Athene Holding Ltd. Releases Preliminary Q1 2026 Alternative Net Investment Income Estimates; Apollo to Host Earnings Call

Athene Holding Ltd. (NYSE: ATH), a leading provider of retirement services and a subsidiary of Apollo Global Management, Inc., has issued a significant update for investors ahead of its Q1 2026 results announcement. The company has released preliminary estimates for its alternative net investment income for the quarter ended March 31, 2026, and provided important details regarding its upcoming earnings event.

Key Highlights from the Report

• Preliminary Q1 2026 Alternative Net Investment Income: Athene estimates its alternative net investment income to be approximately \$205 million (pre-tax) for Q1 2026. This represents an estimated 6% annualized return on alternative net investments, a notable performance in the current market environment.
• Performance Breakdown:
  • The majority of Athene’s alternative investments are held through a pooled investment vehicle. The company estimates a 7% annualized return for this vehicle in Q1 2026, despite lower equity market returns (the S&P 500 delivered an approximate (17)% annualized total return over the quarter).
  • Returns from investments in retirement services platforms—including Athora Holding Ltd.—are estimated at 3% annualized for the quarter. Notably, Athora raised capital during the period at a valuation consistent with its book value per share as of December 31, 2025, indicating stability and confidence in its valuation.
  • The alternative net investment income figures reported exclude income attributable to non-controlling interests.
• Market Context & Insights:
  • The company cites “a lower contribution from origination platforms, including ATLAS SP Partners,” suggesting some softness in new investment origination returns.
  • Despite challenging equity market conditions, Athene’s alternative investment platform continued to “deliver differentiated returns,” potentially highlighting resilience and the effectiveness of its alternative asset strategies.
• Non-GAAP Financial Measures: Alternative net investment income is a component of Spread Related Earnings, a pre-tax, non-GAAP measure used by Athene to assess overall financial performance. Investors are advised to refer to Athene’s most recent 10-K (filed February 25, 2026) for detailed definitions and reconciliations.
• Upcoming Earnings Event: Apollo, Athene’s parent, will host a conference call to discuss Q1 2026 financial results on May 6, 2026, at 8:30 a.m. ET. The call will be available via public webcast on Apollo’s Investor Relations website (https://ir.apollo.com), with a replay available one hour after the event.

Important Considerations for Shareholders

• Preliminary Nature of Results: These financial results are preliminary and subject to change. Athene has not completed its financial closing procedures for Q1 2026, and its independent auditors have not audited, reviewed, or performed any procedures with respect to these estimates. Final results may differ materially.
• Potential Share Price Impact: The release of preliminary figures, especially the positive returns in alternative investments amid a challenging equity environment, may be viewed positively by investors and could influence share price performance. However, the mention of lower returns from origination platforms is a point to monitor.
• Non-GAAP Metrics: As the company emphasizes non-GAAP measures, investors should be cautious and consult full reconciliations in the company’s regulatory filings before making investment decisions.
• No Emerging Growth Company Status: Athene is not an emerging growth company and has not elected for extended transition periods for new or revised accounting standards.

Other Corporate and Security Information

• Registered Securities: Athene lists several classes of preferred shares and subordinated debentures, all traded on the New York Stock Exchange under the symbols ATHPrA, ATHPrB, ATHPrD, ATHPrE, and ATHS.
• Executive Signatory: The report is signed by Louis-Jacques Tanguy, Executive Vice President and Chief Financial Officer.

Investor Action Points

• Investors should monitor the May 6, 2026, earnings call for full financial results, which will provide greater clarity and detail about the company’s Q1 2026 performance.
• Given the preliminary nature of the results, any significant deviations in final results or additional insights on alternative investment performance or origination platform returns could influence the stock’s price.

Disclaimer: The information above is a summary and interpretation of Athene Holding Ltd.’s Form 8-K filed April 1, 2026. The preliminary results are subject to change and have not been reviewed or audited by independent accountants. Investors should refer to the company’s official filings and statements for final, audited results and consider consulting a financial advisor before making investment decisions. This article does not constitute investment advice or a recommendation to buy or sell securities.

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