v3.25.4
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Schedule of Rollforward of DAC
The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 11 for more information on Athene’s products.

DACDSIVOBATotal DAC, DSI and VOBA
(In millions)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-Type and OtherIndexed Annuities
Balance at December 31, 2022
$304 $755 $11 $9 $399 $2,988 $4,466 
Additions701 863 3 3 634 — 2,204 
Amortization(115)(101)(4)(1)(63)(404)(688)
Other— — — — — (3)(3)
Balance at December 31, 2023
890 1,517 10 11 970 2,581 5,979 
Additions519 945 42 1 630 — 2,137 
Amortization(249)(184)(12)(1)(124)(371)(941)
Other(2)— — — — — (2)
Balance at December 31, 2024
1,158 2,278 40 11 1,476 2,210 7,173 
Additions678 1,132 51 15 827 — 2,703 
Amortization(365)(275)(25)(1)(192)(384)(1,242)
Balance at December 31, 2025
$1,471 $3,135 $66 $25 $2,111 $1,826 $8,634 
Schedule of Rollforward of DSI
The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 11 for more information on Athene’s products.

DACDSIVOBATotal DAC, DSI and VOBA
(In millions)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-Type and OtherIndexed Annuities
Balance at December 31, 2022
$304 $755 $11 $9 $399 $2,988 $4,466 
Additions701 863 3 3 634 — 2,204 
Amortization(115)(101)(4)(1)(63)(404)(688)
Other— — — — — (3)(3)
Balance at December 31, 2023
890 1,517 10 11 970 2,581 5,979 
Additions519 945 42 1 630 — 2,137 
Amortization(249)(184)(12)(1)(124)(371)(941)
Other(2)— — — — — (2)
Balance at December 31, 2024
1,158 2,278 40 11 1,476 2,210 7,173 
Additions678 1,132 51 15 827 — 2,703 
Amortization(365)(275)(25)(1)(192)(384)(1,242)
Balance at December 31, 2025
$1,471 $3,135 $66 $25 $2,111 $1,826 $8,634 
Schedule of Rollforward of VOBA
The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 11 for more information on Athene’s products.

DACDSIVOBATotal DAC, DSI and VOBA
(In millions)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-Type and OtherIndexed Annuities
Balance at December 31, 2022
$304 $755 $11 $9 $399 $2,988 $4,466 
Additions701 863 3 3 634 — 2,204 
Amortization(115)(101)(4)(1)(63)(404)(688)
Other— — — — — (3)(3)
Balance at December 31, 2023
890 1,517 10 11 970 2,581 5,979 
Additions519 945 42 1 630 — 2,137 
Amortization(249)(184)(12)(1)(124)(371)(941)
Other(2)— — — — — (2)
Balance at December 31, 2024
1,158 2,278 40 11 1,476 2,210 7,173 
Additions678 1,132 51 15 827 — 2,703 
Amortization(365)(275)(25)(1)(192)(384)(1,242)
Balance at December 31, 2025
$1,471 $3,135 $66 $25 $2,111 $1,826 $8,634 
Schedule of Present Value of Future Insurance Profits, Expected Amortization
The expected amortization of VOBA for the next five years is as follows:

(In millions)Expected Amortization
2026$264 
2027228 
2028193 
2029163 
2030139