Athene Holding Ltd. ATH-PA
We are a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo) (NYSE: APO) is the beneficial owner of 100% of our common stock and controls all of the voting power to elect our board of directors.
We focus on generating spread income by combining our two core competencies of (1) sourcing long-term, persistent liabilities and (2) using the global scale and reach of Apollo's asset management business to actively source or originate assets with our preferred risk and return characteristics. Our investment philosophy is to invest a portion of our assets in securities that earn an incremental yield by taking measured liquidity and complexity risk and capitalize on our long-dated, persistent liability profile to prudently achieve higher net investment earned rates, rather than assuming incremental credit risk. Our differentiated investment strategy benefits from our relationship with Apollo, which provides a full suite of services for our investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset diligence, and certain operational support services including investment compliance, tax, legal and risk management support. Our relationship with Apollo provides us with access to Apollo's investment professionals around the world, as well as Apollo's global asset management infrastructure across a broad array of asset classes. We are led by a highly skilled management team with extensive industry experience.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.68B | $20.69B | $28.19B | $7.62B | $26.32B | $14.76B | $16.26B | $6.64B | $8.79B | $4.11B |
| Pre-tax income | $5.11B | $5.63B | $4.59B | -$5.66B | $4.19B | $2.21B | $2.30B | $1.18B | $1.46B | $712.0M |
| Income tax | $886.0M | $730.0M | $1.16B | $646.0M | $386.0M | $285.0M | $117.0M | $122.0M | $106.0M | $61.0M |
| Net income | $2.71B | $3.46B | $4.67B | -$2.91B | $3.86B | $1.54B | $2.17B | $1.05B | $1.36B | $773.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $16.89B | $14.26B | $14.88B | $8.77B | $10.43B | $8.44B | $4.64B | $3.40B | $5.00B | $2.52B |
| Goodwill | $4.07B | $4.06B | $4.07B | $4.06B | $0 | — | — | — | — | — |
| Other intangibles | $1.64B | $1.72B | — | — | — | — | — | — | — | — |
| Total assets | $442.20B | $363.34B | $300.58B | $243.93B | $235.15B | $202.77B | $146.88B | $125.50B | $100.16B | $86.70B |
| Short-term debt | — | — | — | — | — | $0 | $475.0M | — | — | — |
| Long-term debt | $7.85B | $6.31B | $4.21B | $3.66B | $2.96B | $1.98B | $992.0M | — | — | — |
| Total liabilities | $406.57B | $337.47B | $279.34B | $233.38B | $212.97B | $182.63B | $132.73B | $117.23B | $90.98B | $79.84B |
| Retained earnings | $3.90B | $2.24B | -$92.0M | -$3.64B | $11.03B | $8.07B | $6.94B | $5.29B | $4.25B | $3.07B |
| Total equity | $20.49B | $16.36B | $21.23B | $10.55B | $22.55B | $20.14B | $14.14B | $8.28B | $9.18B | $6.88B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.16B | $1.88B | $4.98B | $6.26B | $10.29B | $4.15B | $2.66B | $2.87B | $3.17B | $1.20B |
| Investing cash flow | -$63.80B | -$61.92B | -$43.65B | -$34.38B | -$27.93B | -$14.82B | -$9.96B | -$8.17B | -$5.77B | -$2.66B |
| Financing cash flow | $61.28B | $59.42B | $44.77B | $26.47B | $19.63B | $14.49B | $8.54B | $3.71B | $5.05B | $1.16B |
| Dividends paid | $752.0M | $452.0M | $937.0M | $1.31B | $0 | $0 | — | — | — | — |
| Buybacks | — | — | $0 | $0 | $8.0M | $428.0M | $832.0M | $105.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001527469-26-000013.
Others in SIC 6311
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MET | METLIFE INC | $62.04B | 20.7x | 8.5% |
| PRU | PRUDENTIAL FINANCIAL INC | $42.10B | 12.2x | -13.7% |
| RGA | REINSURANCE GROUP OF AMERICA INC | $16.54B | 14.3x | 7.2% |
| CRBG | Corebridge Financial, Inc. | $15.37B | — | -1.2% |
| GL | GLOBE LIFE INC. | $13.39B | 12.4x | 3.7% |
| JXN | Jackson Financial Inc. | $9.52B | — | 104.3% |
| VOYA | Voya Financial, Inc. | $9.43B | 16.5x | 4.9% |
| PRI | Primerica, Inc. | $9.10B | 12.9x | 6.6% |