v3.25.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amount and Fair Value of Derivative Instruments
The following table presents the notional amount and fair value of derivative instruments:

September 30, 2025December 31, 2024
Notional AmountFair ValueNotional AmountFair Value
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps23,466 $643 $878 15,669 $938 $211 
Forwards2,626 82 40 3,139 331 5 
Interest rate swaps4,382 78 257 4,506 — 654 
Forwards on net investments236 3 — 218 11 — 
Interest rate swaps28,196 142 32 24,885 55 138 
Total derivatives designated as hedges948 1,207 1,335 1,008 
Derivatives not designated as hedges
Equity options93,793 6,808 155 85,452 5,002 126 
Futures50 155 7 37 93 11 
Foreign currency swaps17,816 248 821 14,908 600 199 
Interest rate swaps and forwards13,235 73 300 3,255 67 124 
Other swaps2,285 8 — 2,644 3 5 
Foreign currency forwards41,581 644 2,363 39,598 1,054 2,083 
Embedded derivatives
Funds withheld, including related parties(2,878)172 (3,650)4 
Interest sensitive contract liabilities— 14,299 — 11,242 
Total derivatives not designated as hedges5,058 18,117 3,169 13,794 
Total derivatives$6,006 $19,324 $4,504 $14,802 
Schedule of Gains (Losses) Related to Cash Flow Hedges
The following represents the carrying amount and the cumulative fair value of hedging adjustments of hedged liabilities, excluding those solely hedging foreign currency risk:

September 30, 2025December 31, 2024
(In millions)Carrying amount of the hedged liabilities
Cumulative amount of fair value hedging gains (losses)1
Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)
Interest sensitive contract liabilities
Foreign currency interest rate swaps$4,276 $82 $3,946 $488 
Interest rate swaps17,285 (51)17,873 130 
1 Excludes gains (losses) related to foreign currency risk.

The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:

Amounts excluded
(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair value
Three months ended September 30, 2025
Investment related gains (losses)
Foreign currency forwards$15 $(25)$(10)$8 $— 
Foreign currency swaps(9)29 20 — — 
Foreign currency interest rate swaps(34)13 (21)— — 
Interest rate swaps24 (17)7 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps23 (23)— — — 
Three months ended September 30, 2024
Investment related gains (losses)
Foreign currency forwards$(180)$184 $4 $4 $8 
Foreign currency swaps(313)282 (31)— — 
Foreign currency interest rate swaps255 (258)(3)— — 
Interest rate swaps382 (386)(4)— — 
Interest sensitive contract benefits
Foreign currency interest rate swaps26 (25)1 — — 
Amounts excluded
(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair value
Nine months ended September 30, 2025
Investment related gains (losses)
Foreign currency forwards$(335)$307 $(28)$27 $— 
Foreign currency swaps(1,022)1,087 65 — — 
Foreign currency interest rate swaps447 (451)(4)— — 
Interest rate swaps218 (191)27 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps71 (70)1 — — 
Nine months ended September 30, 2024
Investment related gains (losses)
Foreign currency forwards$(1)$1 $— $35 $14 
Foreign currency swaps(158)144 (14)— — 
Foreign currency interest rate swaps132 (135)(3)— — 
Interest rate swaps267 (310)(43)— — 
Interest sensitive contract benefits
Foreign currency interest rate swaps66 (64)2 — — 

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:

Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Foreign currency forwards$12 $13 $41 $(2)
Foreign currency swaps41 56 61 82 
Schedule of Gains (Losses) Related to Derivatives Not Designated as Hedges
The following is a summary of the gains (losses) related to derivatives not designated as hedges:

Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Equity options$1,627 $596 $1,562 $2,298 
Futures123 26 107 152 
Interest rate swaps and forwards and other swaps91 (126)(1,334)(156)
Foreign currency forwards(361)209 (972)(657)
Embedded derivatives on funds withheld149 747 348 560 
Amounts recognized in investment related gains (losses)1,629 1,452 (289)2,197 
Embedded derivatives in indexed annuity products1
(1,260)(275)(1,144)(1,270)
Total gains (losses) on derivatives not designated as hedges$369 $1,177 $(1,433)$927 
1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations.
Schedule of Offsetting Derivative Assets
The estimated fair value of Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:

Gross amounts not offset on the condensed consolidated statements of financial condition
(In millions)
Gross amount recognized1
Financial instruments2
Collateral (received)/pledgedNet amount
Off-balance sheet securities collateral3
Net amount after securities collateral
September 30, 2025
Derivative assets$8,884 $(2,406)$(6,186)$292 $(75)$217 
Derivative liabilities(4,853)2,406 2,047 (400)269 (131)
December 31, 2024
Derivative assets$8,154 $(2,209)$(5,922)$23 $— $23 
Derivative liabilities(3,556)2,209 1,333 (14)2 (12)
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of September 30, 2025 and December 31, 2024, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.
3 For non-cash collateral received, Athene does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.
Schedule of Offsetting Derivative Liabilities
The estimated fair value of Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:

Gross amounts not offset on the condensed consolidated statements of financial condition
(In millions)
Gross amount recognized1
Financial instruments2
Collateral (received)/pledgedNet amount
Off-balance sheet securities collateral3
Net amount after securities collateral
September 30, 2025
Derivative assets$8,884 $(2,406)$(6,186)$292 $(75)$217 
Derivative liabilities(4,853)2,406 2,047 (400)269 (131)
December 31, 2024
Derivative assets$8,154 $(2,209)$(5,922)$23 $— $23 
Derivative liabilities(3,556)2,209 1,333 (14)2 (12)
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of September 30, 2025 and December 31, 2024, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.
3 For non-cash collateral received, Athene does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.