A

ATHENE HOLDING LTD

ATH-PE · CIK 0001527469Insurance lens

12 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$25.68B24.1%
FY2025
Net income (FY)
$2.71B21.7%
FY2025
The story, charted

The shape of the business

FY2014–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$10B$20B$30BFY2014 · Revenue $4.10B · Net income $463.0M · 0001527469-17-000011 · filed 2017-03-16FY14Revenue $4.10BNet income $463.0M0001527469-17-000011 · filed 2017-03-16FY2015 · Revenue $2.62B · Net income $562.0M · 0001527469-18-000011 · filed 2018-02-26FY15Revenue $2.62BNet income $562.0M0001527469-18-000011 · filed 2018-02-26FY2016 · Revenue $4.11B · Net income $773.0M · 0001527469-19-000007 · filed 2019-02-27FY16Revenue $4.11BNet income $773.0M0001527469-19-000007 · filed 2019-02-27FY2017 · Revenue $8.79B · Net income $1.36B · 0001527469-20-000007 · filed 2020-02-20FY17Revenue $8.79BNet income $1.36B0001527469-20-000007 · filed 2020-02-20FY2018 · Revenue $6.64B · Net income $1.05B · 0001527469-21-000025 · filed 2021-02-19FY18Revenue $6.64BNet income $1.05B0001527469-21-000025 · filed 2021-02-19FY2019 · Revenue $16.26B · Net income $2.17B · 0001527469-22-000018 · filed 2022-02-25FY19Revenue $16.26BNet income $2.17B0001527469-22-000018 · filed 2022-02-25FY2020 · Revenue $14.76B · Net income $1.54B · 0001527469-23-000014 · filed 2023-03-01FY20Revenue $14.76BNet income $1.54B0001527469-23-000014 · filed 2023-03-01FY2021 · Revenue $26.32B · Net income $3.86B · 0001527469-24-000021 · filed 2024-02-27FY21Revenue $26.32BNet income $3.86B0001527469-24-000021 · filed 2024-02-27FY2022 · Revenue $7.62B · Net income −$2.91B · 0001527469-25-000016 · filed 2025-02-24FY22Revenue $7.62BNet income −$2.91B0001527469-25-000016 · filed 2025-02-24FY2023 · Revenue $28.19B · Net income $4.67B · 0001527469-26-000013 · filed 2026-02-25FY23Revenue $28.19BNet income $4.67B0001527469-26-000013 · filed 2026-02-25FY2024 · Revenue $20.69B · Net income $3.46B · 0001527469-26-000013 · filed 2026-02-25FY24Revenue $20.69BNet income $3.46B0001527469-26-000013 · filed 2026-02-25FY2025 · Revenue $25.68B · Net income $2.71B · 0001527469-26-000013 · filed 2026-02-25FY25Revenue $25.68BNet income $2.71B0001527469-26-000013 · filed 2026-02-25FY25Revenue $25.68BNet income $2.71B0001527469-26-000013 · filed 2026-02-25FY15FY17FY19FY21FY23FY25

revenue 6.3× since FY2014 · net margin 11.3% → 10.6%

MarginsNet marginFCF margin
-40%-20%0%20%FY2014 · Net margin 11.3%FY14Net margin 11.3%derived: net income ÷ revenueFY2015 · Net margin 21.5%FY15Net margin 21.5%derived: net income ÷ revenueFY2016 · Net margin 18.8%FY16Net margin 18.8%derived: net income ÷ revenueFY2017 · Net margin 15.5%FY17Net margin 15.5%derived: net income ÷ revenueFY2018 · Net margin 15.9%FY18Net margin 15.9%derived: net income ÷ revenueFY2019 · Net margin 13.4%FY19Net margin 13.4%derived: net income ÷ revenueFY2020 · Net margin 10.4%FY20Net margin 10.4%derived: net income ÷ revenueFY2021 · Net margin 14.7%FY21Net margin 14.7%derived: net income ÷ revenueFY2022 · Net margin -38.2%FY22Net margin -38.2%derived: net income ÷ revenueFY2023 · Net margin 16.5%FY23Net margin 16.5%derived: net income ÷ revenueFY2024 · Net margin 16.7%FY24Net margin 16.7%derived: net income ÷ revenueFY2025 · Net margin 10.6%FY25Net margin 10.6%derived: net income ÷ revenueFY25Net margin 10.6%derived: net income ÷ revenue’16’19’22’25

FY2025: net 10.6% of revenue

Cash engineOperating cash flowFree cash flow
$0$5B$10BFY2014 · OCF $599.0M · 0001527469-17-000011 · filed 2017-03-16FY14OCF $599.0M0001527469-17-000011 · filed 2017-03-16FY2015 · OCF $1.05B · 0001527469-18-000011 · filed 2018-02-26FY15OCF $1.05B0001527469-18-000011 · filed 2018-02-26FY2016 · OCF $1.20B · 0001527469-19-000007 · filed 2019-02-27FY16OCF $1.20B0001527469-19-000007 · filed 2019-02-27FY2017 · OCF $3.17B · 0001527469-20-000007 · filed 2020-02-20FY17OCF $3.17B0001527469-20-000007 · filed 2020-02-20FY2018 · OCF $2.87B · 0001527469-21-000025 · filed 2021-02-19FY18OCF $2.87B0001527469-21-000025 · filed 2021-02-19FY2019 · OCF $2.66B · 0001527469-22-000018 · filed 2022-02-25FY19OCF $2.66B0001527469-22-000018 · filed 2022-02-25FY2020 · OCF $4.15B · 0001527469-23-000014 · filed 2023-03-01FY20OCF $4.15B0001527469-23-000014 · filed 2023-03-01FY2021 · OCF $10.29B · 0001527469-24-000021 · filed 2024-02-27FY21OCF $10.29B0001527469-24-000021 · filed 2024-02-27FY2022 · OCF $6.26B · 0001527469-25-000016 · filed 2025-02-24FY22OCF $6.26B0001527469-25-000016 · filed 2025-02-24FY2023 · OCF $4.98B · 0001527469-26-000013 · filed 2026-02-25FY23OCF $4.98B0001527469-26-000013 · filed 2026-02-25FY2024 · OCF $1.88B · 0001527469-26-000013 · filed 2026-02-25FY24OCF $1.88B0001527469-26-000013 · filed 2026-02-25FY2025 · OCF $5.16B · 0001527469-26-000013 · filed 2026-02-25FY25OCF $5.16B0001527469-26-000013 · filed 2026-02-25FY25OCF $5.16B0001527469-26-000013 · filed 2026-02-25’16’19’22’25
Returns on capitalReturn on equityReturn on assets
0%FY2015 · ROE 10.5% · ROA 0.7%FY15ROE 10.5%ROA 0.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 11.3% · ROA 0.9%FY16ROE 11.3%ROA 0.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 14.7% · ROA 1.4%FY17ROE 14.7%ROA 1.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 12.7% · ROA 0.8%FY18ROE 12.7%ROA 0.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 16.2% · ROA 1.5%FY19ROE 16.2%ROA 1.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 8.3% · ROA 0.8%FY20ROE 8.3%ROA 0.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 17.1% · ROA 1.6%FY21ROE 17.1%ROA 1.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE -40.7% · ROA -1.2%FY22ROE -40.7%ROA -1.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 33.7% · ROA 1.6%FY23ROE 33.7%ROA 1.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 21.2% · ROA 1.0%FY24ROE 21.2%ROA 1.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 13.2% · ROA 0.6%FY25ROE 13.2%ROA 0.6%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 13.2%ROA 0.6%derived: net income ÷ equity · derived: net income ÷ assets’16’19’22’25

return on equity 10% (FY2015) → 13% (FY2025) · on assets 0.6%

Balance sheetLiabilitiesEquity
$0$200B$400BFY2015 · Liabilities $75.49B · Equity $5.36BFY15Liabilities $75.49BEquity $5.36B0001527469-17-000011 · filed 2017-03-16FY2016 · Liabilities $79.84B · Equity $6.86BFY16Liabilities $79.84BEquity $6.86B0001527469-18-000011 · filed 2018-02-26FY2017 · Liabilities $90.98B · Equity $9.21BFY17Liabilities $90.98BEquity $9.21B0001527469-19-000007 · filed 2019-02-27 · 0001527469-18-000011 · filed 2018-02-26FY2018 · Liabilities $117.23B · Equity $8.28BFY18Liabilities $117.23BEquity $8.28B0001527469-20-000007 · filed 2020-02-20FY2019 · Liabilities $132.73B · Equity $13.39BFY19Liabilities $132.73BEquity $13.39B0001527469-21-000025 · filed 2021-02-19FY2020 · Liabilities $182.63B · Equity $18.66BFY20Liabilities $182.63BEquity $18.66B0001527469-22-000018 · filed 2022-02-25FY2021 · Liabilities $212.97B · Equity $22.55BFY21Liabilities $212.97BEquity $22.55B0001527469-23-000014 · filed 2023-03-01FY2022 · Liabilities $233.38B · Equity $7.16BFY22Liabilities $233.38BEquity $7.16B0001527469-24-000021 · filed 2024-02-27FY2023 · Liabilities $279.34B · Equity $13.84BFY23Liabilities $279.34BEquity $13.84B0001527469-25-000016 · filed 2025-02-24FY2024 · Liabilities $337.47B · Equity $16.36BFY24Liabilities $337.47BEquity $16.36B0001527469-26-000013 · filed 2026-02-25FY2025 · Liabilities $406.57B · Equity $20.49BFY25Liabilities $406.57BEquity $20.49B0001527469-26-000013 · filed 2026-02-25FY25Liabilities $406.57BEquity $20.49B0001527469-26-000013 · filed 2026-02-25’16’19’22’25

FY2025: $442.20B assets · $406.57B liabilities · $20.49B equity

The receipts

Insurance lens

Specialized rows for insurer companies — not in the generic statement table above.

USD millions (ratios as %)FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016FY2015FY2014
Premiums earned2,6281,31812,74911,63814,2625,9636,3823,4622,526240195100
Policyholder benefits & claims4,4333,05414,43412,46515,7347,1877,5874,2813,2611,030518696
Loss ratio168.7%231.7%113.2%107.1%110.3%120.5%118.9%123.7%129.1%429.2%265.6%696.0%

Premiums earned and policyholder benefits & claims are as-reported XBRL components — absent (not zero) for insurance brokers such as Aon and Marsh McLennan, which earn fees and commissions rather than underwriting premiums, so these rows are correctly blank for them. The loss ratio (policyholder benefits ÷ premiums earned) is computed by stonks for full fiscal years only.