Athene Holding Ltd. is a US-listed company in the life & health insurance industry. Its financial year ends in December.
Revenue for the twelve months to June 2026 was $29.0bn, up 45.9% on a year earlier, faster than the 31.4% growth a quarter earlier. That growth ranks 1 of 16 among the life & health insurance companies we cover.
Our model value for Athene Holding is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Where it stands out: revenue growth of 45.9% ranks 1 of 18 life & health insurance companies we cover. Where it lags: net margin of 2.9% ranks 15 of 18 life & health insurance companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 45.9% (+14.5pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Athene Holding Ltd. at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Athene Holding Ltd. as an insurer, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.69 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$160000 ~$120000–$230000 | Left out: out of range vs price (6872.62x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$190000 ~$160000–$230000 | Left out: out of range vs price (8100.08x) |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$160000 ~$100000–$220000 | Left out: out of range vs price (6955.43x) |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$90000 ~$71000–$190000 | Left out: out of range vs price (3906.10x) |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$32000 ~$32000–$57000 | Left out: out of range vs price (1396.21x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$190000 ~$150000–$240000 | Left out: out of range vs price (8165.19x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Athene Holding Ltd. with life and health insurers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for Athene Holding Ltd.: too few analysts cover it.
| Calendar year | 2025 | 2026 to date |
|---|---|---|
| Return | ||
| ATHS | +7% | −2% |
| Industry peers (median) | +11% | +15% |
| S&P 500 | +18% | +11% |
| Months that ended higher | ||
| ATHS | 58% | 46% |
| S&P 500 | 75% | 46% |
| Largest fall from a high during the year | ||
| ATHS | −5% | −8% |
| S&P 500 | −19% | −9% |
Worst fall since March 15, 2024: 8% from September 18, 2026 to October 28, 2026. Getting back needed a 8% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 5, 2026 | 0.0% | +1.2% | −0.5% | — |
| August 10, 2026 | −0.2% | −0.3% | +0.2% | 0.0% |
| August 5, 2026 | 0.0% | −0.4% | +0.6% | +0.2% |
| August 4, 2026 | +0.3% | +1.6% | +0.3% | +0.4% |
| July 1, 2026 | −0.6% | −0.3% | −0.4% | 0.0% |
| May 7, 2026 | +0.3% | +0.5% | 0.0% | −0.5% |
| May 6, 2026 | +0.2% | +1.1% | +0.2% | −0.7% |
| April 1, 2026 | +1.1% | +0.8% | +3.4% | +6.2% |
| February 19, 2026 | −0.2% | +0.5% | −0.7% | −3.3% |
| February 9, 2026 | +0.2% | +0.2% | +1.0% | −1.6% |
| January 2, 2026 | +0.2% | +0.9% | +0.4% | +0.7% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $22B |
| FY23 Q4 | $28.2B |
| FY24 Q1 | $29.9B |
| FY24 Q2 | $21.8B |
| FY24 Q3 | $26.9B |
| FY24 Q4 | $20.7B |
| FY25 Q1 | $19.2B |
| FY25 Q2 | $19.8B |
| FY25 Q3 | $21.3B |
| FY25 Q4 | $25.7B |
| FY26 Q1 | $25.2B |
| FY26 Q2 | $29B |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 106.9% |
| FY23 Q4 | 269.9% |
| FY24 Q1 | 149.5% |
| FY24 Q2 | -4.4% |
| FY24 Q3 | 22.5% |
| FY24 Q4 | -26.6% |
| FY25 Q1 | -35.8% |
| FY25 Q2 | -9.1% |
| FY25 Q3 | -20.8% |
| FY25 Q4 | 24.1% |
| FY26 Q1 | 31.4% |
| FY26 Q2 | 45.9% |
| Fiscal year | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||
| Revenue | 4.1 | 2.6 | 4.1 | 8.8 | 6.6 | 16.3 | 14.8 | 26.3 | 7.6 | 28.2 | 20.7 | 25.7 | 29.0 |
| Net income | 0.5 | 0.6 | 0.8 | 1.4 | 1.1 | 2.2 | 1.5 | 3.9 | −2.9 | 4.7 | 3.5 | 2.7 | 0.8 |
| Growth (year on year) | |||||||||||||
| Revenue | — | −36.1% | +56.8% | +114.1% | −24.5% | +145.0% | −9.2% | +78.3% | −71.0% | +269.9% | −26.6% | +24.1% | +45.9% |
| Net income | — | +21.4% | +37.5% | +75.7% | −22.5% | +106.3% | −29.1% | +150.4% | −175.4% | — | −25.8% | −21.7% | −67.6% |
| Margins | |||||||||||||
| Net margin | 11.3% | 21.5% | 18.8% | 15.5% | 15.9% | 13.4% | 10.4% | 14.7% | −38.2% | 16.5% | 16.7% | 10.6% | 2.9% |
| Cash flow | |||||||||||||
| Cash from operations | 0.6 | 1.0 | 1.2 | 3.2 | 2.9 | 2.7 | 4.2 | 10.3 | 6.3 | 5.0 | 1.9 | 5.2 | 6.3 |
| Stock-based pay | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 |
| Balance sheet | |||||||||||||
| Cash | 2.7 | 2.7 | 2.5 | 5.0 | 3.4 | 4.2 | 7.7 | 10.4 | 7.8 | 13.0 | 14.3 | 16.9 | 23.7 |
| Total debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.5 | 2.0 | — | 3.7 | 4.2 | 6.3 | 7.8 | 7.8 |
| Net debt (negative = net cash) | −2.7 | −2.7 | −2.5 | −5.0 | −3.4 | −2.8 | −5.7 | −10.4 | −4.1 | −8.8 | −8.0 | −9.0 | −15.9 |
| Returned to shareholders | |||||||||||||
| Dividends | — | — | — | — | — | — | 0.0 | 0.0 | 1.3 | 0.9 | 0.5 | 0.8 | 0.8 |
| Buybacks | — | — | — | — | 0.1 | 0.8 | 0.4 | 0.0 | 0.0 | 0.0 | — | — | — |
| Total returned | — | — | — | — | 0.1 | 0.8 | 0.4 | 0.0 | 1.3 | 0.9 | 0.5 | 0.8 | 0.8 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 6,522 | 3,782 | 4,186 | 5,359 | 7,998 | 8,134 | 3,668 | 9,152 |
| Net income | 625 | 1,015 | 465 | 464 | 1,259 | 523 | −1,938 | 989 |
| Growth (year on year) | ||||||||
| Revenue | +354.2% | −62.2% | −26.8% | +14.9% | +22.6% | +115.1% | −12.4% | +70.8% |
| Net income | +28.6% | −65.8% | −61.0% | −26.2% | +101.4% | −48.5% | −516.8% | +113.1% |
| Margins | ||||||||
| Net margin | 9.6% | 26.8% | 11.1% | 8.7% | 15.7% | 6.4% | −52.8% | 10.8% |
| Cash flow | ||||||||
| Cash from operations | 780 | 386 | 426 | 1,056 | 636 | 3,042 | 835 | 1,796 |
| Stock-based pay | 11 | 11 | 8 | 8 | 11 | 10 | 8 | 9 |
| Last 12 months unless stated | ATHS | CRBG | LNC | AFL | PFG | UNM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $29.0bn | $20.1bn | $19.3bn | $18.1bn | $16.6bn | $13.3bn | $11.1bn |
| Revenue growth, last 12 months | 45.9% | 29.5% | 7.9% | 13.6% | 5.2% | 3.4% | 6.1% |
| Revenue growth, 3-year average | 8.2% | −1.0% | 7.3% | −1.0% | 5.6% | 3.3% | 4.9% |
| Revenue growth, latest quarter | 70.8% | 43.6% | 12.3% | −1.0% | 25.4% | 0.3% | 6.9% |
| Operating margin | — | — | — | 22.9% | — | 12.3% | 12.3% |
| Operating margin, 3-year average | — | — | — | 22.2% | — | 12.1% | 15.0% |
| Net margin | 2.9% | 4.5% | 12.2% | 26.9% | 11.9% | 5.3% | 6.5% |
| Cash from operations / revenue | 21.8% | 9.2% | −6.9% | 14.6% | 33.3% | 6.2% | 14.6% |
| Free-cash-flow margin | — | 5.7% | — | — | 32.5% | 5.2% | 19.4% |
| Free-cash-flow margin, 3-year average | — | 8.8% | — | — | 31.9% | 8.7% | 21.3% |
| Stock pay / revenue | 0.1% | — | — | — | 0.5% | — | 0.8% |
| Change in share count | — | −12.8% | 11.4% | −5.7% | −4.0% | −8.2% | −4.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 45.9% | 7.0% | 1 of 18 |
| Change in growth rate Growth | +14.5pp | +1.5pp | 4 of 18 |
| Net margin Profitability | 2.9% | 6.9% | 15 of 18 |
| Stock pay as % of revenue Cash generation | 0.1% | 0.9% | 2 of 8 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Athene Holding Ltd. disclosed in the last 12 months; 1 earlier trade on record.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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