ATH-PE

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How ATH-PE rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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We have established a significant base of earnings and, as of December 31, 2025, have an expected annual net investment spread, which measures our investment performance plus strategic capital management fees less the total cost of our liabilities, of 1–2% over the estimated 7.4 year weighted-average life of our net reserve liabilities.
The weighted-average life includes deferred annuities, pension group annuities, funding agreements, payout annuities, life insurance contracts, guaranteed investment contracts and other products.
The following table presents the inflows and outflows generated from our organic and inorganic channels, as well as the breakout between Athene, the ACRA noncontrolling interests and third-party reinsurers: Years ended December 31, (In millions) 2025 2024 2023 Retail $ 34,127 $ 35,764 $ 35,293 Flow reinsurance 11,171 5,573 10,547 Funding agreements 1 35,375 28,748 7,193 Pension group annuities 751 918 10,374 Other 2 674 — — Gross organic inflows 82,098 71,003 63,407 Gross inorganic inflows 3 1,340 — 2,214 Total gross inflows 83,438 71,003 65,621 Gross outflows 4 (35,528) (33,469) (33,868) Net flows $ 47,910 $ 37,534 $ 31,753 Inflows attributable to Athene 5 $ 63,236 $ 49,084 $ 43,000 Inflows attributable to ACRA noncontrolling interests 5 18,452 17,848 22,621 Inflows ceded to third-party reinsurers 6 1,750 4,071 — Total gross inflows $ 83,438 $ 71,003 $ 65,621 Outflows attributable to Athene $ (29,725) $ (27,248) $ (28,763) Outflows attributable to ACRA noncontrolling interests (5,803) (6,221) (5,105) Total gross outflows 4 $ (35,528) $ (33,469) $ (33,868) 1 Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, which include our FABR program and direct funding agreements, funding agreements issued to the FHLB and long-term repurchase agreements. 2 Other inflows include guaranteed investment and group annuity contracts issued in connection with defined contribution plans as well as structured settlements. 3 Gross inorganic inflows represent acquisitions and block reinsurance transactions.
On November 6, 2023, we entered into an agreement with a Japanese counterparty, effective October 1, 2023, pursuant to which we agreed to reinsure a block of whole life insurance policies on a coinsurance basis.
On October 1, 2025, we entered into an agreement with another Japanese counterparty to reinsure a block of whole life insurance policies on a coinsurance basis. 4 Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, payments related to interest, maturities and repurchases of funding agreements and block reinsurance outflows.
Gross outflows in 2023 include the $2.7 billion of reserves recaptured by Venerable Insurance and Annuity Company (VIAC). 5 Effective July 1, 2023, ALRe sold 50% of ACRA 2’s economic interests to ADIP II.
Effective October 1, 2024, ACRA 2 repurchased a portion of its shares held by ALRe, which increased ADIP II’s ownership of economic interests in ACRA 2 to 63%, with ALRe owning the remaining 37% of the economic interests. 6 During the first quarter of 2024, we entered into a modco reinsurance agreement with Catalina Re Archdale Life Insurance Company Ltd., a subsidiary of Catalina Holdings (Bermuda) Ltd.
(together with its subsidiaries, Catalina) to cede a quota share of our retail deferred annuity business issued on or after January 1, 2024.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Our organic channels, including retail, flow reinsurance, institutional and other products, provided gross inflows of $82.1 billion, $71.0 billion and $63.4 billion for the years ended December 31, 2025, 2024 and 2023, respectively, which were underwritten to attractive returns.
Gross organic inflows for the year ended December 31, 2025 increased $11.1 billion, or 16%, reflecting the strength of our multi-channel distribution platform and our ability to quickly pivot into optimal and profitable channels as opportunities arise.
Withdrawals on our deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, payments related to interest, maturities and repurchases of funding agreements and block reinsurance outflows (collectively, gross outflows), in the aggregate were $35.5 billion, $33.5 billion and $33.9 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
The increase in gross outflows of $2.1 billion was primarily driven by an increase in retail annuity policies which have reached the end of the surrender charge period in a higher rate environment as well as an increase in interest payments on funding agreements attributable to the significant growth in the block of business in 2025, partially offset by a decrease in funding agreement maturities and a decrease in outflows related to policies underlying certain reinsurance blocks compared to 2024.
We believe that our credit profile, current product offerings and product design capabilities, as well as our reputation as both a seasoned funding agreement issuer and a reliable pension group annuity counterparty, will continue to enable us to grow our existing organic channels and source additional volumes of profitably underwritten liabilities in various market environments.
We intend to continue to grow organically by expanding each of our retail, flow reinsurance, institutional and other distribution channels.
Within our retail channel, we had fixed annuity sales of $34.1 billion, $35.8 billion and $35.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
The decrease in our retail channel was primarily driven by a decrease in the sales of our MYGA product, partially offset by an increase resulting from record sales of our FIA and RILA products in 2025.
Overall sales were strong across our bank, broker-dealer and IMO channels, exhibiting strong sales execution, the current rate environment, growing product offerings and our continued expansion into large financial institutions.
We aim to continue to grow our retail channel by deepening our relationships with our approximately 41 IMOs, 18 banks and 163 broker-dealers, collectively representing approximately 152,000 independent agents.
Within our flow reinsurance channel, we target reinsurance business consistent with our preferred liability characteristics, which provides us another channel to source liabilities with attractive crediting rates.
We generated inflows through our flow reinsurance channel of $11.2 billion, $5.6 billion and $10.5 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
The increase in our flow reinsurance channel from 2024 was driven by record volumes primarily attributable to a strategic opportunity with a US partner at attractive returns, as well as strong volume from our other US and Asia Pacific partners.
Within our institutional channel, we generated inflows of $36.1 billion, $29.7 billion and $17.6 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
We issued funding agreements in the aggregate principal amount of $35.4 billion, $28.7 billion and $7.2 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
The increase in our funding agreement channel from 2024 was driven by record inflows with diversified activity across sub-channels.
Funding agreement inflows for the year ended December 31, 2025 consisted of $13.4 billion of FABN issuances, $9.0 billion of FABR issuances, $3.3 billion of direct funding agreement issuances, $8.0 billion of FHLB issuances and $1.7 billion of long-term repurchase agreement issuances.
As of December 31, 2025, we had funding agreements outstanding of $34.6 billion under our FABN program, $21.0 billion under our FABR program, $6.1 billion of direct funding agreements, $23.3 billion with the FHLB and $3.2 billion of long-term repurchase agreements .
We issued pension group annuity contracts in the aggregate principal amount of $751 million, $918 million and $10.4 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
The pension group annuity channel continues to be impacted by the competitive environment and litigation against certain of our pension group annuity clients.
Since entering the pension group annuity market in 2017, we have closed 50 deals resulting in the issuance or reinsurance of group annuities of $53.4 billion with more than 528,000 plan participants as of December 31, 2025.
Within our other channel, inflows include guaranteed investment and group annuity contracts issued in connection with defined contribution plans as well as structured settlements.
We generated inflows through our other channel of $674 million, $0 million and $0 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The increase in our other channel was driven by the development of new retirement products within new markets in 2025 to provide solutions to help meet growing retirement needs.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Our inorganic channel has contributed significantly to our growth through both acquisitions and block reinsurance transactions.
We completed our second block reinsurance transaction in the Japanese market during the fourth quarter of 2025.
On October 1, 2025, we entered into an agreement with Sony Life Insurance Co., Ltd., pursuant to which we agreed to reinsure a small block of whole life insurance policies on a coinsurance basis.
In conjunction with the transaction, we entered into an agreement on October 1, 2025 to retrocede the mortality risk related to this block of business to Swiss Reinsurance Company Ltd., a leading mortality reinsurer, on a yearly renewable term basis.
ACRA To support growth strategies and capital deployment opportunities, we established ACRA 1 as a long-duration, on-demand capital vehicle.
ALRe directly owns 37% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I, a series of funds managed by Apollo, owning the remaining 63% of the economic interests.
During the commitment period, ACRA 1 participated in certain transactions by drawing a portion of the required capital for such transactions from third-party investors equal to ADIP I’s proportionate economic interests in ACRA 1.
ALRe directly owns 37% of the economic interests in ACRA 2 and all of ACRA 2’s voting interests, with ADIP II, a fund managed by Apollo, owning the remaining 63% of the economic interests.

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Gone since FY2024

We have established a significant base of earnings and, as of December 31, 2024, have an expected annual net investment spread, which measures our investment performance plus strategic capital management fees less the total cost of our liabilities, of 1–2% over the estimated 7.8 year weighted-average life of our net reserve liabilities.
The weighted-average life includes deferred annuities, pension group annuities, funding agreements, payout annuities, life insurance contracts and other products.
Our total assets have grown to $363.3 billion as of December 31, 2024.
For the year ended December 31, 2024, we generated a net investment spread of 1.78%.
The following table presents the inflows and outflows generated from our organic and inorganic channels as well as the breakout between Athene, the ACRA noncontrolling interests and third-party reinsurers: Years ended December 31, (In millions) 2024 2023 2022 Retail $ 35,764 $ 35,293 $ 20,407 Flow reinsurance 5,573 10,547 6,186 Funding agreements 1 28,748 7,193 10,039 Pension group annuities 918 10,374 11,218 Gross organic inflows 71,003 63,407 47,850 Gross inorganic inflows 2 — 2,214 — Total gross inflows 71,003 65,621 47,850 Gross outflows 3 (33,469) (33,868) (27,872) Net flows $ 37,534 $ 31,753 $ 19,978 Inflows attributable to Athene 4 $ 49,084 $ 43,000 $ 39,244 Inflows attributable to ACRA noncontrolling interests 4 17,848 22,621 8,606 Inflows ceded to third-party reinsurers 5 4,071 — — Total gross inflows $ 71,003 $ 65,621 $ 47,850 Outflows attributable to Athene $ (27,248) $ (28,763) $ (23,724) Outflows attributable to ACRA noncontrolling interests (6,221) (5,105) (4,148) Total gross outflows 3 $ (33,469) $ (33,868) $ (27,872) 1 Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, funding agreements issued to the FHLB and long-term repurchase agreements. 2 Gross inorganic inflows represent acquisitions and block reinsurance transactions.
On November 6, 2023, we entered into an agreement with a Japanese counterparty, effective October 1, 2023, pursuant to which we agreed to reinsure a block of whole life insurance policies on a coinsurance basis. 3 Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, payments related to interest, maturities and repurchases of funding agreements and block reinsurance outflows.
Gross outflows in 2023 include the $2.7 billion of reserves recaptured by Venerable Insurance and Annuity Company (VIAC).
Gross outflows in 2022 include the cession of $4.9 billion of certain inforce funding agreements to Catalina General Insurance Ltd.
(Catalina). 4 Effective July 1, 2023, ALRe sold 50% of ACRA 2’s economic interests to ADIP II.
Effective October 1, 2024, ACRA 2 repurchased a portion of its shares held by ALRe, which increased ADIP II’s ownership of economic interests in ACRA 2 to 63%, with ALRe owning the remaining 37% of the economic interests. 5 During the first quarter of 2024, we entered into a modco reinsurance agreement with Catalina to cede a quota share of our retail deferred annuity business issued on or after January 1, 2024.
Our organic channels, including retail, flow reinsurance and institutional products, provided gross inflows of $71.0 billion, $63.4 billion and $47.9 billion for the years ended December 31, 2024, 2023 and 2022, respectively, which were underwritten to attractive returns.
Gross organic inflows for the year ended December 31, 2024 increased $7.6 billion, or 12%, reflecting the strength of our multi-channel distribution platform and our ability to quickly pivot into optimal and profitable channels as opportunities arise.
Withdrawals on our deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, payments related to interest, maturities and repurchases of Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations funding agreements and block reinsurance outflows (collectively, gross outflows), in the aggregate were $33.5 billion, $33.9 billion and $27.9 billion for the years ended December 31, 2024, 2023 and 2022, respectively.
The decrease in gross outflows of $399 million was primarily driven by a decrease in outflows related to policies underlying certain reinsurance blocks compared to 2023 and the VIAC recapture transaction in the third quarter of 2023, partially offset by an increase in funding agreement maturities in 2024 and an increase in retail outflows related to the higher rate environment.
We believe that our credit profile, current product offerings and product design capabilities, as well as our growing reputation as both a seasoned funding agreement issuer and a reliable pension group annuity counterparty, will continue to enable us to grow our existing organic channels and source additional volumes of profitably underwritten liabilities in various market environments.
We intend to continue to grow organically by expanding each of our retail, flow reinsurance and institutional distribution channels.
Within our retail channel, we had fixed annuity sales of $35.8 billion, $35.3 billion and $20.4 billion for the years ended December 31, 2024, 2023 and 2022, respectively.
The increase in our retail channel was driven by record sales of our FIA and RILA products, partially offset by a decrease in MYGA sales compared to 2023.
Overall sales were strong across our bank, IMO and broker-dealer channels, exhibiting strong sales execution, the current rate environment, growing product offerings and our continued expansion into large financial institutions.
We aim to continue to grow our retail channel by deepening our relationships with our approximately 41 IMOs and with our growing network of 19 banks and 151 broker-dealers, collectively representing approximately 140,000 independent agents.
Within our flow reinsurance channel, we target reinsurance business consistent with our preferred liability characteristics, which provides us another opportunistic channel to source liabilities with attractive crediting rates.
We generated inflows through our flow reinsurance channel of $5.6 billion, $10.5 billion and $6.2 billion for the years ended December 31, 2024, 2023 and 2022, respectively.
The decrease in our flow reinsurance channel from 2023 was primarily driven by increased competitive dynamics in 2024.
Within our institutional channel, we generated inflows of $29.7 billion, $17.6 billion and $21.3 billion for the years ended December 31, 2024, 2023 and 2022, respectively.
We issued funding agreements in the aggregate principal amount of $28.7 billion, $7.2 billion and $10.0 billion for the years ended December 31, 2024, 2023 and 2022, respectively.
The increase in our funding agreement channel from 2023 was driven by record inflows related to a resurgence in FABN issuance, as well as an increase in secured and other funding agreement and FHLB issuances in 2024 amid more favorable market conditions.
Funding agreement inflows for the year ended December 31, 2024 consisted of $10.9 billion of FABN issuances, $8.4 billion of secured and other funding agreement issuances, $9.4 billion of FHLB issuances and no long-term repurchase agreement issuances.
As of December 31, 2024, we had funding agreements outstanding of $24.1 billion under our FABN program, $14.8 billion of secured and other funding agreements, $15.6 billion with the FHLB and $2.7 billion of long-term repurchase agreements .
We issued pension group annuity contracts in the aggregate principal amount of $918 million, $10.4 billion and $11.2 billion for the years ended December 31, 2024, 2023 and 2022, respectively.
The decrease in our pension group annuity channel was primarily related to closing a $7.6 billion transaction, our largest single pension group annuity transaction to date, in the second quarter of 2023.
Additionally, pension group annuity inflows in 2024 were impacted by the competitive environment and litigation against certain of our pension group annuity clients.
Since entering the pension group annuity market in 2017, we have closed 49 deals resulting in the issuance or reinsurance of group annuities of $52.7 billion with more than 550,000 plan participants as of December 31, 2024.
Our inorganic channel has contributed significantly to our growth through both acquisitions and block reinsurance transactions.
To support our growth strategies and capital deployment opportunities, we established ACRA 1 as a long-duration, on-demand capital vehicle.
We directly own 37% of the economic interests in ACRA 1, with the remaining 63% of the economic interests being owned by ADIP I, a series of funds managed by Apollo.
During the commitment period, ACRA 1 participated in certain transactions by drawing a portion of the required capital for such transactions from third-party investors equal to ADIP I’s proportionate economic interest in ACRA 1.
Effective July 1, 2023, ALRe sold 50% of its non-voting, economic interests in ACRA 2 to ADIP II for $640 million.
Effective October 1, 2024, ACRA 2 repurchased a portion of its shares held by ALRe, which increased ADIP II’s ownership of Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations economic interests in ACRA 2 to 63%, with ALRe owning the remaining 37% of the economic interests.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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