v3.25.4
Derivatives (Tables)
 12 Months Ended
Dec. 31, 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:

December 31, 2025December 31, 2024
Notional AmountFair ValueNotional AmountFair Value
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps26,437 $560 $868 15,669 $938 $211 
Forwards2,302 81 34 3,139 331 5 
Interest rate swaps4,347 86 242 4,506 — 654 
Forwards on net investments234 — — 218 11 — 
Interest rate swaps31,252 129 30 24,885 55 138 
Total derivatives designated as hedges856 1,174 1,335 1,008 
Derivatives not designated as hedges
Equity options97,259 6,905 170 85,452 5,002 126 
Futures890 192 1 37 93 11 
Foreign currency swaps19,248 230 744 14,908 600 199 
Interest rate swaps and forwards14,606 72 295 3,255 67 124 
Other swaps2,845 78 2 2,644 3 5 
Foreign currency forwards47,486 857 3,356 39,598 1,054 2,083 
Embedded derivatives
Funds withheld, including related parties(2,765)150 (3,650)4 
Interest sensitive contract liabilities— 14,749 — 11,242 
Total derivatives not designated as hedges5,569 19,467 3,169 13,794 
Total derivatives$6,425 $20,641 $4,504 $14,802 
Schedule of Gains (Losses) Related to Cash Flow Hedges
The following represents the carrying amount and the cumulative amount of fair value hedging adjustments of hedged liabilities, excluding those solely hedging foreign currency risk:

December 31, 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$4,271 $77 $3,946 $488 
Interest rate swaps19,175 (20)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
Year ended December 31, 2025
Investment related gains (losses)
Foreign currency forwards$(330)$323 $(7)$32 $— 
Foreign currency swaps(1,075)1,076 1 — — 
Foreign currency interest rate swaps470 (470)— — — 
Interest rate swaps198 (158)40 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps95 (93)2 — — 
Year ended December 31, 2024
Investment related gains (losses)
Foreign currency forwards220 (238)(18)43 19 
Foreign currency swaps513 (520)(7)— — 
Foreign currency interest rate swaps(160)148 (12)— — 
Interest rate swaps6 (58)(52)— — 
Interest sensitive contract benefits
Foreign currency interest rate swaps87 (85)2 — — 
Year ended December 31, 2023
Investment related gains (losses)
Foreign currency forwards(169)167 (2)82 20 
Foreign currency swaps(159)169 10 — — 
Foreign currency interest rate swaps282 (269)13 — — 
Interest rate swaps111 (118)(7)— — 
Interest sensitive contract benefits
Foreign currency interest rate swaps57 (60)(3)— — 

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:
Years ended December 31,
(In millions)202520242023
Foreign currency forwards$48 $(23)$(45)
Foreign currency swaps34 (29)(187)
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:

Years ended December 31,
(In millions)202520242023
Equity options$1,787 $1,921 $1,564 
Futures155 72 73 
Foreign currency swaps(1,421)456 (113)
Interest rate swaps and forwards and other swaps6 (112)5 
Foreign currency forwards(1,712)(775)(495)
Embedded derivatives on funds withheld321 2 934 
Amounts recognized in investment related gains (losses)(864)1,564 1,968 
Embedded derivatives in indexed annuity products1
(1,047)(174)(1,443)
Total gains (losses) on derivatives not designated as hedges$(1,911)$1,390 $525 
1 Included in interest sensitive contract benefits on the 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 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
December 31, 2025
Derivative assets$9,190 $(2,602)$(5,908)$680 $(889)$(209)
Derivative liabilities(5,742)2,602 2,491 (649)561 (88)
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 consolidated statements of financial condition. As of December 31, 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 consolidated statements of financial condition.
3 For non-cash collateral received, Athene does not recognize the collateral on the 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 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
December 31, 2025
Derivative assets$9,190 $(2,602)$(5,908)$680 $(889)$(209)
Derivative liabilities(5,742)2,602 2,491 (649)561 (88)
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 consolidated statements of financial condition. As of December 31, 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 consolidated statements of financial condition.
3 For non-cash collateral received, Athene does not recognize the collateral on the 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.