
	Years ended December 31,
(In millions)	2025		2024		2023
Premiums
Direct	$	1,054	$	1,089	$	10,525
Reinsurance assumed	1,661		313		2,313
Reinsurance ceded	(87)		(84)		(89)
Total premiums	$	2,628	$	1,318	$	12,749
Future policy and other policy benefits
Direct	$	2,985	$	2,779	$	12,321
Reinsurance assumed	1,722		550		2,389
Reinsurance ceded	(274)		(275)		(276)
Total future policy and other policy benefits	$	4,433	$	3,054	$	14,434

Reinsurance typically provides for recapture rights on the part of the ceding company for certain events of default. Additionally, some agreements require placement of assets in trust accounts for the benefit of the ceding entity. The required minimum assets are equal to or greater than statutory reserves, as defined by the agreement, and were $33.2 billion and $26.1 billion as of December 31, 2025 and 2024, respectively. Although Athene owns assets placed in trust, their use is restricted based on the trust agreement terms. If the statutory book value of the assets, or in certain cases fair value, in a trust declines because of impairments or other reasons, Athene may be required to contribute additional assets to the trust. In addition, the assets within a trust may be subject to a pledge in favor of the applicable reinsurance company.

Athene entered into coinsurance agreements to assume blocks of whole life policies during the fourth quarters of 2025 and 2023. There were no block reinsurance transactions during the year ended December 31, 2024. The following summarizes the block reinsurance agreements at inception:


	Years ended December 31,
(In millions)	2025		2023
Liabilities assumed	$	1,057	$	1,975
Less: Assets received	1,340		2,158
Deferred profit liability1	$	(283)	$	(183)

1 Included within future policy benefits on the consolidated statements of financial condition.

Athene has a coinsurance and assumption agreement with Global Atlantic. The agreement ceded all existing open block life insurance business issued by AAIA, with the exception of enhanced guarantee universal life insurance products, to Global Atlantic. Athene also entered into a coinsurance agreement with Global Atlantic to cede all policy liabilities of the ILICO Closed Block. The ILICO Closed Block consists primarily of participating whole life insurance policies. Athene also has an excess of loss arrangement with Global Atlantic requiring Athene to be reimbursed for any payments required from Athene’s general assets to meet the contractual obligations of the AmerUs Closed Block not covered by existing reinsurance through Athene Re USA IV. The AmerUs Closed Block consists primarily of participating whole life insurance policies. Since all liabilities were covered by the existing reinsurance at close, no reinsurance premiums were ceded. The assets backing the AmerUs Closed Block are managed, on AAIA’s behalf, by Goldman Sachs Asset Management.

As of December 31, 2025 and 2024, Global Atlantic maintained a series of trust and custody accounts under the terms of these agreements with assets equal to or greater than a required aggregate statutory balance of $2.5 billion and $2.5 billion, respectively.

Athene reinsured certain of its life and health business to Protective under a coinsurance agreement. As of December 31, 2025 and 2024, Protective maintained a trust for Athene’s benefit with assets having a fair value of $1.1 billion and $1.1 billion, respectively.


(In millions)	December 31, 2025		December 31, 2024
Catalina	$	6,336	$	4,309
Global Atlantic	2,330		2,328
Protective	1,506		1,435
Other1	110		122
Reinsurance recoverable	$	10,282	$	8,194

1 Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of the total recoverable.