred stocks140,569 459,220 — 599,789 
Common stocks - unaffiliated20,980 1,057,204 7,499 1,085,683 
Derivative assets:
Options— 2,730,260 — 2,730,260 
Interest rate swaps381 82 — 463 
Total return swaps— 892 — 892 
Futures189,091 — — 189,091 
Currency swaps— 120,620 — 120,620 
Forwards— 207,548 — 207,548 
Swaptions— 382 — 382 
Equity warrants— — 1,148 1,148 
Other invested assets— 689,832 47,939 737,771 
Separate account assets - group annuity6,027 198,499 6,993 211,519 
Separate account assets - index-linked annuity1,631 23,150 33 24,814 
Separate account assets - variable products— 206,645 — 206,645 
Total assets at fair value$368,709 $5,774,491 $83,661 $6,226,861 
Liabilities at fair value
Derivative liabilities:
Options$— $150,484 $— $150,484 
Interest rate swaps68 — — 68 
Total return swaps— 1,606 — 1,606 
Futures1,031 — — 1,031 
Currency swaps— 368,285 — 368,285 
Forwards— 309,962 — 309,962 
Separate account liabilities - group annuity— 75,901 — 75,901 
Separate account liabilities - index-linked annuity— 5,907 — 5,907 
Separate account liabilities - variable products— 204,129 — 204,129 
Total liabilities at fair value$1,099 $1,116,274 $— $1,117,373 
61
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
December 31, 2024
Level 1Level 2Level 3Total
Assets at fair value
Bonds$— $95,522 $22,705 $118,227 
Preferred stocks143,491 843,107 — 986,598 
Common stocks - unaffiliated21,577 710,704 8,792 741,073 
Derivative assets:
Options— 1,730,125 — 1,730,125 
Interest rate swaps1,178 216 — 1,394 
Total return swaps— 223 — 223 
Futures90,665 — — 90,665 
Currency swaps— 403,157 — 403,157 
Forwards— 650,475 — 650,475 
Swaptions— 2,136 — 2,136 
Equity warrants— — 405 405 
Other invested assets— — 2,601 2,601 
Separate account assets - group annuity6,349 374,272 4,590 385,211 
Separate account assets - index-linked annuity1,766 34,864 34 36,664 
Separate account assets - variable products— 135,679 — 135,679 
Total assets at fair value$265,026 $4,980,480 $39,127 $5,284,633 
Liabilities at fair value
Derivative liabilities:
Options$— $92,675 $— $92,675 
Interest rate swaps236 — — 236 
Total return swaps— 3,593 — 3,593 
Futures11,361 — — 11,361 
Currency swaps— 110,634 — 110,634 
Forwards— 192,164 — 192,164 
Separate account liabilities - group annuity— 19,271 — 19,271 
Separate account liabilities - index-linked annuity— 2,606 — 2,606 
Separate account liabilities - variable products— 135,607 — 135,607 
Total liabilities at fair value$11,597 $556,550 $— $568,147 
The methodologies and inputs utilized in estimating the fair values of assets and liabilities measured and reported at fair value are reliant on the assumptions used. Fair value estimates are based on quoted market prices and commercially available vendor prices, when available. When those prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality. In instances where there is little or no market activity for the same or similar instruments, the Company estimates the fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which may become significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect risk inherent in a particular methodology, model or input employed. For further discussion regarding which financial instruments are included at each applicable level, please refer to the “Fair Value of All Financial Instruments” section below.



62
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Level 3 Reconciliation
The following tables summarize the changes in assets and liabilities classified as Level 3:

Year Ended December 31, 2025
BeginningTotal GainsTotal GainsTotal Ending
Balance atTransfersTransfers(Losses)(Losses)Balance at
January 1,intoout ofIncluded inIncluded inDecember 31,
2025Level 3Level 3Net IncomeSurplusPurchasesSalesSettlements2025
Assets
Bonds$22,706 $39,128 $(18,854)$(18,728)$(3,764)$333 $(772)$20,049 
Common stocks8,792 (1,293)7,499 
Derivative assets:
Equity warrants405 743 1,148 
Other invested assets2,601 46 (406,057)(21,248)476,542 (3,945)— 47,939 
Separate account assets - group annuity4,590 10,958 (2,025)(5,660)(836)(34)6,993 
Separate account assets - index-linked annuity34 (1)33 
Total assets$39,128 $50,132 $(426,936)$(24,388)$(26,399)$476,875 $(3,945)$(806)$83,661 
Year Ended December 31, 2024
BeginningTotal GainsTotal GainsTotal Ending
Balance atTransfersTransfers(Losses)(Losses)Balance at
January 1,intoout ofIncluded inIncluded inDecember 31,
2024Level 3Level 3Net IncomeSurplusPurchasesSalesSettlements2024
Assets
Bonds$5,629 $80,648 $(55,692)$52 $(4,406)$— $(3,164)$(361)$22,706 
Preferred stocks— 4,575 (4,538)— (37)— — — — 
Common stocks7,386 — — — (307)1,713 — — 8,792 
Derivative assets:
Equity warrants— 389 — — 16 — — — 405 
Other invested assets2,772 — — (171)— — — — 2,601 
Separate account assets - group annuity1,934 30,919 (26,293)194 (1,268)— (892)(4)4,590 
Separate account assets - index-linked annuity— 33 — — 1 — — — 34 
Total assets$17,721 $116,564 $(86,523)$75 $(6,001)$1,713 $(4,056)$(365)$39,128 

Transfers
Transfers between fair value hierarchy levels are recognized at the end of the period in which the transfer occurs. Transfers into and out of Level 3 represent securities which are carried at lower of cost or fair value resulting in periodic transfers into and out of Level 3 financial instruments which are characterized as carried at fair value.
Fair Value of All Financial Instruments
The aggregate fair value of the Company’s financial instruments and the level within the fair value hierarchy are presented in the following tables and with the related admitted values. Pursuant to SSAP No.100, insurance contracts (other than deposit-type contracts) and affiliated common stocks have been excluded.

63
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
December 31, 2025
Type of Financial InstrumentAggregate Fair ValueAdmitted Values
NAV1
Level 1Level 2Level 3
Assets
Bonds$156,057,512 $158,852,395 $— $14,259,275 $101,736,089 $40,062,148 
Preferred stock1,450,802 1,450,140 — 140,782 459,220 850,800 
Common stocks - unaffiliated1,085,683 1,085,683 — 20,980 1,057,204 7,499 
Mortgage loans86,104,239 86,638,528 — — — 86,104,239 
Policy loans130,700 130,700 — — 130,700 — 
Cash, cash equivalents and short-term investments9,357,365 9,357,352 — 8,695,383 661,982 — 
Derivative assets:
Options6,756,740 4,338,015 — — 6,756,740 — 
Credit default swap75,820 68,487 — — 76,196 (376)
Interest rate swaps100,683 463 — 12,913 87,770 — 
Total return swaps892 892 — — 892 — 
Futures189,091 189,091 — 189,091 — — 
Currency swaps557,144 589,727 — — 557,144 — 
Forwards207,548 207,548 — — 207,548 — 
Swaptions382 382 — — 382 — 
Equity warrants1,148 1,148 — — — 1,148 
Derivative collateral asset655,644 655,644 — 655,644 — — 
Other invested assets17,724,178 17,387,119 12,434,181 3,867,927 1,422,070 
Separate account assets - variable products206,645 206,645 — — 206,645 — 
Separate account assets - group annuity39,580,470 42,617,549 1,702,590 2,537,012 26,396,025 8,944,843 
Separate account assets - index-linked annuity3,973,372 3,985,792 188,769 167,171 2,352,057 1,265,375 
Total assets$324,216,058 $327,763,300 $14,325,540 $26,678,251 $144,554,521 $138,657,746 
Liabilities
Deposit-type contracts$64,868,361 $64,259,784 $— $— $64,242,983 $625,378 
Derivative liabilities:
Options168,308 158,893 — — 168,308 — 
Interest rate swaps11,469 3,683 — 11,469 — — 
Total return swaps1,606 1,606 — — 1,606 — 
Futures1,031 1,031 — 1,031 — — 
Currency swaps1,237,479 1,219,505 — — 1,237,479 — 
Forwards309,962 309,962 — — 309,962 — 
Derivative and other collateral5,837,970 5,837,970 — 5,837,970 — — 
Repurchase agreements5,045,980 5,045,980 — — 5,045,980 — 
Separate account liabilities - funding agreements22,770,478 22,408,086 — — 22,770,478 — 
Separate account liabilities - group annuity deposit-type contracts5,712 5,870 — — — 5,712 
Separate account liabilities - group annuity derivatives273,322 310,040 — — 273,322 — 
Separate account liabilities - index-linked annuity derivatives26,258 26,280 — — 26,258 — 
Total liabilities$100,557,936 $99,588,690 $— $5,850,470 $94,076,376 $631,090 
1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.
64
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
December 31, 2024
Type of Financial InstrumentAggregate Fair ValueAdmitted Values
NAV1
Level 1Level 2Level 3
Assets
Bonds$125,885,142 $130,962,442 $— $4,774,146 $93,657,013 $27,453,983 
Preferred stock1,821,817 1,819,311 — 143,650 843,107 835,060 
Common stocks - unaffiliated741,072 741,073 — 21,576 710,704 8,792 
Mortgage loans58,273,683 60,226,224 — — — 58,273,683 
Policy loans140,451 140,451 — — 140,451 — 
Cash, cash equivalents and short-term investments9,764,737 9,764,163 — 8,746,076 859,325 159,336 
Derivative assets:
Options4,835,805 3,123,186 — — 4,835,805 — 
Credit default swaps(509)— — — — (509)
Interest rate swaps(231,089)1,394 — (162,202)(68,887)— 
Total return swaps223 223 — — 223 — 
Futures90,665 90,665 — 90,665 — — 
Currency swaps1,077,930 977,141 — — 1,077,930 — 
Forwards650,475 650,475 — — 650,475 — 
Swaptions2,136 2,136 — — 2,136 — 
Equity warrants405 405 — — — 405 
Derivative collateral asset579,393 579,393 — 579,393 — — 
Other invested assets11,483,483 11,568,991 9,522,646 — 503,290 1,457,547 
Separate account assets - variable products135,679 135,679 — — 135,679 — 
Separate account assets - group annuity40,326,648 44,313,961 1,964,880 1,828,004 26,380,545 10,153,219 
Separate account assets - index-linked annuity2,868,822 2,933,115 44,091 133,584 1,827,199 863,948 
Total assets$258,446,968 $268,030,428 $11,531,617 $16,154,892 $131,554,995 $99,205,464 
Liabilities
Deposit-type contracts$35,630,247 $36,359,016 $— $— $35,159,930 $470,317 
Derivative liabilities:
Options125,578 104,654 — — 125,578 — 
Interest rate swaps28,224 7,035 — 28,224 — — 
Total return swaps3,593 3,593 — — 3,593 — 
Futures11,361 11,361 — 11,361 — — 
Currency swaps895,773 711,288 — — 895,773 — 
Forwards192,164 192,164 — — 192,164 — 
Derivative and other collateral5,617,217 5,617,217 — 5,617,217 — — 
Repurchase agreements5,625,701 5,625,701 — — 5,625,701 
Separate account liabilities - funding agreements14,901,401 14,841,302 — — 14,901,401 — 
Separate account liabilities - group annuity deposit-type contracts7,533 7,710 — — — 7,533 
Separate account liabilities - group annuity derivatives118,437 121,631 — — 118,437 — 
Separate account liabilities - index-linked annuity derivatives3,878 3,710 — — 3,878 — 
Total liabilities$63,161,107 $63,606,382 $— $5,656,802 $57,026,455 $477,850 
1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.
65
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Bonds, preferred stocks, unaffiliated common stocks, cash equivalents, short-term investments, and other invested assets (surplus notes): Bonds, preferred stocks, cash equivalents, short-term investments, and surplus notes (included in other invested assets) classified as Level 2 are valued by commercially available vendors using observable inputs or inputs which can be corroborated by market data. Unaffiliated common stocks classified as Level 2 includes FHLB stock, which is carried at fair value and presumed to be at par value because it can only be redeemed by the bank. Bonds, short-term investments and unaffiliated common stock classified as Level 3 are valued using broker quotes or internal models containing significant unobservable inputs.

Mortgage loans: Mortgage loans classified as Level 3 are primarily valued based on estimated net cash flows to maturity, discounted at a rate based on the loan’s remaining weighted average life and credit quality, which contains significant unobservable inputs. 

Policy loans: The fair value of policy loans classified as Level 2 is equal to the carrying value of the loans, which are collateralized by the cash surrender value of the associated insurance contract.

Cash, cash equivalents, short-term investments, and derivative collateral asset and liability: The fair value of cash, short-term investments (excluding those short-term investments classified as Level 2 described above), and derivative collateral (which is held entirely in cash) classified as Level 1 are valued using quoted market prices and carrying value approximates fair value.

Derivative assets and derivative liabilities: Derivatives classified as Level 1 are valued using quoted market prices on active exchanges. Derivatives classified as Level 2 are valued based on broker quotes corroborated through internal modeling using market observable data. Derivatives classified as Level 3 are valued utilizing non-corroborated broker quotes or internal modeling containing significant unobservable inputs.

Other invested assets (excluding surplus notes): For fixed-rate and variable-rate investments included in other invested assets classified as Level 3, fair value approximates the carrying value in the accompanying balance sheets. Certain assets included within other invested assets classified as Level 3 are valued based on cost. The Company's investment in AAA and other joint venture and partnership interests included within other invested assets are not classified in the fair value hierarchy and are reported in the NAV column, which is the practical expedient in determining fair value. NAV is adjusted for contribution and distribution activity to roll forward the NAV to the balance sheet date. At December 31, 2025, the Company's general and separate accounts have $5,523,744 unfunded commitments to invest in AAA and other joint venture and partnership interests.

Separate account assets - variable products: Separate account assets classified as Level 2 are valued based on the fair value of the underlying funds.

Separate account assets - group annuity and index-linked annuity: Separate account assets classified as Level 1, 2 and 3 or included in the NAV column are valued using the same fair value assumptions and methods utilized in the general account.
Deposit-type contracts (including separate account group annuity and funding agreements): Deposit-type contracts classified as Level 3 include SPIA and supplemental contracts. Fair value of SPIA and supplemental contracts, including separate account group annuity contracts, are calculated by discounting best estimate cash flows based on market interest rate assumptions. Fair value of the funding agreements are calculated by discounting future cash flows using market rates on the valuation date, and are classified as Level 2.

66
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Repurchase agreements - The carrying value of the repurchase agreements liability approximates fair value and is reported as Level 2.

7.    Reinsurance
Reinsurance allows life insurance companies to share risk on a case-by-case or aggregated basis with other insurance and reinsurance companies.  The Company generally reinsures the majority of in force and all future annuity business, after the impacts of all other reinsurance are applied, on a quota share modified coinsurance or coinsurance funds withheld basis to AARe, an affiliated reinsurer domiciled in Bermuda. Under modified coinsurance, all assets and liabilities are retained by the ceding company, and the reinsurer is required to indemnify the ceding company on the reinsurer’s share of the assets and liabilities. The Company's funding agreements are generally reinsured on a modified coinsurance basis to AARe.  In addition, any life insurance blocks previously written by the Company are generally sold or completely reinsured to another life insurance company.
The Company’s ceded reinsurance arrangements reduced certain items in the accompanying financial statements for the years ended December 31, 2025, 2024, and 2023, by the following amounts:
202520242023
Premiums$35,780,892 $32,174,847 $39,983,744 
Policy and contract liabilities74,388,788 62,236,931 12,087,176 
Life insurance in force ceded under risk sharing arrangements at December 31, 2025 and 2024, totaled $15,459,765 and $17,062,518, respectively. The Company enters into trust agreements with reinsurers as security in support of the reserves ceded to these reinsurers.

The Company recorded reinsurance recoveries in the amount of $5,341,469, $5,061,872, and $4,384,235 during 2025, 2024, and 2023, respectively.

The following table illustrates the amounts the Company assumed under reinsurance treaties for the years ended December 31, 2025, 2024, and 2023:

202520242023
Premiums$8,188,561 $2,790,570 $4,076,814 
Policy and contract liabilities21,114,165 15,137,303 13,798,423 

Gains on cession of in force blocks of business are to be accounted for in accordance with Appendix A-791 of the NAIC Accounting Practices and Procedures Manual which requires that any increase in surplus (net of federal income tax) resulting from reinsurance agreements entered into or amended which involve the reinsurance of business issued prior to the effective date of the agreements shall be deferred and identified separately as a surplus item by the ceding company.  Subsequent recognition of the surplus increase as income shall be reflected on a net of tax basis as earnings emerge from the business reinsured. Based on the emergence of earnings of previous reinsurance of in force blocks of business in 2025, 2024 and 2023, $17,376, $13,782, and $12,251, respectively, was amortized into income.

The Company is liable for the portion of the policies reinsured under each of its existing reinsurance agreements in the event the assuming companies are unable to pay their portion of any reinsured claim. Management believes that any liability from this contingency is unlikely. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk. The Company is not aware
67
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
of any issues surrounding the financial condition of its reinsurers that would have a material impact on the Company.

Annuity Reinsurance
The Company entered into a modified coinsurance agreement effective January 1, 2024 with AARe pursuant to which it cedes a quota share of certain of the Company’s retail annuity business issued on or after January 1, 2024.  Modified coinsurance reserves ceded to AARe under this agreement were $5,745,786 and $3,954,946 as of December 31, 2025 and 2024, respectively.

The Company entered into a modified coinsurance agreement effective January 1, 2023 with AARe pursuant to which it cedes a quota share of certain of the Company’s retail annuity business issued on or after January 1, 2023. Effective July 1, 2024, the agreement was amended to convert the basis of reinsurance from modified coinsurance to coinsurance funds withheld. In connection with this amendment, the Company paid AARe a $260,000 ceding commission. The Company has recognized a reserve credit of $65,263,421 and $50,135,336 and reported funds held under reinsurance of $65,543,637 and $50,299,856 as of December 31, 2025 and 2024, respectively, for this agreement.

Effective January 1, 2023, the Company entered into a modified coinsurance agreement with AARe, pursuant to which it cedes a quota share of certain funding agreements issued after the effective date of the treaty in both the general and separate accounts. Modified coinsurance reserves ceded to AARe under this agreement were $16,353,293 and $4,089,636 as of December 31, 2025 and 2024, respectively.

Effective January 1, 2023, the Company entered into a modified coinsurance agreement with AARe, pursuant to which it cedes a quota share of certain pension group annuity business issued after the effective date of the treaty. Modified coinsurance reserves ceded to AARe were $857,578 and $1,083,033 as of December 31, 2025 and 2024, respectively.

Effective June 12, 2023, the Company entered into a coinsurance agreement with USAA Life Insurance Company (USAA) to assume a quota share of multi-year guaranteed annuities issued by USAA on or after the effective date of the treaty. Effective August 21, 2023, an amendment was made to the existing treaty to assume a quota share of fixed indexed annuities issued by USAA on or after the effective date of the amended treaty. The Company retrocedes 80% of this block of business to AARe under an existing modified coinsurance treaty. Assumed reserves were $8,745,003 and $2,716,522 at December 31, 2025 and 2024, respectively, of which $6,996,002 and $2,173,218 represented modified coinsurance reserves ceded to AARe at December 31, 2025 and 2024, respectively.

Effective October 1, 2016, the Company entered into a coinsurance agreement with Hannover Life Reassurance Company of America (Hannover).  The agreement cedes a quota share of certain benefits of fixed indexed annuity products. Effective July 1, 2023, the Company amended the coinsurance agreement to modify the quota share of benefits. The quota share was further modified via an amendment on October 1, 2024. On the effective date of each amendment, the Company recognized a reserve credit of $139,145 in 2024 and $284,216 in 2023 equal to the difference between the existing reserves on in force policies ceded to Hannover and the reserve calculated under the amended agreement. As each amended agreement covers business issued prior to the effective date, the initial after-tax gain net of affiliated reinsurance impacts of $21,614 in 2024 and $34,484 in 2023 was recognized directly in surplus and will be amortized into income in accordance with Appendix A-791 of the NAIC Accounting Practices and Procedures Manual. The Company has recognized a reserve credit of $4,046,483 and $2,759,545 for this agreement as of December 31, 2025 and 2024, respectively. In addition, the Company maintains a liability equal to $589,676 and $410,225 as of December 31, 2025 and 2024, respectively, which is reported within other reinsurance liability on the balance sheets.
68
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Effective July 1, 2022, the Company entered into a quota share coinsurance agreement with Protective Life Insurance Company (Protective) to assume a quota share of fixed indexed annuities and multi-year guaranteed annuities issued by Protective on or after the effective date of the treaty. The Company also entered into a retrocession modified coinsurance agreement with AARe effective July 1, 2022 to cede 80% of this block of business to AARe. Assumed reserves were $3,169,029 and $1,012,996 at December 31, 2025 and 2024, respectively, of which $2,535,223 and $810,397 represented modified coinsurance reserves ceded to AARe at December 31, 2025 and 2024, respectively.

Effective January 1, 2022, the Company entered into a modified coinsurance agreement with AARe, pursuant to which it cedes a quota share, specified by the Company, of certain of the Company’s retail annuity business issued on or after the effective date through December 31, 2022. This treaty is applied after the impacts of third party reinsurance. Modified coinsurance reserves were $2,263,362 and $2,774,587 as of December 31, 2025 and 2024, respectively.

Effective June 1, 2020, the Company entered into a modified coinsurance agreement with AARe to cede a quota share of all in force and certain future funding agreements in both the general and separate accounts. Modified coinsurance reserves for this agreement were $22,982,198 as of December 31, 2024. Effective July 1, 2025, the Company amended this treaty to consolidate it with another legacy funding agreement funds withheld agreement with AARe. As of December 31, 2024, the Company recognized a reserve credit of $4,075,227 and reported funds held under reinsurance for the legacy funds withheld agreement of $4,064,144. Modified coinsurance reserves for the combined agreement were $31,944,573 as of December 31, 2025.

Effective June 1, 2020, the Company entered into another modified coinsurance agreement with AARe to cede a quota share of certain future funding agreements. Modified coinsurance reserves for this agreement were $5,730,168 and $5,506,892 as of December 31, 2025 and 2024, respectively.

Effective July 1, 2019, the Company entered into a modified coinsurance agreement with AARe to cede 80% of certain index-linked deferred annuity business issued on or after the effective date of the treaty. The agreement is on a modified coinsurance basis, under which the Company retains the reserves and supporting assets relating to this business. These reserves and assets are held in a separate account and the reinsurance is recorded in the corresponding separate account. Modified coinsurance reserves for this agreement were $5,151,614 and $3,564,640 as of December 31, 2025 and 2024, respectively.

Effective January 1, 2018, the Company entered into a modified coinsurance agreement with AARe to cede 80% quota share of certain PGA business issued on or after April 1, 2017. The agreement is on a modified coinsurance basis, under which the Company retains the reserves and supporting assets relating to this business.  These reserves and assets are held in one or more separate accounts and the reinsurance is recorded in the corresponding separate account.  Modified coinsurance reserves for this agreement were $7,527,642 and $7,236,238 as of December 31, 2025 and 2024, respectively.

Effective September 17, 2018, the Company entered into a coinsurance agreement with Brighthouse Life Insurance Company (Brighthouse) to assume a quota share of certain multi-year guaranteed annuity policies issued by Brighthouse on or after the effective date of the treaty. This treaty was closed to new business effective April 30, 2024.  The Company retrocedes 80% of this block to AARe under a modified coinsurance agreement. Assumed reserves were $4,783,119 and $6,371,968 at December, 31 2025 and 2024, respectively, of which $3,826,495 and $5,097,574 represented modified coinsurance reserves ceded to AARe at December 31, 2025, and 2024, respectively.
69
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Effective June 1, 2018, the Company entered into three quota share reinsurance agreements, two coinsurance and one modified coinsurance, with Venerable Insurance and Annuity Company (VIAC) to assume a 20% quota share of all fixed annuity and guaranteed minimum income benefit rider policies issued by VIAC prior to the effective date of the treaty. Effective July 1, 2023, VIAC recaptured $564,137 of payout annuity reserves assumed by the Company under the two coinsurance agreements and the Company recognized a $29,272 pretax gain upon settlement of the recapture agreement. Assumed reserves on the coinsurance treaties were $1,030,833 and $1,270,414 at December 31, 2025 and 2024, respectively, and modified coinsurance reserves held at VIAC for business assumed by the Company were $28,062 and $32,859 at December 31, 2025 and 2024, respectively.
Effective April 1, 2019, the Company entered into a modified coinsurance agreement with AARe to cede 80% quota share of certain PGA business issued on or after the effective date of the treaty. The agreement is on a modified coinsurance basis, under which the Company retains the reserves and supporting assets relating to this business. These reserves and assets are held in one or more separate accounts and the reinsurance is recorded in the corresponding separate account. Modified coinsurance reserves at December 31, 2025 and 2024 were $24,887,919 and $26,337,949, respectively.
 
Effective January 1, 2018, the Company entered into a modified coinsurance agreement with AARe to cede 80% of all fixed spread annuity and fixed spread life insurance business in force as of October 1, 2013.  Modified coinsurance reserves at December 31, 2025 and 2024 were $414,610 and $472,903, respectively.

Effective January 1, 2018, the Company entered into a modified coinsurance agreement with AARe. The agreement ceded a quota share of certain in force and future annuity business after the effective date of the treaty. Effective July 1, 2025, the Company amended this treaty to consolidate it with another modified coinsurance treaty with AARe. This treaty was applied after the impacts of all other reinsurance agreements were applied. Modified coinsurance reserves for the consolidated treaty at December 31, 2025 and 2024 were $51,226,397 and $48,999,519, respectively.

Effective August 1, 2017, the Company entered into a variable quota share coinsurance agreement with The Lincoln National Life Insurance Company (LNL) to assume a percentage of LNL’s multi-year guaranteed annuity and fixed indexed annuity business issued on or after the effective date of the treaty.  The Company retrocedes 80% of the assumed business to AARe under a modified coinsurance agreement. Assumed reserves were $281,020 and $464,375 at December 31, 2025 and 2024, respectively, of which $224,816 and $371,500 represented modified coinsurance reserves ceded at December 31, 2025 and 2024, respectively.

Effective August 30, 2013, the Company entered into a reinsurance agreement with STAR, an affiliated reinsurer. The agreement ceded, through coinsurance, all annuity contracts issued by the Company (and its predecessor by merger, Aviva Life Insurance Company) to Aviva London Assignment Corporation, a former affiliated entity. The Company has taken a reserve credit of $966,080 and $992,442 for this agreement as of December 31, 2025 and 2024, respectively.

Effective April 1, 2014, AADE entered into a reinsurance agreement with STAR to assume a 20% quota share of a block of annuities under a coinsurance funds withheld reinsurance agreement. Prior to the merger of the Company and AADE, STAR recaptured this agreement effective July 1, 2024.  In connection with the recapture, AADE paid a $40,138 commission, recorded $218,075 of negative assumed premiums and deposits, and released $201,247 of policy and contract liabilities and $16,828 of interest maintenance reserves.  The impact of the recapture is reflected in the merged financial statements.

70
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Effective December 31, 2012, the Company entered into a coinsurance funds withheld agreement to assume 90% of AANY's annuity business. The Company retrocedes 89% of this block to AARe under a modified coinsurance agreement. Assumed reserves were $2,714,555 and $2,855,918 at December 31, 2025 and 2024, respectively, of which $2,415,954 and $2,541,767 represented modified coinsurance reserves ceded at December 31, 2025 and 2024, respectively.
Effective November 1, 2012, the Company entered into a coinsurance agreement with Liberty Bankers Life Insurance Company to assume 100% of an annuity block of business. The Company retrocedes 80% of this block to AARe under a modified coinsurance agreement. Assumed reserves were $32,201 and $40,281 at December 31, 2025 and 2024, respectively, of which $25,761 and $32,225 represented modified coinsurance reserves ceded at December 31, 2025 and 2024, respectively.
Effective December 16, 2011, the Company entered into an agreement with Transamerica Life Insurance Company to assume on a coinsurance basis 28.3% of a certain block of deferred annuity business. The Company retrocedes 80% of the assumed annuity business to AARe under a modified coinsurance agreement. Assumed reserves were $205,178 and $246,440 at December 31, 2025 and 2024, respectively, of which $164,143 and $197,152 represented modified coinsurance reserves ceded at December 31, 2025 and 2024, respectively.
Life Reinsurance
The Company entered into a reinsurance agreement on December 15, 2011 with Athene Re IV, an affiliated reinsurer. The agreement ceded, through funds withheld coinsurance, all policy liabilities of the regulatory closed block of the former AmerUs Life Insurance Company, a predecessor of the Company (the Closed Block). The Closed Block consists of participating whole life insurance, term life insurance, and dividend-paying universal life insurance. The Closed Block was formed on June 30, 1996 for the protection of dividend interests on dividend-paying policies. The formation of the Closed Block coincided with AmerUs Life’s reorganization into a mutual holding company whereby AmerUs Life became a stock life insurance company, initially owned by American Mutual Holding Company. The Company has taken a reserve credit of $1,192,260 and $1,243,471 for this agreement as of December 31, 2025 and 2024, respectively. Funds held under reinsurance with unauthorized reinsurers for this agreement was $1,151,367 and $1,194,280 as of December 31, 2025 and 2024, respectively.

On April 29, 2011, the Company's predecessor by merger, AADE, reinsured substantially all of it's life and health business, primarily to Protective Life Insurance Company under a coinsurance agreement. As of December 31, 2025 and 2024, the Company recognized a reserve credit of $1,153,910 and $1,198,859, respectively, on this business.

The Company entered into an assumption reinsurance agreement on October 1, 2013 with Accordia Life and Annuity Company (Accordia). The agreement ceded, through coinsurance, all open block life insurance contracts issued by the Company, with the exception of Enhanced Guarantee universal life insurance products. The Company has taken a reserve credit of $1,017,897 and $1,033,435 for this agreement as of December 31, 2025 and 2024, respectively. The AmerUs Life Insurance Company regulatory closed block has been ceded to Accordia (net of existing reinsurance) under this reinsurance agreement. As of December 31, 2025 and 2024, the aforementioned reinsurance between the Company and Athene Re IV remains in place, resulting in no amounts ceded to Accordia.

The Company entered into a reinsurance agreement on October 1, 2013 with Accordia. The agreement ceded, through coinsurance, all policy liabilities of the former Indianapolis Life Insurance Company regulatory closed block. The Company has taken a reserve credit of $511,328 and $532,786 for this agreement as of December 31, 2025 and 2024, respectively.
71
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
During 2025 and 2024, the Company novated 474 and 1,067 life policies, respectively, with statutory policy reserves of $31,498 and $49,034, respectively, to Accordia. These policies were previously 100% ceded to Accordia through the open block assumption reinsurance agreement discussed above, and therefore the novation had no impact on the Company’s balance sheet, income or capital and surplus position.

The Company cedes policies to Accordia and Athene Re IV, included in treaties noted above, that fall under the NAIC Term Life and Universal Life with Secondary Guarantees (XXX/AXXX) Credit for Reinsurance Model Regulation.  The primary securities backing the reinsurance contracts related to these policies are greater than or equal to required levels as set forth by Appendix A-785 of the NAIC Accounting Practices and Procedures Manual.

The Company's reinsurance agreements do not require disclosure under paragraphs 78 through 84 of SSAP No. 61, Life, Deposit-Type and Accident and Health Reinsurance.

8.    Life, Annuity and Deposit-Type Actuarial Reserves
Withdrawal characteristics of annuity and deposit-type actuarial reserves are as follows:
Individual Annuities
December 31, 2025
SeparateSeparate
GeneralAccounts withAccount Non-Percentage
AccountGuaranteesGuaranteedTotalof Total
Subject to discretionary withdrawal:
With market value adjustment$131,375,827 $6,439,518 $— $137,815,345 73.9 %
At book value, less surrender charge of 5% or more21,935,905 — — 21,935,905 11.8 
At fair value— — 192,020 192,020 0.1 
Total with market value adjustment or at fair value153,311,732 6,439,518 192,020 159,943,270 85.8 
At book value without adjustment (minimal or no charge or adjustment)23,912,561 — — 23,912,561 12.8 
Not subject to discretionary withdrawal2,691,736 — — 2,691,736 1.4 
Total (gross: direct + assumed)179,916,029 6,439,518 192,020 186,547,567 100.0 %
Less: Reinsurance ceded(70,146,568)— — (70,146,568)
Total (net)$109,769,461 $6,439,518 $192,020 $116,400,999 
The amount included above in the at book value, less surrender charge of 5% or more line that will move to the at book value without adjustment line in the year subsequent to the balance sheet date is $2,454,807.

72
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
December 31, 2024
SeparateSeparate
GeneralAccount withAccount Non-Percentage
AccountGuaranteesGuaranteedTotalof Total
Subject to discretionary withdrawal:
With market value adjustment$107,349,847 $— $4,455,800 $111,805,647 72.6 %
At book value, less surrender charge of 5% or more17,609,587 — — 17,609,587 11.4 
At fair value— 5,077 118,526 123,603 0.1 
Total with market value adjustment or at fair value124,959,434 5,077 4,574,326 129,538,837 84.1 
At book value without adjustment (minimal or no charge or adjustment)21,810,286 — — 21,810,286 14.2 
Not subject to discretionary withdrawal2,596,454 — — 2,596,454 1.7 
Total (gross: direct + assumed)149,366,174 5,077 4,574,326 153,945,577 100.0 %
Less: Reinsurance ceded(53,749,326)— — (53,749,326)
Total (net)$95,616,848 $5,077 $4,574,326 $100,196,251 

Group Annuities
December 31, 2025
SeparateSeparate
GeneralAccounts withAccount Non-Percentage
AccountGuaranteesGuaranteedTotalof Total
Subject to discretionary withdrawal:
With market value adjustment$— $2,636,989 $— $2,636,989 6.2 %
At book value, less surrender charge of 5% or more38,875 — — 38,875 0.1 
Total with market value adjustment or at fair value38,875 2,636,989 — 2,675,864 6.3 
At book value without adjustment (minimal or no charge or adjustment)711,432 137,738 — 849,170 1.9 
Not subject to discretionary withdrawal46,881 38,810,827 — 38,857,708 91.8 
Total (gross: direct + assumed)797,188 41,585,554 — 42,382,742 100.0 %
Less: Reinsurance ceded— — — — 
Total (net)$797,188 $41,585,554 $— $42,382,742 
73
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
December 31, 2024
SeparateSeparate
GeneralAccounts withAccount Non-Percentage
AccountGuaranteesGuaranteedTotalof Total
Subject to discretionary withdrawal:
With market value adjustment$35,695 $2,817,302 $— $2,852,997 6.4 %
At book value, less surrender charge of 5% or more32,756 — — 32,756 0.1 
Total with market value adjustment or at fair value68,451 2,817,302 — 2,885,753 6.6 
At book value without adjustment (minimal or no charge or adjustment)809,687 113,588 — 923,275 2.0 
Not subject to discretionary withdrawal51,541 40,382,925 — 40,434,466 91.4 
Total (gross: direct + assumed)929,679 43,313,815 — 44,243,494 100.0 %
Less: Reinsurance ceded— — — — 
Total (net)$929,679 $43,313,815 $— $44,243,494 
Deposit-Type Contracts (no life contingencies)
December 31, 2025
SeparateSeparate
GeneralAccount withAccount Non-Percentage
AccountGuaranteesGuaranteedTotalof Total
Subject to discretionary withdrawal:
At book value without adjustment (minimal or no charge or adjustment)13,308 — — 13,308 — %
Not subject to discretionary withdrawal64,463,610 22,413,956 — 86,877,566 100.0 
Total (gross: direct + assumed)64,476,918 22,413,956 — 86,890,874 100.0 %
Less: Reinsurance ceded(217,134)— — (217,134)
Total (net)$64,259,784 $22,413,956 $— $86,673,740 
December 31, 2024
SeparateSeparate
GeneralAccount withAccount Non-Percentage
AccountGuaranteesGuaranteedTotalof Total
Subject to discretionary withdrawal:
At book value without adjustment (minimal or no charge or adjustment)$13,497 $— $— $13,497 — %
Not subject to discretionary withdrawal40,650,323 14,849,012 — 55,499,335 100.0 
Total (gross: direct + assumed)40,663,820 14,849,012 — 55,512,832 100.0 %
Less: Reinsurance ceded(4,304,804)— — (4,304,804)
Total (net)$36,359,016 $14,849,012 $— $51,208,028 


74
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
A reconciliation of total annuity and deposit-type actuarial reserves is as follows:
December 31,
20252024
General Account:
Annuity reserves$110,240,030 $96,225,542 
Supplementary contracts with life contingencies326,620 320,985 
Deposit-type contracts64,259,784 36,359,016 
Separate Accounts:
Annuity reserves48,217,091 47,893,218 
Deposit-type contracts22,413,956 14,849,012 
Total annuity and deposit-type actuarial reserves$245,457,481 $195,647,773 

Account value, cash value and reserves for life insurance by withdrawal characteristics is as follows:

December 31, 2025
General AccountSeparate Account - Nonguaranteed
AccountCashAccountCash
ValueValueReserveValueValueReserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value$— $1,557,330 $1,587,557 $— $— $— 
Universal life753,897 764,934 778,675 — — — 
Universal life with secondary guarantees5,177 5,116 39,818 — — — 
Indexed universal life183,612 182,668 158,876 — — — 
Indexed universal life with secondary guarantees229,131 226,895 606,493 — — — 
Other permanent cash value life insurance18,960 602,464 663,805 — — — 
Variable universal life3,118 3,118 3,118 13,078 13,078 12,109 
Not subject to discretionary withdrawal or no cash values:
Term Policies without cash value— — 98,837 — — — 
Accidental death benefits— — 2,815 — — — 
Disability - active lives— — 8,124 — — — 
Disability - disabled lives— — 15,940 — — — 
Miscellaneous reserves— — 66,876 — — — 
Total (gross: direct + assumed)1,193,895 3,342,525 4,030,934 13,078 13,078 12,109 
Less: Reinsurance ceded(1,145,498)(3,294,066)(3,981,834)— — — 
Total (net)$48,397 $48,459 $49,100 $13,078 $13,078 $12,109 

75
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
December 31, 2024
General AccountSeparate Account - Nonguaranteed
AccountCashAccountCash
ValueValueReserveValueValueReserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value$— $1,624,106 $1,656,085 $— $— $— 
Universal life790,153 800,733 814,764 — — — 
Universal life with secondary guarantees5,642 5,493 38,933 — — — 
Indexed universal life189,653 194,102 163,077 — — — 
Indexed universal life with secondary guarantees239,100 234,931 608,253 — — — 
Other permanent cash value life insurance19,847 625,384 690,310 — — — 
Variable universal life3,204 3,204 3,204 13,023 13,023 12,004 
Not subject to discretionary withdrawal or no cash values:
Term Policies without cash value— — 122,291 — — — 
Accidental death benefits— — 2,949 — — — 
Disability - active lives— — 7,503 — — — 
Disability - disabled lives— — 16,586 — — — 
Miscellaneous reserves— — 65,465 — — — 
Total (gross: direct + assumed)1,247,599 3,487,953 4,189,420 13,023 13,023 12,004 
Less: Reinsurance ceded(1,193,509)(3,433,801)(4,134,442)— — — 
Total (net)$54,090 $54,152 $54,978 $13,023 $13,023 $12,004 

A reconciliation of total life actuarial reserves, net of reinsurance, is as follows:
December 31,
20252024
Life insurance$47,634 $53,368 
Accidental death benefits1 1 
Disability - active lives(2)(2)
Disability - disabled lives18 19 
Miscellaneous reserves1,449 1,592 
Life reserves - variable life separate account12,109 12,004 
Total life actuarial reserves$61,209 $66,982 

As of December 31, 2025 and 2024, the Company had insurance in force of $1,790,666 and $1,714,738, respectively, for which the gross premiums were less than the net premiums according to the standard of valuation set by the State of Iowa. Reserves to cover this shortfall in premium were $30,928 and $27,252 at December 31, 2025 and 2024, respectively.





76
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
9.    Borrowed Money and Funding Agreements

Liquidity Facility
On June 27, 2025, AHL, AARe, Athene Life Re Ltd. and the Company entered into a revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent (Liquidity Facility). The Liquidity Facility is unsecured and has a commitment termination date of June 26, 2026, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at our election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the Liquidity Facility. In connection with the Liquidity Facility, AARe guaranteed all of the obligations of each other borrower under the Liquidity Facility and the related loan documents. The Liquidity Facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the Liquidity Facility is $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the Liquidity Facility. The Liquidity Facility contains various standard covenants with which we must comply, including the following: 1) AARe minimum consolidated net worth of no less than $23.2 billion; and 2) restrictions on our ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on AARe’s financial strength rating. Rates and terms are as defined in the Liquidity Facility. As of December 31, 2025, the Company had no amounts outstanding under the Liquidity Facility and was in compliance with all financial covenants under the facility.

Promissory Note
Effective May 1, 2021, the Company entered into an unsecured revolving promissory note (the Promissory Note), with Athene USA Corporation (AUSA) and certain of AUSA’s other subsidiaries, pursuant to which the Company and other borrower parties thereto may borrow up to $200,000 from AUSA. The Promissory Note has a 5-year term and was approved by the Iowa Department. Interest shall accrue on the principal balance from time to time outstanding at a rate per annum equal to 2.085%. The Company shall pay such interest in arrears quarterly on the last day of each March, June, September and December, on any day any portion of the principal balance is repaid or prepaid.  No amounts were drawn during the year ended December 31, 2025 and December 31, 2024. No interest expense was incurred by the Company during the years ended December 31, 2025, 2024 and 2023.

Funding Agreements
The Company has entered into a purchase agreement, pursuant to which Athene Global Funding, a special-purpose non-affiliated statutory-trust, may offer senior secured medium-term notes under a funding agreement backed notes (FABN) program. The authorized program amount of $45,000,000 may be increased from time to time, subject to compliance with the relevant provisions of the amended and restated purchase agreement currently in effect. Athene Global Funding uses the net proceeds from the sale of each series of medium-term notes to purchase one or more funding agreements issued from the Company.

The Company has issued funding agreements to Athora Lebensversicherung AG (ALV), an affiliated German company, and to various institutions via direct issuances (Direct FA).

The Company has established a secured funding agreement backed repurchase agreement (FABR) program, in which a special-purpose, unaffiliated entity enters into repurchase agreements with a bank and the proceeds of the repurchase agreements are used by the special purpose entity to purchase funding agreements from the Company.

77
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Through its membership in the FHLB, the Company is eligible to borrow under fixed or floating rate short-term arrangements to provide additional liquidity. Total available borrowings are determined by the amount of collateral pledged, but cannot exceed 20% to 40% of the Company’s total assets dependent upon the internal credit rating. These borrowings are accounted for as borrowed money under SSAP No. 15, Debt and Holding Company Obligations. During 2025 and 2024, the Company borrowed no amounts in the general and separate accounts. No interest expense was incurred by the Company during the years ended December 31, 2025, 2024 and 2023.

The Company has issued funding agreements to the FHLB in exchange for cash advances in both the general account and the separate account. FHLB funding agreements held in the separate account have a principal balance of $22,701,200 and $15,001,200 at December 31, 2025 and 2024, respectively. FHLB funding agreements held in the general account have a principal balance of $570,000 and $570,000 as of December 31, 2025 and 2024.

As part of these agreements, the Company holds $10,000 in FHLB Class B Membership Stock and $1,047,204 in FHLB Activity Stock in the general account. The Class B Membership Stock is not eligible for redemption. The FHLB funding agreements in the general and separate account are collateralized by general account and separate account assets with a book adjusted carrying value of $43,563,085 and $30,038,449 and fair value of $43,386,185 and $28,847,908 at December 31, 2025 and 2024, respectively.

The following table presents the outstanding funding agreement contracts issued by the Company:

December 31,
20252024
FixedFloatingTotalFixedFloatingTotal
Funding Agreements
ALV$29,378 $— $29,378 $56,964 $— $56,964 
FABN28,326,944 6,240,170 $34,567,114 21,918,278 2,229,633 24,147,911 
FHLB17,021,200 6,250,000 $23,271,200 10,871,200 4,700,000 15,571,200 
FABR— 20,950,000 $20,950,000 — 12,000,000 12,000,000 
Direct FA6,096,926 191,546 6,288,472 2,791,631 95,341 2,886,972 
Total$51,474,448 $33,631,716 $85,106,164 $35,638,073 $19,024,974 $54,663,047 

The weighted average interest rate on all funding agreements was 4.38% and 4.35% at December 31, 2025 and 2024, respectively.

The reserve established by the Company for FHLB funding agreements held in the separate account was $22,408,086 and $14,841,302 at December 31, 2025 and 2024, respectively. These are included in separate account liabilities on the balance sheets. The reserve established by the Company for general account funding agreements was $63,050,231 and $39,940,806 at December 31, 2025 and 2024, respectively, which was reported as deposit-type contracts on the balance sheets. The Company uses the funding agreements funds in an investment spread strategy. As such, the Company applies SSAP No. 52, Deposit-Type Contracts, accounting treatment to these funds, consistent with its other deposit-type contracts. It is not part of the Company's strategy to utilize these funds for operations, and any funds obtained for use in general operations would be accounted for consistent with SSAP No. 15 as borrowed money.

78
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The Company incurred interest expense of $2,142,232, $1,191,781, and $722,914 on funding agreements in the general account and $828,547, $423,223, and $186,087 on the funding agreements in the separate account during the years ended December 31, 2025, 2024 and 2023, respectively.

The scheduled maturities of the funding agreements are as follows:

2026$12,270,942 
202714,493,726 
202815,547,807 
20299,094,066 
203010,228,552 
Thereafter23,471,071 
Total$85,106,164 

As discussed in Note 7, the Company's funding agreements are ceded to AARe under modified coinsurance agreements.

10.    Federal Income Taxes
Current income taxes incurred consist of the following major components:
Years Ended December 31,
202520242023
Federal income tax expense (benefit) on operations$(186,034)$(222,705)$452,495 
Federal income tax expense (benefit) on net realized capital gain (loss)12,105 (1,751)(20,251)
Federal income tax expense (benefit) on operations - prior period— 18,161 70,481 
Total current federal income tax expense (benefit)$(173,929)$(206,295)$502,725 
The Company determines admitted DTAs under paragraph 11 of SSAP No. 101, which allows a DTA to be admitted where existing deductible temporary differences are expected to be realized within three years of the balance sheet date. DTAs are limited to:
1.The amount of federal capital gains taxes paid in prior years that can be recovered through capital loss carrybacks, not to exceed three years, including any amounts established in accordance with the provision of SSAP No. 5, Liabilities, Contingencies and Impairments of Assets.
2.If risk-based capital thresholds described in paragraph 11.b. of SSAP No. 101 are exceeded, paragraph 11.b.i. allows a reporting entity to admit DTAs that are expected to be realized within three years of the balance sheet date, subject to a 15% limitation of adjusted capital and surplus described in paragraph 11.b.ii. Since the Company’s Risk-Based Capital Authorized Control Level without regard to admitted DTAs is greater than 300%, the applicable period is three years and the applicable percentage is 15% as of December 31, 2025, plus
3.Any remaining DTAs can be offset against existing DTLs after due consideration of character and reversal patterns of temporary differences.
Adjusted gross DTAs exceeding the above limitations are nonadmitted.
79
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Pursuant to SSAP No. 101, paragraph 7.e., gross DTAs are reduced by a statutory valuation allowance adjustment if it is more likely than not that some portion or all of the gross DTAs will not be realized. The Company expects to fully realize all of its DTAs. As of December 31, 2025 and 2024, the Company has not established a valuation allowance against DTAs.
The admitted DTAs are summarized as follows:
December 31,
20252024
LimitationAdmittedLimitationAdmitted
Admitted pursuant to 11.a. - loss carrybacks$— $— 
Realization per 11.b.i. - applicable period limitation$417,544 $206,585 
Realization per 11.b.ii. - applicable percentage limitation555,636 553,871 
Admitted pursuant to lesser of 11.b.i. or 11.b.ii - realization test417,544 206,585 
Admitted pursuant to 11.c. - DTL offset910,319 437,193 
Total admitted adjusted gross DTA$1,327,863 $643,778 

The Authorized Control Level Risk-Based Capital (excluding DTAs) percentage used for determining the above applicable period limitation and applicable percentage limitation was 833% and 815% for the years ended December 31, 2025 and 2024, respectively.
No tax planning strategies have been used to recognize net admitted DTAs for the periods ending December 31, 2025 and 2024.

80
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The tax effects of temporary differences that give rise to DTAs and DTLs are as follows:
December 31, 2025December 31, 2024Change
OrdinaryCapitalTotalOrdinaryCapitalTotalOrdinaryCapitalTotal
DTAs
Policyholder reserves$749,573 $— $749,573 $753,371 $— $753,371 $(3,798)$— $(3,798)
Investments400,048 37,787 437,835 114,536 30,511 145,047 285,512 7,276 292,788 
Deferred acquisition costs371,351 — 371,351 290,432 — 290,432 80,919 — 80,919 
Policyholder dividends accrual5 — 5 5 — 5 — — — 
Fixed assets3 — 3 3 — 3 — — — 
Compensation and benefits accrual56 — 56 55 — 55 1 — 1 
Receivable nonadmitted1,649 — 1,649 1,530 — 1,530 119 — 119 
Tax goodwill98 — 98 294 — 294 (196)— (196)
Tax credit carryforward31,648 — 31,648 $— — — 31,648 — 31,648 
Other (Including items <5% of total ordinary tax assets)70,560 — — 70,560 48,382 — 48,382 22,178 — 22,178 
Total gross DTAs1,624,991 37,787 1,662,778 1,208,608 30,511 1,239,119 416,383 7,276 423,659 
Nonadmitted DTAs(319,830)(15,085)(334,915)(588,715)(6,626)(595,341)268,885 (8,459)260,426 
Admitted DTAs1,305,161 22,702 1,327,863 619,893 23,885 643,778 685,268 (1,183)684,085 
DTLs
Investments(873,114)(22,702)(895,816)(358,075)(23,885)(381,960)(515,039)1,183 (513,856)
Deferred and uncollected premiums(843)— (843)(908)— (908)65 — 65 
Policyholder reserves(12,752)— (12,752)(54,325)— (54,325)41,573 — 41,573 
Other(908)— (908)— — — (908)— (908)
Total DTLs(887,617)(22,702)(910,319)(413,308)(23,885)(437,193)(474,309)1,183 (473,126)
Net admitted DTA/(DTL)$417,544 $— $417,544 $206,585 $— $206,585 $210,959 $— $210,959 
The change in net deferred income taxes is comprised of the following (this analysis is exclusive of the tax effect of unrealized capital gains and losses as the deferred taxes on unrealized gains and losses are reported separately from the change in net deferred income taxes in the statements of changes in capital and surplus):

December 31,December 31,
20252024Change
Adjusted gross deferred tax assets$1,662,778 $1,239,119 $423,659 
Total gross deferred tax liabilities(910,319)(437,193)(473,126)
        Adjusted deferred tax assets in excess of deferred tax liabilities$752,459 $801,926 (49,467)
Tax effect of unrealized gains and losses476,359 
Tax credit sale260,000 
       Change in net deferred income tax$686,892 
Nonadmitted deferred tax assets decreased $260,426 and increased $69,270 for the years ended December 31, 2025 and 2024, respectively.
No unrecognized DTL exists for temporary differences related to investments in foreign subsidiaries or foreign corporate joint ventures that are essentially permanent in duration.
81
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The provision for federal income tax incurred is different from that which would be obtained by applying the enacted federal income tax rate to income before taxes. The significant items causing these differences are as follows:
Year Ended December 31, 2025 Year Ended December 31, 2024Year Ended December 31, 2023
EffectiveEffectiveEffective
AmountTax RateAmountTax RateAmountTax Rate
Net gain (loss) from operations$1,438,816 $1,012,537 $548,083 
Realized capital gain (loss) on investments(513,990)(275,273)(169,807)
Total statutory gain (loss)$924,826 $737,264 $378,276 
Statutory tax expense (benefit) at enacted rate$194,213 21.0 %$154,826 21.0 %$79,438 21.0 %
Permanent differences
Interest maintenance reserve(6,806)(0.7)(4,290)(0.6)(12,493)(3.3)
Nontaxable income(4,164)(0.5)(2,579)(0.3)(2,027)(0.5)
Nondeductible expenses809 0.1 831 0.1 596 0.2 
Nonadmitted assets(9,725)(1.1)(8,564)(1.2)(2,107)(0.6)
Affiliate expenses(6,424)(0.7)(5,198)(0.7)2,540 0.7 
Reinsurance adjustment A-791(3,649)(0.4)1,645 0.2 4,669 1.2 
Unrealized gain (loss) - options136,578 14.8 136,250 18.5 80,597 21.3 
Unrealized (gain) loss ceded(555,827)(60.1)(277,653)(37.5)(264,570)(70.0)
Specific reserves in surplus(10,586)(1.1)(157)— (5,641)(1.5)
Prior period adjustments(48,722)(5.3)23,726 3.2 (23,231)(6.1)
Insurance Company Owned Life Insurance(31,507)(3.4)(2,701)(0.4)— — 
Tax credits and related benefits(515,011)(55.7)(92,701)(12.6)(61,310)(16.2)
Merger restatement— — (9,684)(1.3)(27,458)(7.3)
Total effective income tax expense (benefit)$(860,821)(93.1)%$(86,249)(11.6)%$(230,997)(61.1)%
Current federal income tax expense (benefit)$(173,929)(18.8)%$(224,456)(30.4)%$432,244 114.3 %
Current federal income tax expense (benefit) - prior period adjustments— 0.0 18,161 2.5 70,481 18.6 
Change in net deferred income tax(686,892)(74.3)120,046 16.3 (733,722)(194.0)
Total effective income tax expense (benefit)$(860,821)(93.1)%$(86,249)(11.6)%$(230,997)(61.1)%
The Company has non-transferrable federal tax credits to carry forward as follows at December 31, 2025:
Year IncurredAmountExpiring
General Business Credit
2025
$31,648 2045

The Company estimated the utilization of the remaining federal tax credits by projecting future tax liability based on projected taxable income, tax rates and tax credits and comparing that projected future tax liability to the availability of remaining tax credits. These tax credits are fully admitted.
The Company has $0, $47,583, and $0 of federal capital gains tax from 2025, 2024 and 2023, respectively, available for recovery in the event of future capital losses. Prior year balances reflect tax returns filed as of December 31, 2025. The Company has incurred no Repatriation Transition tax.
The Company entered into a supplemental tax allocation agreement with Athene Re IV, whereby the Company is obligated to perform all of Athene Re IV's tax obligations and is entitled to accept all of
82
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
Athene Re IV's tax benefits. Accordingly, any current taxes payable or receivable by Athene Re IV are reflected by the Company. During 2025, 2024 and 2023, under the provisions of this agreement, $110 of tax benefit was transferred to the Company, $350 of tax benefit was transferred to the Company and $42 of tax expense was transferred from the Company, respectively.
In accordance with SSAP No. 101, the Company follows SSAP No. 5 to utilize a “more likely than not (likelihood of more than fifty percent)” approach to compute its liability for tax contingencies. No liability for tax contingencies has been recorded as the Company does not have any material items requiring establishment of a loss contingency reserve or disclosure under SSAP No. 5. Interest and penalties associated with recognized tax contingencies would be recognized within the income tax expense line in the statements of operations. Accrued interest and penalties would be included in the related tax liability line in the balance sheets.

Federal income tax of $10,501 and $166,513 is due from affiliates at December 31, 2025 and 2024, respectively, pursuant to the Tax Allocation Agreement.

As of December 31, 2025 and 2024, the Company has no unrecognized deferred tax liabilities.

There were no deposits reported as admitted assets under Section 6603 of the Internal Revenue Code as of December 31, 2025 or 2024.

The following entities are included in the consolidated federal income tax return as of December 31, 2025:
Athene Annuity Re Ltd.
Athene Annuity and Life Company
Athene Annuity & Life Assurance Company of New York
Athene Life Insurance Company of New York
Athene Re USA IV, Inc.
Structured Annuity Reinsurance Company
The Company files income tax returns with the U.S. federal government and various U.S. state governments. For tax periods beginning January 1, 2019 and ending December 31, 2023, the Company was included in a consolidated return filed by the parent company, AUSA. For tax periods beginning January 1, 2024, the Company is included in a consolidated return filed by the parent company, AARe. The Company has a tax allocation agreement approved by the Company’s Board of Directors, which sets forth the manner in which the total combined federal income tax is allocated to each entity which is a party to the consolidation. Allocation of tax benefits is based on separate returns. Losses are paid at the time they can be used in the consolidated return. Intercompany tax balances are settled quarterly.

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (IRA). The IRA introduced a 15% minimum corporate income tax on certain large corporations, known as the Corporate Alternative Minimum Tax (CAMT). The Company is an applicable reporting entity with tax allocation agreement exclusions.

The Company is not subject to U.S. federal and state examinations by tax authorities for years prior to 2021. The Company is under audit by the IRS as a member of the 2022 consolidated tax return filed by AUSA. Pursuant to the Company's tax allocation agreement, AUSA would be liable for the payment of any liabilities incurred as a result of this audit. The Company is not currently under exam by any state taxing authority.

The Company does not hold any transferable or non-transferable state tax credits gross of any related tax liabilities.

83
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
11.    Premiums Due and Deferred

Deferred and uncollected life insurance premiums are summarized as follows:
December 31, 2025December 31, 2024
GrossLoadingNetGrossLoadingNet
Ordinary renewal$3,212 $(803)$4,015 $3,450 $(876)$4,326 

12.    Employee Benefit Plans

The Company is allocated a portion of the costs related to a qualified defined contribution savings and retirement plan sponsored by AUSA. The plan is a qualified 401(k) plan covering officers and employees.  The plan provides non-discretionary company matching contributions.  Expenses allocated to the Company for AUSA's contributions amounted to $12,281, $11,760, and $10,399 for 2025, 2024 and 2023, respectively.

13.    Related-Party Transactions

The Company cedes a quota share of its annuity and funding agreement business to AARe and 100% of the Closed Block liabilities to Athene Re IV. The Company cedes to STAR a 100% quota share of its benefits payable for all structured annuity contracts issued by the Company to Aviva London Assignment Corporation (an affiliated company prior to October 2, 2013). The Company also assumes a quota share of annuity business from its direct subsidiary AANY and from an affiliated entity, VIAC. Refer to Note 7 for details on these reinsurance agreements.

The Company is party to an investment management agreement with Apollo Insurance Solutions Group, LP (ISG), under which ISG agrees to provide asset management services in exchange for management fees. ISG is a subsidiary of AGM. Pursuant to the agreement, the Company pays ISG 30 basis points per annum on the Company’s managed assets. The Company incurred expenses on its general account and separate account assets of $894,280, $689,680, and $512,992 in 2025, 2024 and 2023, respectively, under the agreement with ISG.

The Company participates in Shared Services and Cost Sharing Agreements with certain other affiliated companies pursuant to which each party thereto agreed to provide certain financial, legal and other services to the other parties. Under these agreements, the Company incurred expense of $416,151, $430,515, and $378,577 during 2025, 2024 and 2023, respectively.

Some employees of Athene Employee Services, LLC (AES) and the Company participate in one or more Share Award Agreements (the Agreements) sponsored by AHL for which the Company has no legal obligation. Salary expense of AES and the Company is partially allocated to the Company through the Shared Services Agreement. Under SSAP No. 104, Share-Based Payments, the stock compensation expense associated with the Agreements that would have been allocated to the Company is required to be recorded as a capital contribution to the reporting entity. The Company has allocated the stock compensation expense associated with the Agreements based on the same methodology as the Shared Services Agreement. In accordance with SSAP No. 104, the Company incurred expense and recorded a capital contribution under the Agreements totaling $23,301, $26,638, and $50,466 in 2025, 2024 and 2023, respectively, which includes amounts contributed by the Company to downstream insurance subsidiaries.

84
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
All intercompany balances shown as payable to or receivable from parent, subsidiaries and affiliates are settled within 90 days of their incurrence under the terms of the intercompany expense sharing agreements. These payables and receivables are presented on a net basis within the accompanying balance sheets when right of offset exists with a particular counterparty.

During 2022, the Company contributed its equity interests in certain partnership investments to Apollo Aligned Alternatives, L.P. (AAA), in exchange for a partnership interest in AAA. AAA is a strategic alternative investment vehicle designed to include investment by affiliated and unaffiliated insurers and other investors, with each investor having pro rata exposure to the underlying investments. The partnership is managed by an affiliate of the Company. Under the terms of the partnership agreement, the Company has the right to require distribution of its pro rata portion of underlying assets and direct such assets to be liquidated. During 2025 and 2024, the Company had contributions, net of distributions to AAA of $1,147,538 and $448,573, respectively.

During 2025 and 2024, in the normal course of business, the Company had purchases and contributions, net of sales and distributions, to non-AAA affiliated partnership investments of $169,090 and $431,136, respectively.

During 2025 and 2024, the Company transferred $2,664,709 and $470,814, respectively, of bonds to AARe in association with reinsurance settlements. These investments were included within bonds on the accompanying balance sheets. All transactions were based on the fair value of the assets at the transaction date.

During February 2023, the Company received a $100,000 capital contribution from its parent, AARe. This capital contribution was accrued at December 31, 2022 as a $100,000 receivable from parent with a corresponding increase in gross paid in and contributed surplus. In accordance with SSAP No. 72, Surplus and Quasi Reorganizations, capital contributions receivable that are satisfied with the receipt of cash or marketable securities prior to the filing of the annual statement shall be treated as a Type I subsequent event and considered an admitted asset based on evidence of collection and approval of the domiciliary commissioner.

In addition to the accrued capital contributions and stock compensation described above, during 2025, 2024 and 2023, the Company received $0, $934,000 and $1,400,000, respectively, of assets in kind and cash capital contributions from its parent, AARe.

As of December 31, 2025 and 2024, the Company holds $11,295,451 and $8,628,116, respectively, of other invested assets representing holdings of affiliated partnership investments. The Company also had $38,891,066 and $29,239,015 of affiliated bond holdings, $1,325,830 and $1,379,975 of affiliated mortgage loans on real estate and $75,000 and $57,362 of affiliated preferred stocks as of December 31, 2025 and 2024, respectively.

During 2025 and 2024, the Company recaptured, amended, and entered into new reinsurance agreements with affiliates. See Note 7 for the details of those changes.

The Company believes that the transactions with affiliates are reasonable and appropriate; however, the operations of the Company may not be indicative of those that would have occurred had the Company operated as a stand-alone entity.






85
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
14.    Separate Accounts

The Company maintains five separate account arrangements:
Funding Agreement Separate Account: This separate account contains funding agreements issued to the FHLB. These funding agreements are secured by assets in the Company's general account. The funding agreements may not be accelerated by the holder unless there is a default under the agreement, but the Company may retire the funding agreement policies at any time.

Variable Annuity and Variable Life Separate Accounts: These separate accounts consist of individual variable annuities and variable universal life products. Net investment experience is credited directly to the policyholder and can be positive or negative, as determined by the performance or fair value of the investments held. The variable annuities generally provide an incidental death benefit of the greater of account value or premium paid. The assets and liabilities of these accounts are carried at fair value. No new variable annuity or variable life policies related to these separate accounts are being issued.

Group Annuity Separate Accounts: This contains separate accounts which support annuities payable under group fixed annuity contracts issued to various employers, or trusts established by such employers, in respect of those employers' pension plans. The assets and liabilities of these separate accounts are carried at the same basis as the general account. The Company's general account contributed $0, $0 and $140,000 to the Group Annuity Separate Accounts in 2025, 2024 and 2023, respectively. The group fixed annuity contracts obligate the Company’s general account to make annuity payments if the separate account is not able to do so. The product is included in Company's asset adequacy testing.

Index-Linked Deferred Annuity Separate Accounts: These separate accounts support registered index-linked deferred annuity contracts issued by the Company.  The assets and liabilities are carried at the same basis as the general account. During 2025 and 2024, no amounts were withdrawn from the index-linked deferred annuity separate accounts. During 2023, the Company's general account withdrew $24,602 from the index-linked deferred annuity separate accounts. The Company’s general account has guaranteed the amounts under the index-linked deferred annuity contracts, to the extent not covered by the assets in the separate account. The product is included in Company's asset adequacy testing.
Private Placement Variable Annuity Separate Accounts: These separate accounts report private placement variable deferred annuities issued by the Company to purchasers meeting the requirements as a qualified purchaser or an accredited investor under applicable federal securities laws. The assets of these separate accounts are carried at fair value. Net investment experience is credited directly to the policyholder and can be positive or negative, as determined by the performance or fair value of the investments held.
The Company’s general account has not paid toward separate account guarantees during the last five years. To compensate the general account for the risk taken, the Company's separate accounts have paid risk charges during the last five years as follows:
2025$24,654 
2024$24,556 
2023$22,954 
2022$19,408 
2021$12,823 
86
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
The separate account assets legally insulated from the general account is as follows:
December 31, 2025December 31, 2024
Legally InsulatedNot Legally InsulatedLegally InsulatedNot Legally Insulated
Funding Agreement Separate Account$— $212,465 $— $107,023 
Variable Annuity Separate Accounts29,651 — 29,454 — 
Variable Universal Life Separate Account12,109 — 12,004 — 
Group Annuity Separate Accounts43,352,257 — 45,014,387 — 
Index-Linked Deferred Annuity Separate Accounts6,629,067 — 4,625,164 — 
Private Placement Variable Annuity Separate Account162,471 — 94,221 — 
Total separate account assets$50,185,555 $212,465 $49,775,230 $107,023 


Information regarding the separate accounts of the Company is as follows:
NonindexedNonindexedNon-
GuaranteedGuaranteedGuaranteed
Less Than/MoreSeparate
IndexedEqual to 4%Than 4%AccountsTotal
Premiums, considerations or deposits
for year ended December 31, 2025$284,340 $4,008,355 $4,141,645 $56,516 $8,490,856 
Balances at December 31, 2025
For accounts with assets at
Fair value— — — 204,129 204,129 
Amortized cost6,439,518 27,755,956 36,243,554 — 70,439,028 
Total reserves6,439,518 27,755,956 36,243,554 204,129 70,643,157 
By withdrawal characteristics
Subject to discretionary withdrawal
With market value adjustment6,439,518 1,830,424 806,565 — 9,076,507 
At fair value— — — 204,129 204,129 
At book value without market value adjustment and with current surrender charge less than 5%— 47,588 90,150 — 137,738 
Not subject to discretionary withdrawal— 25,877,945 35,346,838 — 61,224,783 
Total reserves$6,439,518 $27,755,957 $36,243,553 $204,129 70,643,157 
Interest maintenance reserve(6,058)
Other transfers to general account due or accrued(22,158,151)
Other amounts payable on reinsurance376,959 
Other413,110 
Total separate account liabilities$49,269,017 
Net transfers to or (from separate accounts)$944,312 $— $(654,083)$50,866 $341,095 
87
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
NonindexedNonindexedNon-
GuaranteedGuaranteedGuaranteed
Less Than/MoreSeparate
IndexedEqual to 4%Than 4%AccountsTotal
Premiums, considerations or deposits
for year ended December 31, 2024$234,224 $1,600,000 $8,033,836 $86,012 $9,954,072 
Balances at December 31, 2024
For accounts with assets at
Fair value— 5,077 — 130,530 135,607 
Amortized cost4,455,800 25,987,451 32,175,376 — 62,618,627 
Total reserves4,455,800 25,992,528 32,175,376 130,530 62,754,234 
By withdrawal characteristics
Subject to discretionary withdrawal
With market value adjustment4,455,800 2,817,302 — — 7,273,102 
At fair value— 5,077 — 130,530 135,607 
At book value without market value adjustment and with current surrender charge less than 5%— 113,588 — — 113,588 
Not subject to discretionary withdrawal— 23,056,561 32,175,376 — 55,231,937 
Total reserves$4,455,800 $25,992,528 $32,175,376 $130,530 62,754,234 
Interest maintenance reserve26,210 
Other transfers to general account due or accrued(14,735,349)
Other amounts payable on reinsurance477,419 
Other188,768 
Total separate account liabilities$48,711,282 
Net transfers to or (from separate accounts)$892,319 $— $(667,573)$82,230 $306,976 

NonindexedNonindexedNon-
GuaranteedGuaranteedGuaranteed
Less Than/MoreSeparate
IndexedEqual to 4%Than 4%AccountsTotal
Year Ended December 31, 2023
Premiums, considerations or deposits$170,022 $750,000 $4,502,270 $3,062 $5,425,354 
Net transfers to or (from) separate accounts$453,888 $219 $1,350,089 $(1,871)$1,802,325 


















88
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
A reconciliation of combined net transfers to or (from) separate accounts is as follows:
Years Ended December 31,
202520242023
Transfers to separate accounts$491,153 $503,358 $2,199,670 
Transfers from separate accounts(150,058)(196,382)(397,345)
Net transfers to or (from) separate accounts341,095 306,976 1,802,325 
Other adjustments949 59 346 
Transfer to separate account, net, as reported in the
Statements of Operations$342,044 $307,035 $1,802,671 
15.    Commitments and Contingencies

The Company has unfunded commitments in certain investments in the general and separate accounts totaling $25,640,343 at December 31, 2025.

Effective July 31, 2019, the Company entered into a Capital Maintenance Agreement to provide capital support to its wholly owned subsidiary, AANY, such that the Company has agreed to maintain AANY’s total adjusted capital in an amount at least equal to 300% of AANY’s company action level risk-based capital. Also, effective July 31, 2019, the Company entered into an agreement to guarantee payment of all amounts due from its subsidiary, AANY, to the contract and certificate holders under the terms of a group annuity contract issued by AANY during August 2019.  Given the current capital level of AANY, the likelihood of payment by the Company under the terms of these agreements is remote.

On October 22, 2020, the Company entered into an Assignment Agreement with AANY pursuant to which the Company assigned all rights and obligations related to certain individuals entitled to annuity payments from existing PGA business. In the remote scenario and only to the extent AANY is unable to perform its obligations to New York residents entitled to payments under the existing assigned PGA transactions, the Company will be required to satisfy any of the remaining obligations.

Guaranty Association Assessments - Guaranty associations may subject member insurers, including the Company, to assessments that require the insurers to pay funds to cover contractual obligations under insurance policies issued by insurance companies that become impaired or insolvent. The assessments are based on an insurer’s proportionate share of premiums written in that state during a specified one-year or three-year period for lines of business in which the impaired or insolvent insurer engaged, subject to prescribed limits. As of December 31, 2025 and 2024, the Company recorded a liability of $6,453 and $18,199, respectively, based on the current best estimate of future assessments expected, as well as an asset of $11,463 and $11,300, respectively, for future premium tax credits.  The actual amount of assessments levied against the Company may vary from this estimate.

Fiduciary or Best Interest Standards - On February 13, 2020, the NAIC adopted the Suitability in Annuity Transactions Model Regulation (SAT), which places responsibilities upon issuing insurance companies with respect to the suitability of annuity sales, including responsibilities for training agents. In addition the SAT incorporates a “best interest” or similar standard with respect to the suitability of annuity sales. A producer is considered to have acted in the best interest of the customer if they have satisfied certain prescribed obligations regarding care, disclosure, conflict of interest and documentation. State adoption of these revisions, and any future changes in such laws and regulations, may impact the way our US insurance subsidiaries market and sell their annuity products. Forty-eight states, including Iowa, have adopted the amended SAT that includes a best interest standard. On July 22, 2018, separate and apart
89
Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
from the NAIC, the NYDFS issued amendments to its SAT regulation to incorporate a “best interest” standard with respect to the suitability of life insurance and annuity sales. The amendments made by NYDFS are currently the subject of litigation. Future changes in such laws and regulations, including those that impose a “best interest” standard, may impact the way the Company and its subsidiaries market and sell annuity products.

Since 2016, the DOL has issued various regulations expanding the definition of “investment advice” and broadening the circumstances under which distributors and manufacturers of insurance and annuity products could be considered “fiduciaries” and subject to certain standards in providing advice. On December 15, 2020, the DOL issued regulatory action to reinstate the pre-2016 regulatory definition of fiduciary advice. In the preamble to Prohibited Transaction Exemption (PTE) 2020-02, however, the DOL announced a new interpretation of parts of the regulation that broadens the circumstances under which producers, including insurance producers, could be considered fiduciaries under ERISA in connection with recommendations to “rollover” assets from a qualified retirement plan to an IRA or from an IRA to another IRA. For this purpose, “IRA” includes individual retirement annuities. This guidance reverses an earlier DOL interpretation suggesting that rollover advice by someone who was not already a fiduciary to a plan did not constitute investment advice giving rise to a fiduciary relationship. In connection with the broadened application of the fiduciary definition, the DOL’s PTE 2020-02 allows fiduciaries to receive compensation in connection with providing investment advice, including advice about rollovers, that would otherwise be prohibited as a result of their fiduciary relationship to the ERISA Plan, a participant in the ERISA Plan, or an IRA owner. On April 23, 2024, the Department of Labor published the final version of the fiduciary rule and certain prohibited transaction exemptions, including PTE 84-24 and PTE 2020-02. The effective date of September 23, 2024, is currently on hold due to legal challenges. Two federal district courts in Texas issued stays on the implementation and the DOL filed an appeal to these decisions. The appeals were later dismissed on November 28, 2025. There has been indication the DOL may revisit addressing the rule in 2026 and we will continue to monitor the situation to determine if any update would impact our business.

In addition to the matters previously discussed, the Company is routinely involved in litigation and other proceedings, reinsurance claims and regulatory proceedings arising in the ordinary course of its business. At present, no contingencies related to pending litigation and regulatory matters are considered material in relation to the financial position of the Company.

Estimates of possible losses or ranges of losses for particular matters cannot, in the ordinary course, be made with a reasonable degree of certainty. It is possible that the Company’s results of operations or cash flow in a particular quarterly or annual period could be materially adversely affected by an ultimate unfavorable resolution of pending litigation and regulatory matters.

16.    Capital and Surplus

The Company is subject to limitations, imposed by the State of Iowa, on the payment of dividends to its stockholder. Generally, without prior regulatory approval, dividends paid during the year must be paid from earned surplus and may not exceed the greater of (1) ten percent of the Company’s paid-in and unassigned surplus as of the preceding December 31, or (2) the Company’s net gain from operations before net realized capital gains on investments for the preceding year. Based on December 31, 2025 results, the Company may not declare or pay dividends without approval in 2026. The Company did not declare or pay dividends during the years ended 2025, 2024 and 2023.

In connection with the acquisition of AUSA during 2013, AHL entered into a Net Worth Maintenance Agreement to provide capital support to the Company such that AHL is obligated to maintain the Company’s capital and surplus in an amount sufficient to maintain the Company’s Total Adjusted Capital
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Athene Annuity and Life Company
Notes to Financial Statements – Statutory-Basis
December 31, 2025, 2024 and 2023
(Dollars in thousands)
to be at least 200% of Company Action Level Risk-Based Capital (RBC).  The agreement also provides that the Company will not pay any dividends if such dividends would cause the Company Action Level RBC ratio to fall below 200%.

Effective January 30, 2020, the Company's then parent, AADE, entered into a Capital Maintenance Agreement to provide capital support to the Company, in an amount sufficient to satisfy the insurance laws of the State of New Jersey, in order to obtain authority for the Company to issue registered index-linked annuities in New Jersey (Original Agreement). In connection with the merger of AADE into the Company, effective October 11, 2024, the Company’s new parent, AARe, entered into a Capital Maintenance Agreement with similar terms to continue to provide capital support to the Company in an amount sufficient to satisfy the insurance laws of the State of New Jersey. The agreement will remain in effect for ten years from the Original Agreement’s effective date.

Life insurance companies are subject to certain RBC requirements as specified by the NAIC. Under those requirements, the amount is to be determined based on the various risk factors related to the Company. At December 31, 2025 and 2024, the Company exceeds all control levels of the RBC requirements.

During 2025, 2024 and 2023, the Company received and made capital contributions. See Note 13 for additional details regarding capital contributions.

During 2017, $1,502,316 of the Company's surplus was reset under SSAP No. 72, Surplus and Quasi-Reorganizations, as a reclassification of unassigned surplus to paid-in surplus. In accordance with SSAP No. 72, the Company is required to disclose this surplus reset for ten years following its effective date.
17.    Subsequent Events

The Company has evaluated subsequent events through March 31, 2026, the date that these financial statements were available to be issued.

18.    Reconciliation to the Statutory Annual Statement

There are no reconciling items between total assets, total liabilities, capital and surplus or net income as previously reported to state regulatory authorities in the 2025, 2024 and 2023 Annual Statements and those reported in the accompanying financial statements.

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