# EDGAR Filing Document

**Accession Number:** 0001061201
**File Stem:** 0001061201-26-000010
**Filing Date:** 2026-4
**Character Count:** 404713
**Document Hash:** f137894a484e1d8f9e5012daa8228fab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001061201-26-000010.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001061201-26-000010

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ATHENE VARIABLE LIFE ACCOUNT A
- **CENTRAL INDEX KEY:** 0001061201

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08781
- **FILM NUMBER:** 26925076

**BUSINESS ADDRESS:**
- **STREET 1:** ATHENE ANNUITY & LIFE ASSURANCE COMPANY
- **STREET 2:** 7700 MILLS CIVIC PARKWAY
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50266-3862
- **BUSINESS PHONE:** 1-800-800-9882 X4672

**MAIL ADDRESS:**
- **STREET 1:** ATHENE ANNUITY & LIFE ASSURANCE COMPANY
- **STREET 2:** 7700 MILLS CIVIC PARKWAY
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50266-3862

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RBC VARIABLE LIFE ACCOUNT A
- **DATE OF NAME CHANGE:** 20060421

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BMA VARIABLE LIFE ACCOUNT A
- **DATE OF NAME CHANGE:** 19980506

## Series and Classes Contracts Data

### ATHENE VARIABLE LIFE ACCOUNT A (Series ID: S000009525)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000260113 | Clarity Variable Universal Life (AAIA) |  |
| C000262455 | Clarity SVUL (AAIA)                    |  |
| C000262456 | VUL-DB (AAIA)                          |  |
| C000262459 | Clarity Duo (AAIA)                     |  |

**Athene Variable Life <br>Account A**

**Financial Statements <br>As of and for the year ended December 31, 2025**

------

**Athene Variable Life Account A**

**Index of the Financial Statements**

**<u>As of and for the year ended December 31, 2025</u>**

---

| | |
|:---|:---|
| | **Page** |
| **Report of Independent Registered Public Accounting Firm** | [1](#idc4f3fba11e14410857b7e852fa9e091_7) |
| **Financial Statements** | |
| Statements of Net Assets | [3](#idc4f3fba11e14410857b7e852fa9e091_10) |
| Statements of Operations | [10](#idc4f3fba11e14410857b7e852fa9e091_31) |
| Statements of Changes in Net Assets | [17](#idc4f3fba11e14410857b7e852fa9e091_52) |
| Notes to Financial Statements | [24](#idc4f3fba11e14410857b7e852fa9e091_73) |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Policyowners of Athene Variable Life Account A and the

Board of Directors of Athene Annuity and Life Company

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of net assets of each of the subaccounts listed in the table below, which comprises Athene Variable Life Account A (the "Account") as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

---

| | | |
|:---|:---|:---|
| The Alger Funds Large Cap Growth Portfolio | Fidelity Variable Insurance Products Contrafund Portfolio | T. Rowe Price Equity Series, Inc. Health Sciences Portfolio II |
| The Alger Funds Capital Appreciation Portfolio | Fidelity Variable Insurance Products Investment Grade Bond Portfolio | Lord Abbett Series Fund, Inc. Mid Cap Stock Portfolio |
| The Alger Funds Mid Cap Growth Portfolio | Fidelity Variable Insurance Products Mid-Cap Portfolio | Lord Abbett Series Fund, Inc. Calibrated Dividend Growth Portfolio |
| The Alger Funds Small Cap Growth Portfolio | Fidelity Variable Insurance Products Government Money Market Fund | Lord Abbett Series Fund, Inc. Bond-Debenture Portfolio |
| LVIP American Century Variable Portfolios, Inc. VP Disciplined Core Value Fund | Invesco Variable Investment Funds High Yield Fund | Lord Abbett Series Fund, Inc. Growth and Income Portfolio |
| LVIP American Century Variable Portfolios, Inc. VP Value Fund | Invesco Variable Investment Funds Core Equity Fund | Vanguard Variable Insurance Funds Mid-Cap Index Portfolio |
| LVIP American Century Variable Portfolios, Inc. VP Ultra Fund | Lazard Retirement Series, Inc. Retirement U.S. Small Cap Equity Portfolio | Vanguard Variable Insurance Funds Real Estate Index Portfolio |
| BNY Mellon Investment Portfolios Sustainable US Equity Portfolio Fund | Allspring VT Discovery SMID Cap Growth Fund | Vanguard Variable Insurance Funds Total Bond Market Index Portfolio |
| BNY Mellon Investment Portfolios Stock Index Fund | Janus Henderson Portfolio Overseas Portfolio | Vanguard Variable Insurance Funds Total Stock Market Index Portfolio |
| BNY Mellon Investment Portfolios Small Cap Stock Index Portfolio | T. Rowe Price Equity Series, Inc. Equity Income Portfolio II | Vanguard Variable Insurance Funds Small Company Growth Portfolio |
| Fidelity Variable Insurance Products Overseas Portfolio | T. Rowe Price Equity Series, Inc. Blue Chip Growth Portfolio | Vanguard Variable Insurance Funds Capital Growth Portfolio |
| Fidelity Variable Insurance Products Growth Portfolio | T. Rowe Price Equity Series, Inc. Moderate Allocation Portfolio |  |

---

------

The financial highlights for each of the years or periods ended on or prior to December 31, 2021, were audited by other independent registered public accountants whose report, dated April 28, 2022, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on the subaccounts' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The subaccounts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the subaccounts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Des Moines, Iowa

April 30, 2026

We have served as the Account's auditor since 2022.

------

**Athene Variable Life Account A**

**Statements of Net Assets**

**<u>December 31, 2025</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **LVIP American Century** | **LVIP American Century** |
| | **The Alger Funds** | **The Alger Funds** | **The Alger Funds** | **The Alger Funds** | **Variable Portfolios, Inc.** | **Variable Portfolios, Inc.** |
| | **Large Cap** | **Capital** | **Mid Cap** | **Small Cap** | **VP Disciplined** | **VP** |
| | **Growth** | **Appreciation** | **Growth** | **Growth** | **Core Value** | **Value** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Fund** | **Fund** |
| **Assets** | | | | | | |
| Investments in shares of mutual funds, at fair value | $49466 | $223495 | $23994 | $850 | $409795 | $643966 |
| **Total Assets** | $49466 | $223495 | $23994 | $850 | $409795 | $643966 |
| Net assets in the accumulation period | $49466 | $223495 | $23994 | $850 | $409795 | $643966 |
| **Net assets** | $49466 | $223495 | $23994 | $850 | $409795 | $643966 |
| Accumulation unit value low | $107.487 | $197.344 | $66.222 | $53.429 | $59.777 | $64.528 |
| Accumulation unit value high | $111.772 | $222.387 | $99.389 | $53.429 | $60.246 | $87.563 |
| Accumulation units outstanding | 460 | 1005 | 260 | 16 | 6852 | 8052 |
| Shares of mutual funds owned | 479 | 1735 | 1007 | 46 | 42334 | 49843 |
| Investments, at cost | $32343 | $139833 | $18915 | $755 | $373813 | $546138 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Net Assets**

**<u>December 31, 2025</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LVIP American Century**<br>**Variable Portfolios, Inc.** | **BNY Mellon Investment Portfolios** | **BNY Mellon Investment Portfolios** | **BNY Mellon Investment Portfolios** |
| | | **Sustainable** | | **Small Cap** |
| | | **US Equity** | **Stock** | **Stock** |
| | **VP Ultra** | **Portfolio** | **Index** | **Index** |
| | **Fund** | **Fund** | **Fund** | **Portfolio** |
| **Assets** | | | | |
| Investments in shares of mutual funds, at fair value | $57351 | $3640 | $1303895 | $90217 |
| **Total Assets** | $57351 | $3640 | $1303895 | $90217 |
| Net assets in the accumulation period | $57351 | $3640 | $1303895 | $90217 |
| **Net assets** | $57351 | $3640 | $1303895 | $90217 |
| Accumulation unit value low | $107.350 | $67.219 | $90.075 | $58.243 |
| Accumulation unit value high | $107.350 | $67.219 | $95.439 | $58.243 |
| Accumulation units outstanding | 534 | 54 | 14476 | 1549 |
| Shares of mutual funds owned | 1821 | 62 | 14962 | 5009 |
| Investments, at cost | $38246 | $2336 | $832010 | $87142 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Net Assets**

**<u>December 31, 2025</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** |
| | | | | | | **Government** |
| | | | | **Investment** | | **Money** |
| | **Overseas** | **Growth** | **Contrafund** | **Grade Bond** | **Mid-Cap** | **Market** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Fund** |
| **Assets** | | | | | | |
| Investments in shares of mutual funds, at fair value | $321983 | $424685 | $1601525 | $357384 | $656167 | $389250 |
| **Total Assets** | $321983 | $424685 | $1601525 | $357384 | $656167 | $389250 |
| Net assets in the accumulation period | $321983 | $424685 | $1601525 | $357384 | $656167 | $389250 |
| **Net assets** | $321983 | $424685 | $1601525 | $357384 | $656167 | $389250 |
| Accumulation unit value low | $28.998 | $70.052 | $105.244 | $20.451 | $70.340 | $14.397 |
| Accumulation unit value high | $40.691 | $115.523 | $118.289 | $20.451 | $70.340 | $14.397 |
| Accumulation units outstanding | 9982 | 5611 | 14984 | 17475 | 9328 | 27037 |
| Shares of mutual funds owned | 11873 | 4572 | 28166 | 31460 | 17493 | 389252 |
| Investments, at cost | $277173 | $393279 | $1191970 | $391570 | $629205 | $389252 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Net Assets**

**<u>December 31, 2025</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Invesco Variable Investment Funds** | **Invesco Variable Investment Funds** | | |
| | **Invesco Variable Investment Funds** | **Invesco Variable Investment Funds** | | |
| | **Invesco Variable Investment Funds** | **Invesco Variable Investment Funds** | **Lazard**<br>**Retirement**<br>**Series, Inc.** | **Allspring**<br>**VT**<br>**Funds** |
| | | | **Retirement** | **Discovery** |
| | **High** | **Core** | **U.S. Small** | **SMID Cap** |
| | **Yield** | **Equity** | **Cap Equity** | **Growth** |
| | **Fund** | **Fund** | **Portfolio** | **Fund** |
| **Assets** | | | | |
| Investments in shares of mutual funds, at fair value | $29270 | $67384 | $323333 | $3554 |
| **Total Assets** | $29270 | $67384 | $323333 | $3554 |
| Net assets in the accumulation period | $29270 | $67384 | $323333 | $3554 |
| **Net assets** | $29270 | $67384 | $323333 | $3554 |
| Accumulation unit value low | $32.198 | $61.579 | $49.337 | $73.804 |
| Accumulation unit value high | $32.198 | $61.579 | $79.073 | $73.804 |
| Accumulation units outstanding | 909 | 1094 | 4685 | 48 |
| Shares of mutual funds owned | 6175 | 1870 | 24968 | 141 |
| Investments, at cost | $31674 | $58204 | $348392 | $3762 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Net Assets**

**<u>December 31, 2025</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Janus**<br>**Henderson**<br>**Portfolio** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** |
| | | **Equity** | **Blue Chip** | **Moderate** | **Health** |
| | **Overseas** | **Income** | **Growth** | **Allocation** | **Sciences** |
| | **Portfolio** | **Portfolio II** | **Portfolio** | **Portfolio** | **Portfolio II** |
| **Assets** | | | | | |
| Investments in shares of mutual funds, at fair value | $504933 | $530103 | $1020383 | $177730 | $194371 |
| **Total Assets** | $504933 | $530103 | $1020383 | $177730 | $194371 |
| Net assets in the accumulation period | $504933 | $530103 | $1020383 | $177730 | $194371 |
| **Net assets** | $504933 | $530103 | $1020383 | $177730 | $194371 |
| Accumulation unit value low | $57.865 | $47.721 | $117.870 | $42.561 | $126.330 |
| Accumulation unit value high | $80.237 | $47.721 | $117.870 | $42.561 | $126.330 |
| Accumulation units outstanding | 6942 | 11108 | 8657 | 4176 | 1539 |
| Shares of mutual funds owned | 9046 | 18496 | 15619 | 7924 | 3597 |
| Investments, at cost | $316094 | $505446 | $572378 | $163500 | $166534 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Net Assets**

**<u>December 31, 2025</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** |
| | | **Calibrated** | | |
| | **Mid Cap** | **Dividend** | **Bond-** | **Growth and** |
| | **Stock** | **Growth** | **Debenture** | **Income** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| **Assets** | | | | |
| Investments in shares of mutual funds, at fair value | $290840 | $22596 | $9664 | $670442 |
| **Total Assets** | $290840 | $22596 | $9664 | $670442 |
| Net assets in the accumulation period | $290840 | $22596 | $9664 | $670442 |
| **Net assets** | $290840 | $22596 | $9664 | $670442 |
| Accumulation unit value low | $41.380 | $72.151 | $31.415 | $50.590 |
| Accumulation unit value high | $41.380 | $72.151 | $31.415 | $50.590 |
| Accumulation units outstanding | 7029 | 313 | 308 | 13253 |
| Shares of mutual funds owned | 11165 | 1139 | 911 | 15978 |
| Investments, at cost | $268698 | $19799 | $10407 | $584456 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Net Assets**

**<u>December 31, 2025</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** |
| | | | **Total Bond** | **Total Stock** | **Small** | |
| | **Mid-Cap** | **Real Estate** | **Market** | **Market** | **Company** | **Capital** |
| | **Index** | **Index** | **Index** | **Index** | **Growth** | **Growth** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| **Assets** | | | | | | |
| Investments in shares of mutual funds, at fair value | $333811 | $337452 | $202372 | $226685 | $81707 | $525039 |
| **Total Assets** | $333811 | $337452 | $202372 | $226685 | $81707 | $525039 |
| Net assets in the accumulation period | $333811 | $337452 | $202372 | $226685 | $81707 | $525039 |
| **Net assets** | $333811 | $337452 | $202372 | $226685 | $81707 | $525039 |
| Accumulation unit value low | $67.761 | $36.976 | $18.082 | $81.403 | $62.498 | $115.518 |
| Accumulation unit value high | $67.761 | $36.976 | $18.082 | $81.403 | $62.498 | $115.518 |
| Accumulation units outstanding | 4926 | 9126 | 11192 | 2785 | 1307 | 4545 |
| Shares of mutual funds owned | 11939 | 29166 | 18738 | 3720 | 4285 | 8493 |
| Investments, at cost | $267235 | $349733 | $214047 | $161687 | $78502 | $287685 |

---

*(Concluded)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Operations** 

**<u>Year Ended December 31, 2025</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **LVIP American Century** | **LVIP American Century** |
| | **The Alger Funds** | **The Alger Funds** | **The Alger Funds** | **The Alger Funds** | **Variable Portfolios, Inc.** | **Variable Portfolios, Inc.** |
| | **Large Cap** | **Capital** | **Mid Cap** | **Small** | **VP Disciplined** | **VP** |
| | **Growth** | **Appreciation** | **Growth** | **Cap Growth** | **Core Value** | **Value** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Fund** | **Fund** |
| Income |  |  |  |  |  |  |
| Dividends | $— | $— | $— | $— | $6483 | $9932 |
| Expenses |  |  |  |  |  |  |
| Mortality and expense and administration charges |  |  |  |  |  |  |
| Net investment income |  |  |  |  | 6483 | 9932 |
| Realized gain (loss) on investments |  |  |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 1044 | 41891 | 71 | (42) | (76) | 5744 |
| Capital gain distributions | 5325 | 35148 |  | 10 |  | 46800 |
| Net realized gain (loss) on investments | 6369 | 77039 | 71 | (32) | (76) | 52544 |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  |  |
| on investments | 5317 | (1982) | 3395 | 62 | 46649 | 26053 |
| Net increase in net assets |  |  |  |  |  |  |
| resulting from operations | $11686 | $75057 | $3466 | $30 | $53056 | $88529 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Operations** 

**<u>Year Ended December 31, 2025</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LVIP American Century**<br>**Variable Portfolios, Inc.** | **BNY Mellon Investment Portfolios** | **BNY Mellon Investment Portfolios** | **BNY Mellon Investment Portfolios** |
| | | **Sustainable** | | **Small Cap** |
| | | **US Equity** | **Stock** | **Stock** |
| | **VP Ultra** | **Portfolio** | **Index** | **Index** |
| | **Fund** | **Fund** | **Fund** | **Portfolio** |
| Income |  |  |  |  |
| Dividends | $— | $8 | $12371 | $1067 |
| Expenses |  |  |  |  |
| Mortality and expense and administration charges |  |  |  |  |
| Net investment income |  | 8 | 12371 | 1067 |
| Realized gain (loss) on investments |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 1592 | 42 | 55398 | (13) |
| Capital gain distributions | 4535 | 271 | 66964 | 8123 |
| Net realized gain (loss) on investments | 6127 | 313 | 122362 | 8110 |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |
| on investments | 620 | 186 | 61454 | (4443) |
| Net increase in net assets |  |  |  |  |
| resulting from operations | $6747 | $507 | $196187 | $4734 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Operations** 

**<u>Year Ended December 31, 2025</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** |
| | | | | | | **Government** |
| | | | | **Investment** | | **Money** |
| | **Overseas** | **Growth** | **Contrafund** | **Grade Bond** | **Mid-Cap** | **Market** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Fund** |
| Income |  |  |  |  |  |  |
| Dividends | $4368 | $202 | $— | $12597 | $2686 | $25840 |
| Expenses |  |  |  |  |  |  |
| Mortality and expense and administration charges |  |  |  |  |  |  |
| Net investment income | 4368 | 202 |  | 12597 | 2686 | 25840 |
| Realized gain (loss) on investments |  |  |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 11511 | 4582 | 33055 | (6689) | 12589 |  |
| Capital gain distributions | 28457 | 54254 | 249991 |  | 69753 |  |
| Net realized gain (loss) on investments | 39968 | 58836 | 283046 | (6689) | 82342 |  |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  |  |
| on investments | 12662 | (4055) | (6771) | 19373 | (12503) |  |
| Net increase in net assets |  |  |  |  |  |  |
| resulting from operations | $56998 | $54983 | $276275 | $25281 | $72525 | $25840 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Operations** 

**<u>Year Ended December 31, 2025</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Invesco Variable Investment Funds** | **Invesco Variable Investment Funds** | | |
| | **Invesco Variable Investment Funds** | **Invesco Variable Investment Funds** | | |
| | **Invesco Variable Investment Funds** | **Invesco Variable Investment Funds** | **Lazard**<br>**Retirement**<br>**Series, Inc.** | **Allspring**<br>**VT**<br>**Funds** |
| | | | **Retirement** | **Discovery** |
| | **High** | **Core** | **U.S. Small** | **SMID Cap** |
| | **Yield** | **Equity** | **Cap Equity** | **Growth** |
| | **Fund** | **Fund** | **Portfolio** | **Fund** |
| Income |  |  |  |  |
| Dividends | $2003 | $413 | $— | $— |
| Expenses |  |  |  |  |
| Mortality and expense and administration charges |  |  |  |  |
| Net investment income | 2003 | 413 |  |  |
| Realized gain (loss) on investments |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | (316) | 97 | (3754) | (1) |
| Capital gain distributions |  | 4751 | 37812 | 25 |
| Net realized gain (loss) on investments | (316) | 4848 | 34058 | 24 |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |
| on investments | 182 | 4164 | (25082) | 161 |
| Net increase in net assets |  |  |  |  |
| resulting from operations | $1869 | $9425 | $8976 | $185 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Operations** 

**<u>Year Ended December 31, 2025</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Janus**<br>**Henderson**<br>**Portfolio** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** |
| | | **Equity** | **Blue Chip** | **Moderate** | **Health** |
| | **Overseas** | **Income** | **Growth** | **Allocation** | **Sciences** |
| | **Portfolio** | **Portfolio II** | **Portfolio** | **Portfolio** | **Portfolio II** |
| Income |  |  |  |  |  |
| Dividends | $6759 | $7116 | $— | $4365 | $— |
| Expenses |  |  |  |  |  |
| Mortality and expense and administration charges |  |  |  |  |  |
| Net investment income | 6759 | 7116 |  | 4365 |  |
| Realized gain (loss) on investments |  |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 68633 | 11550 | 124678 | 6964 | 2633 |
| Capital gain distributions |  | 50771 | 85154 | 7576 | 7062 |
| Net realized gain (loss) on investments | 68633 | 62321 | 209832 | 14540 | 9695 |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  |
| on investments | 46412 | (3015) | (54884) | 8350 | 20087 |
| Net increase in net assets |  |  |  |  |  |
| resulting from operations | $121804 | $66422 | $154948 | $27255 | $29782 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Operations** 

**<u>Year Ended December 31, 2025</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** |
| | | **Calibrated** | | |
| | **Mid Cap** | **Dividend** | **Bond-** | **Growth and** |
| | **Stock** | **Growth** | **Debenture** | **Income** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| Income |  |  |  |  |
| Dividends | $926 | $127 | $563 | $3617 |
| Expenses |  |  |  |  |
| Mortality and expense and administration charges |  |  |  |  |
| Net investment income | 926 | 127 | 563 | 3617 |
| Realized gain (loss) on investments |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 960 | 34 | (81) | 39737 |
| Capital gain distributions | 22469 | 1676 |  | 68288 |
| Net realized gain (loss) on investments | 23429 | 1710 | (81) | 108025 |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |
| on investments | (4522) | 1276 | 250 | 35 |
| Net increase in net assets |  |  |  |  |
| resulting from operations | $19833 | $3113 | $732 | $111677 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Operations** 

**<u>Year Ended December 31, 2025</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** |
| | | | **Total Bond** | **Total Stock** | **Small** | |
| | **Mid-Cap** | **Real Estate** | **Market** | **Market** | **Company** | **Capital** |
| | **Index** | **Index** | **Index** | **Index** | **Growth** | **Growth** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| Income |  |  |  |  |  |  |
| Dividends | $3840 | $8856 | $6502 | $2362 | $387 | $4516 |
| Expenses |  |  |  |  |  |  |
| Mortality and expense and administration charges | (631) | (662) | (383) | (419) | (165) | (899) |
| Net investment income | 3209 | 8194 | 6119 | 1943 | 222 | 3617 |
| Realized gain (loss) on investments |  |  |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 1230 | (1437) | (1481) | 2441 | (2207) | 7766 |
| Capital gain distributions | 15299 | 5670 |  | 11025 | 5499 | 19406 |
| Net realized gain (loss) on investments | 16529 | 4233 | (1481) | 13466 | 3292 | 27172 |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  |  |
| on investments | 13939 | (3224) | 7818 | 17133 | 1643 | 87394 |
| Net increase in net assets |  |  |  |  |  |  |
| resulting from operations | $33677 | $9203 | $12456 | $32542 | $5157 | $118183 |

---

*(Concluded)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Changes in Net Assets**

**<u>Years Ended December 31, 2025 and 2024</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **LVIP American Century** | **LVIP American Century** |
| | **The Alger Funds** | **The Alger Funds** | **The Alger Funds** | **The Alger Funds** | **Variable Portfolios, Inc.** | **Variable Portfolios, Inc.** |
| | **Large Cap**<br>**Growth**<br>**Portfolio** | **Capital**<br>**Appreciation**<br>**Portfolio** | **Mid Cap**<br>**Growth**<br>**Portfolio** | **Small Cap**<br>**Growth**<br>**Portfolio** | **VP Disciplined**<br>**Core Value**<br>**Fund** | **VP**<br>**Value**<br>**Fund** |
| **Net assets at December 31, 2023** | $28658 | $173293 | $22936 | $672 | $340387 | $544546 |
| Changes from 2024 operations |  |  |  |  |  |  |
| Net investment income |  |  |  |  | 4749 | 16064 |
| Net realized gain (loss) on investments | 621 | 5273 | (1304) | (80) | (1806) | 44062 |
| Net change in unrealized appreciation (depreciation) on investments | 11463 | 76158 | 5409 | 144 | 41596 | (11938) |
| Net increase in net assets resulting from operations | 12084 | 81431 | 4105 | 64 | 44539 | 48188 |
| Contract transactions |  |  |  |  |  |  |
| Deposits |  |  |  |  | 5500 | 12555 |
| Surrenders and death benefits |  | (9729) | (5512) |  | (11401) | (6880) |
| Contract maintenance charges | (1441) | (5453) | (683) | (184) | (15604) | (15070) |
| Other transfers between sub-accounts, |  |  |  |  |  |  |
| including fixed interest account | 158 | 304 | 55 | 177 | (75) | (26427) |
| Net increase (decrease) in net assets resulting from contract transactions | (1283) | (14878) | (6140) | (7) | (21580) | (35822) |
| Total increase (decrease) in net assets | 10801 | 66553 | (2035) | 57 | 22959 | 12366 |
| **Net assets at December 31, 2024** | $39459 | $239846 | $20901 | $729 | $363346 | $556912 |
| Changes from 2025 operations |  |  |  |  |  |  |
| Net investment income |  |  |  |  | 6483 | 9932 |
| Net realized gain (loss) on investments | 6369 | 77039 | 71 | (32) | (76) | 52544 |
| Net change in unrealized appreciation (depreciation) on investments | 5317 | (1982) | 3395 | 62 | 46649 | 26053 |
| Net increase in net assets resulting from operations | 11686 | 75057 | 3466 | 30 | 53056 | 88529 |
| Contract transactions |  |  |  |  |  |  |
| Deposits |  |  |  |  | 5589 | 6797 |
| Surrenders and death benefits |  | (88589) |  |  |  |  |
| Contract maintenance charges | (1871) | (5719) | (410) | (196) | (11930) | (13858) |
| Other transfers between sub-accounts, |  |  |  |  |  |  |
| including fixed interest account | 192 | 2900 | 37 | 287 | (266) | 5586 |
| Net increase (decrease) in net assets resulting from contract transactions | (1679) | (91408) | (373) | 91 | (6607) | (1475) |
| Total increase (decrease) in net assets | 10007 | (16351) | 3093 | 121 | 46449 | 87054 |
| **Net assets at December 31, 2025** | $49466 | $223495 | $23994 | $850 | $409795 | $643966 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Changes in Net Assets**

**<u>Years Ended December 31, 2025 and 2024</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LVIP American Century**<br>**Variable Portfolios, Inc.** | **BNY Mellon Investment Portfolios** | **BNY Mellon Investment Portfolios** | **BNY Mellon Investment Portfolios** |
| | | **Sustainable** | | **Small Cap** |
| | | **US Equity** | **Stock** | **Stock** |
| | **VP Ultra** | **Portfolio** | **Index** | **Index** |
| | **Fund** | **Fund** | **Fund** | **Portfolio** |
| **Net assets at December 31, 2023** | $43810 | $2655 | $1129499 | $80460 |
| Changes from 2024 operations |  |  |  |  |
| Net investment income |  | 16 | 13606 | 918 |
| Net realized gain (loss) on investments | 6122 | 55 | 149345 | 2203 |
| Net change in unrealized appreciation on investments | 5832 | 584 | 92575 | 3245 |
| Net increase in net assets resulting from operations | 11954 | 655 | 255526 | 6366 |
| Contract transactions |  |  |  |  |
| Deposits | 771 |  | 24441 | 1072 |
| Surrenders and death benefits | (2429) |  | (117573) |  |
| Contract maintenance charges | (1221) | (113) | (24897) | (2322) |
| Other transfers between sub-accounts, |  |  |  |  |
| including fixed interest account | (597) | 24 | (63274) | 559 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from contract transactions | (3476) | (89) | (181303) | (691) |
| Total increase (decrease) in net assets | 8478 | 566 | 74223 | 5675 |
| **Net assets at December 31, 2024** | $52288 | $3221 | $1203722 | $86135 |
| Changes from 2025 operations |  |  |  |  |
| Net investment income |  | 8 | 12371 | 1067 |
| Net realized gain (loss) on investments | 6127 | 313 | 122362 | 8110 |
| Net change in | 620 | 186 | 61454 | (4443) |
| unrealized appreciation (depreciation) on investments |  |  |  |  |
| Net increase in net |  |  |  |  |
| assets resulting from operations | 6747 | 507 | 196187 | 4734 |
| Contract transactions |  |  |  |  |
| Deposits | 778 |  | 15859 | 991 |
| Surrenders and death benefits |  |  | (85054) |  |
| Contract maintenance charges | (1295) | (122) | (24092) | (2226) |
| Other transfers between sub-accounts, |  |  |  |  |
| including fixed interest account | (1167) | 34 | (2727) | 583 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from contract transactions | (1684) | (88) | (96014) | (652) |
| Total increase (decrease) in net assets | 5063 | 419 | 100173 | 4082 |
| **Net assets at December 31, 2025** | $57351 | $3640 | $1303895 | $90217 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Changes in Net Assets**

**<u>Years Ended December 31, 2025 and 2024</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** | **Fidelity Variable Insurance Products** |
| | | | | | | **Government** |
| | | | | **Investment** | | **Money** |
| | **Overseas** | **Growth** | **Contrafund** | **Grade Bond** | **Mid-Cap** | **Market** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Fund** |
| **Net assets at December 31, 2023** | $283105 | $383731 | $1091755 | $358705 | $589789 | $817185 |
| Changes from 2024 operations |  |  |  |  |  |  |
| Net investment income | 4256 |  | 418 | 12743 | 3501 | 42959 |
| Net realized gain (loss) on investments | 18038 | 105627 | 190600 | (3144) | 87986 |  |
| Net change in unrealized | (8854) | (16759) | 169316 | (3224) | 9675 |  |
| appreciation (depreciation) on investments |  |  |  |  |  |  |
| Net increase in net assets resulting from operations | 13440 | 88868 | 360334 | 6375 | 101162 | 42959 |
| Contract transactions |  |  |  |  |  |  |
| Deposits | 7267 | 14175 | 23158 | 14734 | 8541 | 43180 |
| Surrenders and death benefits | (4035) | (16519) | (21994) | (15700) | (15269) | (813) |
| Contract maintenance charges | (9795) | (12253) | (34534) | (12891) | (20581) | (38179) |
| Other transfers between sub-accounts, |  |  |  |  |  |  |
| including fixed interest account | 3457 | (80507) | (11673) | 13224 | (7156) | 88088 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |
| resulting from contract transactions | (3106) | (95104) | (45043) | (633) | (34465) | 92276 |
| Total increase (decrease) in net assets | 10334 | (6236) | 315291 | 5742 | 66697 | 135235 |
| **Net assets at December 31, 2024** | $293439 | $377495 | $1407046 | $364447 | $656486 | $952420 |
| Changes from 2025 operations |  |  |  |  |  |  |
| Net investment income | 4368 | 202 |  | 12597 | 2686 | 25840 |
| Net realized gain (loss) on investments | 39968 | 58836 | 283046 | (6689) | 82342 |  |
| Net change in unrealized appreciation (depreciation) on investments | 12662 | (4055) | (6771) | 19373 | (12503) |  |
| Net increase in net |  |  |  |  |  |  |
| assets resulting from operations | 56998 | 54983 | 276275 | 25281 | 72525 | 25840 |
| Contract transactions |  |  |  |  |  |  |
| Deposits | 5779 | 5976 | 22718 | 11970 | 7722 | 11259 |
| Surrenders and death benefits | (23897) | (137) | (55) | (41640) | (64994) | (571576) |
| Contract maintenance charges | (10240) | (12405) | (35413) | (12872) | (19971) | (17618) |
| Other transfers between sub-accounts, |  |  |  |  |  |  |
| including fixed interest account | (96) | (1227) | (69046) | 10198 | 4399 | (11075) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |
| resulting from contract transactions | (28454) | (7793) | (81796) | (32344) | (72844) | (589010) |
| Total increase (decrease) in net assets | 28544 | 47190 | 194479 | (7063) | (319) | (563170) |
| **Net assets at December 31, 2025** | $321983 | $424685 | $1601525 | $357384 | $656167 | $389250 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Changes in Net Assets**

**<u>Years Ended December 31, 2025 and 2024</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Invesco** | **Invesco** | | |
| | **Variable Investment** | **Variable Investment** | | |
| | **Funds** | **Funds** | **Lazard**<br>**Retirement**<br>**Series, Inc.** | **Allspring**<br>**VT**<br>**Funds** |
| | | | **Retirement** | **Discovery** |
| | **High** | **Core** | **U.S. Small** | **SMID Cap** |
| | **Yield** | **Equity** | **Cap Equity** | **Growth** |
| | **Fund** | **Fund** | **Portfolio** | **Fund** |
| **Net assets at December 31, 2023** | $28140 | $47161 | $318155 | $2992 |
| Changes from 2024 operations |  |  |  |  |
| Net investment income | 1635 | 384 |  |  |
| Net realized gain (loss) on investments | (190) | 4656 | 11936 | (15) |
| Net change in unrealized appreciation (depreciation) on investments | 669 | 6989 | 23439 | 554 |
| Net increase in net assets resulting from operations | 2114 | 12029 | 35375 | 539 |
| Contract transactions |  |  |  |  |
| Deposits | 868 | 1112 | 9300 |  |
| Surrenders and death benefits | (885) |  | (1809) |  |
| Contract maintenance charges | (817) | (1695) | (11632) | (130) |
| Other transfers between sub-accounts, |  |  |  |  |
| including fixed interest account | 24 | (25) | 2706 | 53 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from contract transactions | (810) | (608) | (1435) | (77) |
| Total increase (decrease) in net assets | 1304 | 11421 | 33940 | 462 |
| **Net assets at December 31, 2024** | $29444 | $58582 | $352095 | $3454 |
| Changes from 2025 operations |  |  |  |  |
| Net investment income | 2003 | 413 |  |  |
| Net realized gain (loss) on investments | (316) | 4848 | 34058 | 24 |
| Net change in unrealized appreciation (depreciation) on investments | 182 | 4164 | (25082) | 161 |
| Net increase in net |  |  |  |  |
| assets resulting from operations | 1869 | 9425 | 8976 | 185 |
| Contract transactions |  |  |  |  |
| Deposits | 894 | 1112 | 7125 |  |
| Surrenders and death benefits | (2115) |  | (45196) |  |
| Contract maintenance charges | (795) | (1798) | (10986) | (138) |
| Other transfers between sub-accounts, |  |  |  |  |
| including fixed interest account | (27) | 63 | 11319 | 53 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from contract transactions | (2043) | (623) | (37738) | (85) |
| Total increase (decrease) in net assets | (174) | 8802 | (28762) | 100 |
| **Net assets at December 31, 2025** | $29270 | $67384 | $323333 | $3554 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Changes in Net Assets**

**<u>Years Ended December 31, 2025 and 2024</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Janus**<br>**Henderson**<br>**Portfolio** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** |
| | | **Equity** | **Blue Chip** | **Moderate** | **Health** |
| | **Overseas** | **Income** | **Growth** | **Allocation** | **Sciences** |
| | **Portfolio** | **Portfolio II** | **Portfolio** | **Portfolio** | **Portfolio II** |
| **Net assets at December 31, 2023** | $511660 | $437989 | $796379 | $202783 | $153280 |
| Changes from 2024 operations |  |  |  |  |  |
| Net investment income | 7455 | 7808 |  | 4933 |  |
| Net realized gain (loss) on investments | 16458 | 34350 | 91718 | 6094 | 16977 |
| Net change in unrealized appreciation (depreciation) on investments | 6513 | 7703 | 182937 | 9184 | (14809) |
| Net increase in net assets resulting from operations | 30426 | 49861 | 274655 | 20211 | 2168 |
| Contract transactions |  |  |  |  |  |
| Deposits | 14149 | 12161 | 4799 | 3948 | 2131 |
| Surrenders and death benefits | (15826) | (1337) | (16473) | (1102) | (2033) |
| Contract maintenance charges | (20714) | (8104) | (25811) | (8711) | (4123) |
| Other transfers between sub-accounts, |  |  |  |  |  |
| including fixed interest account | 6572 | 353 | (20546) | 1744 | 4716 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from contract transactions | (15819) | 3073 | (58031) | (4121) | 691 |
| Total increase (decrease) in net assets | 14607 | 52934 | 216624 | 16090 | 2859 |
| **Net assets at December 31, 2024** | $526267 | $490923 | $1013003 | $218873 | $156139 |
| Changes from 2025 operations |  |  |  |  |  |
| Net investment income | 6759 | 7116 |  | 4365 |  |
| Net realized gain (loss) on investments | 68633 | 62321 | 209832 | 14540 | 9695 |
| Net change in unrealized appreciation (depreciation) on investments | 46412 | (3015) | (54884) | 8350 | 20087 |
| Net increase in net |  |  |  |  |  |
| assets resulting from operations | 121804 | 66422 | 154948 | 27255 | 29782 |
| Contract transactions |  |  |  |  |  |
| Deposits | 12383 | 11108 | 3970 | 3886 | 2475 |
| Surrenders and death benefits | (145171) | (30702) | (56663) | (65227) |  |
| Contract maintenance charges | (18246) | (8121) | (21985) | (7725) | (4122) |
| Other transfers between sub-accounts, |  |  |  |  |  |
| including fixed interest account | 7896 | 473 | (72890) | 668 | 10097 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from contract transactions | (143138) | (27242) | (147568) | (68398) | 8450 |
| Total increase (decrease) in net assets | (21334) | 39180 | 7380 | (41143) | 38232 |
| **Net assets at December 31, 2025** | $504933 | $530103 | $1020383 | $177730 | $194371 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Changes in Net Assets**

**<u>Years Ended December 31, 2025 and 2024</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** |
| | | **Calibrated** | | |
| | **Mid Cap** | **Dividend** | **Bond-** | **Growth and** |
| | **Stock** | **Growth** | **Debenture** | **Income** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| **Net assets at December 31, 2023** | $245421 | $16996 | $7940 | $710262 |
| Changes from 2024 operations |  |  |  |  |
| Net investment income | 1232 | 109 | 485 | 6303 |
| Net realized gain (loss) on investments | 29717 | 1177 | (64) | 73038 |
| Net change in unrealized appreciation (depreciation) on investments | 4738 | 2467 | 125 | 66534 |
| Net increase in net assets resulting from operations | 35687 | 3753 | 546 | 145875 |
| Contract transactions |  |  |  |  |
| Deposits | 7579 | 177 | 510 | 11260 |
| Surrenders and death benefits | (7390) |  |  | (78538) |
| Contract maintenance charges | (8898) | (359) | (453) | (34975) |
| Other transfers between sub-accounts, |  |  |  |  |
| including fixed interest account | (1621) | (535) | 159 | (2344) |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from contract transactions | (10330) | (717) | 216 | (104597) |
| Total increase (decrease) in net assets | 25357 | 3036 | 762 | 41278 |
| **Net assets at December 31, 2024** | $270778 | $20032 | $8702 | $751540 |
| Changes from 2025 operations |  |  |  |  |
| Net investment income | 926 | 127 | 563 | 3617 |
| Net realized gain (loss) on investments | 23429 | 1710 | (81) | 108025 |
| Net change in unrealized appreciation (depreciation) on investments | (4522) | 1276 | 250 | 35 |
| Net increase in net |  |  |  |  |
| assets resulting from operations | 19833 | 3113 | 732 | 111677 |
| Contract transactions |  |  |  |  |
| Deposits | 5209 | 177 | 510 | 8410 |
| Surrenders and death benefits | (500) |  |  | (176935) |
| Contract maintenance charges | (8549) | (389) | (488) | (29697) |
| Other transfers between sub-accounts, |  |  |  |  |
| including fixed interest account | 4069 | (337) | 208 | 5447 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from contract transactions | 229 | (549) | 230 | (192775) |
| Total increase (decrease) in net assets | 20062 | 2564 | 962 | (81098) |
| **Net assets at December 31, 2025** | $290840 | $22596 | $9664 | $670442 |

---

*(Continued)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Statements of Changes in Net Assets**

**<u>Years Ended December 31, 2025 and 2024</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** | **Vanguard Variable Insurance Funds** |
| | | | **Total Bond** | **Total Stock** | **Small** | |
| | **Mid-Cap** | **Real Estate** | **Market** | **Market** | **Company** | **Capital** |
| | **Index** | **Index** | **Index** | **Index** | **Growth** | **Growth** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| **Net assets at December 31, 2023** | $257130 | $307338 | $172248 | $162150 | $77095 | $371948 |
| Changes from 2024 operations |  |  |  |  |  |  |
| Net investment income | 3256 | 9003 | 4464 | 1884 | 268 | 3697 |
| Net realized gain (loss) on investments | 4309 | 5231 | (860) | 14971 | (1586) | 18197 |
| Net change in unrealized |  |  |  |  |  |  |
| appreciation (depreciation) on investments | 30529 | 843 | (1524) | 20812 | 9705 | 27025 |
| Net increase in net assets resulting from operations | 38094 | 15077 | 2080 | 37667 | 8387 | 48919 |
| Contract transactions |  |  |  |  |  |  |
| Deposits | 10907 | 11259 | 5139 | 5718 | 5026 | 9466 |
| Surrenders and death benefits | (1507) | (3930) | (662) | (1786) | (1431) | (6040) |
| Contract maintenance charges | (8217) | (9629) | (5463) | (7605) | (5149) | (11443) |
| Other transfers between sub-accounts, |  |  |  |  |  |  |
| including fixed interest account | (395) | (4010) | 9349 | 58 | (745) | (865) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |
| resulting from contract transactions | 788 | (6310) | 8363 | (3615) | (2299) | (8882) |
| Total increase (decrease) in net assets | 38882 | 8767 | 10443 | 34052 | 6088 | 40037 |
| **Net assets at December 31, 2024** | $296012 | $316105 | $182691 | $196202 | $83183 | $411985 |
| Changes from 2025 operations |  |  |  |  |  |  |
| Net investment income | 3209 | 8194 | 6119 | 1943 | 222 | 3617 |
| Net realized gain (loss) on investments | 16529 | 4233 | (1481) | 13466 | 3292 | 27172 |
| Net change in unrealized appreciation (depreciation) on investments | 13939 | (3224) | 7818 | 17133 | 1643 | 87394 |
| Net increase in net |  |  |  |  |  |  |
| assets resulting from operations | 33677 | 9203 | 12456 | 32542 | 5157 | 118183 |
| Contract transactions |  |  |  |  |  |  |
| Deposits | 12125 | 11458 | 6090 | 6136 | 5722 | 9516 |
| Surrenders and death benefits | (40) | (280) |  |  | (27) | (83) |
| Contract maintenance charges | (7264) | (8929) | (5812) | (8378) | (5242) | (11584) |
| Other transfers between sub-accounts, |  |  |  |  |  |  |
| including fixed interest account | (699) | 9895 | 6947 | 183 | (7086) | (2978) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |
| resulting from contract transactions | 4122 | 12144 | 7225 | (2059) | (6633) | (5129) |
| Total increase (decrease) in net assets | 37799 | 21347 | 19681 | 30483 | (1476) | 113054 |
| **Net assets at December 31, 2025** | $333811 | $337452 | $202372 | $226685 | $81707 | $525039 |

---

*(Concluded)*

The accompanying notes are an integral part of these financial statements.

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

**1.**&nbsp;&nbsp;&nbsp;&nbsp;**Organization**

Athene Variable Life Account A (the Separate Account), is a segregated investment account of Athene Annuity & Life Assurance Company (the Company). The Separate Account is registered under the Investment Company Act of 1940, as amended, as a unit investment trust that follows investment company accounting guidance in accordance with accounting principles generally accepted in the United States of America. The Separate Account is a funding vehicle for individual variable life contracts issued by the Company.

On October 11, 2024, Athene Annuity & Life Assurance Company (AADE) merged with and into Athene Annuity and Life Company (AAIA), with AAIA as the surviving entity following the receipt of all required regulatory approvals.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and segregated from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the variable life contracts cannot be used to fulfill any other obligations arising from any other business the Company may conduct.

The Separate Account includes four variable life insurance products: Clarity Variable Universal Life (Clarity VUL), Conseco Variable Universal Life (Conseco VUL), Clarity Survivorship Variable Universal Life (Clarity SVUL), and Clarity Duo Variable Universal Life (Clarity Duo). None of these products are being actively marketed by the Company; however, these are available for purchase. The significant features of the products are summarized below:

*Clarity VUL and Conseco VUL -* These contracts provide accumulation values, surrender rights, loan privileges and other features associated with life insurance as well as tax deferred investment options to potentially maximize the value of the contract.

*Clarity SVUL -* This contract also offers a combination of life insurance and tax-deferred investment opportunities, but it covers two people in a single contract that pays a death benefit at the second death.

*Clarity Duo -* This contract utilizes two products, a single premium fixed annuity and a variable universal life contract, to create a single one-time transaction that will pay the variable universal life's premiums over seven years.

**Investments**

The deposits of the Separate Account are invested at the direction of the contract holders in the sub-accounts that comprise the Separate Account (the Subaccounts). The sub-accounts invest in the following underlying mutual fund portfolios (collectively the Funds):

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Subaccount</u>** | **<u>Subaccount</u>** | **<u>Subaccount</u>** | **<u>Mutual Fund</u>** | **<u>Mutual Fund</u>** | **<u>Mutual Fund</u>** |
| | The Alger Funds | The Alger Funds | | The Alger Funds | The Alger Funds |
| | | Large Cap Growth Portfolio | | | Large Cap Growth Portfolio |
| | | Capital Appreciation Portfolio | | | Capital Appreciation Portfolio |
| | | Mid Cap Growth Portfolio | | | Mid Cap Growth Portfolio |
| | | Small Cap Growth Portfolio | | | Small Cap Growth Portfolio |
| | LVIP American Century Variable Portfolios\* | LVIP American Century Variable Portfolios\* | | LVIP American Century Variable Portfolios\* | LVIP American Century Variable Portfolios\* |
| | | VP Disciplined Core Value Fund | | | VP Disciplined Core Value Fund |
| | | VP Value Fund | | | VP Value Fund |
| | | VP Ultra Fund | | | VP Ultra Fund |
| | BNY Mellon Investment Portfolios | BNY Mellon Investment Portfolios | | BNY Mellon Investment Portfolios | BNY Mellon Investment Portfolios |
| | | Sustainable US Equity Portfolio Fund | | | Sustainable US Equity Portfolio Fund |
| | | Stock Index Fund | | | Stock Index Fund |
| | | Small Cap Stock Index Portfolio | | | Small Cap Stock Index Portfolio |
| | Fidelity Variable Insurance Products | Fidelity Variable Insurance Products | | Fidelity Variable Insurance Products | Fidelity Variable Insurance Products |
| | | Overseas Portfolio | | | Overseas Portfolio |
| | | Growth Portfolio | | | Growth Portfolio |
| | | Contrafund Portfolio | | | Contrafund Portfolio |
| | | Investment Grade Bond Portfolio | | | Investment Grade Bond Portfolio |
| | | Mid-Cap Portfolio | | | Mid-Cap Portfolio |
| | | Government Money Market Fund | | | Government Money Market Fund |
| | Invesco Variable Investment Funds | Invesco Variable Investment Funds | | Invesco Variable Investment Funds | Invesco Variable Investment Funds |
| | | High Yield Fund | | | High Yield Fund |
| | | Core Equity Fund | | | Core Equity Fund |
| | Lazard Retirement Series, Inc. | Lazard Retirement Series, Inc. | | Lazard Retirement Series, Inc. | Lazard Retirement Series, Inc. |
| | | Retirement U.S. Small Cap Equity Portfolio | | | Retirement U.S. Small Cap Equity Portfolio |
| | Allspring VT Funds | Allspring VT Funds | | Allspring VT Funds | Allspring VT Funds |
| | | Discovery SMID Cap Growth Fund | | | Discovery SMID Cap Growth Fund |
| | Janus Henderson Portfolio | Janus Henderson Portfolio | | Janus Henderson Portfolio | Janus Henderson Portfolio |
| | | Overseas Portfolio | | | Overseas Portfolio |
| | T. Rowe Price Equity Series, Inc. | T. Rowe Price Equity Series, Inc. | | T. Rowe Price Equity Series, Inc. | T. Rowe Price Equity Series, Inc. |
| | | Equity Income Portfolio II | | | Equity Income Portfolio II |
| | | Blue Chip Growth Portfolio | | | Blue Chip Growth Portfolio |
| | | Moderate Allocation Portfolio | | | Moderate Allocation Portfolio |
| | | Health Sciences Portfolio II | | | Health Sciences Portfolio II |
| | Lord Abbett Series Fund, Inc. | Lord Abbett Series Fund, Inc. | | Lord Abbett Series Fund, Inc. | Lord Abbett Series Fund, Inc. |
| | | Mid Cap Stock Portfolio | | | Mid Cap Stock Portfolio |
| | | Calibrated Dividend Growth Portfolio | | | Calibrated Dividend Growth Portfolio |
| | | Bond-Debenture Portfolio | | | Bond-Debenture Portfolio |
| | | Growth and Income Portfolio | | | Growth and Income Portfolio |
| | Vanguard Variable Insurance Funds | Vanguard Variable Insurance Funds | | Vanguard Variable Insurance Funds | Vanguard Variable Insurance Funds |
| | | Mid-Cap Index Portfolio | | | Mid-Cap Index Portfolio |
| | | | | | *(Continued)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | |
|:---|:---|
| **<u>Subaccount</u>** | **<u>Mutual Fund</u>** |
| Real Estate Index Portfolio | Real Estate Index Portfolio |
| Total Bond Market Index Portfolio | Total Bond Market Index Portfolio |
| Total Stock Market Index Portfolio | Total Stock Market Index Portfolio |
| Small Company Growth Portfolio | Small Company Growth Portfolio |
| Capital Growth Portfolio | Capital Growth Portfolio |
|  | *(Concluded)* |

---

**2.**&nbsp;&nbsp;&nbsp;&nbsp;**Summary of Significant Accounting Policies**

**Basis of Accounting**

Financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America for variable life separate accounts registered as unit investment trusts.

**Use of Estimates**

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results may differ from the estimates used in preparing the financial statements. The primary estimates included in the accompanying financial statements are the assumptions and judgments utilized in determining the fair value of investments.

**Investment Valuation**

Investments in mutual fund shares are carried in the statements of net assets at fair value based on the net asset value (NAV) of the underlying mutual funds, which value their investment securities at fair value. Investment transactions are accounted for on a trade-date basis, and the cost of investments sold is determined by the first-in, first-out method.

In valuing securities, the Company uses a fair value hierarchy that prioritizes the inputs in the valuation techniques used to measure fair value into three broad levels.

Level 1&nbsp;&nbsp;&nbsp;&nbsp;Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.

Level 2&nbsp;&nbsp;&nbsp;&nbsp;Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.

Level 3&nbsp;&nbsp;&nbsp;&nbsp;Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.

All assets held by the Separate Account are classified in Level 2. There were no transfers between levels in 2025.

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

**Dividends**

Dividends paid to the Separate Account are automatically reinvested in shares of the same funds on the payable date.

**Accumulation Unit Value**

Accumulation unit value is calculated at close on trading days based on the contract owner's proportion of the fund NAV over the number of units outstanding for the respective fund.

**Federal Income Taxes**

The operations of the Separate Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the Code). The Separate Account is not separately taxable as a regulated investment company under Subchapter M of the Code and is not otherwise taxable as an entity separate from the Company. Based on this, no charge is being made currently to the Separate Account for federal income taxes. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

**Segment Reporting**

Each Subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. The chief operating decision maker (CODM) oversees the activities of the Separate Account using information of each Subaccount. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by the Company to support the liabilities of the applicable insurance contracts. The President of the Company is the CODM.

The CODM uses increase (decrease) in net assets from operations as their performance measure in order to make operations decisions while monitoring the net assets of each of the funds within the Separate Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the Statements of Net Assets as net assets. Refer to the Statements of Operations and Changes in Net Assets and related notes for each Subaccount's operating segment significant expenses. All assets and revenue are generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

**3.**&nbsp;&nbsp;&nbsp;&nbsp;**Fund Charges**

The Separate Account pays the Company certain amounts relating to the distribution and administration of the policies funded by the Separate Account and as reimbursement for certain mortality and other risks assumed by the Company.

**Mortality and Expense and Administration Charges**

The Separate Account deducts a mortality and expense and administration fee from the contract holder of 0.20%, on an annual basis, of the accumulation value invested in the Vanguard Variable Insurance Funds. This fee is deducted as part of the daily accumulation unit value calculation, in net investment income (loss).

**Premium Charges**

The Company deducts a premium charge from each premium payment from the contract holder of 5.5% to 8.0% of all premiums in the first through the tenth contract year and 4% of all premiums in the eleventh and later contract years for all of the products except Clarity Duo. Premium charges are deducted from deposits; therefore, deposits are recorded net of premium charges, and these charges are not recorded in the financial statements of the Separate Account. These charges are recorded in the Company's general account.

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

**Contract Maintenance Charges**

Contract maintenance charges are made up of risk charges, contract charges and cost of insurance.

*Risk Charge*

For Clarity VUL and Conseco VUL, the Separate Account deducts a risk charge each month of 0.80% to 0.84%, on an annual basis, of the accumulation value in the sub-account for the first through tenth contract year and 0.36% to 0.40%, on an annual basis, of the accumulation value in the sub-account for the eleventh contract year and thereafter. For Clarity SVUL, the Separate Account deducts a risk charge of 0.07% per month of the accumulation value in the sub-account for the first through the fifteenth contract year and 0.03% per month of the accumulation value in the sub-account for the sixteenth contract year and thereafter. Clarity Duo assesses a risk charge that varies from 0.40% to 0.70%, on an annual basis, of the accumulation value in the sub-account for the first through tenth contract year and 0.15% to 0.45%, on an annual basis, of the accumulation value in the sub-account for the eleventh contract year and thereafter. The amount of the charge will vary among policyholders, and is based on the sex, age and rate class of the primary insured. Risk charges for all the products are recognized as redemptions of units. These charges are included in contract maintenance charges in the accompanying Statements of Changes in Net Assets.

*Contract Charges*

The Separate Account deducts a contract charge of $25 to $35 per month in the first contract year and $5 to $7.50 per month thereafter for all of the products except for Clarity Duo. Contract charges are recognized as redemptions of units and are included in contract maintenance charges in the accompanying Statements of Changes in Net Assets.

*Cost of Insurance*

A deduction for cost of insurance and cost of any riders is also made monthly. This charge will depend on the specified amount of insurance coverage, the accumulation value, and the sex, age and rate class of the primary insured. Cost of insurance is recognized as a redemption of units and is included in contract maintenance charges in the accompanying Statements of Changes in Net Assets.

**Surrender Charges**

Surrender charges will be imposed in the event of a full or partial surrender. The surrender charge will depend on the year of surrender, sex, issue age and rate class of the primary insured. A fee of $25 will also be assessed on all partial surrenders, in addition to any other surrender charges already imposed. Clarity VUL allows for one free partial surrender each contract year up to 10% of the unloaned accumulation value but never to exceed the net surrender value of the contract. Surrender charges are withheld from the proceeds of the surrender by the Company with the net amount being remitted to the contract holder. These charges are not recorded in the financial statements of the Separate Account. These fees are recorded in the Company's general account.

**Transfer Fees**

Transfers in excess of twelve for Clarity VUL and Clarity SVUL and in excess of 20 for Conseco VUL and Clarity Duo during each contract year will result in a $25 transfer fee assessment against the contract. These fees are recorded in the Company's general account. Fees charged on separate account contractowner deposits are included in the statement of changes in net assets as other transfers between sub-accounts, including fixed interest account.

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

**4.**&nbsp;&nbsp;&nbsp;&nbsp;**Purchases and Sales of Securities**

&nbsp;&nbsp;&nbsp;&nbsp;The cost of investments purchased and proceeds from investments sold were as follows for the year ended December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Cost of**<br>**Purchases** | **Proceeds**<br>**From Sales** |
| **The Alger Funds** | | |
| Large Cap Growth Portfolio | $5471 | $1825 |
| Capital Appreciation Portfolio | 35376 | 91636 |
| Mid Cap Growth Portfolio | 15 | 389 |
| Small Cap Growth Portfolio | 284 | 183 |
| **LVIP American Century Variable Portfolios, Inc.** |  |  |
| VP Disciplined Core Value Fund | 10114 | 10239 |
| VP Value Fund | 74925 | 19667 |
| VP Ultra Fund | 6204 | 3354 |
| **BNY Mellon Investment Portfolios** |  |  |
| Sustainable US Equity Portfolio Fund | 303 | 118 |
| Stock Index Fund | 92514 | 109193 |
| Small Cap Stock Index Portfolio | 10930 | 2393 |
| **Fidelity Variable Insurance Products** |  |  |
| Overseas Portfolio | 47879 | 43508 |
| Growth Portfolio | 61199 | 14536 |
| Contrafund Portfolio | 265903 | 97707 |
| Investment Grade Bond Portfolio | 30953 | 50701 |
| Mid-Cap Portfolio | 92864 | 93268 |
| Government Money Market Fund | 43010 | 606179 |
| **Invesco Variable Investment Funds** |  |  |
| High Yield Fund | 2537 | 2577 |
| Core Equity Fund | 6111 | 1571 |
| **Lazard Retirement Series, Inc.** |  |  |
| Retirement U.S. Small Cap Equity Portfolio | 50280 | 50204 |
| **Allspring VT Funds** |  |  |
| Discovery SMID Cap Growth Fund | 72 | 132 |
|  |  | *(Continued)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | | |
|:---|:---|:---|
| | **Cost of**<br>**Purchases** | **Proceeds**<br>**From Sales** |
| **Janus Henderson Portfolio** | | |
| Overseas Portfolio | $17014 | $153394 |
| **T. Rowe Price Equity Series, Inc.** |  |  |
| Equity Income Portfolio II | 67018 | 36373 |
| Blue Chip Growth Portfolio | 98228 | 160641 |
| Moderate Allocation Portfolio | 16911 | 73368 |
| Health Sciences Portfolio II | 23269 | 7757 |
| **Lord Abbett Series Fund, Inc.** |  |  |
| Mid-Cap Stock Portfolio | 32388 | 8765 |
| Calibrated Dividend Growth Portfolio | 1922 | 668 |
| Bond-Debenture Portfolio | 1251 | 459 |
| Growth and Income Portfolio | 79944 | 200815 |
| **Vanguard Variable Insurance Funds** |  |  |
| Mid-Cap Index Portfolio | 28542 | 5912 |
| Real Estate Index Portfolio | 37073 | 11065 |
| Total Bond Market Index Portfolio | 24918 | 11574 |
| Total Stock Market Index Portfolio | 18884 | 7974 |
| Small Company Growth Portfolio | 12329 | 13241 |
| Capital Growth Portfolio | 31614 | 13720 |
|  |  | *(Concluded)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

**5.**&nbsp;&nbsp;&nbsp;&nbsp;**Summary of Unit Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;Transactions in units for the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended <br>December 31,** | **Years Ended <br>December 31,** |
| | **2025**<br>**Units** | **2024**<br>**Units** |
| **The Alger Funds Large Cap Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (18) | (18) |
| **The Alger Funds Capital Appreciation Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| Redemptions and transfers to/(from) | (428) | (101) |
| **The Alger Funds Mid Cap Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| Redemptions and transfers to/(from) | (5) | (81) |
| **The Alger Funds Small Cap Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| Redemptions and transfers to/(from) | 2 |  |
| **LVIP American Century Variable Portfolios, Inc.** |  |  |
| **VP Disciplined Core Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 104 | 110 |
| Redemptions and transfers to/(from) | (226) | (529) |
| **LVIP American Century Variable Portfolios, Inc. VP Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 85 | 170 |
| Redemptions and transfers to/(from) | (107) | (676) |
| **LVIP American Century Variable Portfolios, Inc. VP Ultra Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 8 | 9 |
| Redemptions and transfers to/(from) | (24) | (52) |
| **BNY Mellon Investment Portfolios Sustainable** |  |  |
| **US Equity Portfolio Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| Redemptions and transfers to/(from) | (2) | (1) |
| **BNY Mellon Investment Portfolios Stock Index Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 198 | 347 |
| Redemptions and transfers to/(from) | (1428) | (2926) |
| **BNY Mellon Investment Portfolios Small Cap Stock Index Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 18 | 20 |
| Redemptions and transfers to/(from) | (27) | (33) |
| **Fidelity Variable Insurance Products Overseas Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 211 | 293 |
| Redemptions and transfers to/(from) | (1233) | (446) |
|  |  | *(Continued)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | | |
|:---|:---|:---|
| | **Years Ended <br>December 31,** | **Years Ended <br>December 31,** |
| | **2025**<br>**Units** | **2024**<br>**Units** |
| **Fidelity Variable Insurance Products Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 94 | 250 |
| Redemptions and transfers to/(from) | (200) | (2147) |
| **Fidelity Variable Insurance Products Contrafund Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 244 | 291 |
| Redemptions and transfers to/(from) | (1219) | (849) |
| **Fidelity Variable Insurance Products Investment** |  |  |
| **Grade Bond Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 605 | 772 |
| Redemptions and transfers to/(from) | (2238) | (808) |
| **Fidelity Variable Insurance Products Mid-Cap Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 122 | 143 |
| Redemptions and transfers to/(from) | (1224) | (722) |
| **Fidelity Variable Insurance Products Government** |  |  |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 798 | 3187 |
| Redemptions and transfers to/(from) | (42650) | 3578 |
| **Invesco Variable Investment Funds High Yield Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 29 | 31 |
| Redemptions and transfers to/(from) | (96) | (60) |
| **Invesco Variable Investment Funds Core Equity Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 20 | 23 |
| Redemptions and transfers to/(from) | (31) | (35) |
| **Lazard Retirement Series, Inc Retirement U.S.** |  |  |
| **Small Cap Equity Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 95 | 126 |
| Redemptions and transfers to/(from) | (522) | (135) |
| **Allspring VT Discovery SMID Cap Growth Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| Redemptions and transfers to/(from) | (1) | (1) |
| **Janus Henderson Portfolio Overseas Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 176 | 224 |
| Redemptions and transfers to/(from) | (2454) | (463) |
| **T. Rowe Price Equity Series, Inc. Equity Income Portfolio II** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 252 | 297 |
| Redemptions and transfers to/(from) | (879) | (223) |
| **T. Rowe Price Equity Series, Inc. Blue Chip Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 38 | 55 |
| Redemptions and transfers to/(from) | (1585) | (722) |
| **T. Rowe Price Equity Series, Inc. Moderate Allocation Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 97 | 108 |
| Redemptions and transfers to/(from) | (1809) | (224) |
|  |  | *(Continued)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | | |
|:---|:---|:---|
| | **Years Ended <br>December 31,** | **Years Ended <br>December 31,** |
| | **2025**<br>**Units** | **2024**<br>**Units** |
| **T. Rowe Price Equity Series, Inc. Health Sciences Portfolio II** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 23 | 19 |
| Redemptions and transfers to/(from) | 60 | (13) |
| **Lord Abbett Series Fund, Inc. Mid Cap Stock Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 134 | 202 |
| Redemptions and transfers to/(from) | (110) | (492) |
| **Lord Abbett Series Fund, Inc. Calibrated Dividend Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 3 | 3 |
| Redemptions and transfers to/(from) | (12) | (15) |
| **Lord Abbett Series Fund, Inc. Bond-Debenture Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 17 | 18 |
| Redemptions and transfers to/(from) | (9) | (10) |
| **Lord Abbett Series Fund, Inc. Growth and Income Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 184 | 276 |
| Redemptions and transfers to/(from) | (4355) | (2711) |
| **Vanguard Variable Insurance Funds Mid-Cap Index Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 191 | 192 |
| Redemptions and transfers to/(from) | (128) | (180) |
| **Vanguard Variable Insurance Funds Real Estate Index Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 313 | 321 |
| Redemptions and transfers to/(from) | 16 | (465) |
| **Vanguard Variable Insurance Funds Total Bond** |  |  |
| **Market Index Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 348 | 305 |
| Redemptions and transfers to/(from) | 61 | 206 |
| **Vanguard Variable Insurance Funds Total Stock** |  |  |
| **Market Index Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 85 | 91 |
| Redemptions and transfers to/(from) | (113) | (148) |
| **Vanguard Variable Insurance Funds Small Company** |  |  |
| **Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 98 | 89 |
| Redemptions and transfers to/(from) | (200) | (132) |
| **Vanguard Variable Insurance Funds Capital Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases | 100 | 108 |
| Redemptions and transfers to/(from) | (146) | (208) |
|  |  | *(Concluded)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

**6.**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights**

The Company sells four different variable life products which have unique combinations of features and fees that are charged against the contract holder's account balance. Differences in the fee structures result in a variety of unit values, expense ratios and total returns. This information is presented as a range of minimum and maximum values based upon product grouping. The range is determined by identifying the lowest and the highest contract expense rate. Below is a summary of units outstanding, unit values and net assets at December 31, 2025, 2024, 2023, 2022 and 2021, and the ratios of investment income, expenses to average net assets, and total return for the years then ended:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Unit Value** | **Unit Value** | | | | |
| |<br>**Units** | **Low to High** | **Low to High** |<br>**Net**<br>**Assets** | **Investment**<br>**Income**<br>**Ratio (1)** |<br>**Expense**<br>**Ratio (2)** |<br>**Total Return (3)**<br>**Low to High** |
| **The Alger Funds:** | **The Alger Funds:** | **The Alger Funds:** | **The Alger Funds:** | | | | |
| **Large Cap Growth Portfolio** | **Large Cap Growth Portfolio** | **Large Cap Growth Portfolio** | | | | | |
| **2025** | 460 | $107.487 | $111.772 | $49466 | —% |  | 30.26% |
| 2024 | 478 | 82.512 | 85.801 | 39459 |  |  | 42.89 |
| 2023 | 496 | 57.746 | 60.048 | 28658 |  |  | 32.67 |
| 2022 | 560 | 43.527 | 45.262 | 24447 |  |  | (38.65) |
| 2021 | 580 | 70.953 | 73.781 | 41306 |  |  | 11.84 |
| **Capital Appreciation Portfolio** | **Capital Appreciation Portfolio** | **Capital Appreciation Portfolio** |  |  |  |  |  |
| **2025** | 1005 | 197.344 | 222.387 | 223495 |  |  | 32.87 |
| 2024 | 1433 | 148.525 | 167.372 | 239846 |  |  | 48.13 |
| 2023 | 1534 | 100.264 | 112.987 | 173293 |  |  | 43.13 |
| 2022 | 1572 | 70.051 | 78.941 | 124100 |  |  | (36.52) |
| 2021 | 1611 | 110.356 | 124.360 | 200402 |  |  | 19.13 |
| **Mid Cap Growth Portfolio** | **Mid Cap Growth Portfolio** | **Mid Cap Growth Portfolio** |  |  |  |  |  |
| **2025** | 260 | 66.222 | 99.389 | 23994 |  |  | 16.76 |
| 2024 | 265 | 56.714 | 85.119 | 20901 |  |  | 21.07 |
| 2023 | 346 | 46.845 | 70.307 | 22936 |  |  | 23.17 |
| 2022 | 500 | 38.032 | 57.080 | 27386 |  |  | (36.07) |
| 2021 | 515 | 59.492 | 89.289 | 44185 |  |  | 4.20 |
| **Small Cap Growth Portfolio** | **Small Cap Growth Portfolio** | **Small Cap Growth Portfolio** |  |  |  |  |  |
| **2025** | 16 | 53.429 | 53.429 | 850 |  |  | 5.91 |
| 2024 | 14 | 50.447 | 50.447 | 729 |  |  | 7.74 |
| 2023 | 14 | 46.821 | 46.821 | 672 |  |  | 16.49 |
| 2022 | 12 | 40.193 | 40.193 | 481 |  |  | (38.01) |
| 2021 | 10 | 64.841 | 64.841 | 672 |  |  | (6.06) |
| **LVIP American Century Variable Portfolios, Inc.:** | **LVIP American Century Variable Portfolios, Inc.:** | **LVIP American Century Variable Portfolios, Inc.:** | **LVIP American Century Variable Portfolios, Inc.:** | **LVIP American Century Variable Portfolios, Inc.:** |  |  |  |
| **VP Disciplined Core Value Fund** | **VP Disciplined Core Value Fund** | **VP Disciplined Core Value Fund** |  |  |  |  |  |
| **2025** | 6852 | 59.777 | 60.246 | 409795 | 1.73 |  | 14.79 |
| 2024 | 6974 | 52.074 | 52.483 | 363346 | 1.30 |  | 13.16 |
| 2023 | 7393 | 46.019 | 46.381 | 340387 | 1.38 |  | 8.65 |
| 2022 | 8980 | 42.354 | 42.687 | 380810 | 1.77 |  | (12.74) |
| 2021 | 9401 | 48.536 | 48.917 | 456856 | 1.08 |  | 23.65 |
|  |  |  |  |  |  | *(Continued)* | *(Continued)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Unit Value** | **Unit Value** | | | | |
| |<br>**Units** | **Low to High** | **Low to High** |<br>**Net**<br>**Assets** | **Investment**<br>**Income**<br>**Ratio (1)** |<br>**Expense**<br>**Ratio (2)** |<br>**Total Return (3)**<br>**Low to High** |
| **VP Value Fund** | **VP Value Fund** | **VP Value Fund** | **VP Value Fund** | | | | |
| **2025** | 8052 | $64.528 | $87.563 | $643966 | 1.67% |  | 16.01% |
| 2024 | 8074 | 55.619 | 75.473 | 556912 | 2.96 |  | 9.49 |
| 2023 | 8580 | 50.798 | 68.931 | 544546 | 2.24 |  | 9.10 |
| 2022 | 10226 | 46.598 | 63.233 | 584737 | 2.16 |  | 0.62 |
| 2021 | 11298 | 46.311 | 62.843 | 639019 | 1.75 |  | 24.51 |
| **VP Ultra Fund** | **VP Ultra Fund** | **VP Ultra Fund** | **VP Ultra Fund** | | | | |
| **2025** | 534 | 107.350 | 107.350 | 57351 |  |  | 12.86 |
| 2024 | 550 | 95.117 | 95.117 | 52288 |  |  | 28.79 |
| 2023 | 593 | 73.853 | 73.853 | 43810 |  |  | 43.51 |
| 2022 | 613 | 51.463 | 51.463 | 31551 |  |  | (32.38) |
| 2021 | 593 | 76.100 | 76.100 | 45111 |  |  | 23.16 |
| **BNY Mellon Investment Portfolios:** | **BNY Mellon Investment Portfolios:** | **BNY Mellon Investment Portfolios:** | **BNY Mellon Investment Portfolios:** |  |  |  |  |
| **Sustainable US Equity Portfolio Fund** | **Sustainable US Equity Portfolio Fund** | **Sustainable US Equity Portfolio Fund** | **Sustainable US Equity Portfolio Fund** |  |  |  |  |
| **2025** | 54 | 67.219 | 67.219 | 3640 | 0.25 |  | 15.97 |
| 2024 | 56 | 57.962 | 57.962 | 3221 | 0.53 |  | 24.89 |
| 2023 | 57 | 46.411 | 46.411 | 2655 | 0.72 |  | 24.01 |
| 2022 | 59 | 37.427 | 37.427 | 2205 | 0.52 |  | (22.87) |
| 2021 | 61 | 48.525 | 48.525 | 2947 | 0.75 |  | 27.00 |
| **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** |  |  |  |  |
| **2025** | 14476 | 90.075 | 95.439 | 1303895 | 1.03 |  | 17.53 |
| 2024 | 15706 | 76.639 | 81.203 | 1203722 | 1.16 |  | 24.66 |
| 2023 | 18285 | 61.478 | 65.139 | 1129499 | 1.41 |  | 25.93 |
| 2022 | 19818 | 48.631 | 51.527 | 971862 | 0.98 |  | (18.63) |
| 2021 | 19905 | 59.768 | 63.328 | 1195135 | 1.09 |  | 28.41 |
| **Small Cap Stock Index Portfolio** | **Small Cap Stock Index Portfolio** | **Small Cap Stock Index Portfolio** | **Small Cap Stock Index Portfolio** |  |  |  |  |
| **2025** | 1549 | 58.243 | 58.243 | 90217 | 1.26 |  | 5.36 |
| 2024 | 1558 | 55.282 | 55.282 | 86135 | 1.11 |  | 7.96 |
| 2023 | 1571 | 51.207 | 51.207 | 80460 | 1.01 |  | 15.39 |
| 2022 | 1821 | 44.378 | 44.378 | 80814 | 0.91 |  | (16.65) |
| 2021 | 1924 | 53.243 | 53.243 | 102420 | 0.67 |  | 26.14 |
|  |  |  |  |  |  | *(Continued)* | *(Continued)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Unit Value** | **Unit Value** | | | | |
| |<br>**Units** | **Low to High** | **Low to High** |<br>**Net**<br>**Assets** | **Investment**<br>**Income**<br>**Ratio (1)** |<br>**Expense**<br>**Ratio (2)** |<br>**Total Return (3)**<br>**Low to High** |
| **Fidelity Variable Insurance Products:** | **Fidelity Variable Insurance Products:** | **Fidelity Variable Insurance Products:** | **Fidelity Variable Insurance Products:** | **Fidelity Variable Insurance Products:** | | | |
| **Overseas Portfolio** | **Overseas Portfolio** | **Overseas Portfolio** | **Overseas Portfolio** | | | | |
| **2025** | 9982 | $28.998 | $40.691 | $321983 | 1.37% |  | 20.05% |
| 2024 | 11004 | 24.154 | 33.894 | 293439 | 1.41 |  | 4.81 |
| 2023 | 11157 | 23.046 | 32.339 | 283105 | 0.69 |  | 20.22 |
| 2022 | 13128 | 19.170 | 26.900 | 281797 | 0.82 |  | (24.68) |
| 2021 | 13864 | 25.452 | 35.715 | 391424 | 0.32 |  | 19.39 |
| **Growth Portfolio** | **Growth Portfolio** | **Growth Portfolio** | **Growth Portfolio** |  |  |  |  |
| **2025** | 5611 | 70.052 | 115.523 | 424685 | 0.05 |  | 14.61 |
| 2024 | 5717 | 61.123 | 100.797 | 377495 |  |  | 30.07 |
| 2023 | 7614 | 46.991 | 77.492 | 383731 |  |  | 35.89 |
| 2022 | 8862 | 34.580 | 57.026 | 325850 | 0.35 |  | (24.64) |
| 2021 | 8934 | 45.889 | 75.676 | 438790 |  |  | 22.90 |
| **Contrafund Portfolio** | **Contrafund Portfolio** | **Contrafund Portfolio** | **Contrafund Portfolio** |  |  |  |  |
| **2025** | 14984 | 105.244 | 118.289 | 1601525 |  |  | 21.19 |
| 2024 | 15959 | 86.839 | 97.603 | 1407046 | 0.03 |  | 33.45 |
| 2023 | 16517 | 65.073 | 73.139 | 1091755 | 0.25 |  | 33.12 |
| 2022 | 18140 | 48.884 | 54.944 | 905027 | 0.25 |  | (26.49) |
| 2021 | 20055 | 66.498 | 74.741 | 1358593 | 0.03 |  | 27.51 |
| **Investment Grade Bond Portfolio** | **Investment Grade Bond Portfolio** | **Investment Grade Bond Portfolio** | **Investment Grade Bond Portfolio** |  |  |  |  |
| **2025** | 17475 | 20.451 | 20.451 | 357384 | 3.49 |  | 7.22 |
| 2024 | 19108 | 19.073 | 19.073 | 364447 | 3.51 |  | 1.79 |
| 2023 | 19144 | 18.738 | 18.738 | 358705 | 2.08 |  | 6.20 |
| 2022 | 20751 | 17.643 | 17.643 | 366117 | 2.00 |  | (12.96) |
| 2021 | 24428 | 20.270 | 20.270 | 495154 | 2.04 |  | (0.61) |
| **Mid-Cap Portfolio** | **Mid-Cap Portfolio** | **Mid-Cap Portfolio** | **Mid-Cap Portfolio** |  |  |  |  |
| **2025** | 9328 | 70.340 | 70.340 | 656167 | 0.44 |  | 11.75 |
| 2024 | 10430 | 62.943 | 62.943 | 656486 | 0.55 |  | 17.49 |
| 2023 | 11009 | 53.572 | 53.572 | 589789 | 0.52 |  | 15.08 |
| 2022 | 13286 | 46.554 | 46.554 | 618531 | 0.50 |  | (14.74) |
| 2021 | 13868 | 54.604 | 54.604 | 757252 | 0.60 |  | 25.60 |
| **Government Money Market Fund** | **Government Money Market Fund** | **Government Money Market Fund** | **Government Money Market Fund** |  |  |  |  |
| **2025** | 27037 | 14.397 | 14.397 | 389250 | 4.14 |  | 4.13 |
| 2024 | 68889 | 13.825 | 13.825 | 952420 | 4.97 |  | 5.10 |
| 2023 | 62124 | 13.154 | 13.154 | 817185 | 4.73 |  | 4.89 |
| 2022 | 67246 | 12.541 | 12.541 | 843297 | 1.44 |  | 1.44 |
| 2021 | 67366 | 12.363 | 12.363 | 832834 | 0.01 |  | 0.01 |
|  |  |  |  |  |  | *(Continued)* | *(Continued)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Unit Value** | **Unit Value** | | | | |
| |<br>**Units** | **Low to High** | **Low to High** |<br>**Net**<br>**Assets** | **Investment**<br>**Income**<br>**Ratio (1)** |<br>**Expense**<br>**Ratio (2)** |<br>**Total Return (3)**<br>**Low to High** |
| **Invesco Variable Investment Funds:** | **Invesco Variable Investment Funds:** | **Invesco Variable Investment Funds:** | **Invesco Variable Investment Funds:** | **Invesco Variable Investment Funds:** | | | |
| **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | | | | |
| **2025** | 909 | $32.198 | $32.198 | $29270 | 7.04% |  | 6.72% |
| 2024 | 976 | 30.169 | 30.169 | 29444 | 5.72 |  | 7.73 |
| 2023 | 1005 | 28.005 | 28.005 | 28140 | 5.36 |  | 10.18 |
| 2022 | 1001 | 25.419 | 25.419 | 25435 | 4.61 |  | (9.55) |
| 2021 | 1093 | 28.104 | 28.104 | 30724 | 4.83 |  | 4.38 |
| **Core Equity Fund** | **Core Equity Fund** | **Core Equity Fund** | **Core Equity Fund** |  |  |  |  |
| **2025** | 1094 | 61.579 | 61.579 | 67384 | 0.67 |  | 16.17 |
| 2024 | 1105 | 53.009 | 53.009 | 58582 | 0.71 |  | 25.61 |
| 2023 | 1117 | 42.202 | 42.202 | 47161 | 0.78 |  | 23.36 |
| 2022 | 1126 | 34.210 | 34.210 | 38516 | 0.93 |  | (20.55) |
| 2021 | 1127 | 43.057 | 43.057 | 48519 | 0.67 |  | 27.74 |
| **Lazard Retirement Series, Inc:** | **Lazard Retirement Series, Inc:** | **Lazard Retirement Series, Inc:** | **Lazard Retirement Series, Inc:** |  |  |  |  |
| **Retirement U.S. Small Cap Equity Portfolio** | **Retirement U.S. Small Cap Equity Portfolio** | **Retirement U.S. Small Cap Equity Portfolio** | **Retirement U.S. Small Cap Equity Portfolio** |  |  |  |  |
| **2025** | 4685 | 49.337 | 79.073 | 323333 |  |  | 2.18 |
| 2024 | 5112 | 48.283 | 77.383 | 352095 |  |  | 11.12 |
| 2023 | 5121 | 43.453 | 69.642 | 318155 |  |  | 10.02 |
| 2022 | 6505 | 39.494 | 63.296 | 360433 |  |  | (15.52) |
| 2021 | 7756 | 46.747 | 74.921 | 516785 | 0.05 |  | 19.87 |
| **Allspring VT Funds:** | **Allspring VT Funds:** | **Allspring VT Funds:** | **Allspring VT Funds:** |  |  |  |  |
| **Discovery SMID Cap Growth Fund** | **Discovery SMID Cap Growth Fund** | **Discovery SMID Cap Growth Fund** | **Discovery SMID Cap Growth Fund** |  |  |  |  |
| **2025** | 48 | 73.804 | 73.804 | 3554 |  |  | 5.39 |
| 2024 | 49 | 70.032 | 70.032 | 3454 |  |  | 18.13 |
| 2023 | 50 | 59.282 | 59.282 | 2992 |  |  | 20.14 |
| 2022 | 52 | 49.344 | 49.344 | 2553 |  |  | (37.85) |
| 2021 | 53 | 79.392 | 79.392 | 4218 |  |  | (5.04) |
|  |  |  |  |  |  | *(Continued)* | *(Continued)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Unit Value** | **Unit Value** | | | | |
| |<br>**Units** | **Low to High** | **Low to High** |<br>**Net**<br>**Assets** | **Investment**<br>**Income**<br>**Ratio (1)** |<br>**Expense**<br>**Ratio (2)** |<br>**Total Return (3)**<br>**Low to High** |
| **Janus Henderson Portfolio:** | **Janus Henderson Portfolio:** | **Janus Henderson Portfolio:** | **Janus Henderson Portfolio:** | | | | |
| **Overseas Portfolio** | **Overseas Portfolio** | **Overseas Portfolio** | **Overseas Portfolio** | | | | |
| **2025** | 6942 | $57.865 | $80.237 | $504933 | 1.42% |  | 28.87% |
| 2024 | 9220 | 44.901 | 62.261 | 526267 | 1.37 |  | 5.84 |
| 2023 | 9459 | 42.425 | 58.827 | 511660 | 1.33 |  | 10.87 |
| 2022 | 11643 | 38.264 | 53.058 | 560259 | 1.75 |  | (8.60) |
| 2021 | 14007 | 41.867 | 58.053 | 749330 | 1.16 |  | 13.58 |
| **T. Rowe Price Equity Series, Inc.:** | **T. Rowe Price Equity Series, Inc.:** | **T. Rowe Price Equity Series, Inc.:** | **T. Rowe Price Equity Series, Inc.:** |  |  |  |  |
| **Equity Income Portfolio II** | **Equity Income Portfolio II** | **Equity Income Portfolio II** | **Equity Income Portfolio II** |  |  |  |  |
| **2025** | 11108 | 47.721 | 47.721 | 530103 | 1.44 |  | 14.07 |
| 2024 | 11735 | 41.833 | 41.833 | 490923 | 1.63 |  | 11.38 |
| 2023 | 11661 | 37.559 | 37.559 | 437989 | 1.74 |  | 9.31 |
| 2022 | 12894 | 34.359 | 34.359 | 443014 | 1.65 |  | (3.59) |
| 2021 | 13626 | 35.637 | 35.637 | 485583 | 1.39 |  | 25.22 |
| **Blue Chip Growth Portfolio** | **Blue Chip Growth Portfolio** | **Blue Chip Growth Portfolio** | **Blue Chip Growth Portfolio** |  |  |  |  |
| **2025** | 8657 | 117.870 | 117.870 | 1020383 |  |  | 18.74 |
| 2024 | 10204 | 99.271 | 99.271 | 1013003 |  |  | 35.51 |
| 2023 | 10871 | 73.256 | 73.256 | 796379 |  |  | 49.29 |
| 2022 | 12684 | 49.070 | 49.070 | 622386 |  |  | (38.50) |
| 2021 | 13255 | 79.793 | 79.793 | 1057641 |  |  | 17.62 |
| **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** |  |  |  |  |
| **2025** | 4176 | 42.561 | 42.561 | 177730 | 2.17 |  | 14.50 |
| 2024 | 5888 | 37.170 | 37.170 | 218873 | 2.30 |  | 10.06 |
| 2023 | 6004 | 33.773 | 33.773 | 202783 | 2.08 |  | 15.35 |
| 2022 | 6796 | 29.279 | 29.279 | 198974 | 1.57 |  | (18.31) |
| 2021 | 6878 | 35.844 | 35.844 | 246522 | 0.98 |  | 10.06 |
| **Health Science Portfolio II** | **Health Science Portfolio II** | **Health Science Portfolio II** | **Health Science Portfolio II** |  |  |  |  |
| **2025** | 1539 | 126.330 | 126.330 | 194371 |  |  | 17.80 |
| 2024 | 1456 | 107.237 | 107.237 | 156139 |  |  | 1.42 |
| 2023 | 1450 | 105.738 | 105.738 | 153280 |  |  | 2.68 |
| 2022 | 1653 | 102.973 | 102.973 | 170175 |  |  | (12.69) |
| 2021 | 1705 | 117.935 | 117.935 | 201131 |  |  | 12.83 |
| **Lord Abbett Series Fund, Inc.:** | **Lord Abbett Series Fund, Inc.:** | **Lord Abbett Series Fund, Inc.:** | **Lord Abbett Series Fund, Inc.:** |  |  |  |  |
| **Mid Cap Stock Portfolio** | **Mid Cap Stock Portfolio** | **Mid Cap Stock Portfolio** | **Mid Cap Stock Portfolio** |  |  |  |  |
| **2025** | 7029 | 41.380 | 41.380 | 290840 | 0.34 |  | 7.05 |
| 2024 | 7005 | 38.653 | 38.653 | 270778 | 0.47 |  | 14.90 |
| 2023 | 7295 | 33.641 | 33.641 | 245421 | 0.38 |  | 15.42 |
| 2022 | 7860 | 29.147 | 29.147 | 229090 | 0.68 |  | (11.21) |
| 2021 | 10594 | 32.829 | 32.829 | 347791 | 0.59 |  | 28.70 |
|  |  |  |  |  |  | *(Continued)* | *(Continued)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Units** |<br>**Unit Value**<br>**Low to High** |<br>**Net**<br>**Assets** | **Investment**<br>**Income**<br>**Ratio (1)** |<br>**Expense**<br>**Ratio (2)** |<br>**Total Return (3)**<br>**Low to High** |
| **Calibrated Dividend Growth Portfolio** | **Calibrated Dividend Growth Portfolio** | **Calibrated Dividend Growth Portfolio** | **Calibrated Dividend Growth Portfolio** | | | |
| **2025** | 313 | $72.151 | $22596 | 0.61% |  | 15.98% |
| 2024 | 322 | 62.210 | 20032 | 0.57 |  | 22.14 |
| 2023 | 334 | 50.934 | 16996 | 0.86 |  | 16.33 |
| 2022 | 338 | 43.785 | 14798 | 0.85 |  | (13.55) |
| 2021 | 362 | 50.647 | 18357 | 0.73 |  | 25.62 |
| **Bond-Debenture Portfolio** | **Bond-Debenture Portfolio** | **Bond-Debenture Portfolio** | **Bond-Debenture Portfolio** | | | |
| **2025** | 308 | 31.415 | 9664 | 6.19 |  | 8.33 |
| 2024 | 300 | 29.000 | 8702 | 5.77 |  | 6.72 |
| 2023 | 292 | 27.174 | 7940 | 4.56 |  | 6.55 |
| 2022 | 298 | 25.503 | 7595 | 4.05 |  | (12.80) |
| 2021 | 396 | 29.247 | 11577 | 3.04 |  | 3.28 |
| **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | | | |
| **2025** | 13253 | 50.590 | 670442 | 0.53 |  | 17.29 |
| 2024 | 17424 | 43.133 | 751540 | 0.81 |  | 20.60 |
| 2023 | 19859 | 35.765 | 710262 | 0.73 |  | 13.19 |
| 2022 | 25150 | 31.598 | 794684 | 1.22 |  | (9.44) |
| 2021 | 30381 | 34.891 | 1060033 | 1.07 |  | 29.02 |
| **Vanguard Variable Insurance Funds:** | **Vanguard Variable Insurance Funds:** | **Vanguard Variable Insurance Funds:** | **Vanguard Variable Insurance Funds:** |  |  |  |
| **Mid-Cap Index Portfolio** | **Mid-Cap Index Portfolio** | **Mid-Cap Index Portfolio** | **Mid-Cap Index Portfolio** |  |  |  |
| **2025** | 4926 | 67.761 | 333811 | 1.22 | 0.20 | 11.32 |
| 2024 | 4863 | 60.872 | 296012 | 1.37 | 0.20 | 14.84 |
| 2023 | 4851 | 53.004 | 257130 | 1.42 | 0.20 | 15.60 |
| 2022 | 4874 | 45.851 | 223475 | 1.12 | 0.20 | (18.98) |
| 2021 | 4985 | 56.594 | 282112 | 1.09 | 0.20 | 24.11 |
| **Real Estate Index Portfolio** | **Real Estate Index Portfolio** | **Real Estate Index Portfolio** | **Real Estate Index Portfolio** |  |  |  |
| **2025** | 9126 | 36.976 | 337452 | 2.68 | 0.20 | 2.90 |
| 2024 | 8797 | 35.933 | 316105 | 3.08 | 0.20 | 4.53 |
| 2023 | 8941 | 34.375 | 307338 | 2.13 | 0.20 | 11.48 |
| 2022 | 9004 | 30.836 | 277654 | 1.91 | 0.20 | (26.44) |
| 2021 | 9465 | 41.922 | 396803 | 2.02 | 0.20 | 39.93 |
| **Total Bond Market Index Portfolio** | **Total Bond Market Index Portfolio** | **Total Bond Market Index Portfolio** | **Total Bond Market Index Portfolio** |  |  |  |
| **2025** | 11192 | 18.082 | 202372 | 3.39 | 0.20 | 6.72 |
| 2024 | 10783 | 16.943 | 182691 | 2.69 | 0.20 | 1.04 |
| 2023 | 10272 | 16.769 | 172248 | 2.34 | 0.20 | 5.37 |
| 2022 | 10369 | 15.915 | 165016 | 2.11 | 0.20 | (13.39) |
| 2021 | 12245 | 18.374 | 225003 | 2.03 | 0.20 | (1.91) |
|  |  |  |  |  | *(Continued)* | *(Continued)* |

---

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Units** |<br>**Unit Value**<br>**Low to High** |<br>**Net**<br>**Assets** | **Investment**<br>**Income**<br>**Ratio (1)** |<br>**Expense**<br>**Ratio (2)** |<br>**Total Return (3)**<br>**Low to High** |
| **Total Stock Market Index Portfolio** | **Total Stock Market Index Portfolio** | **Total Stock Market Index Portfolio** | **Total Stock Market Index Portfolio** | | | |
| **2025** | 2785 | $81.403 | $226685 | 1.14% | 0.20 | 16.69% |
| 2024 | 2813 | 69.755 | 196202 | 1.24 | 0.20 | 23.46 |
| 2023 | 2870 | 56.498 | 162150 | 1.16 | 0.20 | 25.70 |
| 2022 | 3889 | 44.946 | 174813 | 1.31 | 0.20 | (19.75) |
| 2021 | 4276 | 56.009 | 239473 | 1.21 | 0.20 | 25.39 |
| **Small Company Growth Portfolio** | **Small Company Growth Portfolio** | **Small Company Growth Portfolio** | **Small Company Growth Portfolio** |  |  |  |
| **2025** | 1307 | 62.498 | 81707 | 0.47 | 0.20 | 5.90 |
| 2024 | 1409 | 59.018 | 83183 | 0.54 | 0.20 | 11.16 |
| 2023 | 1452 | 53.095 | 77095 | 0.41 | 0.20 | 19.41 |
| 2022 | 1511 | 44.465 | 67176 | 0.26 | 0.20 | (25.50) |
| 2021 | 1473 | 59.685 | 87924 | 0.37 | 0.20 | 13.99 |
| **Capital Growth Portfolio** | **Capital Growth Portfolio** | **Capital Growth Portfolio** | **Capital Growth Portfolio** |  |  |  |
| **2025** | 4545 | 115.518 | 525039 | 1.01 | 0.20 | 28.72 |
| 2024 | 4591 | 89.743 | 411985 | 1.11 | 0.20 | 13.18 |
| 2023 | 4691 | 79.290 | 371948 | 1.13 | 0.20 | 27.74 |
| 2022 | 4853 | 62.073 | 301224 | 0.88 | 0.20 | (15.65) |
| 2021 | 4884 | 73.593 | 359420 | 0.93 | 0.20 | 21.30 |
|  |  |  |  |  | *(Concluded)* | *(Concluded)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;These amounts represent the dividends, excluding distributions of capital gains, received by the sub account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by average net assets. These ratios exclude expenses assessed by the sub-account. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. The investment income ratio is calculated for the effective period for each fund as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;These ratios represent the annualized contract expenses of the Separate Account, which consist of the mortality and expense and administration charges. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to the contract owner accounts through redemption of units and expenses of the underlying funds are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;These amounts represent the total return for the year, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses would result in a reduction in the total return presented. The total return is calculated for the effective period for each fund as applicable.

------

**Athene Variable Life Account A**

**Notes to Financial Statements**

**<u>December 31, 2025</u>**

**7.**&nbsp;&nbsp;&nbsp;&nbsp;**Subsequent Events**

The Company has evaluated subsequent events through April 30, 2026, the date that these financial statements were available to be issued. Based on this evaluation, no events have occurred subsequent to December 31, 2025 that require disclosure or adjustment to the financial statements at that date or for the period ended.

------

**Athene Annuity and Life** <br>**Company**

**Financial Statements – Statutory-Basis**

**December 31, 2025**, **2024 and 2023** 

------

**Athene Annuity and Life Company**

**Index**

**December 31, 2025**, **2024 and 2023** 

---

| | |
|:---|:---|
| | **Page** |
| **Independent Auditor's Report** | <u>[1](#i895ba609cae8435cb1cf1cde5f95eda3_10)</u> |
| **Financial Statements** |  |
| Balance Sheets – Statutory-Basis | <u>[4](#i895ba609cae8435cb1cf1cde5f95eda3_13)</u> |
| Statements of Operations – Statutory-Basis | <u>[6](#i895ba609cae8435cb1cf1cde5f95eda3_19)</u> |
| Statements of Changes in Capital and Surplus – Statutory-Basis | <u>[7](#i895ba609cae8435cb1cf1cde5f95eda3_22)</u> |
| Statements of Cash Flows – Statutory-Basis | <u>[8](#i895ba609cae8435cb1cf1cde5f95eda3_25)</u> |
| Notes to Financial Statements – Statutory-Basis | <u>[10](#i895ba609cae8435cb1cf1cde5f95eda3_31)</u> |

---

------

**INDEPENDENT AUDITOR'S REPORT**

To the Board of Directors of

Athene Annuity and Life Company

7700 Mills Civic Parkway

West Des Moines, IA 50266

**Opinions**

We have audited the statutory-basis financial statements of Athene Annuity and Life Company (the "Company"), which comprise the balance sheets - statutory-basis as of December 31, 2025 and 2024, and the related statements of operations - statutory-basis, statements of changes in capital and surplus – statutory-basis, and statements of cash flows – statutory-basis for each of the three years in the period ended December 31, 2025, and the related notes to the statutory-basis financial statements (collectively referred to as the "statutory-basis financial statements").

**Unmodified Opinion on Statutory-Basis of Accounting**

In our opinion, the accompanying statutory-basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division described in Note 1 and Note 2 to the statutory-basis financial statements.

**Adverse Opinion on Accounting Principles Generally Accepted in the United States of America**

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory-basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for the three years then ended.

**Basis for Opinions**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statutory-Basis Financial Statements section of our report. We are required to be independent of the Company, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

**Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America**

As described in Note 1 and Note 2 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by the Company using the accounting practices prescribed or

------

permitted by the Iowa Insurance Division, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Iowa Insurance Division. The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 1 and Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

**Emphasis of Matter**

As described in Note 1 to the statutory-basis financial statements, Athene Annuity and Life Assurance Company merged with and into the Company. Our opinion is not modified with respect to this matter.

**Responsibilities of Management for the Statutory-Basis Financial Statements**

Management is responsible for the preparation and fair presentation of the statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory-basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory-basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the statutory-basis financial statements are issued.

**Auditor's Responsibilities for the Audit of the Statutory-Basis Financial Statements**

Our objectives are to obtain reasonable assurance about whether the statutory-basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory-basis financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the statutory-basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory-basis financial statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory-basis financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control– elated matters that we identified during the audit.

/s/ Deloitte & Touche LLP

Des Moines, Iowa

March 31, 2026

------

**Athene Annuity and Life Company**

**Balance Sheets – Statutory-Basis**

**December 31, 2025 and 2024**

*(Dollars in thousands, except per share amounts)*

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **Admitted assets** |  |  |
| Cash and invested assets: |  |  |
| Bonds | $158852395 | $130962442 |
| Preferred stocks | 1450140 | 1819311 |
| Common stocks: |  |  |
| Affiliated entities | 508666 | 431051 |
| Unaffiliated | 1085683 | 741073 |
| Mortgage loans | 86638528 | 60226224 |
| Real estate held for the production of income | 219236 | 212030 |
| Policy loans | 130700 | 140451 |
| Cash, cash equivalents and short-term investments | 9357352 | 9764163 |
| Receivable for securities | 415289 | 232578 |
| Derivative assets | 5395753 | 4845625 |
| Derivative collateral assets | 655644 | 579393 |
| Other invested assets | 17387119 | 11568991 |
| Total cash and invested assets | 282096505 | 221523332 |
| Accrued investment income | 2479627 | 2016652 |
| Premiums due and deferred, net of loading | 4015 | 4326 |
| Reinsurance receivable | 225086 | 39562 |
| Funds withheld receivable on reinsurance | 2765938 | 2921009 |
| Reinsurance recoverable | 1236 | 1331 |
| Corporate owned life insurance | 2062897 | 1012862 |
| Amounts due from parent, subsidiaries, and affiliates | 4553 | 22537 |
| Federal income tax recoverable | 252301 | 166513 |
| Net deferred income tax asset | 417544 | 206585 |
| Other admitted assets | 42133 | 48258 |
| Separate account assets | 50398020 | 49882253 |
| Total admitted assets | $340749855 | $277845220 |

---

The accompanying notes are an integral part of the financial statements.

------

**Athene Annuity and Life Company**

**Balance Sheets – Statutory-Basis**

**December 31, 2025 and 2024**

*(Dollars in thousands, except per share amounts)*

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **Liabilities and capital and surplus** |  |  |
| Liabilities: |  |  |
| Policy and contract liabilities: |  |  |
| Life and annuity | $110615749 | $96601505 |
| Accident and health | 1637 | 1974 |
| Deposit-type contracts | 64259784 | 36359016 |
| Policy and contract claims | 465828 | 431994 |
| Total policy and contract liabilities | 175342998 | 133394489 |
| Accrued insurance expenses | 71727 | 70912 |
| Interest maintenance reserve | 219836 | 204696 |
| Asset valuation reserve | 5362458 | 3765492 |
| Amounts due to parent, subsidiaries, and affiliates | 142863 | 52270 |
| Payable for securities | 243786 | 315273 |
| Derivative liabilities | 1694680 | 1030094 |
| Derivative and other collateral liability | 5837970 | 5617217 |
| Remittances and items not allocated | 256371 | 165436 |
| Liability for unclaimed property | 116647 | 115952 |
| Funds held under reinsurance treaties | 66695002 | 55558281 |
| Reinsurance payable | 862449 | 2535564 |
| Other reinsurance liability | 500007 | 360458 |
| Repurchase agreement liability | 5045980 | 5625701 |
| Due to separate account | 22158151 | 14735349 |
| Other liabilities | 2808129 | 1687697 |
| Separate account liabilities | 49269017 | 48711282 |
| Total liabilities | 336628071 | 273946163 |
| Capital and surplus: |  |  |
| Common stock, $1 per share par value - 10,000,000 |  |  |
| shares authorized, issued and outstanding | 10000 | 10000 |
| Paid-in surplus | 5758301 | 5735000 |
| Unassigned surplus (deficit) | (1646517) | (1845943) |
| Total capital and surplus | 4121784 | 3899057 |
| Total liabilities and capital and surplus | $340749855 | $277845220 |

---

The accompanying notes are an integral part of the financial statements.

------

**Athene Annuity and Life Company**

**Statements of Operations – Statutory-Basis**

**Years Ended December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| **Premiums and other revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums and annuity considerations for life and accident |  |  |  |
| &nbsp;&nbsp;&nbsp; and health policies and contracts | $8844191 | $7736850 | $9687027 |
| &nbsp;&nbsp;&nbsp;Considerations for supplementary contracts with |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; life contingencies | 12976 | 12448 | (206655) |
| &nbsp;&nbsp;&nbsp;Net investment income | 12732699 | 10501479 | 5644299 |
| &nbsp;&nbsp;&nbsp;Amortization of interest maintenance reserve | 24171 | 21463 | 20480 |
| &nbsp;&nbsp;&nbsp;Commissions and expense allowances on reinsurance ceded | 2324454 | 1803638 | 1882891 |
| &nbsp;&nbsp;&nbsp;Corporate owned life insurance income | 150035 | 12862 | 1301 |
| &nbsp;&nbsp;&nbsp;Net gain (loss) from operations from separate accounts | 480323 | 674736 | 237746 |
| &nbsp;&nbsp;&nbsp;Modified coinsurance adjustment ceded | 7777675 | (31753929) | 20488103 |
| &nbsp;&nbsp;&nbsp;Funds withheld adjustment assumed | 130184 | 120230 | 90817 |
| &nbsp;&nbsp;&nbsp;Other income | 34323 | 25840 | 25062 |
| Total premiums and other revenues | 32511031 | (10844383) | 37871071 |
| **Benefits and expenses** |  |  |  |
| &nbsp;&nbsp;Benefits paid or provided for: |  |  |  |
| &nbsp;&nbsp;Surrender benefits | 3230046 | 2353840 | 2208333 |
| &nbsp;&nbsp;Annuity and other benefits | 1267813 | 1224417 | 1062931 |
| &nbsp;&nbsp;Increase (decrease) in policy reserves | 14033013 | (21501778) | 28991221 |
| &nbsp;&nbsp;Interest on policy or contract funds | 5890697 | 1573988 | 700563 |
| Total benefits | 24421569 | (16349533) | 32963048 |
| &nbsp;&nbsp;Funds withheld adjustment ceded | 3544758 | 1709373 | 277234 |
| &nbsp;&nbsp;Interest maintenance reserve ceded | 19320 | 29503 | 6495 |
| &nbsp;&nbsp;Commissions | 1657039 | 1575075 | 1480785 |
| &nbsp;&nbsp;Commissions and expense allowance on reinsurance assumed | 301470 | 182717 | 126105 |
| &nbsp;&nbsp;Interest maintenance reserve assumed | (7328) | (18059) | 53130 |
| &nbsp;&nbsp;General insurance expenses | 650748 | 649100 | 574847 |
| &nbsp;&nbsp;Insurance taxes, licenses, and fees | 6195 | 65948 | 43674 |
| &nbsp;&nbsp;Transfer to separate account, net | 342044 | 307035 | 1802671 |
| &nbsp;&nbsp;Other expense (income) | 136380 | (8096) | (5021) |
| Total benefits and expenses | 31072195 | (11856937) | 37322968 |
| Net gain (loss) from operations before dividends to |  |  |  |
| policyowners, federal income taxes and net realized |  |  |  |
| capital gains (losses) | 1438836 | 1012554 | 548103 |
| &nbsp;&nbsp;Dividends to policyowners | 20 | 17 | 20 |
| Net gain (loss) from operations before federal income |  |  |  |
| taxes and net realized capital gains (losses) | 1438816 | 1012537 | 548083 |
| &nbsp;&nbsp;Federal income tax expense (benefit) | (186034) | (222705) | 452495 |
| Net gain (loss) from operations before net realized |  |  |  |
| capital gains (losses) | 1624850 | 1235242 | 95588 |
| &nbsp;&nbsp;Net realized capital gains (losses), net of tax and transfers to |  |  |  |
| interest maintenance reserve | (533277) | (285751) | (174391) |
| Net income (loss) | $1091573 | $949491 | $(78803) |

---

The accompanying notes are an integral part of the financial statements.

------

**Athene Annuity and Life Company**

**Statements of Changes in Capital and Surplus – Statutory-Basis**

**Years Ended December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**Common**<br>**Stock** |<br>**Paid-in**<br>**Surplus** | **Unassigned**<br>**Surplus**<br>**(Deficit)** | **Total**<br>**Capital**<br> **and Surplus** |
| **Balances at December 31, 2022** | $10000 | $3323896 | $(1004287) | $2329609 |
| Correction of prior period error |  |  | (70481) | (70481) |
| Net loss |  |  | (78803) | (78803) |
| Capital contribution |  | 1450466 |  | 1450466 |
| Change in net deferred income tax |  |  | 733722 | 733722 |
| Change in net unrealized capital gains (losses), net of deferred tax |  |  | 812632 | 812632 |
| Change in nonadmitted assets |  |  | (134806) | (134806) |
| Change in asset valuation reserve |  |  | (924913) | (924913) |
| Surplus withdrawn from (contributed to) separate accounts during period |  |  | (115398) | (115398) |
| Other changes in surplus in separate accounts statement |  |  | (102945) | (102945) |
| Captive tax sharing agreement |  |  | (42) | (42) |
| Reinsurance adjustment |  |  | (593440) | (593440) |
| **Balances at December 31, 2023** | 10000 | 4774362 | (1478761) | 3305601 |
| Merger adjustment |  |  | (388057) | (388057) |
| Correction of prior period error |  |  | (7582) | (7582) |
| Net income |  |  | 949491 | 949491 |
| Capital contribution |  | 960638 |  | 960638 |
| Change in net deferred income tax |  |  | (61136) | (61136) |
| Change in net unrealized capital gains (losses), net of deferred tax |  |  | 1534314 | 1534314 |
| Change in nonadmitted assets |  |  | (137182) | (137182) |
| Change in asset valuation reserve |  |  | (925988) | (925988) |
| Other changes in surplus in separate accounts statement |  |  | (517892) | (517892) |
| Captive tax sharing agreement |  |  | 350 | 350 |
| Change in valuation basis on reserves |  |  | 376597 | 376597 |
| Reinsurance adjustment |  |  | (1190097) | (1190097) |
| **Balances at December 31, 2024** | 10000 | 5735000 | (1845943) | 3899057 |
| Correction of prior period error |  |  | (22061) | (22061) |
| Net income |  |  | 1091573 | 1091573 |
| Capital contribution |  | 23301 |  | 23301 |
| Change in net deferred income tax |  |  | 686892 | 686892 |
| Change in net unrealized capital gains (losses), net of deferred tax |  |  | 1633567 | 1633567 |
| Change in nonadmitted assets |  |  | 228585 | 228585 |
| Change in asset valuation reserve |  |  | (1587714) | (1587714) |
| Other changes in surplus in separate accounts statement |  |  | (522291) | (522291) |
| Cumulative effect of changes in accounting principles |  |  | (8112) | (8112) |
| Captive tax sharing agreement |  |  | 110 | 110 |
| Change in valuation basis on reserves |  |  | 83153 | 83153 |
| Reinsurance adjustment |  |  | (1384276) | (1384276) |
| **Balances at December 31, 2025** | $10000 | $5758301 | $(1646517) | $4121784 |

---

The accompanying notes are an integral part of the financial statements.

------

**Athene Annuity and Life Company**

**Statements of Cash Flows – Statutory-Basis**

**Years Ended December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| **Cash from operations** |  |  |  |
| Premiums and policy proceeds, net of reinsurance | $8857405 | $7750038 | $9516710 |
| Net investment income received | 12281981 | 9300493 | 5091189 |
| Commissions and expense allowances on reinsurance ceded | 2307078 | 1811471 | 1883507 |
| Funds withheld adjustment ceded | (3544758) | (1709373) | (277234) |
| Net benefits received (paid) | (3436726) | (34968361) | 15813076 |
| Commissions and insurance expenses paid | (2716752) | (2400280) | (2153701) |
| Federal income tax received (paid) | (73434) | 18197 | (507742) |
| Net transfers (to) from separate accounts | 7080758 | 8596689 | 637212 |
| Other revenues received less other expenses paid | 34300 | 85036 | 46658 |
| Net cash from operations | 20789852 | (11516090) | 30049675 |
| **Cash from investments** |  |  |  |
| Proceeds from investments sold, matured or repaid: |  |  |  |
| Bonds | 54035221 | 34416151 | 13382521 |
| Stocks | 372130 | 338477 | 102598 |
| Mortgage loans | 12676074 | 7020006 | 3374534 |
| Other invested assets | 4250688 | 1130989 | 1745846 |
| Miscellaneous proceeds | 50339 | 281845 | 160981 |
| Total investment proceeds | 71384452 | 43187468 | 18766480 |
| Cost of investments acquired: |  |  |  |
| Bonds | (83690859) | (69109193) | (28599173) |
| Stocks | (498515) | (1136707) | (973696) |
| Mortgage loans | (38403243) | (26688611) | (18127510) |
| Real estate | (10583) | (5754) |  |
| Other invested assets | (7749491) | (2013159) | (2154461) |
| Miscellaneous applications | (1469924) | (552064) | (363694) |
| Total costs of investments acquired | (131822615) | (99505488) | (50218534) |
| Net change in policy loans | 9863 | 7908 | 6819 |
| Net cash from investments | (60428300) | (56310112) | (31445235) |
| **Cash from financing and miscellaneous sources** |  |  |  |
| Net deposits (withdrawals) on deposit-type contracts | 27900768 | 14108577 | 3343053 |
| Capital contribution |  | 311663 | 310471 |
| Borrowed funds and repurchase agreements | (579722) | 2549382 | (868264) |
| Net change in derivative and other collateral liability | 220753 | 2195307 | 1711348 |
| Funds held under reinsurance | 11136724 | 49702719 | (1349641) |
| Other cash provided (applied) | 553114 | (526240) | 1148967 |
| Net cash from financing and miscellaneous sources | 39231637 | 68341408 | 4295934 |
| Net change in cash, cash equivalents and short-term investments | (406811) | 515206 | 2900374 |
| **Cash, cash equivalents and short-term investments** |  |  |  |
| Beginning of year | 9764163 | 9248957 | 6348583 |
| End of year | $9357352 | $9764163 | $9248957 |

---

The accompanying notes are an integral part of the financial statements.

------

**Athene Annuity and Life Company**

**Statements of Cash Flows – Statutory-Basis**

**Years Ended December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| **Supplemental disclosures of cash flow information for non-cash transactions** |  |  |  |
| Security exchanges and asset in kind trades - bond proceeds (investing) | 13227345 | 4409615 | 2904032 |
| Security exchanges and asset in kind trades - bonds acquired (investing) | (13227345) | (4409615) | (2904032) |
| Reinsurance activity settled in bonds (operating) | 2664709 | 470814 | 270727 |
| Reinsurance activity settled in bonds (investing) | (2664709) | (470814) | (270727) |
| Asset transfer bonds to other invested assets - proceeds (investing) | 1672916 |  | 3801 |
| Asset transfer stocks to other invested assets - proceeds (investing) | 167410 |  |  |
| Asset transfer bonds and stocks to other invested assets - acquired (investing) | (1840325) |  | (3801) |
| Intercompany tax settlement (operating) | 415722 |  |  |
| Intercompany tax settlement - bonds and other invested assets acquired (investing) | (415722) |  |  |
| Interest capitalization (operating) | 217286 | 118597 | 56796 |
| Interest capitalization (investing) | (217286) | (118597) | (56796) |
| Security exchanges and asset in kind trades - other invested asset proceeds (investing) | 162390 | 65000 | 10913 |
| Security exchanges and asset in kind trades - other invested assets acquired (investing) | (162390) | (65000) | (10913) |
| Asset transfer mortgage loans to other invested assets - proceeds (investing) | 71695 | 292556 | 4170 |
| Asset transfer mortgage loans to other invested assets - acquired (investing) | (71695) | (292556) | (4170) |
| Asset transfer to other invested assets - receivable for securities (investing) | 26930 |  |  |
| Asset transfer to other invested assets - acquired (investing) | (26930) |  |  |
| Capital contribution of stock compensation expense (financing) | 23301 | 26638 | 50466 |
| Capital contribution of stock compensation expense (investing) | (135) | (274) | (408) |
| Capital contribution of stock compensation expense (operating) | 23167 | (26364) | (50058) |
| Asset transfer other invested assets to stocks - proceeds (investing) | 4113 |  |  |
| Asset transfer other invested assets to stocks - acquired (investing) | (4113) |  |  |
| Capital contribution - non-cash (financing) |  | 622337 | 1294714 |
| Capital contribution - non-cash (investing) |  | (614665) | (1282881) |
| Capital contribution - non-cash (operating) |  | (7672) | (11833) |
| Asset transfer bonds to mortgage loans - proceeds (investing) |  | 85153 | 139494 |
| Asset transfer bonds to mortgage loans - acquired (investing) |  | (85783) | (132015) |
| Asset transfer mortgage loans to bonds - proceeds (investing) |  | 44067 |  |
| Asset transfer mortgage loans to bonds - acquired (investing) |  | (44067) |  |
| Reinsurance recapture - bonds proceeds (investing) |  | 39269 | 35672 |
| Reinsurance recapture (operating) |  | (39269) | (35672) |
| Security exchanges and asset in kind trades - stock proceeds (investing) |  | 30018 | 24002 |
| Security exchanges and asset in kind trades - stocks acquired (investing) |  | (30018) | (24002) |
| Asset transfer bonds to stocks - proceeds (investing) |  | 1714 |  |
| Asset transfer bonds to stocks - acquired (investing) |  | (1714) |  |
| Asset transfer bonds to mortgage loans - net investment income (operating) |  | 630 | 1280 |
| Asset transfer bonds to mortgage loans - suspense (financing) |  |  | (8760) |
| Asset transfer mortgage loans to real estate - proceeds (investing) |  |  | 74200 |
| Asset transfer mortgage loans to real estate - acquired (investing) |  |  | (74200) |

---

The accompanying notes are an integral part of the financial statements.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**1.&nbsp;&nbsp;&nbsp;&nbsp;Nature of Operations and Significant Accounting Policies** 

**Organization and Nature of Business**

Athene Annuity and Life Company (the Company) is a stock life insurance company domiciled in the State of Iowa and was founded in 1896. The Company is licensed in the District of Columbia, Puerto Rico and all states except New York. The Company is a leading retirement services company offering savings products through independent agents and financial institutions that are focused on simple, tax efficient solutions such as fixed indexed and fixed rate annuities. The Company also issues group annuity contracts within a separate account structure to employers related to pension group annuity (PGA) transactions and issues funding agreements and guaranteed interest contracts to financial institutions.

All outstanding shares of the Company are owned by Athene Annuity Re Ltd. (AARe), which is an indirect wholly owned subsidiary of Athene Holding Ltd. (AHL). AHL is a direct subsidiary of Apollo Global Management Inc. (AGM).

The Company owns all the outstanding capital stock of Athene Annuity & Life Assurance Company of New York (AANY), which in turn owns all the outstanding capital stock of Athene Life Insurance Company of New York (ALICNY). The Company also owns all the outstanding capital stock of Structured Annuity Reinsurance Company (STAR), Athene Re USA IV, Inc. (Athene Re IV), Centralife Annuities Services, Inc. and P.L. Assigned Services, Inc.

**Merger**

On December 20, 2023, the Company and Athene Annuity & Life Assurance Company (AADE), its Delaware domiciled parent company, executed an Agreement and Plan of Merger. Effective October 11, 2024, following the receipt of all required regulatory approvals, AADE merged with and into the Company, with the Company as the surviving entity. The Company received a no objection letter from the Insurance Division, Department of Commerce, of the State of Iowa (Iowa Department) to use a merger effective date of October 1, 2024 for financial reporting purposes.

The merger was accounted for in accordance with the Statement of Statutory Accounting Principles (SSAP) No. 68, *Business Combinations and Goodwill*, as a statutory merger. As such, financial statements for periods prior to the merger were combined and the recorded assets, liabilities and surplus of the Company and AADE were carried forward to the merged company. The common capital stock of AADE was deemed canceled and AADE's investment in the affiliated common stock of the Company was eliminated. The business the Company previously ceded to AADE under a coinsurance agreement is no longer reflected as assumed and ceded risks in the recast merged financial statements. The impact of these merger adjustments, net of eliminations, increased capital and surplus by $257,019 as of the merger effective date.

Summarized financial information for the Company and AADE presented separately for the period prior to the merger is as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| | **The Company** | **AADE** | **Eliminations** | **Merged Totals** |
| Capital and surplus | $2875879 | $3143630 | $(2713908) | $3305601 |
| Total premiums and other revenues | 36940976 | 908478 | 21617 | 37871071 |
| Total benefits and expenses | 36732225 | 699871 | (109128) | 37322968 |
| Net income (loss) | (209334) | (215) | 130746 | (78803) |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

As described in Note 2, the Company utilizes certain accounting practices prescribed by the Iowa Department to account for its derivative instruments and indexed annuity policy reserves. These accounting practices differed from the methods utilized by AADE. Effective on the date of merger, these prescribed practices were applied to the former AADE block, including for the calculation of balances impacting reinsurance settlements for business ceded under affiliated reinsurance treaties. Also effective on the date of merger, the Company removed AVR balances previously ceded by AADE. In accordance with SSAP No. 3, *Accounting Changes and Correction of Errors*, the effects of these accounting changes were recorded directly to surplus in 2024, and the historical financials were not restated. The net impact of adopting these accounting changes, net of reinsurance and taxes, decreased surplus by $388,057 as of the merger effective date, primarily driven by the removed ceded AVR balances which did not have an impact on total adjusted capital.

**Regulatory Closed Blocks**

The Company established two regulatory closed blocks, on March 31, 2000 for Indianapolis Life Insurance Company and June 30, 1996 for AmerUs Life Insurance Company, in connection with the reorganization of two mutual insurance predecessor entities of the Company to a stock form. Insurance policies which had a dividend scale in effect at the time of the reorganizations were included in the closed blocks. The closed blocks were designed to give reasonable assurance to owners of affected policies that assets will be available to support such policies, including maintaining dividend scales in effect at the time of the reorganization, if the experience underlying such scales continues. The assets allocated to the closed blocks, including revenue therefrom, will accrue solely to benefit the owners of policies included in the block until the block is no longer in effect. Payment of dividends on closed block policies will be supported by closed block assets; however, in the unlikely event the closed block assets are insufficient to meet minimum policy obligations, dividend payments will be made from the general funds.

**Basis of Presentation**

The preparation of financial statements of insurance companies requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

The accompanying financial statements have been prepared on the basis of accounting practices prescribed or permitted by the Iowa Department. The State of Iowa has adopted the National Association of Insurance Commissioners' (NAIC) *Accounting Practices and Procedures Manual*. These practices differ from accounting principles generally accepted in the United States of America (GAAP) and are presumed to be material.

The more significant of the differences from those prescribed or permitted by the Iowa Department and GAAP are as follows:

*Fixed Maturity Securities:* Investments in bonds, redeemable preferred stocks, and surplus notes are reported at amortized cost or fair value based on their rating by the NAIC; for GAAP, such investments would be designated at purchase as held-to-maturity, trading or available-for-sale. For GAAP, held-to-maturity fixed maturity investments would be reported at amortized cost, and the remaining fixed maturity investments would be reported at fair value with unrealized holding gains and losses reported in operations for those designated as trading and as a separate component of other comprehensive income for those designated as available-for-sale.

A decline in a security's estimated fair value that is other-than-temporary is treated as a realized loss in the statements of operations and the cost basis of the security is reduced to its estimated fair value. Under GAAP, available-for-sale securities with a fair value that has declined below amortized cost are evaluated to determine how the decline in fair value should be recognized. If it is determined, based on

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

the facts and circumstances related to the specific security, that the holder intends to sell a security or it is more likely than not that the holder would be required to sell a security before the recovery of its amortized cost, any existing allowance for credit losses is reversed and the amortized cost of the security is written down to fair value. If neither of these conditions exist, the holder evaluates whether the decline in fair value has resulted from a credit loss or other factors. If the decline in fair value resulted from a credit loss, the cost basis is not reduced but rather a valuation allowance is established and is remeasured each period for the passage of time, any change in expected cash flows, and changes in the fair value of the security.

*Mortgage Loans:* Mortgage loans are reported at amortized cost. Valuation allowances, if necessary, are established for mortgage loans based on the difference between the net value of the collateral, determined as the fair value of the collateral less estimated costs to obtain and sell, and the recorded investment in the mortgage loan. Under GAAP, such allowances are established for the expected credit losses at the time of purchase and represent the portion of the asset's amortized cost basis the Company does not expect to collect due to credit losses over the asset's contractual life. Expected credit losses consider past events, current conditions, and reasonable and supportable forecasts of future economic conditions or macroeconomic forecasts. Effective January 1, 2022, the Company elected the fair value option on the Company's mortgage loan portfolio for GAAP. Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses).

*Real Estate:* Investments in real estate are reported net of related obligations. Under GAAP, real estate is reported on a gross basis.

*Short-term Investments:* Short-term investments include investments with maturities less than one year from the date of acquisition and are included in cash, cash equivalents and short-term investments in the balance sheets and statements of cash flows. Under GAAP, investments with maturities less than three months from the date of acquisition are included in cash and cash equivalents while investments with maturities less than one year but greater than three months are included in short-term investments and are not part of cash and cash equivalents in the statements of cash flows.

*Derivatives:* Derivative instruments used in hedging transactions that meet the criteria of an effective hedge, and are designated in a hedge accounting relationship, are valued and reported in a manner that is consistent with the hedged asset or liability (e.g., amortized cost or fair value with the net unrealized capital gains (losses) reported in surplus along with any adjustment for federal income taxes). Embedded derivatives are not accounted for separately from the host contract. Under GAAP, all derivatives are reported on the balance sheets at fair value, and an embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risks of the host contract is accounted for separately from the host contract and valued and reported at fair value. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge, or that meet the required criteria but the Company has chosen not to apply hedge accounting, are accounted for at fair value and the changes in the fair value are recorded as unrealized gains or unrealized losses directly to surplus rather than to income as required under GAAP. Refer to Note 2 for discussion surrounding the Company's prescribed practices applied to derivatives.

*Other Invested Assets:* Changes in value of certain other long-term investments accounted for under the equity method of accounting are recorded as unrealized gains and losses as a component of surplus. Under GAAP, such changes are recorded through earnings.

*Interest Maintenance Reserve (IMR):* Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity of the individual security sold. The Company also defers the gains and losses related to the market value adjustment (MVA) on annuity policies. The net deferral is reported as IMR in the accompanying balance

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses and the MVA would be reported in the statements of operations on a pretax basis in the period that the assets giving rise to the gains or losses are sold or the MVA was realized.

*Asset Valuation Reserve (AVR)*: The AVR provides a valuation allowance for invested assets and is determined by an NAIC prescribed formula with changes reflected directly in surplus; AVR is not recognized for GAAP.

*Policy Acquisition Costs*: The costs of acquiring and renewing business are expensed as incurred. Under GAAP, acquisition costs directly related to successful acquisition of new or renewal contracts are capitalized and amortized over the life of the contracts.

*Nonadmitted Assets:* Certain assets are designated as nonadmitted; principally, as applicable, certain receivables from agents and bills receivable, electronic data processing equipment, capitalized software, furniture and equipment, prepaid expenses, certain deferred income tax assets, non-insurance subsidiaries for which audited GAAP financial statements are not obtained, and other certain assets not specifically identified as an admitted asset within the NAIC Accounting Practices and Procedures Manual, are excluded from the accompanying balance sheets and are charged directly to surplus. Under GAAP, there is no concept of nonadmitted assets.

*Universal Life and Annuity Policies*: Revenues for universal life and annuity policies with mortality or morbidity risk (including annuities with purchase rate guarantees) consist of the entire premium received. Benefits incurred represent the total of surrender and death benefits paid and the change in policy reserves. Interest on these policies is reflected in other benefits. Premiums received and benefits incurred for annuity policies without mortality or morbidity risk are recorded using deposit accounting, and recorded directly to an appropriate policy reserve account, without recognizing premium income or benefits paid. Under GAAP, premiums received on universal life are recorded directly to the reserve liability and benefits incurred represent interest credited to the policy account value and the excess of benefits paid over the policy account value. For deferred annuity policies and single premium immediate annuity (SPIA) policies without life contingencies, premiums received and benefits paid are recorded directly to the policy reserve liability.

*Deposit-Type Contracts*: The Company records the liability for guaranteed interest contracts and fixed coupon rate funding agreements in the amount equal to the present value of the future interest payments and maturity payments discounted at the appropriate statutory valuation rate. For floating coupon rate funding agreements, the Company records the liability in the amount equal to the notional value plus the accrued interest on the next coupon payment. Under GAAP, these liabilities are recorded using the effective interest method based on the initial deposit and projected future coupon payments and maturity value. For funding agreements denominated in foreign currencies, the liabilities are calculated in the foreign currency and then converted to US dollars using the spot foreign exchange rate as of the balance sheet date.

For SPIA without life contingencies, the Company records the liability as the present value of cash flows discounted using prescribed valuation interest rates. Under GAAP, these liabilities are recorded using the effective interest method whereby an effective interest rate is solved for such that the present value of benefits and maintenance expenses equals the gross premium received less deferrable acquisition costs.

*Benefit Reserves*: Certain policy reserves, including the group annuity contracts related to PGAs, are calculated as the present value of cash flows discounted using prescribed valuation interest rates and prescribed mortality rather than on estimated expected experience or actual account balances as would be required under GAAP. For group annuity contracts related to PGA business, the Company received

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

approval from the Iowa Department to use an alternative methodology where mortality is based on prudent best estimate assumptions rather than prescribed mortality. For PGA group annuity contracts with deferred lives (participants not currently receiving pension benefits but eligible to commence at a future date), the present value of expected benefits is determined using prudent best estimate assumptions (mortality, election type, election age, etc.) based on any plan experience, industry data and actuarial judgment.

*Reinsurance*: Policy and contract liabilities ceded to reinsurers under coinsurance agreements have been reported as reductions of the related reserves rather than as assets as would be required by GAAP. Any reinsurance balances deemed to be uncollectible are written off through a charge to earnings. A liability for reinsurance balances is provided for unsecured policy reserves ceded to reinsurers not authorized to assume such business. Changes to those amounts are credited or charged directly to surplus. Under GAAP, an allowance for expected credit losses is established through a charge to earnings with subsequent changes to expected credit losses recognized as an adjustment to that allowance through a charge to earnings. Upfront commissions allowed by reinsurers on business ceded are reported as income when received rather than being deferred and amortized with deferred policy acquisition costs as required under GAAP.

*Deferred Income Taxes:* Deferred tax assets are limited to: 1) the amount of capital gains taxes paid in prior years that can be recovered through capital loss carrybacks for existing temporary differences that reverse during a time frame corresponding with Internal Revenue Service (IRS) tax loss carryback provisions, not to exceed three years, plus 2) the lesser of the amount of the remaining gross deferred tax assets expected to be realized within three years of the balance sheet date or 15% of adjusted capital and surplus excluding any net deferred income tax assets, electronic data processing equipment and operating software and any net positive goodwill, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities after considering the character (i.e. ordinary versus capital) of the deferred tax assets and liabilities. The remaining deferred tax assets are nonadmitted. Deferred taxes do not include amounts for state taxes. Under GAAP, state taxes are included in the computation of deferred taxes, a deferred tax asset is recorded for the amount of gross deferred tax assets expected to be realized in future years, and a valuation allowance is established for deferred tax assets not realizable.

*Policyowner Dividends*: Policyowner dividends are recognized when declared rather than over the term of the related policies as required by GAAP, and are reserved one year in advance through charges to operations.

*Subsidiaries, Controlled and Affiliated Entities*: The accounts and operations of the Company's subsidiaries are not consolidated with the accounts and operations of the Company. Under GAAP, such consolidation would be required.

*Comprehensive Income:* Comprehensive income and its components are not presented in the financial statements, which is required under GAAP.

*Separate Accounts*: Separate account premiums and benefits are recognized in the accompanying statements of operations and transferred to or from the separate account. Under GAAP, separate account premiums and benefits are not recognized. The accounts and operations of the Company's Funding Agreements, Group Annuity, and Index-Linked Annuity Separate Accounts are not consolidated with the accounts and operations of the Company as would be required under GAAP.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

Other significant accounting policies follow:

**Investments**

The Company's bonds, asset-backed securities, preferred stocks, affiliated and unaffiliated common stocks, mortgage loans, real estate, policy loans, short-term investments, cash equivalents and other invested assets are stated using methods prescribed by the NAIC, as follows:

• Bonds not backed by other loans are principally stated at amortized cost using the modified scientific method unless they are designated by the Securities Valuation Office (SVO) of the NAIC as Class 6, in which case they are reported at the lower of amortized cost or fair value. Bonds containing issuer call provisions (except "make-whole" call provisions) are amortized to the call or maturity value and date which produces the lowest asset value (yield-to-worst).

• Asset-backed securities are valued at amortized cost using the interest method including anticipated prepayments unless they are designated by the Securities Valuation Office (SVO) of the NAIC as Class 6, in which case they are reported at the lower of amortized cost or fair value. Prepayment assumptions are obtained from dealer surveys or internal estimates and are based on the current interest rate and economic environment. The retrospective adjustment method is used to value all such securities, except for principal-only, interest-only, purchased credit impaired securities, and securities not highly rated at the time of purchase, which are valued using the prospective method.

• Perpetual preferred stock is carried at fair value, not to exceed any currently effective call price. The related net unrealized capital gains or losses are reported in surplus along with any adjustment for federal income taxes. Redeemable preferred stock designated by the SVO as Class 3 or better is carried at amortized cost. Redeemable preferred stock designated by the SVO as Class 4 to 6 is carried at the lower of cost or fair value.

• Affiliated common stock of the Company's insurance subsidiaries is reported in accordance with SSAP No. 97, *Investments in Subsidiary, Controlled and Affiliated Entities*, at the subsidiary's underlying capital and surplus plus unamortized goodwill. The Company's investment in non-insurance subsidiaries is reported at the subsidiary's GAAP book value. The net change in the underlying book value of the subsidiaries is reflected within surplus as a change in unrealized capital gains and losses.

• Unaffiliated common stocks are reported at fair value based on quoted market prices or commercially available vendor prices and the related net unrealized capital gains or losses are reported in surplus along with any adjustment for federal income taxes. The Company is a member of the Federal Home Loan Bank (FHLB) of Des Moines which requires members to purchase FHLB capital stock in relation to the amount of FHLB advances drawn by such member. There is no active market for FHLB stock, and the stock is carried at cost, which is equivalent to fair value.

• There are no restrictions on assets, except for those disclosed in Note 4.

• Mortgage loans are reported at unpaid principal balances, net of unamortized premiums and discounts, less valuation allowance for specific reserves. A mortgage loan is considered for a specific allowance when, based on current information and events, it is probable that the Company will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage agreement. When management determines that it will not be able to collect all scheduled principal and interest, a valuation allowance is established and the mortgage loan is written down to the net value of the collateral, determined as the fair value of the collateral less estimated costs to obtain and sell and the recorded investment in the mortgage loan. The creation of a valuation allowance for specific reserves or change to an existing valuation allowance for specific reserves is reflected within surplus as a change in

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

unrealized gains and losses. Mortgage loans for which foreclosure is probable are considered permanently impaired and a direct write down is recognized as a realized loss in the statements of operations and a new cost basis is established.

• Real estate classified as held for sale is reported at lower of depreciated cost or fair value, net of related obligations. Real estate classified as held for the production of income is reported at depreciated cost net of related obligations.

• Policy loans are valued at unpaid principal balances.

• Short-term investments include investments with remaining maturities of one year or less at the time of acquisition (excluding those investments classified as cash equivalents as defined below) and are principally stated at amortized cost. Short-term investments include bonds and money market instruments.

• Cash equivalents are money market mutual funds or short-term highly liquid investments with an original or remaining maturity of three months or less at the date of purchase and are principally stated at amortized cost.

• Other invested assets are primarily comprised of partnership interests. Partnership interests are accounted for under the equity method of accounting under which the carrying value of the related partnership interest is based on the Company's proportional share of the GAAP equity of the partnership. Any difference between the cost basis and carrying value of the partnership interest is reflected in surplus. Other than partnerships, other invested assets may include surplus notes, debt securities that do not qualify as bonds, collateral loans secured by mortgage loans and tax credit investments. Surplus notes with an NAIC 1 or NAIC 2 designation are reported at amortized cost. Surplus notes with an NAIC 3 through NAIC 6 designation are reported at the lesser of amortized cost or fair value, with fluctuations in fair value reflected within surplus as a change in unrealized gains and losses. Debt securities that do not qualify as bonds are carried at the lesser of amortized cost or fair value, with fluctuations in fair value reflected within surplus as a change in unrealized gains and losses. In addition, residual interests in securitization vehicles that do not qualify as bonds are reported using the calculated practical expedient method, where the book/adjusted carrying value is reduced by distributions received until the residual interests have a book/adjusted carrying value of zero. Any distributions received thereafter are recognized as interest income. Collateral loans secured by mortgage loans follow the mortgage loan accounting previously discussed. Tax credit investments (including low-income housing and other federal and state tax credit structures) are carried at proportional amortized cost, net of amortization recognized over the expected period of projected tax credits and other tax benefits. Impairments that are other-than-temporary are recognized in realized losses; ongoing accretion and amortization is reflected in net investment income.

• Repurchase agreements and reverse repurchase agreements are agreements between a seller and a buyer, whereby the seller of securities sells and simultaneously agrees to purchase the same or substantially the same securities from the buyer at an agreed upon price and, usually, at a stated date as defined in SSAP No. 103, *Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities.* The Company's repurchase agreements are accounted for as secured borrowings. The Company pledges investments, receives cash as collateral and establishes a liability to return the collateral. For reverse repurchase agreements, the Company lends cash and establishes a short-term investment or cash equivalent for the principal amount loaned under the agreement.

Changes in unrealized gains or losses on bonds, preferred stocks, and common stocks carried at fair value are credited or charged directly to surplus, except those securities with OTTI. A decline in a security's estimated fair value that is other-than-temporary is treated as a realized loss in the statements of operations and the cost basis of the security is reduced to its estimated fair value. The Company identifies fixed income and equity securities that could potentially have impairments that are other-than-temporary by monitoring changes in fair value of its securities relative to the amortized cost of those

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

securities. The Company reviews its bonds and stocks on a case-by-case basis to determine whether an OTTI exists and whether losses should be recognized through earnings. The Company considers relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (1) the extent and length of time the fair value has been below cost; (2) the reasons for the decline in fair value; (3) the issuer's financial position and access to capital; and (4) for fixed income securities, the Company's intent to sell a security or whether it is more likely than not it will be required to sell the security before the recovery of its amortized cost (which, in some cases, may extend to maturity) and for equity securities, the Company's ability and intent to hold the security for a period of time that allows for the recovery in value. To the extent the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized.

The recognition of an OTTI for asset-backed securities is dependent upon the Company's ability and intent to hold the security until the ultimate recovery of amortized cost. SSAP No. 43, *Asset-backed Securities*, requires that an OTTI loss be recognized in earnings for an asset-backed security in an unrealized loss position when it is anticipated that the cost basis will not be recovered. When an OTTI is recognized, the non-interest related portion of the OTTI loss is recorded through AVR and the interest related portion is recorded through IMR. In situations where the Company intends to sell the security, or it does not have the intent and ability to hold the security until recovery of the amortized cost basis, the entire difference between the security's amortized cost and estimated fair value is recognized as an OTTI loss in the statements of operations. In situations where the Company does not intend to sell the security, and has both the intent and ability to hold the security until recovery of the amortized cost basis but does not expect to recover the entire amortized cost, the difference between the amortized cost basis of the security and the net present value of the future cash flows expected to be collected is recognized as an OTTI loss in the statements of operations.

Realized capital gains and losses are determined on a first-in, first-out basis and are recorded net of related federal income taxes. The AVR is established by the Company to provide for potential losses in the event of default by issuers of certain invested assets. These amounts are determined using a formula prescribed by the NAIC and are reported as a liability. The formula for the AVR provides for a corresponding adjustment for realized gains and losses. Under a formula prescribed by the NAIC, the Company defers, in the IMR, the portion of realized gains and losses on sales of fixed income investments (principally bonds and mortgage loans) attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity of the security.

Changes in nonadmitted asset carrying amounts are recorded directly to surplus.

Interest income is recognized on an accrual basis. The Company does not accrue income on bonds in default, mortgage loans on real estate in default or foreclosure or which are delinquent more than 90 days. Income is also not accrued when collection is uncertain. In addition, accrued interest is excluded from interest income when payment exceeds 90 days past due.

**Derivatives**

Derivatives are carried on the Company's balance sheets as both derivative assets and derivative liabilities. The Company currently executes both bilateral trades and cleared trades. For bilateral trades, the Company has elected to present any derivatives subject to master netting provisions as a gross asset or liability, gross of collateral presented. Cleared trades are cleared and settled through the broker, the central clearing counterparty and Futures Commission Merchant (FCM). On the date a derivative contract is executed, the Company designates derivatives as either a cash flow hedge, fair value hedge, or a free-standing derivative held for other risk management purposes, which primarily involve managing asset or liability risks associated with the Company's reinsurance treaties which do not qualify for hedge accounting. Free-standing derivatives also include derivatives that economically hedge interest rate risk and other cash flows risks but do not qualify for, or the Company has chosen not to apply, hedge

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

accounting. The Company's policy is to align the derivative income or expense to the statements of operations line item for which it relates.

For bilateral derivative positions, in order to reduce the amount of exposure on derivative instruments, the Company may be required to pledge or receive collateral for any derivative contracts that are entered into. The amount of collateral that is required is based on the fair value of the contract and credit threshold of the counterparty. For cleared derivative positions, the Company is required to satisfy daily collateral requirements associated with our FCM agreement and these amounts include initial margin requirements.

Derivative instruments that qualify for hedge accounting are valued and reported in a manner consistent with the hedged asset or liability. To qualify for hedge accounting, the Company must maintain specific documentation regarding the risk management objectives of the hedge and demonstrate on an ongoing basis that the hedging relationship remains highly effective. Derivatives that do not qualify for, or for which the Company has elected not to apply hedge accounting, excluding replication transactions and those accounted for in accordance with Iowa Administrative Code Section 191-97, *Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve* (IAC Section 191-97) (refer to discussion in Note 2), are measured at fair value each reporting period with changes in fair value recorded as unrealized gains or losses in surplus. Cash payments made or received on these derivative instruments are recorded through income.

Futures are recorded at fair value of margin on deposit with the clearing broker and changes in this margin on deposit are recognized in the summary of operations through investment income.

**Separate Accounts**

Separate account assets and liabilities reported in the balance sheets represent funds that are separately administered. The Company maintains five separate account arrangements. The first arrangement includes one separate account containing funding agreements. The assets within this separate account represent a reinsurance receivable, as these funding agreements are ceded as discussed in Note 7.

The second arrangement includes three separate accounts, consisting of previously sold variable annuity and variable universal life products. The Company ceased marketing these products in 2009. The assets and liabilities of the variable lines of business are reported at fair value since the underlying investment risks are assumed by the policy owners. Investment income and gains or losses arising from the variable lines of business accrue directly to the policy owners and are, therefore, not included in investment earnings in the accompanying statements of operations.

The third arrangement, known as Group Annuity Separate Accounts, includes separate accounts supporting annuity contracts issued to various employers, or trusts established by such employers, in respect of those employers' pension plans. The group fixed annuity contracts obligate the Company's general account to make annuity payments if the separate account is not able to do so.

The fourth arrangement, known as Index-Linked Deferred Annuity Contract Separate Accounts, supports registered index-linked deferred annuity contracts issued by the Company. The Company's general account has guaranteed the amounts under the index-linked deferred annuity contracts, to the extent not covered by the assets in the separate account.

The fifth arrangement, known as Private Placement Variable Annuity Separate Accounts, supports private placement variable deferred annuity contracts issued by the Company to purchasers meeting the requirements as a qualified purchaser or an accredited investor under applicable federal securities laws.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

Contract owners bear the entire investment risk, including the risk of loss of principal for all amounts invested in the contract.

**Premiums and Annuity Considerations**

Revenues for policies with mortality or morbidity risk (including annuities with purchase rate guarantees) consist of the entire premium received. These revenues are recognized when due. Benefits incurred represent the total of surrender and death benefits paid and the change in policy reserves. Premiums received and benefits paid for annuity policies without mortality or morbidity risk are recorded using deposit accounting, and recorded directly to an appropriate policy reserve account, without recognizing premium income or benefits paid. Accident and health premiums are earned pro-rata over the terms of the policies.

Deferred and uncollected life insurance premiums represent annual or fractional premiums, either due and uncollected or not yet due, where policy reserves have been provided on the assumption that the full premium for the current year has been collected.

**Policy Reserves and Funds on Deposit**

Policy reserves for life and annuity contracts, including the group annuity contracts related to PGA, are developed using prescribed actuarial methods. Life reserves are calculated using the Net Level Premium method, Commissioner's Reserve Valuation Method, or a modified method. Annuity reserves are calculated using the Commissioner's Annuity Reserve Valuation Method, or for certain group fixed indexed annuities, the Commissioner's Reserve Valuation Method. The use of these reserve methods for life policies is to partially offset the effect of immediately expensing acquisition costs by providing a policy reserve increase in the first policy year, which is less than the reserve increase in renewal years. For group annuity contracts related to PGA business, the Company received approval from the Iowa Department to use an alternative methodology, under Iowa code with commissioner approval, where prudent best estimate mortality assumptions are used. Reserves meet the minimum requirements of the insurance laws and regulations of the state of domicile.

Accident and health policy reserves are calculated using statistical analyses to develop and estimate the ultimate net cost of reported and unreported losses. The reserves also include an amount for unearned premiums determined by prorating the premiums received over the terms of the policies and active-life mid-terminal reserves for individual non-cancelable and guaranteed renewable policies using the net level premium method.

The reserves related to fixed-rate investment contracts and policyowner funds left on deposit with the Company are generally equal to fund balances less applicable surrender charges.

The Company offers riders on its fixed annuities which provide for future withdrawal and death benefits. In accordance with the NAIC's *Accounting Practices and Procedures Manual*, the rider should be reserved for under Actuarial Guideline 33 (AG 33). The Company requested and received approval from the Iowa Department to use an alternative methodology under the Practical Considerations section of AG 33 for policies issued prior to January 1, 2014. The reserve held for policies issued prior to January 1, 2014 is based on Actuarial Guideline 43 (AG 43), the approved alternative method for these contracts. The reserve held for policies issued January 1, 2014 and after is based on AG 33.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The Company uses an AG 43 reserving approach for the closed individual variable annuity block and index-linked annuity business not classified as a registered indexed linked annuity (RILA). All reinsurance applicable to this business, including treaties covering guaranteed minimum accumulation benefits and guaranteed minimum death benefit features, are covered by AG 43. AG 43 prescribes an approach to calculating reserves that uses a combination of a principles-based method and a rules-based method. Reserves are recorded in aggregate as the greater of (a) a principle-based approach using a range of stochastically generated economic scenarios applied to the in force policies in aggregate and (b) a rule-based, seriatim calculation using defined assumptions and a single economic scenario. Specific attributes of the business and its management, including guarantee features, fund allocation, hedging activity and revenue sources are reflected as well.

The Company uses the formulaic Commissioners Reserve Valuation Method, a rules-based method, to value the variable universal life policies. It is a closed block of business, issued from 1985 to 2008. The Company uses Valuation Manual 21 (VM-21) for RILA and private placement variable deferred annuity contracts. VM-21 became effective January 1, 2020 for new and existing variable and RILA contracts, however Athene received approval from the Iowa Department to continue to use AG 43 for the closed variable annuity block which the Company stopped marketing in 2002. VM-21 is a principles-based reserve approach that utilizes company specific assumptions and stochastic scenarios, floored by a standard projection which uses prescribed assumptions and acts as a guardrail against potential outliers resulting from company specific assumptions.

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the premium beyond the date of death. Reserves are recognized for surrender values in excess of reserves as legally computed.

Additional premiums are charged for policies issued on substandard lives according to underwriting classification. Mean reserves are determined by computing the regular mean reserve for the policy and holding an additional one half of the extra premium charged for the year.

Tabular interest, tabular less actual reserves released and tabular cost have been determined using the underlying policy data.

The following summarizes the mortality tables used to compute life and annuity policy reserves on a net basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Amount** | **Percent** | **Amount** | **Percent** |
| Life insurance - (41 CSI, 41 CSO, 41 SSI, 58 CET, 58 CSO, 60 CSG, 61 CIET, 61 CSI, 80 CET, 80 CSO, 01 CSO, 17 CSO, AE, STD IND (2.0 - 7.5%)) | $47634 | 0.0% | $53368 | 0.1% |
| Annuities - (71 IAM, 71 GAM, 83 GAM, 83 IAM, A2000, 12 IAR, VM21, 51 GAM, 83a, A2000BAS, 2012 IAR/IAR VM, 83 CARVM (1.00 - 11.25%)) | 110240030 | 99.7 | 96225542 | 99.6 |
| Other - (0.75 - 11.25%) | 328085 | 0.3 | 322595 | 0.3 |
| Total | $110615749 | 100.0% | $96601505 | 100.0% |

---

**Contract Claim Reserves**

Claim reserves represent the estimated accrued liability for claims reported to the Company and claims incurred but not yet reported through the date of the balance sheets. These reserves are estimated using either individual case-basis valuations or statistical analysis techniques. These estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**Participating Business**

Participating policies entitle the policyowners to receive dividends based on actual interest, mortality, morbidity, and expense experience for the related policies. These dividends are distributed to the policyowners through an annual dividend using current dividend scales, which are approved by the Company's Board of Directors. As of December 31, 2025 and 2024, 9.8% and 9.9%, respectively, of the Company's life policies were paying dividends.

The method of accounting for policyowner dividends is based upon dividends credited annually to policyowners on their policy anniversary date plus the change from the prior period on one year's projected dividend liability on policies in force at the statement date. There was no additional income allocated to participating policyowners for the years ended December 31, 2025 and 2024.

**Corporate Owned Life Insurance**

The Company is the owner and beneficiary of life insurance policies which are included as admitted assets in the balance sheets at their cash surrender values pursuant to SSAP No. 21, *Other Admitted Assets*. As of December 31, 2025 and 2024, the cash surrender value of the policies is $2,062,897 and $1,012,862, respectively, and is allocated 100% to other invested assets based on the primary underlying investment characteristics.

**Reinsurance**

Reinsurance premiums and benefits, paid or provided, are accounted for on a basis consistent with those used in accounting for the policy as originally issued and with the terms of the reinsurance contracts. Gains associated with reinsurance of in force blocks of business are included in surplus and are amortized into income as earnings emerge on the business reinsured. Premiums ceded and recoverable losses have been reported as a reduction of premium income and benefits, respectively. Policy liabilities and accruals are reported in the accompanying financial statements net of amounts ceded. For the Company's modified coinsurance agreements, the profit and loss with respect to policyholder reserves and the assets supporting the reserves are reflected through the modified coinsurance adjustment ceded line in the accompanying statements of operations. The policyholder reserves are reported within the policy and contract liabilities lines and the assets supporting the reserve are reported within investment asset and liabilities lines of the accompanying balance sheets. Reinsurance recoverable are amounts due from reinsurers on benefits paid by the Company. Reinsurance receivables consist of commissions and expense allowances due and other refunds due from the reinsurer. Reinsurance payables consist of premiums and other refunds due to the reinsurer. The Company has elected to present receivables and payables from affiliated reinsurance agreements on a net basis on the balance sheets.

**Federal Income Taxes**

Deferred federal income taxes are calculated as defined by SSAP No. 101, *Income Taxes*. SSAP No. 101 establishes deferred tax assets and liabilities based on differences between statutory and tax reporting. The deferred tax assets are then subject to an admissibility test which can limit the amount of deferred tax assets that are recorded.

**Accounting Changes** 

Effective January 1, 2025, the Company adopted the principle-based-bond definition (PBBD). This adoption clarifies that securities qualifying as issuer credit obligations fall under the scope of SSAP No. 26, *Bonds*, while those qualifying as asset-backed securities fall under SSAP No. 43, *Asset-Backed Securities*. Securities that do not meet these criteria are reported as debt securities that do not qualify as bonds, residual tranches, other invested assets, or non-admitted assets. Changes in the measurement of bonds due to the transition is reported as a change in unrealized gains (losses) and not as a change in accounting principle. The impacts of securities reclassified under the PBBD are as follows:

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of January 1, 2025, the aggregate book adjusted carrying value prior to adoption of PBBD for all securities reclassified from bonds to other invested assets is $1,648,522 in the general account and $229,013 in the separate accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of January 1, 2025, the aggregate book adjusted carrying value after adoption of PBBD for securities reclassified from bonds to other invested assets that resulted in a change in measurement basis from amortized cost to lower of amortized cost or fair value is $872,113 in the general account and $127,674 in the separate accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The aggregate surplus impact for securities reclassified from bonds to other invested assets includes the difference between the book adjusted carrying value as of December 31, 2024 and the book adjusted carrying value after adoption as of January 1, 2025 for those securities that resulted in a change in measurement basis. The total surplus impact from the change in measurement basis was not material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contemporaneous with the January 1, 2025 adoption of the PBBD, the Company made conforming revisions for INT 24-01: *Principles-Based Bond Definition Implementation Questions and Answers*, which provided further clarification on the accounting for hybrid instruments, among other topics. Pursuant to this guidance, the Company reclassified certain hybrid instruments from preferred stock to other invested assets. The corresponding impact to surplus was not material.

During 2025, the Company elected to change the valuation rate basis on certain assumed blocks of deferred annuity business from issue year to change in funds. The cumulative effect of this change as of January 1, 2025, decreased policy reserve liabilities by $83,153, and after consideration of modco reinsurance, increased surplus by $24,659, which was recorded directly to surplus in accordance with SSAP No. 3, *Accounting Changes and Correction of Errors*.

During 2024, the Company elected to change the valuation rate basis for in force and future deferred annuity business from issue year to change in funds. The cumulative effect of this change as of January 1, 2024, decreased policy reserve liabilities net of coinsurance by $342,623, and after consideration of modco reinsurance, increased surplus by $136,183, which was recorded directly to surplus in accordance with SSAP No. 3, *Accounting Changes and Correction of Errors*.

Also during 2024, the Company elected to change the formula reserve basis for in force and future funding agreements to use the single premium immediate annuity statutory valuation interest rate to value fixed interest rate funding agreements. The cumulative effect of this change as of January 1, 2024, decreased policy reserve liabilities net of coinsurance by $33,974, and after consideration of modco reinsurance, had no impact to surplus.

**2.**&nbsp;&nbsp;&nbsp;&nbsp;**Prescribed and Permitted Statutory Accounting Practices**

The Iowa Department recognizes only statutory accounting practices prescribed and permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Iowa Insurance Law. The NAIC's *Accounting Practices and Procedures Manual* has been adopted as a component of prescribed or permitted practices by the State of Iowa. The Commissioner of the Iowa Department (the Commissioner) has the right to permit other specific practices that deviate from prescribed practices.

Among the products issued by the Company are indexed universal life insurance and indexed annuities. These products allow a portion of the premium to earn interest based on certain indices, including the Standard & Poor's 500<sup>®</sup> Composite Stock Price Index (S&P) and other bespoke indices. Call options, futures, variance swaps and total return swaps are purchased to hedge the interest credited to the

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

customer as a direct result of movements in the related indices. In 2006, the Commissioner issued Bulletin 06-01, *Accounting for Derivative Instruments Used to Hedge the Growth in Interest Credited for Index Products*, which prescribes that an insurer may elect to recognize changes in the fair value of derivative instruments purchased to hedge indexed products in the statements of operations. The Company has elected to apply Bulletin 06-01 to its futures, variance swaps and total return swaps that are hedging fixed indexed annuities. Application of Bulletin 06-01 does not impact the Company's surplus.

In 2009, the Commissioner of the Division promulgated Iowa Administrative Code (IAC) Section 191-97, *Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve*, which prescribes that an insurer may elect (i) to use an amortized cost method to account for certain derivative instruments, such as call options, purchased to hedge the growth in interest credited to the customer on indexed insurance products and (ii) to utilize an indexed annuity reserve calculation methodology under which call options associated with the current index interest crediting term are valued at zero. IAC Section 191-97 does not apply to products that do not guarantee a minimum interest accumulation, such as our variable and index-linked deferred annuities. The Company has elected to apply IAC Section 191-97 to its eligible over the counter (OTC) call options and reserve liabilities.

The NAIC requires annuities issued by life insurance companies on or after January 1, 2015, to use the 2012 Individual Annuity Reserving (IAR) Mortality Table. During 2015, the Commissioner promulgated IAC Section 191-43.3(5), which sets an elective alternative effective date of January 1, 2016 for adoption of the 2012 IAR Mortality Table. The Company has chosen to use the Annuity 2000 Mortality Table for annuities issued between January 1, 2015 and December 31, 2015.

For the year ended December 31, 2025, the Company received a permitted accounting practice from the Iowa Department to record its investment in Apollo Aligned Alternatives Aggregator, L.P. (AAA) as if the underlying investments held by AAA were owned directly by the Company. The permission represents a deviation from SSAP No. 48, *Joint Ventures, Partnerships and Limited Liability Companies,* and requires the Company to apply look-through accounting and reporting to AAA's investments as if the investments were owned directly by the Company. Application of this permitted practice at January 1, 2025 reduced the Company's carrying value of AAA by $212,312, and after applying reinsurance, reduced the Company's capital and surplus by $8,112, which was recorded directly through surplus as a cumulative effect of change in accounting principle. As a result of this permitted practice, the Company's net income for the year ended December 31, 2025 decreased by $20,002 and cumulative capital and surplus as of December 31, 2025 was reduced by $262,983 prior to the application of reinsurance. After the application of reinsurance, the permitted practice increased net income for the year ended December 31, 2025 by $8,112 and had no impact on the Company's capital and surplus.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

A reconciliation of the Company's net income and surplus between practices prescribed or permitted by the Iowa Department and NAIC Statutory Accounting Practices (NAIC SAP) is shown below:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net income (loss), Iowa basis | $1091573 | $949491 | $(78803) |
| Iowa prescribed practice: |  |  |  |
| &nbsp;&nbsp;Derivative instruments Bulletin 06-01 | (17652) | 1609 | (9233) |
| &nbsp;&nbsp;Derivative instruments IAC 191-97 | 81558 | 52527 | (207841) |
| &nbsp;&nbsp;2015 Mortality IAC 191-43.3(5) | (716) | 645 | (24) |
| Iowa permitted practice: |  |  |  |
| &nbsp;&nbsp;AAA measurement | (8112) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss), NAIC statutory accounting practices | $1146651 | $1004272 | $(295901) |
| Surplus, Iowa basis | $4121784 | $3899057 | $3305601 |
| Iowa prescribed practice: |  |  |  |
| &nbsp;&nbsp;Derivative instruments IAC 191-97 | 52276 | (37596) | 2174 |
| &nbsp;&nbsp;2015 Mortality IAC 191-43.3(5) | (6773) | (6058) | (6703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus, NAIC statutory accounting practices | $4167287 | $3855403 | $3301072 |

---

The Company owns all of the outstanding capital stock of Athene Re IV, a special purpose financial captive life insurance company domiciled in the State of Vermont. Athene Re IV, with the explicit permission of the Commissioner of the Vermont Department of Financial Regulation of the State of Vermont, has included as an admitted asset a letter of credit serving as collateral for reinsurance credit taken by the Company in connection with reinsurance agreements entered into between Athene Re IV and the Company. Under NAIC SAP, the letter of credit would not otherwise be treated as an admitted asset.

There is no difference in Athene Re IV's net income between NAIC statutory accounting practices and practices prescribed or permitted by the Vermont Department for the year ended December 31, 2025, 2024 or 2023.

A reconciliation of Athene Re IV's surplus between practices prescribed and permitted by the State of Vermont and NAIC SAP is shown below:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Surplus, Vermont basis | $41517 | $42097 | $42815 |
| Vermont permitted practice: |  |  |  |
| &nbsp;&nbsp;&nbsp;Letter of credit | (76004) | (86109) | (96314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus, NAIC statutory accounting practices | $(34487) | $(44012) | $(53499) |

---

If Athene Re IV had not been permitted to include the letter of credit in surplus, its risk-based capital would have been below Mandatory Control Level.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The Company carries its investment in Athene Re IV at Athene Re IV's capital and surplus of $41,517. If Athene Re IV had not been permitted to include the letter of credit in surplus, Athene Re IV's capital and surplus would be negative and the Company would have carried its investment in Athene Re IV at $0.

**3.**&nbsp;&nbsp;&nbsp;&nbsp;**Correction of Prior Period Errors**

During 2025, the Company discovered an error which resulted in a $9,252 understatement of asset valuation reserve (AVR) and a corresponding overstatement of surplus in the prior period financial statements. The Company also discovered an error in 2025 which resulted in a $64,047 understatement of annuity contract reserve liabilities and a $51,238 understatement of reserves ceded under modco reinsurance, resulting in a $12,809 overstatement of surplus in the prior period financial statements. In accordance with SSAP No. 3, *Accounting Changes and Correction of Errors*, these corrections were recorded directly to surplus.

Also during 2025, the Company discovered an error which resulted in a $13,428 overstatement of commissions and expense allowances on reinsurance ceded in the separate account prior period financial statements. In accordance with SSAP No. 3, the correction was recorded directly to surplus in the separate account and is included within the other changes in surplus in separate accounts statement line of the statements of changes in capital and surplus in these financial statements.

The net impact of these 2025 corrections decreased surplus on the general account by a total of $35,490, representing 0.9% of ending capital and surplus as of both December 31, 2025 and 2024.

During 2024, the Company discovered an error which resulted in a $59,214 understatement of commissions and expense allowances on reinsurance ceded and a $12,435 understatement of federal income tax payable in the prior period financial statements. In accordance with SSAP No. 3, these corrections were recorded directly to surplus.

The Company also discovered an error in 2024 in the tax reserves which resulted in a $54,361 understatement of federal income tax payable, and a $3,569 understatement of net deferred income tax asset in the prior period financial statements. In accordance with SSAP No. 3, the federal income tax expense correction was recorded directly to surplus.

The net impact of both of these 2024 corrections decreased surplus by a total of $4,013, representing 0.1% of ending capital and surplus as of both December 31, 2024 and 2023.

During 2023, the Company discovered an error in the tax reserves which resulted in a $70,481 understatement of federal income tax payable and a $12,556 understatement of admitted net deferred income tax asset in the prior period financial statements. In accordance with SSAP No. 3, the current tax expense correction was recorded directly to surplus. The net impact of the corrections decreased surplus by $57,925, representing 1.8% of ending capital and surplus as of December 31, 2023.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**4.**&nbsp;&nbsp;&nbsp;&nbsp;**Investments**

The carrying value and estimated fair value of investments principally held at amortized cost are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**Carrying**<br>**Value** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair**<br>**Value** |
| **December 31, 2025** | | | | |
| Issuer credit obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government obligations | $14783433 | $109352 | $643540 | $14249245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. sovereign jurisdiction securities | 640533 | 7857 | 122104 | 526286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds - general obligations (direct & guaranteed) | 34712 | 338 | 1411 | 33639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds - special revenue | 343244 | 8216 | 35412 | 316048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Project finance bonds issued by operating entities | 5634436 | 35111 | 30927 | 5638620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 40883031 | 553167 | 2430824 | 39005374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory convertible bonds | 20659 | 6884 |  | 27543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Single entity backed obligations | 8711535 | 271125 | 268271 | 8714389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds issued by funds representing operating entities | 11834873 | 167409 | 135970 | 11866312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank loans - issued | 1058120 | 4232 | 940 | 1061412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank loans - acquired | 1443904 | 1127 | 12299 | 1432732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total issuer credit obligations | 85388480 | 1164818 | 3681698 | 82871600 |
| Asset-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial asset-backed securities - self-liquidating | 58721405 | 513341 | 744039 | 58490707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial asset-backed securities - not self-liquidating | 10088798 | 636 | 34650 | 10054784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-financial asset-backed securities | 4653712 | 49799 | 63090 | 4640421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-backed securities | 73463915 | 563776 | 841779 | 73185912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $158852395 | $1728594 | $4523477 | $156057512 |
| Short-term investments | $18569 | $13 | $— | $18581 |
| Cash equivalents | $7283525 | $— | $— | $7283525 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**Carrying**<br>**Value** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair**<br>**Value** |
| **December 31, 2024** | | | | |
| Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. governments | $5691898 | $7834 | $723050 | $4976682 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other governments | 534630 | 11 | 148354 | 386287 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. states, territories and possessions, etc. guaranteed | 26984 |  | 2842 | 24143 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. political subdivisions of states, territories, and possessions, guaranteed | 36508 | 84 | 703 | 35888 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. special revenue and special assessment obligations, etc. non-guaranteed | 1245585 | 27818 | 51540 | 1221863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 92650264 | 778284 | 4605296 | 88823251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid securities | 300009 | 9195 | 3090 | 306115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parent, subsidiaries and affiliates | 29239015 | 111592 | 454347 | 28896260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated bank loans | 1237549 | 4437 | 27333 | 1214653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $130962442 | $939255 | $6016555 | $125885142 |
| Short-term investments | $1017411 | $530 | $74 | $1017867 |
| Cash equivalents | $6831570 | $119 | $— | $6831688 |

---

A summary of the carrying value and fair value of the Company's investments in bonds at December 31, 2025, by contractual maturity, is as follows:

---

| | | |
|:---|:---|:---|
| | **Carrying**<br>**Value** |<br>**Fair Value** |
| Due in one year or less | $1548741 | $1547325 |
| Due after one year through five years | 19176805 | 19380243 |
| Due after five years through ten years | 16049469 | 15930852 |
| Due after ten years | 48613466 | 46013180 |
| Asset-backed securities | 73463914 | 73185912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $158852395 | $156057512 |

---

The actual maturities may differ from the contractual maturities in the foregoing table because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The following tables show unrecognized gross unrealized losses and fair value for investments which other-than-temporary declines in value have not been recognized in the current period, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less than** | **Less than** | **Twelve Months** | **Twelve Months** | | |
| | **Twelve Months** | **Twelve Months** | **or More** | **or More** | **Total** | **Total** |
| |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |
| **December 31, 2025** | | | | | | |
| Issuer credit obligations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government obligations | $5642735 | $88171 | $2137107 | $555369 | $7779842 | $643540 |
| &nbsp;&nbsp;&nbsp;Non-U.S. sovereign jurisdiction securities | 11224 | 103 | 354176 | 122001 | 365400 | 122104 |
| &nbsp;&nbsp;&nbsp;Municipal bonds - general obligations (direct & guaranteed) | 344 |  | 8184 | 1411 | 8528 | 1411 |
| &nbsp;&nbsp;&nbsp;Municipal bonds - special revenue | 2509 | 56 | 196781 | 35356 | 199290 | 35412 |
| &nbsp;&nbsp;&nbsp;Project finance bonds issued by operating entities | 2015564 | 12561 | 103305 | 18366 | 2118869 | 30927 |
| &nbsp;&nbsp;&nbsp;Corporate bonds | 6497315 | 112087 | 14050543 | 2318737 | 20547858 | 2430824 |
| &nbsp;&nbsp;&nbsp;Single entity backed obligations | 120994 | 655 | 2625955 | 267616 | 2746949 | 268271 |
| &nbsp;&nbsp;&nbsp;Bonds issued by funds representing operating entities | 464869 | 2765 | 1244623 | 133205 | 1709492 | 135970 |
| &nbsp;&nbsp;&nbsp;Bank loans - issued | 462228 | 614 | 43133 | 326 | 505361 | 940 |
| &nbsp;&nbsp;&nbsp;Bank loans - acquired | 394736 | 3353 | 364049 | 8946 | 758785 | 12299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total issuer credit obligations | 15612518 | 220365 | 21127856 | 3461333 | 36740374 | 3681698 |
| Asset-backed securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial asset-backed securities - self-liquidating | 18315119 | 178848 | 7763652 | 565191 | 26078771 | 744039 |
| &nbsp;&nbsp;&nbsp;Financial asset-backed securities - not self-liquidating | 2773766 | 30046 | 627056 | 4604 | 3400822 | 34650 |
| &nbsp;&nbsp;&nbsp;Non-financial asset-backed securities | 275048 | 1685 | 1258208 | 61405 | 1533256 | 63090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total asset-backed securities | 21363933 | 210579 | 9648916 | 631200 | 31012849 | 841779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $36976451 | $430944 | $30776772 | $4092533 | $67753223 | $4523477 |
| Preferred stocks | $— | $— | $709957 | $398 | $709957 | $398 |
| Debt securities that do not qualify as bonds | $733012 | $31747 | $— | $— | $733012 | $31747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $37709463 | $462691 | $31486729 | $4092931 | $69196192 | $4555622 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less than** | **Less than** | **Twelve Months** | **Twelve Months** | | |
| | **Twelve Months** | **Twelve Months** | **or More** | **or More** | **Total** | **Total** |
| |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |
| **December 31, 2024** | | | | | | |
| Bonds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. governments | $2709698 | $110760 | $1629049 | $612290 | $4338747 | $723050 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other governments | 52041 | 4528 | 333542 | 143826 | 385583 | 148354 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. states, territories and possessions, etc. guaranteed |  |  | 24143 | 2842 | 24143 | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. political subdivisions of states, territories, and possessions, guaranteed | 23595 | 284 | 3210 | 419 | 26805 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. special revenue and special assessment obligations, etc. non-guaranteed | 455333 | 12486 | 187382 | 39054 | 642715 | 51540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 19320939 | 494895 | 26731924 | 4110401 | 46052863 | 4605296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybrid securities | 12071 | 49 | 33384 | 3041 | 45455 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parent, subsidiaries, and affiliates | 10345774 | 142588 | 4098655 | 311759 | 14444429 | 454347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated bank loans | 371017 | 660 | 203298 | 26673 | 574315 | 27333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $33290468 | $766250 | $33244587 | $5250305 | $66535055 | $6016555 |
| Preferred stocks | $64995 | $1 | $709950 | $405 | $774945 | $406 |
| Short-term investments | $116275 | $74 | $— | $— | $116275 | $74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $33471738 | $766325 | $33954537 | $5250710 | $67426275 | $6017035 |

---

Included in the above tables are 4,346 securities from 2,038 issuers at December 31, 2025 and 5,187 securities from 2,166 issuers at December 31, 2024. The unrealized losses on corporate securities come primarily from the Consumer Non-cyclical, Electric, Energy, Consumer Cyclical, and Communications sectors. The unrealized losses are primarily attributable to changes in market interest rates since acquisition. Unrealized losses were not recognized in income as the Company intends to hold these securities and it is not more likely than not that the Company will be required to sell a security before the recovery of its amortized cost.

The following table shows unrecognized gross unrealized losses and fair value on asset-backed securities and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2024. These asset-backed securities were included within the bonds lines of the above table for 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less than** | **Less than** | **Twelve Months** | **Twelve Months** | | |
| | **Twelve Months** | **Twelve Months** | **or More** | **or More** | **Total** | **Total** |
| |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | $16658621 | $261954 | $12560446 | $1172029 | $29219067 | $1433983 |

---

The evaluation of OTTI for the Company's investments considered the factors discussed in Note 1.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The Company recognized OTTI on asset-backed securities due to the intent to sell or inability or lack of intent to retain the investment for a period of time sufficient to recover the amortized cost basis as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Amortized cost basis prior to OTTI | $1766 | $— | $31140 |
| Less: OTTI recognized | 224 |  | 3400 |
| Fair value and amortized cost after OTTI | $1542 | $— | $27740 |

---

OTTI was recognized on the following asset-backed securities in 2025 due to the present value of the cash flows expected to be collected being less than the amortized cost basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 05532VBB2 | 3/31/2025 | $352 | $7 | $193 | $345 |
| 05543DBQ6 | 3/31/2025 | 4323 | 46 | 4109 | 4277 |
| 05952FAG8 | 3/31/2025 | 1828 | 25 | 1654 | 1803 |
| 12668AQ24 | 3/31/2025 | 3088 | 28 | 3060 | 3060 |
| 12668BMY6 | 3/31/2025 | 1430 | 2 | 1346 | 1428 |
| 126694G93 | 3/31/2025 | 552 | 25 | 506 | 527 |
| 126694JH2 | 3/31/2025 | 153 | 4 | 98 | 149 |
| 362334MH4 | 3/31/2025 | 1355 | 1 | 1319 | 1354 |
| 362341FN4 | 3/31/2025 | 1526 | 54 | 1455 | 1472 |
| 38375UFL9 | 3/31/2025 | 142 | 4 | 100 | 138 |
| 38375UPB0 | 3/31/2025 | 313 | 11 | 223 | 302 |
| 38375UTQ3 | 3/31/2025 | 164 |  | 112 | 164 |
| 38375UUT5 | 3/31/2025 | 780 | 78 | 516 | 702 |
| 38376R2Y1 | 3/31/2025 | 1139 | 6 | 791 | 1133 |
| 38376RAR7 | 3/31/2025 | 406 | 3 | 273 | 403 |
| 38376RBL9 | 3/31/2025 | 106 | 3 | 73 | 103 |
| 38376RHQ2 | 3/31/2025 | 207 | 4 | 147 | 203 |
| 38376RQH2 | 3/31/2025 | 597 | 22 | 427 | 575 |
| 38376RWU6 | 3/31/2025 | 932 | 1 | 629 | 931 |
| 38380LC92 | 3/31/2025 | 174 | 1 | 116 | 173 |
| 41161PVJ9 | 3/31/2025 | 5413 | 36 | 5022 | 5377 |
| 466247JW4 | 3/31/2025 | 2445 | 13 | 2346 | 2432 |
| 466247UG6 | 3/31/2025 | 459 | 80 | 373 | 379 |
| 46630KAC0 | 3/31/2025 | 1842 | 11 | 1718 | 1831 |
| 62951MAY6 | 3/31/2025 | 2613 | 18 | 2365 | 2595 |
| 761118QM3 | 3/31/2025 | 6572 | 234 | 6104 | 6338 |
| 86361XAA7 | 3/31/2025 | 7451 | 354 | 7089 | 7097 |
| 91863\*AB1 | 3/31/2025 | 14458 | 5689 | 2828 | 8769 |
| G0445QAA6 | 3/31/2025 | 1440 | 32 | 1420 | 1408 |
| 00212JBN1 | 6/30/2025 | 9543 | 42 | 8891 | 9501 |
| 05533WBF0 | 6/30/2025 | 3651 | 1 | 3347 | 3650 |
| 05952FAG8 | 6/30/2025 | 1769 | 23 | 1644 | 1746 |
| 05952FAL7 | 6/30/2025 | 826 | 9 | 772 | 817 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 12489WGD0 | 6/30/2025 | 925 | 42 | 882 | 883 |
| 12667F5W1 | 6/30/2025 | 1709 | 11 | 1693 | 1698 |
| 12667GDA8 | 6/30/2025 | 3374 | 17 | 3326 | 3357 |
| 12668BTG8 | 6/30/2025 | 353 | 9 | 335 | 344 |
| 225458Y28 | 6/30/2025 | 149 | 1 | 134 | 148 |
| 251510HW6 | 6/30/2025 | 300 | 1 | 283 | 299 |
| 36185MBJ0 | 6/30/2025 | 4722 | 11 | 4579 | 4711 |
| 36185NQ94 | 6/30/2025 | 99 | 3 | 68 | 96 |
| 3622MWAS2 | 6/30/2025 | 363 | 2 | 351 | 361 |
| 3622N6AA7 | 6/30/2025 | 1406 | 4 | 1247 | 1402 |
| 362341WZ8 | 6/30/2025 | 50 | 3 | 47 | 47 |
| 38375BMU3 | 6/30/2025 | 106 | 6 | 84 | 100 |
| 38375UEE6 | 6/30/2025 | 248 | 3 | 164 | 245 |
| 38375ULF5 | 6/30/2025 | 475 | 25 | 320 | 450 |
| 38375UQG8 | 6/30/2025 | 525 | 23 | 363 | 502 |
| 38375UTQ3 | 6/30/2025 | 132 | 3 | 91 | 129 |
| 38375UXF2 | 6/30/2025 | 134 | 2 | 109 | 132 |
| 38376R2Y1 | 6/30/2025 | 1002 | 50 | 708 | 952 |
| 38376R5B8 | 6/30/2025 | 294 | 10 | 195 | 284 |
| 38376RAR7 | 6/30/2025 | 353 | 1 | 238 | 352 |
| 38376RHQ2 | 6/30/2025 | 171 | 5 | 115 | 166 |
| 38376RSY3 | 6/30/2025 | 382 | 20 | 256 | 362 |
| 38376RWU6 | 6/30/2025 | 866 | 57 | 565 | 809 |
| 38376RWW2 | 6/30/2025 | 619 | 10 | 424 | 609 |
| 38378U8F7 | 6/30/2025 | 272 | 10 | 171 | 262 |
| 41161PVJ9 | 6/30/2025 | 5258 | 35 | 4950 | 5223 |
| 41164LAB5 | 6/30/2025 | 789 | 4 | 767 | 785 |
| 45660L4W6 | 6/30/2025 | 2783 | 11 | 2772 | 2772 |
| 45661EGH1 | 6/30/2025 | 815 | 2 | 744 | 813 |
| 466247UG6 | 6/30/2025 | 415 | 43 | 372 | 372 |
| 55275BAA5 | 6/30/2025 | 1229 | 2 | 1213 | 1227 |
| 59025GAA9 | 6/30/2025 | 522 | 1 | 518 | 521 |
| 59025QAC3 | 6/30/2025 | 323 | 18 | 229 | 305 |
| 61748HVH1 | 6/30/2025 | 684 | 11 | 659 | 673 |
| 61748JAE7 | 6/30/2025 | 907 | 27 | 874 | 880 |
| 61749WAT4 | 6/30/2025 | 365 | 1 | 344 | 364 |
| 61755GAM5 | 6/30/2025 | 166 |  | 138 | 166 |
| 61755GBF9 | 6/30/2025 | 1218 |  | 1027 | 1218 |
| 61915YAE1 | 6/30/2025 | 2130 | 44 | 2076 | 2086 |
| 62951MAY6 | 6/30/2025 | 2529 | 17 | 2315 | 2512 |
| 62951MAZ3 | 6/30/2025 | 800 | 11 | 765 | 789 |
| 649603AP2 | 6/30/2025 | 212 | 7 | 196 | 205 |
| 65536XAN3 | 6/30/2025 | 678 | 9 | 568 | 669 |
| 68403KAD7 | 6/30/2025 | 236 | 1 | 232 | 235 |
| 75114HAD9 | 6/30/2025 | 12555 | 550 | 11863 | 12005 |
| 761118EN4 | 6/30/2025 | 191 |  | 183 | 191 |
| 863579RT7 | 6/30/2025 | 1114 | 3 | 1110 | 1111 |
| 86359DRS8 | 6/30/2025 | 4175 | 19 | 4156 | 4156 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 86361XAA7 | 6/30/2025 | 7160 | 158 | 7001 | 7002 |
| 872227AE3 | 6/30/2025 | 1129 | 3 | 1126 | 1126 |
| 91863\*AA3 | 6/30/2025 | 85089 | 30495 | 37449 | 54594 |
| 91863\*AB1 | 6/30/2025 | 7907 | 7790 | 117 | 117 |
| 949789AA9 | 6/30/2025 | 1033 | 7 | 1018 | 1026 |
| 94986KAA4 | 6/30/2025 | 443 | 5 | 431 | 438 |
| G0445QAA6 | 6/30/2025 | 1448 | 12 | 507 | 1436 |
| 05532VBB2 | 9/30/2025 | 208 | 29 | 105 | 179 |
| 12667GDA8 | 9/30/2025 | 3324 | 36 | 3288 | 3288 |
| 12668BZB2 | 9/30/2025 | 2200 | 69 | 2130 | 2131 |
| 126694G93 | 9/30/2025 | 466 | 21 | 434 | 445 |
| 32051GYL3 | 9/30/2025 | 816 | 22 | 770 | 794 |
| 36185MBJ0 | 9/30/2025 | 4687 | 327 | 4201 | 4360 |
| 36185MEV0 | 9/30/2025 | 4047 | 5 | 3308 | 4042 |
| 362334MH4 | 9/30/2025 | 2582 | 20 | 2462 | 2562 |
| 38375BKM3 | 9/30/2025 | 200 | 8 | 133 | 192 |
| 38375UBG4 | 9/30/2025 | 164 | 7 | 124 | 157 |
| 38375UEE6 | 9/30/2025 | 218 | 14 | 156 | 204 |
| 38375UFL9 | 9/30/2025 | 114 | 5 | 92 | 109 |
| 38375UQG8 | 9/30/2025 | 461 | 25 | 311 | 436 |
| 38375UTN0 | 9/30/2025 | 365 | 51 | 213 | 314 |
| 38375UXA3 | 9/30/2025 | 171 | 3 | 119 | 168 |
| 38375UZG8 | 9/30/2025 | 215 |  | 148 | 215 |
| 38375UZL7 | 9/30/2025 | 120 | 5 | 89 | 115 |
| 38376R3Q7 | 9/30/2025 | 252 |  | 173 | 252 |
| 38376R5B8 | 9/30/2025 | 248 | 2 | 168 | 246 |
| 38376RAR7 | 9/30/2025 | 327 | 2 | 221 | 325 |
| 38376RDA1 | 9/30/2025 | 402 | 1 | 266 | 401 |
| 38376RDN3 | 9/30/2025 | 670 | 31 | 463 | 639 |
| 38376RFS0 | 9/30/2025 | 521 | 7 | 372 | 514 |
| 38376RJQ0 | 9/30/2025 | 409 | 1 | 295 | 408 |
| 38376RMF0 | 9/30/2025 | 248 | 15 | 227 | 233 |
| 38376RQH2 | 9/30/2025 | 413 | 9 | 308 | 404 |
| 38376RSY3 | 9/30/2025 | 326 | 22 | 221 | 304 |
| 38376RT55 | 9/30/2025 | 182 | 8 | 116 | 174 |
| 38376RWU6 | 9/30/2025 | 711 | 11 | 499 | 700 |
| 38376RWW2 | 9/30/2025 | 543 | 26 | 366 | 517 |
| 38376RZ66 | 9/30/2025 | 225 | 15 | 141 | 210 |
| 38378U8F7 | 9/30/2025 | 242 | 17 | 139 | 225 |
| 38380LC92 | 9/30/2025 | 138 | 4 | 89 | 134 |
| 41164LAB5 | 9/30/2025 | 772 | 14 | 754 | 758 |
| 45660L4E6 | 9/30/2025 | 1377 | 10 | 1153 | 1367 |
| 45660LMX4 | 9/30/2025 | 4869 | 128 | 4741 | 4741 |
| 45668LAA9 | 9/30/2025 | 2886 | 33 | 2453 | 2853 |
| 46628TAD3 | 9/30/2025 | 7591 | 67 | 7524 | 7524 |
| 46628TAE1 | 9/30/2025 | 8031 | 52 | 7979 | 7979 |
| 59025QAC3 | 9/30/2025 | 351 | 53 | 210 | 298 |
| 61748HYQ8 | 9/30/2025 | 7487 | 190 | 7297 | 7297 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 61748JAE7 | 9/30/2025 | 857 | 7 | 850 | 850 |
| 61766LAE9 | 9/30/2025 | 2381 | 36 | 1219 | 2345 |
| 62951MAY6 | 9/30/2025 | 2456 | 17 | 2255 | 2439 |
| 761118QM3 | 9/30/2025 | 6094 | 69 | 5749 | 6025 |
| 78473WAC7 | 9/30/2025 | 969 | 19 | 934 | 950 |
| 87244BAA6 | 9/30/2025 | 6618 | 1808 | 4382 | 4810 |
| 91863\*AA3 | 9/30/2025 | 53810 | 17285 | 25147 | 36525 |
| 91863\*AB1 | 9/30/2025 | 79 | 31 | 48 | 48 |
| 408203AL1 | 9/30/2025 | 101287 | 16043 | 45970 | 85244 |
| BAN0VUVR8 | 9/30/2025 | 7044 | 985 | 4549 | 6059 |
| 004421YB3 | 12/31/2025 | 415 | 94 | 321 | 321 |
| 05532VBB2 | 12/31/2025 | 173 | 35 | 106 | 138 |
| 05533WBF0 | 12/31/2025 | 3507 | 33 | 3220 | 3474 |
| 073881AD6 | 12/31/2025 | 3395 | 28 | 3257 | 3367 |
| 1248MBAF2 | 12/31/2025 | 8364 | 106 | 7375 | 8258 |
| 12639MFA8 | 12/31/2025 | 1293 | 19 | 1274 | 1274 |
| 12645VAC1 | 12/31/2025 | 2048 | 52 | 1773 | 1996 |
| 12669GK67 | 12/31/2025 | 450 | 23 | 389 | 427 |
| 16165LAF7 | 12/31/2025 | 18967 | 105 | 16457 | 18862 |
| 32051GYL3 | 12/31/2025 | 765 | 24 | 741 | 741 |
| 36185MEV0 | 12/31/2025 | 3991 | 24 | 3270 | 3967 |
| 362341LL1 | 12/31/2025 | 1771 | 21 | 1734 | 1750 |
| 362341WE5 | 12/31/2025 | 501 | 38 | 435 | 463 |
| 38375ULF5 | 12/31/2025 | 382 | 56 | 228 | 326 |
| 38375UPB0 | 12/31/2025 | 186 | 22 | 119 | 164 |
| 38375UQG8 | 12/31/2025 | 390 | 32 | 281 | 358 |
| 38375UQJ2 | 12/31/2025 | 129 | 15 | 78 | 114 |
| 38375UTN0 | 12/31/2025 | 276 | 35 | 180 | 241 |
| 38375UUT5 | 12/31/2025 | 364 | 3 | 256 | 361 |
| 38376RFS0 | 12/31/2025 | 440 | 8 | 324 | 432 |
| 38376RHQ2 | 12/31/2025 | 120 | 1 | 81 | 119 |
| 38376RSY3 | 12/31/2025 | 270 | 16 | 194 | 254 |
| 38376RTF3 | 12/31/2025 | 173 | 3 | 115 | 170 |
| 38376RVB9 | 12/31/2025 | 255 | 2 | 170 | 253 |
| 38378U8F7 | 12/31/2025 | 214 | 29 | 119 | 185 |
| 41161PTN3 | 12/31/2025 | 489 | 7 | 474 | 482 |
| 41164LAB5 | 12/31/2025 | 11785 | 143 | 11642 | 11642 |
| 45660L4E6 | 12/31/2025 | 1352 | 24 | 1132 | 1328 |
| 45660LT25 | 12/31/2025 | 845 | 40 | 691 | 805 |
| 466247JW4 | 12/31/2025 | 2346 | 19 | 2255 | 2327 |
| 59025QAC3 | 12/31/2025 | 336 | 139 | 188 | 197 |
| 61748HQW4 | 12/31/2025 | 5388 | 160 | 5122 | 5228 |
| 61748HUF6 | 12/31/2025 | 6667 | 83 | 6584 | 6584 |
| 61748HYQ8 | 12/31/2025 | 6972 | 94 | 6879 | 6878 |
| 61756XAG0 | 12/31/2025 | 5011 | 24 | 4469 | 4987 |
| 61915YAE1 | 12/31/2025 | 2106 | 70 | 2004 | 2036 |
| 62951MAY6 | 12/31/2025 | 4245 | 38 | 4013 | 4207 |
| 62951MAZ3 | 12/31/2025 | 742 | 24 | 704 | 718 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 65536XAN3 | 12/31/2025 | 660 | 89 | 571 | 571 |
| 749691C41 | 12/31/2025 | 2321 | 82 | 2238 | 2239 |
| 749691F71 | 12/31/2025 | 2472 | 70 | 2402 | 2402 |
| 761118DN5 | 12/31/2025 | 1184 | 16 | 1136 | 1168 |
| 761118QM3 | 12/31/2025 | 5833 | 279 | 5554 | 5554 |
| 76114BAB4 | 12/31/2025 | 1725 | 9 | 1548 | 1716 |
| 81743QAG9 | 12/31/2025 | 1177 | 24 | 1153 | 1153 |
| 81743QAJ3 | 12/31/2025 | 3440 | 3 | 3310 | 3437 |
| 86358LAA8 | 12/31/2025 | 187 | 45 | 141 | 142 |
| 86361PAN6 | 12/31/2025 | 3693 | 67 | 3617 | 3626 |
| 86361XAA7 | 12/31/2025 | 7027 | 376 | 6651 | 6651 |
| 878048AL1 | 12/31/2025 | 626 | 105 | 484 | 521 |
| 881561F33 | 12/31/2025 | 1275 | 44 | 1211 | 1231 |
| 91863\*AA3 | 12/31/2025 | 36414 | 16817 | 14531 | 19597 |
| 91863\*AB1 | 12/31/2025 | 39 | 38 | 44 | 1 |
| 95000TBA3 | 12/31/2025 | 2337 | 580 | 1758 | 1757 |
| G0445QAA6 | 12/31/2025 | 1267 | 725 | 543 | 542 |
|  |  |  | $105205 |  |  |

---

OTTI was recognized on the following asset-backed securities in 2024 due to the present value of the cash flows expected to be collected being less than the amortized cost basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 05529DAA0 | 3/31/2024 | $5943 | $43 | $5901 | $5900 |
| 07386HUL3 | 3/31/2024 | 734 | 108 | 626 | 626 |
| 12543WAA6 | 3/31/2024 | 1215 | 28 | 1059 | 1187 |
| 12566QAE3 | 3/31/2024 | 414 | 24 | 384 | 390 |
| 12566QAG8 | 3/31/2024 | 388 | 23 | 361 | 366 |
| 12566RAD3 | 3/31/2024 | 1260 | 106 | 1154 | 1154 |
| 12566WAM2 | 3/31/2024 | 227 | 38 | 189 | 189 |
| 12641TAS5 | 3/31/2024 | 4459 | 382 | 3983 | 4077 |
| 12641TCC8 | 3/31/2024 | 3042 | 142 | 2521 | 2900 |
| 12668A5X9 | 3/31/2024 | 4938 | 81 | 4768 | 4857 |
| 16165TAH6 | 3/31/2024 | 1073 | 259 | 814 | 814 |
| 17307GY51 | 3/31/2024 | 4581 | 73 | 4509 | 4508 |
| 17309KAK3 | 3/31/2024 | 3057 | 82 | 2975 | 2975 |
| 17309VAA1 | 3/31/2024 | 1072 | 56 | 970 | 1016 |
| 173105AH0 | 3/31/2024 | 815 | 42 | 758 | 773 |
| 36185MBJ0 | 3/31/2024 | 5075 | 212 | 4757 | 4863 |
| 36185MEV0 | 3/31/2024 | 4476 | 8 | 3538 | 4468 |
| 38375ULF5 | 3/31/2024 | 904 | 2 | 628 | 902 |
| 38375UQG8 | 3/31/2024 | 995 | 30 | 654 | 965 |
| 38375UTN0 | 3/31/2024 | 716 | 30 | 502 | 686 |
| 38375UWN6 | 3/31/2024 | 798 | 22 | 543 | 776 |
| 38375UWQ9 | 3/31/2024 | 1138 | 73 | 747 | 1065 |
| 38375UXF2 | 3/31/2024 | 213 | 4 | 179 | 209 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 38375UZL7 | 3/31/2024 | 166 | 1 | 115 | 165 |
| 38376R2Y1 | 3/31/2024 | 1857 | 5 | 1196 | 1852 |
| 38376RAA4 | 3/31/2024 | 1443 | 90 | 919 | 1353 |
| 38376RDS2 | 3/31/2024 | 1416 | 28 | 1025 | 1388 |
| 38376RHQ2 | 3/31/2024 | 292 | 7 | 206 | 285 |
| 38376RK88 | 3/31/2024 | 443 | 21 | 297 | 422 |
| 38376RLK0 | 3/31/2024 | 1123 | 23 | 795 | 1100 |
| 38376RLS3 | 3/31/2024 | 239 | 6 | 165 | 233 |
| 38376RMF0 | 3/31/2024 | 758 | 222 | 536 | 536 |
| 38376RNG7 | 3/31/2024 | 296 | 5 | 207 | 291 |
| 38376RNN2 | 3/31/2024 | 512 | 8 | 346 | 504 |
| 38376RNY8 | 3/31/2024 | 942 | 25 | 634 | 917 |
| 38376RQF6 | 3/31/2024 | 1991 | 30 | 1398 | 1961 |
| 38376RQH2 | 3/31/2024 | 1068 | 19 | 739 | 1049 |
| 38376RRP3 | 3/31/2024 | 1043 | 2 | 716 | 1041 |
| 38376RSA5 | 3/31/2024 | 1165 | 2 | 750 | 1163 |
| 38376RTF3 | 3/31/2024 | 478 | 19 | 310 | 459 |
| 38376RWU6 | 3/31/2024 | 1440 | 28 | 972 | 1412 |
| 38376RZ66 | 3/31/2024 | 464 | 21 | 296 | 443 |
| 38380LC92 | 3/31/2024 | 281 | 10 | 171 | 271 |
| 45660L4E6 | 3/31/2024 | 1505 | 4 | 1252 | 1501 |
| 61761PAG0 | 3/31/2024 | 3293 | 16 | 2993 | 3277 |
| 65540AAB3 | 3/31/2024 | 5376 | 25 | 5086 | 5351 |
| 86361XAA7 | 3/31/2024 | 7013 | 156 | 6849 | 6857 |
| 872227AE3 | 3/31/2024 | 2267 | 58 | 1894 | 2209 |
| 87222PAB9 | 3/31/2024 | 2579 | 67 | 2495 | 2512 |
| 91863\*AB1 | 3/31/2024 | 28697 | 511 | 17995 | 28186 |
| 026933AA9 | 6/30/2024 | 3824 | 327 | 3416 | 3497 |
| 05490AAG8 | 6/30/2024 | 8845 | 8845 |  |  |
| 12667GDA8 | 6/30/2024 | 3975 | 16 | 3827 | 3959 |
| 16678RFC6 | 6/30/2024 | 2417 | 288 | 1810 | 2129 |
| 251510GR8 | 6/30/2024 | 963 | 153 | 809 | 810 |
| 251510LF8 | 6/30/2024 | 664 | 22 | 642 | 642 |
| 38375BKW1 | 6/30/2024 | 106 | 38 | 50 | 68 |
| 38375BQY1 | 6/30/2024 | 111 | 29 | 66 | 82 |
| 38375UFR6 | 6/30/2024 | 222 | 24 | 126 | 198 |
| 38375ULF5 | 6/30/2024 | 818 | 25 | 554 | 793 |
| 38375UMZ0 | 6/30/2024 | 424 | 31 | 282 | 393 |
| 38375UPY0 | 6/30/2024 | 1170 | 37 | 858 | 1133 |
| 38375UUT5 | 6/30/2024 | 1169 | 35 | 824 | 1134 |
| 38375UXF2 | 6/30/2024 | 197 | 3 | 168 | 194 |
| 38375UZG8 | 6/30/2024 | 421 | 13 | 296 | 408 |
| 38376R2Y1 | 6/30/2024 | 1708 | 93 | 1079 | 1615 |
| 38376R3Q7 | 6/30/2024 | 451 | 12 | 312 | 439 |
| 38376R5B8 | 6/30/2024 | 483 | 38 | 295 | 445 |
| 38376RAR7 | 6/30/2024 | 544 | 42 | 344 | 502 |
| 38376RBN5 | 6/30/2024 | 504 | 30 | 348 | 474 |
| 38376RDA1 | 6/30/2024 | 762 | 55 | 480 | 707 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 38376RDN3 | 6/30/2024 | 1395 | 76 | 995 | 1319 |
| 38376RDS2 | 6/30/2024 | 1197 | 13 | 893 | 1184 |
| 38376RDZ6 | 6/30/2024 | 501 | 6 | 354 | 495 |
| 38376RFS0 | 6/30/2024 | 1007 | 21 | 713 | 986 |
| 38376RJQ0 | 6/30/2024 | 934 | 39 | 662 | 895 |
| 38376RLK0 | 6/30/2024 | 943 | 34 | 669 | 909 |
| 38376RLS3 | 6/30/2024 | 220 | 6 | 161 | 214 |
| 38376RN51 | 6/30/2024 | 320 | 34 | 217 | 286 |
| 38376RNN2 | 6/30/2024 | 435 | 8 | 298 | 427 |
| 38376RRC2 | 6/30/2024 | 1281 | 58 | 854 | 1223 |
| 38376RRP3 | 6/30/2024 | 917 | 10 | 625 | 907 |
| 38376RSA5 | 6/30/2024 | 1067 | 60 | 681 | 1007 |
| 38376RSY3 | 6/30/2024 | 616 | 19 | 420 | 597 |
| 38376RT55 | 6/30/2024 | 336 | 15 | 221 | 321 |
| 38376RUM6 | 6/30/2024 | 1339 | 51 | 915 | 1288 |
| 38376RWW2 | 6/30/2024 | 1095 | 47 | 719 | 1048 |
| 38378U8F7 | 6/30/2024 | 510 | 27 | 338 | 483 |
| 38380LC92 | 6/30/2024 | 241 | 3 | 152 | 238 |
| 466247UG6 | 6/30/2024 | 438 | 63 | 375 | 375 |
| 46631JAA6 | 6/30/2024 | 3557 | 16 | 2885 | 3541 |
| 61748HQW4 | 6/30/2024 | 6648 | 169 | 6008 | 6479 |
| 61749LAF8 | 6/30/2024 | 670 | 111 | 556 | 559 |
| 61762UCH4 | 6/30/2024 | 6774 | 77 | 6480 | 6697 |
| 75114NAA2 | 6/30/2024 | 7049 | 13 | 7036 | 7036 |
| 75114NAC8 | 6/30/2024 | 3744 | 18 | 3726 | 3726 |
| 751150AA1 | 6/30/2024 | 13092 | 796 | 11721 | 12296 |
| 91863\*AB1 | 6/30/2024 | 28259 | 6974 | 14297 | 21285 |
| 95000TBC9 | 6/30/2024 | 655 | 109 | 438 | 546 |
| BAN0VUVR8 | 6/30/2024 | 13880 | 4686 | 7480 | 9194 |
| BAN0VUVS6 | 6/30/2024 | 5803 | 3235 | 2184 | 2568 |
| 02147UAA1 | 9/30/2024 | 978 | 19 | 942 | 959 |
| 05531XAG9 | 9/30/2024 | 4014 | 38 | 3338 | 3976 |
| 05532GAF7 | 9/30/2024 | 2164 | 9 | 2140 | 2155 |
| 07386HUL3 | 9/30/2024 | 920 | 81 | 839 | 839 |
| 12641TAS5 | 9/30/2024 | 3901 | 50 | 3851 | 3851 |
| 12641TCC8 | 9/30/2024 | 2802 | 177 | 2456 | 2625 |
| 126694MU9 | 9/30/2024 | 1491 | 12 | 1232 | 1479 |
| 16678RFC6 | 9/30/2024 | 2308 | 243 | 1847 | 2065 |
| 17324KAA6 | 9/30/2024 | 4146 | 845 | 3301 | 3301 |
| 362611BR5 | 9/30/2024 | 1237 | 7 | 1175 | 1230 |
| 38375B3G5 | 9/30/2024 | 290 | 2 | 223 | 288 |
| 38375BGQ9 | 9/30/2024 | 106 | 12 | 76 | 94 |
| 38376RAR7 | 9/30/2024 | 499 | 7 | 359 | 492 |
| 38376RBL9 | 9/30/2024 | 157 | 6 | 111 | 151 |
| 38376RBZ8 | 9/30/2024 | 130 | 23 | 104 | 107 |
| 38376RWU6 | 9/30/2024 | 1248 | 55 | 845 | 1193 |
| 38377EX74 | 9/30/2024 | 95 | 16 | 78 | 79 |
| 41161PK44 | 9/30/2024 | 4382 | 42 | 4034 | 4340 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 466247QP1 | 9/30/2024 | 1587 | 1 | 1519 | 1586 |
| 466247UG6 | 9/30/2024 | 407 | 23 | 385 | 384 |
| 46631JAA6 | 9/30/2024 | 3523 | 17 | 2978 | 3506 |
| 46631NAT6 | 9/30/2024 | 2456 | 88 | 2329 | 2368 |
| 61748HWT4 | 9/30/2024 | 1753 | 28 | 1621 | 1725 |
| 61763GEQ2 | 9/30/2024 | 14307 | 69 | 13754 | 14238 |
| 81744LAN4 | 9/30/2024 | 1409 | 4 | 1304 | 1405 |
| 86212VAE4 | 9/30/2024 | 16640 | 25 | 16116 | 16615 |
| 86361XAA7 | 9/30/2024 | 7665 | 217 | 7448 | 7448 |
| 87244BAA6 | 9/30/2024 | 9579 | 3173 | 3815 | 6406 |
| 91863\*AB1 | 9/30/2024 | 21315 | 5933 | 9992 | 15382 |
| 93935HAJ6 | 9/30/2024 | 2492 | 6 | 2307 | 2486 |
| G0445QAA6 | 9/30/2024 | 3470 | 869 | 2056 | 2601 |
| 00192JAE6 | 12/31/2024 | 1640 | 15 | 1570 | 1625 |
| 00442BAD3 | 12/31/2024 | 1190 | 25 | 1123 | 1165 |
| 00442BAE1 | 12/31/2024 | 2700 | 56 | 2592 | 2644 |
| 00443KAD2 | 12/31/2024 | 2046 | 97 | 1945 | 1949 |
| 00443LAA6 | 12/31/2024 | 1008 | 14 | 977 | 994 |
| 007036PG5 | 12/31/2024 | 462 | 32 | 406 | 430 |
| 026933AA9 | 12/31/2024 | 3437 | 346 | 3092 | 3091 |
| 05532VBB2 | 12/31/2024 | 449 | 83 | 230 | 366 |
| 05952FAG8 | 12/31/2024 | 1867 | 9 | 1679 | 1858 |
| 07400NAH3 | 12/31/2024 | 118 | 44 | 13 | 74 |
| 12464YAA7 | 12/31/2024 | 1661 | 28 | 1567 | 1633 |
| 12464YAB5 | 12/31/2024 | 1338 | 23 | 1275 | 1315 |
| 12465MAA2 | 12/31/2024 | 1039 | 22 | 959 | 1017 |
| 12667F5W1 | 12/31/2024 | 1844 | 40 | 1803 | 1804 |
| 12667GDA8 | 12/31/2024 | 3602 | 11 | 3591 | 3591 |
| 126694JG4 | 12/31/2024 | 1951 | 15 | 1896 | 1936 |
| 16678RFC6 | 12/31/2024 | 2104 | 191 | 1885 | 1913 |
| 17324KAC2 | 12/31/2024 | 1181 | 644 | 537 | 537 |
| 32051GYL3 | 12/31/2024 | 898 | 15 | 883 | 883 |
| 36185MBJ0 | 12/31/2024 | 4840 | 36 | 4641 | 4804 |
| 36245RAA7 | 12/31/2024 | 1454 | 42 | 1369 | 1412 |
| 36245RAB5 | 12/31/2024 | 845 | 23 | 787 | 822 |
| 38375B3G5 | 12/31/2024 | 266 | 5 | 188 | 261 |
| 38375BGQ9 | 12/31/2024 | 99 | 36 | 62 | 63 |
| 38375BKM3 | 12/31/2024 | 258 | 4 | 202 | 254 |
| 38375BLM2 | 12/31/2024 | 104 | 35 | 69 | 69 |
| 38375BSB9 | 12/31/2024 | 107 | 39 | 67 | 68 |
| 38375UEE6 | 12/31/2024 | 349 | 21 | 194 | 328 |
| 38375UFR6 | 12/31/2024 | 168 | 5 | 107 | 163 |
| 38375ULD0 | 12/31/2024 | 102 | 29 | 73 | 73 |
| 38375UQG8 | 12/31/2024 | 692 | 7 | 452 | 685 |
| 38375UQJ2 | 12/31/2024 | 218 | 20 | 159 | 198 |
| 38375UQL7 | 12/31/2024 | 109 | 41 | 67 | 68 |
| 38375UTN0 | 12/31/2024 | 484 | 14 | 334 | 470 |
| 38375UTQ3 | 12/31/2024 | 202 | 8 | 137 | 194 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 38375UWN6 | 12/31/2024 | 546 | 12 | 372 | 534 |
| 38375UXA3 | 12/31/2024 | 255 | 3 | 183 | 252 |
| 38375UZL7 | 12/31/2024 | 113 |  | 80 | 113 |
| 38376R2Y1 | 12/31/2024 | 1287 | 4 | 874 | 1283 |
| 38376R3Q7 | 12/31/2024 | 354 | 3 | 257 | 351 |
| 38376R5B8 | 12/31/2024 | 376 | 10 | 241 | 366 |
| 38376R5Z5 | 12/31/2024 | 194 | 11 | 124 | 183 |
| 38376RAA4 | 12/31/2024 | 1192 | 100 | 784 | 1092 |
| 38376RAR7 | 12/31/2024 | 453 | 16 | 311 | 437 |
| 38376RBL9 | 12/31/2024 | 128 | 1 | 87 | 127 |
| 38376RBZ8 | 12/31/2024 | 101 | 17 | 84 | 84 |
| 38376RDS2 | 12/31/2024 | 842 | 10 | 612 | 832 |
| 38376RDZ6 | 12/31/2024 | 377 | 3 | 264 | 374 |
| 38376RFT8 | 12/31/2024 | 646 | 6 | 469 | 640 |
| 38376RJD9 | 12/31/2024 | 87 | 6 | 81 | 81 |
| 38376RK88 | 12/31/2024 | 303 | 1 | 217 | 302 |
| 38376RLH7 | 12/31/2024 | 289 | 7 | 215 | 282 |
| 38376RNG7 | 12/31/2024 | 186 | 2 | 132 | 184 |
| 38376RNN2 | 12/31/2024 | 333 | 1 | 232 | 332 |
| 38376RNQ5 | 12/31/2024 | 131 | 2 | 92 | 129 |
| 38376RNY8 | 12/31/2024 | 619 | 2 | 429 | 617 |
| 38376RQF6 | 12/31/2024 | 1292 | 5 | 922 | 1287 |
| 38376RQH2 | 12/31/2024 | 678 | 10 | 497 | 668 |
| 38376RRC2 | 12/31/2024 | 969 | 20 | 662 | 949 |
| 38376RSY3 | 12/31/2024 | 501 | 18 | 336 | 483 |
| 38376RT55 | 12/31/2024 | 258 | 6 | 176 | 252 |
| 38376RTF3 | 12/31/2024 | 327 | 22 | 207 | 305 |
| 38376RVB9 | 12/31/2024 | 412 | 15 | 278 | 397 |
| 38376RW36 | 12/31/2024 | 103 | 31 | 72 | 72 |
| 38376RWU6 | 12/31/2024 | 1049 | 12 | 703 | 1037 |
| 38376RWW2 | 12/31/2024 | 849 | 1 | 578 | 848 |
| 38376RZ66 | 12/31/2024 | 309 | 3 | 208 | 306 |
| 38377EX74 | 12/31/2024 | 76 | 12 | 64 | 64 |
| 38380LC92 | 12/31/2024 | 199 | 4 | 128 | 195 |
| 41161PTN3 | 12/31/2024 | 1535 | 7 | 1444 | 1528 |
| 41161PVJ9 | 12/31/2024 | 5639 | 60 | 5167 | 5579 |
| 41164LAB5 | 12/31/2024 | 830 | 5 | 793 | 825 |
| 43709XAE1 | 12/31/2024 | 5045 | 91 | 4818 | 4954 |
| 466309AC5 | 12/31/2024 | 605 | 51 | 554 | 554 |
| 46631JAA6 | 12/31/2024 | 3441 | 14 | 2832 | 3427 |
| 59024FAE4 | 12/31/2024 | 1114 | 61 | 1053 | 1053 |
| 59025QAC3 | 12/31/2024 | 369 | 111 | 258 | 258 |
| 61755GBF9 | 12/31/2024 | 1282 | 3 | 1046 | 1279 |
| 61762UCH4 | 12/31/2024 | 6502 | 147 | 6355 | 6355 |
| 61766LAG4 | 12/31/2024 | 2121 | 1455 | 666 | 666 |
| 61766LAQ2 | 12/31/2024 | 1224 | 926 | 298 | 298 |
| 61915YAE1 | 12/31/2024 | 2224 | 113 | 2102 | 2111 |
| 62951MAY6 | 12/31/2024 | 2674 | 17 | 2415 | 2657 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br> **of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 75114HAD9 | 12/31/2024 | 12539 | 246 | 12293 | 12293 |
| 761118DN5 | 12/31/2024 | 1355 | 30 | 1280 | 1325 |
| 761118QM3 | 12/31/2024 | 6712 | 61 | 6481 | 6651 |
| 872227AE3 | 12/31/2024 | 2122 | 318 | 1800 | 1804 |
| 91863\*AB1 | 12/31/2024 | 16427 | 2215 | 8770 | 14212 |
| BAN0VUVR8 | 12/31/2024 | 8868 | 643 | 7253 | 8225 |
| BAN0VUVS6 | 12/31/2024 | 2320 | 30 | 1981 | 2290 |
| G0445QAA6 | 12/31/2024 | 2251 | 842 | 1408 | 1409 |
|  |  |  | $52221 |  |  |

---

OTTI was recognized on the following asset-backed securities in 2023 due to the present value of the cash flows expected to be collected being less than the amortized cost basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br>**of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 00192JAD8 | 3/31/2023 | $1536 | $129 | $1392 | $1407 |
| 05952HAD1 | 3/31/2023 | 1527 | 12 | 1443 | 1515 |
| 1248MBAF2 | 3/31/2023 | 9869 | 62 | 8539 | 9807 |
| 12639MFA8 | 3/31/2023 | 788 | 18 | 691 | 770 |
| 12641TAS5 | 3/31/2023 | 4943 | 65 | 4363 | 4878 |
| 12668BMY6 | 3/31/2023 | 1812 | 5 | 1612 | 1806 |
| 126694K31 | 3/31/2023 | 383 | 7 | 329 | 376 |
| 17322JAB9 | 3/31/2023 | 1435 | 13 | 1422 | 1422 |
| 61748HQW4 | 3/31/2023 | 7771 | 104 | 7338 | 7667 |
| 61755GBF9 | 3/31/2023 | 1504 | 3 | 1197 | 1501 |
| 65540AAB3 | 3/31/2023 | 6065 | 2 | 5649 | 6063 |
| 74958TAB9 | 3/31/2023 | 2035 | 6 | 1932 | 2029 |
| 76114BAB4 | 3/31/2023 | 1995 | 9 | 1747 | 1986 |
| 863579JH2 | 3/31/2023 | 929 | 35 | 873 | 895 |
| 00212JBN1 | 3/31/2023 | 23384 | 6 | 21371 | 23378 |
| 02151HAC9 | 3/31/2023 | 1848 | 3 | 1837 | 1846 |
| 05543DBQ6 | 3/31/2023 | 4914 | 4 | 4739 | 4909 |
| 05952FAG8 | 3/31/2023 | 2049 | 25 | 1906 | 2025 |
| 05956DAD6 | 3/31/2023 | 1334 | 25 | 1309 | 1309 |
| 073881AD6 | 3/31/2023 | 3974 | 30 | 3348 | 3944 |
| 07388DAC2 | 3/31/2023 | 3784 | 17 | 3728 | 3766 |
| 12642LBS0 | 3/31/2023 | 1186 | 2 | 1114 | 1183 |
| 12645VAC1 | 3/31/2023 | 3183 | 69 | 2890 | 3113 |
| 12646AAY8 | 3/31/2023 | 6224 | 29 | 6183 | 6195 |
| 12646NAL8 | 3/31/2023 | 662 | 14 | 610 | 648 |
| 12667GMA8 | 3/31/2023 | 1513 | 21 | 1359 | 1492 |
| 12668BCL5 | 3/31/2023 | 2478 | 8 | 2462 | 2470 |
| 16165TAZ6 | 3/31/2023 | 1049 | 14 | 944 | 1035 |
| 17309KAK3 | 3/31/2023 | 3385 | 52 | 3333 | 3333 |
| 45660LTS8 | 3/31/2023 | 508 | 3 | 419 | 506 |
| 45661EGC2 | 3/31/2023 | 772 | 26 | 680 | 746 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br>**of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 456681AE5 | 3/31/2023 | 4319 | 22 | 4134 | 4298 |
| 466278BR8 | 3/31/2023 | 1872 | 59 | 1802 | 1813 |
| 46628BCC2 | 3/31/2023 | 921 | 33 | 824 | 888 |
| 46632BAE4 | 3/31/2023 | 824 | 18 | 696 | 806 |
| 61748HUF6 | 3/31/2023 | 8784 | 167 | 8192 | 8617 |
| 61756VBE8 | 3/31/2023 | 2538 | 24 | 2094 | 2515 |
| 69121PCH4 | 3/31/2023 | 3514 | 11 | 3443 | 3503 |
| 74927XAE2 | 3/31/2023 | 482 | 26 | 456 | 456 |
| 749691C41 | 3/31/2023 | 2429 | 115 | 2298 | 2314 |
| 749691F71 | 3/31/2023 | 2547 | 43 | 2504 | 2504 |
| 00192JAD8 | 6/30/2023 | 1375 | 20 | 1328 | 1355 |
| 12639MFA8 | 6/30/2023 | 767 | 9 | 653 | 758 |
| 61748HQW4 | 6/30/2023 | 7277 | 6 | 6966 | 7271 |
| 00442BAD3 | 6/30/2023 | 1376 | 74 | 1234 | 1302 |
| 00442BAE1 | 6/30/2023 | 3121 | 168 | 2818 | 2953 |
| 00442JAD6 | 6/30/2023 | 462 | 27 | 363 | 435 |
| 058930AD0 | 6/30/2023 | 2650 | 22 | 2388 | 2628 |
| 16162WPZ6 | 6/30/2023 | 1826 | 16 | 1731 | 1810 |
| 16165TAB9 | 6/30/2023 | 521 | 88 | 433 | 433 |
| 41161PVK6 | 6/30/2023 | 6567 | 52 | 6160 | 6514 |
| 41161UAC6 | 6/30/2023 | 3179 | 21 | 2661 | 3158 |
| 46631JAA6 | 6/30/2023 | 3929 | 48 | 3123 | 3881 |
| 55027BAA6 | 6/30/2023 | 14350 | 184 | 13393 | 14167 |
| 59023MAD2 | 6/30/2023 | 2568 | 124 | 2214 | 2444 |
| 61748HYQ8 | 6/30/2023 | 8725 | 30 | 8252 | 8695 |
| 61763GEQ2 | 6/30/2023 | 16145 | 14 | 14735 | 16131 |
| 863579RT7 | 6/30/2023 | 99 | 1 | 97 | 98 |
| 87222PAB9 | 6/30/2023 | 2730 | 53 | 2678 | 2678 |
| 94983JAG7 | 6/30/2023 | 1775 | 52 | 1671 | 1723 |
| 94984NAA0 | 6/30/2023 | 1513 | 82 | 1382 | 1431 |
| 05952FAG8 | 6/30/2023 | 1991 | 15 | 1855 | 1976 |
| 073881AD6 | 6/30/2023 | 3712 | 5 | 3259 | 3707 |
| 07388DAC2 | 6/30/2023 | 3647 | 6 | 3542 | 3641 |
| 12645VAC1 | 6/30/2023 | 3102 | 37 | 2730 | 3065 |
| 12646AAY8 | 6/30/2023 | 6003 | 19 | 5909 | 5984 |
| 12646NAL8 | 6/30/2023 | 646 | 8 | 576 | 638 |
| 61748HUF6 | 6/30/2023 | 8563 | 17 | 8241 | 8546 |
| 74927XAE2 | 6/30/2023 | 434 | 14 | 413 | 420 |
| 00443KAD2 | 6/30/2023 | 2430 | 120 | 2291 | 2310 |
| 00443LAA6 | 6/30/2023 | 1112 | 29 | 999 | 1083 |
| 05539BEH3 | 6/30/2023 | 4767 | 2 | 4241 | 4765 |
| 12489WGD0 | 6/30/2023 | 1462 | 45 | 1416 | 1416 |
| 12667GRV7 | 6/30/2023 | 4735 | 12 | 4516 | 4723 |
| 12668BBN2 | 6/30/2023 | 10233 | 90 | 10143 | 10143 |
| 170257AH2 | 6/30/2023 | 850 | 12 | 786 | 838 |
| 17307G3F3 | 6/30/2023 | 142 | 4 | 136 | 138 |
| 225470RU9 | 6/30/2023 | 2361 | 95 | 2161 | 2266 |
| 2254W0MF9 | 6/30/2023 | 1581 |  | 1401 | 1581 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br>**of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 3623418H5 | 6/30/2023 | 102 | 33 | 69 | 69 |
| 362528AA9 | 6/30/2023 | 4085 | 22 | 3941 | 4063 |
| 41161PK44 | 6/30/2023 | 2248 |  | 2057 | 2247 |
| 41161PWC3 | 6/30/2023 | 1196 | 12 | 1070 | 1183 |
| 45254TQW7 | 6/30/2023 | 2822 | 49 | 2507 | 2773 |
| 46634DCP1 | 6/30/2023 | 1373 | 1 | 1276 | 1372 |
| 46635AAH6 | 6/30/2023 | 2921 | 48 | 2664 | 2873 |
| 46637JCJ9 | 6/30/2023 | 2679 | 45 | 2506 | 2634 |
| 55275BAA5 | 6/30/2023 | 1528 | 53 | 1475 | 1475 |
| 59024FAD6 | 6/30/2023 | 864 | 86 | 722 | 777 |
| 59024FAE4 | 6/30/2023 | 1350 | 134 | 1127 | 1216 |
| 61758LAD1 | 6/30/2023 | 1764 | 8 | 1751 | 1756 |
| 65539KAF5 | 6/30/2023 | 4206 | 46 | 3764 | 4160 |
| 65539LAF3 | 6/30/2023 | 2925 | 30 | 2577 | 2895 |
| 863579XC7 | 6/30/2023 | 4536 | 25 | 4512 | 4512 |
| 86363GAF1 | 6/30/2023 | 84 | 1 | 78 | 83 |
| 12641TAS5 | 9/30/2023 | 4759 | 146 | 4250 | 4613 |
| 61748HQW4 | 9/30/2023 | 7215 | 115 | 6674 | 7100 |
| 12669GK67 | 9/30/2023 | 615 | 58 | 423 | 556 |
| 38375BLM2 | 9/30/2023 | 260 | 14 | 144 | 246 |
| 38375BTZ5 | 9/30/2023 | 275 | 1 | 157 | 274 |
| 38375ULD0 | 9/30/2023 | 240 | 1 | 147 | 239 |
| 38375ULQ1 | 9/30/2023 | 535 | 5 | 406 | 529 |
| 38375UMZ0 | 9/30/2023 | 491 | 39 | 276 | 452 |
| 38375UNX4 | 9/30/2023 | 365 | 5 | 199 | 361 |
| 38375UPB0 | 9/30/2023 | 510 | 46 | 324 | 464 |
| 38375UQJ2 | 9/30/2023 | 436 | 8 | 266 | 429 |
| 38375UTQ3 | 9/30/2023 | 457 | 5 | 295 | 452 |
| 38375UTU4 | 9/30/2023 | 753 | 44 | 465 | 709 |
| 38375UWQ9 | 9/30/2023 | 1664 | 146 | 775 | 1518 |
| 38375UXF2 | 9/30/2023 | 356 | 38 | 179 | 318 |
| 38375UZL7 | 9/30/2023 | 239 | 15 | 153 | 224 |
| 38376R2Y1 | 9/30/2023 | 2421 | 21 | 1479 | 2400 |
| 38376R3Q7 | 9/30/2023 | 644 | 8 | 433 | 636 |
| 38376RAA4 | 9/30/2023 | 1820 | 82 | 913 | 1738 |
| 38376RAP1 | 9/30/2023 | 130 | 4 | 81 | 126 |
| 38376RAR7 | 9/30/2023 | 819 | 37 | 403 | 782 |
| 38376RBL9 | 9/30/2023 | 365 | 10 | 210 | 355 |
| 38376RBN5 | 9/30/2023 | 632 | 51 | 373 | 581 |
| 38376RBZ8 | 9/30/2023 | 264 | 2 | 172 | 262 |
| 38376RDA1 | 9/30/2023 | 903 | 59 | 516 | 843 |
| 38376RDC7 | 9/30/2023 | 700 | 7 | 603 | 693 |
| 38376RDZ6 | 9/30/2023 | 878 | 22 | 558 | 856 |
| 38376RHQ2 | 9/30/2023 | 490 | 53 | 224 | 437 |
| 38376RK88 | 9/30/2023 | 570 | 6 | 382 | 564 |
| 38376RLH7 | 9/30/2023 | 580 | 4 | 383 | 576 |
| 38376RLS3 | 9/30/2023 | 467 | 57 | 171 | 409 |
| 38376RNG7 | 9/30/2023 | 425 | 6 | 274 | 419 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br>**of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 38376RT55 | 9/30/2023 | 529 | 11 | 329 | 518 |
| 38376RW36 | 9/30/2023 | 252 | 3 | 150 | 249 |
| 38376XNE9 | 9/30/2023 | 1021 | 17 | 595 | 1004 |
| 38380LVM2 | 9/30/2023 | 962 | 26 | 646 | 936 |
| 872227AE3 | 9/30/2023 | 2421 | 86 | 2102 | 2334 |
| 12642LBS0 | 9/30/2023 | 1062 | 35 | 951 | 1027 |
| 61748HUF6 | 9/30/2023 | 8440 | 99 | 7975 | 8341 |
| 55275BAA5 | 9/30/2023 | 1434 | 42 | 1298 | 1392 |
| 07386HUL3 | 9/30/2023 | 786 | 117 | 669 | 669 |
| 07386HYW5 | 9/30/2023 | 1425 | 33 | 1391 | 1391 |
| 16165TAH6 | 9/30/2023 | 1013 | 211 | 802 | 802 |
| 3622EAAC4 | 9/30/2023 | 5336 | 94 | 5128 | 5242 |
| 38375BKW1 | 9/30/2023 | 127 | 5 | 82 | 122 |
| 38375UFN5 | 9/30/2023 | 969 | 14 | 728 | 955 |
| 38375UFR6 | 9/30/2023 | 306 | 7 | 178 | 299 |
| 38375UQG8 | 9/30/2023 | 1432 | 22 | 846 | 1410 |
| 38375UVC1 | 9/30/2023 | 693 | 11 | 542 | 682 |
| 38375UVZ0 | 9/30/2023 | 119 |  | 72 | 118 |
| 38375UWN6 | 9/30/2023 | 1299 | 45 | 717 | 1254 |
| 38375UZG8 | 9/30/2023 | 545 |  | 339 | 544 |
| 38376R5B8 | 9/30/2023 | 741 | 20 | 420 | 721 |
| 38376RDN3 | 9/30/2023 | 1841 | 212 | 1062 | 1629 |
| 38376RFS0 | 9/30/2023 | 1361 | 55 | 762 | 1306 |
| 38376RFT8 | 9/30/2023 | 912 | 63 | 549 | 848 |
| 38376RJQ0 | 9/30/2023 | 1399 | 13 | 961 | 1386 |
| 38376RNN2 | 9/30/2023 | 843 | 25 | 454 | 819 |
| 38376RNQ5 | 9/30/2023 | 210 | 5 | 137 | 205 |
| 38376RRP3 | 9/30/2023 | 1525 | 14 | 932 | 1511 |
| 38376RSA5 | 9/30/2023 | 1489 | 101 | 824 | 1388 |
| 38376RSY3 | 9/30/2023 | 1111 | 16 | 616 | 1095 |
| 38376RTF3 | 9/30/2023 | 685 | 1 | 401 | 684 |
| 38376RUM6 | 9/30/2023 | 2271 | 43 | 1358 | 2228 |
| 38376RWU6 | 9/30/2023 | 2148 | 147 | 989 | 2001 |
| 38376RWW2 | 9/30/2023 | 1778 | 55 | 1074 | 1724 |
| 38378U8F7 | 9/30/2023 | 932 | 16 | 549 | 916 |
| 38380LC92 | 9/30/2023 | 407 | 12 | 216 | 395 |
| 45668LAA9 | 9/30/2023 | 5228 | 53 | 4153 | 5175 |
| 61759FAJ0 | 9/30/2023 | 965 | 207 | 759 | 759 |
| 86361XAA7 | 12/31/2023 | 7900 | 156 | 7567 | 7744 |
| 91863\*AB1 | 12/31/2023 | 42124 | 13334 | 19461 | 28790 |
| 61762UCH4 | 9/30/2023 | 6989 | 4 | 6633 | 6984 |
| 76110H7A1 | 9/30/2023 | 2418 | 18 | 2255 | 2400 |
| 00192JAD8 | 12/31/2023 | 1300 | 14 | 1278 | 1286 |
| 61748HQW4 | 12/31/2023 | 6901 | 94 | 6779 | 6807 |
| 16165TAB9 | 12/31/2023 | 516 | 121 | 392 | 396 |
| 38375BLM2 | 12/31/2023 | 211 | 47 | 123 | 164 |
| 38375BTZ5 | 12/31/2023 | 234 | 43 | 130 | 191 |
| 38375ULD0 | 12/31/2023 | 199 | 31 | 123 | 168 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br>**of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 38375UNX4 | 12/31/2023 | 311 | 77 | 169 | 234 |
| 38375UQJ2 | 12/31/2023 | 386 | 56 | 233 | 330 |
| 38375UTQ3 | 12/31/2023 | 395 | 41 | 255 | 355 |
| 38375UTU4 | 12/31/2023 | 698 | 47 | 452 | 651 |
| 38375UWQ9 | 12/31/2023 | 1460 | 283 | 826 | 1177 |
| 38375UXF2 | 12/31/2023 | 301 | 78 | 192 | 222 |
| 38375UZL7 | 12/31/2023 | 194 | 5 | 130 | 189 |
| 38376R2Y1 | 12/31/2023 | 2169 | 133 | 1287 | 2036 |
| 38376R3Q7 | 12/31/2023 | 576 | 21 | 375 | 555 |
| 38376RAA4 | 12/31/2023 | 1679 | 239 | 940 | 1440 |
| 38376RAR7 | 12/31/2023 | 763 | 149 | 411 | 615 |
| 38376RBL9 | 12/31/2023 | 306 | 56 | 167 | 250 |
| 38376RBN5 | 12/31/2023 | 568 | 46 | 362 | 522 |
| 38376RBZ8 | 12/31/2023 | 220 | 17 | 143 | 203 |
| 38376RDA1 | 12/31/2023 | 821 | 32 | 506 | 789 |
| 38376RDZ6 | 12/31/2023 | 747 | 90 | 476 | 657 |
| 38376RHQ2 | 12/31/2023 | 401 | 96 | 211 | 304 |
| 38376RLH7 | 12/31/2023 | 488 | 37 | 327 | 452 |
| 38376RLS3 | 12/31/2023 | 388 | 137 | 174 | 251 |
| 38376RNG7 | 12/31/2023 | 351 | 16 | 236 | 334 |
| 38376RT55 | 12/31/2023 | 457 | 32 | 283 | 425 |
| 38376RW36 | 12/31/2023 | 209 | 35 | 125 | 173 |
| 38376XNE9 | 12/31/2023 | 732 | 61 | 463 | 671 |
| 00256DAB8 | 12/31/2023 | 1328 | 206 | 870 | 1122 |
| 126694JH2 | 12/31/2023 | 343 | 153 | 159 | 189 |
| 38375B3G5 | 12/31/2023 | 472 | 57 | 286 | 415 |
| 38375BKM3 | 12/31/2023 | 460 |  | 324 | 460 |
| 38375BMU3 | 12/31/2023 | 297 | 45 | 191 | 253 |
| 38375BQY1 | 12/31/2023 | 138 | 30 | 85 | 107 |
| 38375UEH9 | 12/31/2023 | 138 | 29 | 75 | 109 |
| 38375ULF5 | 12/31/2023 | 1107 | 110 | 681 | 998 |
| 38375UQL7 | 12/31/2023 | 190 | 27 | 107 | 163 |
| 38375UUT5 | 12/31/2023 | 1717 | 210 | 1073 | 1507 |
| 38375UXA3 | 12/31/2023 | 510 | 58 | 308 | 451 |
| 38376R5Z5 | 12/31/2023 | 394 | 63 | 216 | 331 |
| 38376RLK0 | 12/31/2023 | 1459 | 177 | 922 | 1282 |
| 38376RQF6 | 12/31/2023 | 2556 | 310 | 1571 | 2246 |
| 38376RQH2 | 12/31/2023 | 1306 | 99 | 832 | 1207 |
| 38376RRC2 | 12/31/2023 | 1954 | 361 | 1078 | 1593 |
| 38377EX74 | 12/31/2023 | 172 | 23 | 127 | 149 |
| 61756VAG4 | 12/31/2023 | 1840 | 19 | 1455 | 1821 |
| 12667GMA8 | 12/31/2023 | 1323 | 21 | 1180 | 1302 |
| 17309KAK3 | 12/31/2023 | 3213 | 10 | 3195 | 3204 |
| 12489WGD0 | 12/31/2023 | 1338 | 53 | 1285 | 1285 |
| 170257AH2 | 12/31/2023 | 745 | 58 | 620 | 687 |
| 55275BAA5 | 12/31/2023 | 1377 | 12 | 1366 | 1366 |
| 38375UQG8 | 12/31/2023 | 1227 | 125 | 735 | 1102 |
| 38375UWN6 | 12/31/2023 | 1099 | 216 | 604 | 884 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Security** |<br>**Date of**<br>**Impairment** | **Amortized**<br>**Cost Prior**<br>**to OTTI** | **OTTI**<br>**Recognized**<br>**in Earnings** | **Fair Value**<br>**at Time**<br>**of OTTI** | **Amortized**<br>**Cost After**<br>**OTTI** |
| 38375UZG8 | 12/31/2023 | 477 | 70 | 291 | 407 |
| 38376R5B8 | 12/31/2023 | 645 | 75 | 355 | 570 |
| 38376RDN3 | 12/31/2023 | 1615 | 167 | 1031 | 1447 |
| 38376RFS0 | 12/31/2023 | 1275 | 187 | 732 | 1088 |
| 38376RFT8 | 12/31/2023 | 838 | 58 | 539 | 780 |
| 38376RJQ0 | 12/31/2023 | 1258 | 58 | 851 | 1201 |
| 38376RNN2 | 12/31/2023 | 723 | 149 | 390 | 575 |
| 38376RRP3 | 12/31/2023 | 1331 | 131 | 796 | 1200 |
| 38376RSA5 | 12/31/2023 | 1300 | 44 | 791 | 1255 |
| 38376RSY3 | 12/31/2023 | 946 | 180 | 526 | 766 |
| 38376RTF3 | 12/31/2023 | 609 | 81 | 351 | 528 |
| 38376RUM6 | 12/31/2023 | 1982 | 280 | 1173 | 1702 |
| 38376RWU6 | 12/31/2023 | 1930 | 454 | 983 | 1476 |
| 38376RWW2 | 12/31/2023 | 1493 | 124 | 918 | 1369 |
| 38378U8F7 | 12/31/2023 | 818 | 148 | 471 | 671 |
| 38380LC92 | 12/31/2023 | 361 | 52 | 187 | 309 |
| 05532VBB2 | 12/31/2023 | 591 | 17 | 517 | 575 |
| 12645QAC2 | 12/31/2023 | 2290 | 38 | 2252 | 2252 |
| 12667GT86 | 12/31/2023 | 1083 | 16 | 982 | 1068 |
| 36185MBJ0 | 12/31/2023 | 5106 | 43 | 4864 | 5063 |
| 38375BKB7 | 12/31/2023 | 281 | 11 | 227 | 270 |
| 38375BQQ8 | 12/31/2023 | 330 | 33 | 232 | 296 |
| 38375BZT2 | 12/31/2023 | 541 | 53 | 349 | 488 |
| 38375UBG4 | 12/31/2023 | 447 | 31 | 310 | 417 |
| 38375UEE6 | 12/31/2023 | 556 | 54 | 309 | 503 |
| 38375UTN0 | 12/31/2023 | 1053 | 259 | 554 | 795 |
| 38376RDS2 | 12/31/2023 | 1728 | 102 | 1113 | 1626 |
| 38376RM52 | 12/31/2023 | 461 | 99 | 255 | 361 |
| 38376RN51 | 12/31/2023 | 521 | 111 | 262 | 410 |
| 38376RNY8 | 12/31/2023 | 1253 | 194 | 720 | 1060 |
| 38376RVB9 | 12/31/2023 | 802 | 107 | 462 | 695 |
| 38379RHB2 | 12/31/2023 | 286 | 44 | 230 | 242 |
| 74923JAH0 | 12/31/2023 | 551 | 242 | 309 | 309 |
| 761118KU1 | 12/31/2023 | 703 | 10 | 5901 | 693 |
| 761118NN4 | 12/31/2023 | 13680 | 194 | 13486 | 13486 |
| 05490AAJ2 | 12/31/2023 | 8401 | 8247 | 154 | 154 |
|  |  |  | $36882 |  |  |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**5GI Securities**

The following table displays the carrying value and associated fair values for 5GI securities, by investment type. 5GI securities are unrated by the NAIC, but are current on principal and interest payments.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Number of 5GI Securities** | **Book Adjusted Carrying Value** | **Fair Value** | **Number of 5GI Securities** | **Book Adjusted Carrying Value** | **Fair Value** |
| Asset-backed securities | 1 | $209 | $247 | 1 | $257 | $268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 1 | $209 | $247 | 1 | $257 | $268 |

---

**Sub-Prime Mortgage Related Risk Exposure**

The Company has exposure to the sub-prime mortgage credit market through certain mortgage-backed securities (MBS). These securities consist of diversified investments with both fixed-rate and variable-rate collateral, are focused on senior positions within the structure, have borrowers which have demonstrated attachment and ability to pay despite financial stress, and the vast majority are rated 1 or 2 by the NAIC. At December 31, 2025 and 2024, the Company held MBS with sub-prime exposure with a carrying value of $176,477 and $179,343, respectively, a cost of $168,680 and $171,170, respectively, and a fair value of $179,557 and $176,431, respectively. There were $162 and $1,028 of other-than-temporary impairments recognized on these securities during 2025 and 2024, respectively.

The Company generally defines sub-prime residential whole mortgage loans as borrowers with impaired credit history and lower FICO scores. The price paid for the sub-prime residential whole mortgage loans factored in the consideration of the borrower's ability to repay along with the overall credit profile of the loan. The Company continues to monitor the performance of the sub-prime residential whole mortgage loans along with performance expectations. The Company held the following in sub-prime residential whole mortgage loans:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Book Adjusted Carrying Value** | **Fair Value** | **Value of Land and Buildings** | **Other-Than-Temporary Impairment Losses Recognized** |
| Mortgages in the process of foreclosure | $19839 | $21987 | $55059 | $— |
| Mortgages in good standing | 433171 | 418496 | 915990 |  |
| Mortgages with restructured terms |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $453010 | $440483 | $971049 | $— |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Book Adjusted Carrying Value** | **Fair Value** | **Value of Land and Buildings** | **Other-Than-Temporary Impairment Losses Recognized** |
| Mortgages in the process of foreclosure | $32296 | $33656 | $77080 | $— |
| Mortgages in good standing | 467339 | 437493 | 958633 |  |
| Mortgages with restructured terms |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $499635 | $471149 | $1035713 | $— |

---

**Mortgage Loans, Including Mezzanine Real Estate Loans** 

The Company's investments in mortgage loans on real estate consist primarily of mortgage loans made on a full recourse basis. During 2025, the Company acquired residential mortgage loans (RMLs) with interest rates ranging from 3% to 15%. Of the RMLs acquired during 2025, the maximum percentage of any one loan to the value at the time of the loan was 148%.

During 2025, the Company acquired commercial mortgage loans (CMLs) with interest rates ranging from 3% to 10%. The Company invests in both fixed-rate and variable-rate loans and manages its credit risk associated with these loans by diversifying its mortgage portfolio by property type and geographic location. Of the CMLs acquired in 2025, the maximum loan to value of any one loan, exclusive of insured or guaranteed or purchase money mortgages, was 82%. Mezzanine CMLs comprise 3% and 3% of the total CMLs for the years ending December 31, 2025 and 2024, respectively.

The portfolio credit risk for mortgage loans was concentrated in the following geographic regions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Value** | **Percent of Total** | **Carrying Value** | **Percent of Total** |
| North Central | $2361373 | 2.7% | $1574213 | 2.6% |
| South Central | 2765172 | 3.2 | 1874323 | 3.1 |
| South Atlantic | 6523387 | 7.5 | 5678365 | 9.4 |
| Pacific | 5904984 | 6.8 | 5721636 | 9.5 |
| Mountain | 1554094 | 1.8 | 1345131 | 2.2 |
| Atlantic | 8396296 | 9.7 | 7204977 | 12.0 |
| New England | 1002405 | 1.2 | 1006741 | 1.7 |
| International | 6042718 | 7.0 | 4300444 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial mortgage loans | 34550429 | 39.9 | 28705830 | 47.7 |
| Total residential mortgage loans | 52088099 | 60.1 | 31520394 | 52.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $86638528 | 100.0% | $60226224 | 100.0% |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The Company's RML portfolio includes first lien RMLs, collateralized by properties located in the United States, United Kingdom and the Netherlands. At December 31, 2025, California, Texas, and Florida represented 23.7%, 15.9%, and 10.6%, respectively, of the portfolio. The remaining 49.8% represented all other states, with each individual state comprising less than 5% of the RML portfolio. At December 31, 2024, California, Florida, and Texas represented 27.1%, 12.7%, and 7.5%, respectively, of the portfolio, and the remaining 52.7% represented all other states, with each individual state comprising less than 5% of the RML portfolio.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The age analysis of mortgage loans by type and identification is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Residential** | **Residential** | | | |
| | **Insured** | **All Other** |<br>**Commercial** |<br>**Mezzanine** |<br>**Total** |
| **Recorded investment (all)** | | | | | |
| &nbsp;&nbsp;&nbsp;Current | $187713 | $50016045 | $32851139 | $937435 | $83992332 |
| &nbsp;&nbsp;&nbsp;30-59 days past due | 49786 | 954576 | 362294 |  | 1366656 |
| &nbsp;&nbsp;&nbsp;60-89 days past due | 18050 | 273858 | 216511 |  | 508419 |
| &nbsp;&nbsp;&nbsp;90-179 days past due | 16717 | 213431 | 38232 |  | 268380 |
| &nbsp;&nbsp;&nbsp;180+ days past due | 17278 | 340645 | 144818 |  | 502741 |
| Total mortgage loans | $289544 | $51798555 | $33612994 | $937435 | $86638528 |
| **Accruing interest 90 - 179 days past due** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded investment | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Interest accrued | 91 |  | 412 |  | 503 |
| **Accruing interest 180+ days past due** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded investment | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Interest accrued | 516 | 4 | 1601 |  | 2121 |
| **Interest reduced** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded investment | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Number of loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Percent reduced | —% | —% | —% | —% | —% |
| **Participant or co-lender in a mortgage loan agreement** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded investment | $— | $— | $— | $— | $— |
| **Investment in impaired loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average recorded investment | $— | $517 | $42092 | $24150 | $66759 |
| &nbsp;&nbsp;&nbsp;Interest income recognized |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded investments on nonaccrual status |  | 48041 | 420922 | 72451 | 541414 |
| &nbsp;&nbsp;&nbsp;Amount of interest income recognized using a cash-basis method of accounting |  |  |  |  |  |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Residential** | **Residential** | | | |
| | **Insured** | **All Other** |<br>**Commercial** |<br>**Mezzanine** |<br>**Total** |
| **Recorded investment (all)** | **Recorded investment (all)** | | | | |
| &nbsp;&nbsp;&nbsp;Current | $217492 | $28933306 | $27210711 | $970434 | $57331943 |
| &nbsp;&nbsp;&nbsp;30-59 days past due | 51319 | 1252938 | 308126 |  | 1612383 |
| &nbsp;&nbsp;&nbsp;60-89 days past due | 22107 | 361798 | 191656 |  | 575561 |
| &nbsp;&nbsp;&nbsp;90-179 days past due | 22855 | 258862 |  |  | 281717 |
| &nbsp;&nbsp;&nbsp;180+ days past due | 24037 | 375680 | 24903 |  | 424620 |
| Total Mortgage Loans | $337810 | $31182584 | $27735396 | $970434 | $60226224 |
| **Accruing interest 90 - 179 days past due** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded investment | $22855 | $39149 | $— | $— | $62004 |
| &nbsp;&nbsp;&nbsp;Interest accrued | 160 | 606 |  |  | 766 |
| **Accruing interest 180+ days past due** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded investment | $24037 | $96605 | $23932 | $— | $144574 |
| &nbsp;&nbsp;&nbsp;Interest accrued | 847 | 1031 | 320 | 218 | 2416 |
| **Interest reduced** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded investment | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Number of loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Percent reduced | —% | —% | —% | —% | —% |
| **Participant or co-lender in a mortgage loan agreement** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded investment | $— | $— | $— | $— | $— |
| **Investment in impaired loans** | **Investment in impaired loans** | **Investment in impaired loans** | **Investment in impaired loans** | **Investment in impaired loans** | **Investment in impaired loans** |
| &nbsp;&nbsp;&nbsp;Average recorded investment | $— | $525 | $12197 | $24150 | $36872 |
| &nbsp;&nbsp;&nbsp;Interest income recognized |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded investments on nonaccrual status |  | 51927 | 24395 | 72451 | 148773 |
| &nbsp;&nbsp;&nbsp;Amount of interest income recognized using a cash-basis method of accounting |  |  |  |  |  |

---

Allowance for credit losses for mortgage loans are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Balance at beginning of period | $68096 | $68792 | $43140 |
| Additions charged to operations | 45206 | 28596 | 27206 |
| Direct write-downs charged against the allowances | (765) |  |  |
| Recoveries of amounts previously charged off | (5645) | (29292) | (1554) |
| Balance at end of period | $106892 | $68096 | $68792 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

Mortgage loans derecognized as a result of foreclosure are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Aggregate amount of mortgage loans derecognized | $71695 | $35933 | $78740 |
| Real estate collateral recognized | 71695 | 35933 | 78740 |
| Other collateral recognized |  |  |  |
| Receivables recognized from a government guarantee of the foreclosed mortgage loan |  |  |  |

---

At December 31, 2025 and 2024, there were no taxes, assessments or amounts which had been advanced but not repaid and not included in the mortgage loan. The primary credit quality indicator monitored is loan performance. Nonperforming mortgage loans are 90 days or more past due and are in non-accrual status. The Company accrues interest income on impaired loans to the extent deemed collectible (delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. The Company recognizes interest income on its impaired loans upon receipt.

**Real Estate**

The Company did not acquire real estate held for the production of income in 2025 or 2024.

There were no sales of real estate in 2025, 2024 and 2023. There were no gains or losses recognized as a result of sales during 2025, 2024 and 2023.

The Company had $0, $17,314 and $0 of impairment losses recognized on real estate that are included in net realized capital gains or losses for the years ended December 31, 2025, 2024 and 2023, respectively.

**Other Invested Assets**

The Company has no investments in joint venture, partnerships or limited liability companies that exceed 10% of its admitted assets. During 2025, 2024 and 2023, there were impairments of $11,809, $2,823 and $0, respectively, on other invested assets. The impairments were based on an assessment that future cash flows of affected investments would be less than the cost basis. Fair value is determined utilizing statements received from the partnerships and limited liability companies or commercial pricing services using a variety of market observable information in their valuation techniques, or an internal model.

The Company invests in renewable, solar energy and low income housing projects that provide tax benefits, reducing the Company's tax liability. As of December 31, 2025 and 2024, the Company had $48,603 and $7,637, respectively, of investment in these tax credit investment structures and recognized $506,668, $74,086 and $52,773 of amortization and non-income tax related activity through net investment income and other income for the years ended December 31, 2025, 2024 and 2023, respectively. The Company recognized tax credits and other tax benefits of $547,606, $81,701 and $64,457 during 2025, 2024 and 2023, respectively. The Company did not recognize impairments on the tax credit investments during 2025, 2024 or 2023. As of December 31, 2025, the Company has commitments to provide additional contributions of $284,160 to tax credit investments for the years 2026-2035.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The tax credits expected to be generated by the Company's investments in future periods is as follows:

---

| | |
|:---|:---|
| 2026 | $29977 |
| 2027 | 29977 |
| 2028 | 29977 |
| 2029 | 29977 |
| 2030 | 29977 |
| Thereafter | 123795 |
| Total | $273680 |

---

As of December 31, 2025 and 2024, the Company held $707,254 and $900,000, respectively, collateral loans for which mortgage loans served as the qualifying investment collateral. These collateral loans are reported within other invested assets on the balance sheets.

**Investment Income** 

Major categories of investment income (loss) are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Bonds | $8279778 | $6612392 | $4669744 |
| Preferred stocks | 106539 | 103593 | 72243 |
| Common stocks | 82338 | 38740 | 23974 |
| Mortgage loans | 4736362 | 3400112 | 1982371 |
| Real estate | 37404 | 37281 | 32137 |
| Derivatives | 458865 | 708426 | (926714) |
| Policy loans | 5546 | 7778 | 7741 |
| Cash, cash equivalents and short-term investments | 422726 | 577610 | 545665 |
| Other invested assets | (132205) | 65963 | 56879 |
| Other, net | 13455 | (24) | (2302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross investment income | 14010808 | 11551871 | 6461738 |
| Less: Investment expenses | 1278109 | 1050392 | 817439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $12732699 | $10501479 | $5644299 |

---

Investment income due and accrued with amounts over 90 days past due, with the exception of mortgage loans in default, is nonadmitted. The components of accrued investment income are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Gross accrued investment income | $2482135 | $2020422 |
| Nonadmitted accrued investment income | (2508) | (3770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | $2479627 | $2016652 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

As of December 31, 2025 and 2024, deferred interest was $2,624 and $201,349, respectively. As of December 31, 2025 and 2024, cumulative paid-in-kind interest was $112,792 and $93,956, respectively, and has been included in the principal balance of invested assets.

The Company disposed of securities with callable features which generated prepayment fee income as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| General Account - number of securities | 14 | 26 | 64 |
| General Account - amount of income | $563 | $3023 | $5227 |
| Separate Account - number of securities | 8 | 16 | 25 |
| Separate Account - amount of income | $115 | $782 | $837 |

---

Proceeds from bonds and related gross realized gains and losses were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Proceeds | $39527727 | $20835521 | $6717840 |
| Gross realized gains | $625019 | $325426 | $107449 |
| Gross realized losses | (641436) | (481715) | (416459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on bonds | $(16417) | $(156289) | $(309010) |

---

Gross realized losses on bonds for the years ended December 31, 2025, 2024 and 2023 include $110,227, $96,319 and $138,834, respectively, of losses recognized on other-than-temporary impairments in values of investments.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

Realized capital gains and losses are reported net of amounts transferred to the IMR and federal income taxes as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Bonds | $(16417) | $(156289) | $(309010) |
| Stocks | 3557 | 2614 | (41952) |
| Mortgage loans | 60082 | (208806) | (37766) |
| Real estate |  | (17314) |  |
| Derivatives | (538998) | 42314 | 97363 |
| Other invested assets | (90029) | (12895) | 17113 |
| Foreign exchange on cash | 46575 | (16698) | (24900) |
| Other | (12962) | 33565 | 11085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gains (losses) on investments | (548192) | (333509) | (288067) |
| Less amount transferred to IMR (net of related taxes of |  |  |  |
| $(7182) in 2025, $(12229) in 2024 and $(24835) in 2023) | (27020) | (46007) | (93425) |
| Federal income tax expense (benefit) | 12105 | (1751) | (20251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized capital gains (losses), net of tax and transfers to interest maintenance reserve | $(533277) | $(285751) | $(174391) |

---

The proceeds received and amortized cost were used as the basis for determining the realized gain or loss on sale.

The change in net unrealized capital gains and losses on investments recorded in surplus is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Bonds | $19043 | $(10714) | $(15430) |
| Stocks | 83864 | 35416 | 23058 |
| Derivatives | 798266 | 568425 | 367675 |
| Mortgage Loans | (38797) | 696 | (25652) |
| Other invested assets | 1055962 | 836140 | 704809 |
| Foreign exchange | 190138 | 291029 | (29606) |
| Other | 1450 | (1448) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in net unrealized capital gains (losses) | 2109926 | 1719544 | 1024852 |
| Deferred capital gains tax | 476359 | 185230 | 212220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized capital gains (losses), net of deferred tax | $1633567 | $1534314 | $812632 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**Pledged and Restricted Assets** 

Assets pledged to others as collateral or otherwise restricted by the Company are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Total General Account** | **Supporting Separate Account Activity** | **Percentage of Total Assets** | **Percentage of Admitted Assets** |
| Repurchase Agreements | $6310542 | $118757 | 1.9% | 1.9% |
| Reverse Repurchase Agreements | 1546951 |  | 0.5 | 0.5 |
| On deposit with states | 11552 |  | 0.0 | 0.0 |
| FHLB capital stock | 1057204 |  | 0.3 | 0.3 |
| Pledged collateral to FHLB (including assets backing funding agreements) |  | 43563085 | 12.8 | 12.8 |
| Pledged as collateral for derivatives | 1947575 |  | 0.6 | 0.6 |
| Reinsurance trust | 19802922 |  | 5.8 | 5.8 |
| Pledged asset - funding agreement | 25339987 |  | 7.4 | 7.4 |
| Derivative and other collateral received | 5837970 |  | 1.7 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $61854703 | $43681842 | 31.0% | 31.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Total General Account** | **Supporting Separate Account Activity** | **Percentage of Total Assets** | **Percentage of Admitted Assets** |
| Repurchase Agreements | $6615296 | $107627 | 2.4% | 2.4% |
| Reverse Repurchase Agreements | 723671 |  | 0.3 | 0.3 |
| On deposit with states | 9812 |  | 0.0 | 0.0 |
| FHLB capital stock | 710704 |  | 0.3 | 0.3 |
| Pledged collateral to FHLB (including assets backing funding agreements) | 183976 | 29854473 | 10.8 | 10.8 |
| Pledged as collateral for derivatives | 683370 |  | 0.2 | 0.2 |
| Reinsurance trust | 13139434 |  | 4.7 | 4.7 |
| Commercial mortgages | 50 |  | 0.0 | 0.0 |
| Pledged asset - funding agreement | 16171957 |  | 5.8 | 5.8 |
| Derivative and other collateral received | 5617217 |  | 2.0 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $43855487 | $29962100 | 26.5% | 26.5% |

---

As of December 31, 2025, the Company has invested assets in the general and separate accounts of $176,261,406 held under modco reinsurance and $66,318,994 held under funds withheld reinsurance agreements, which represented 51.7% and 19.5% of total admitted assets, respectively. Of these amounts, $43,909,968 were considered related party investments for the reinsurer.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**Repurchase Agreement Transactions Accounted for as Secured Borrowing**

The Company participates in repurchase agreements with unaffiliated financial institutions. Under these agreements, the Company lends bonds and receives cash as collateral. The Company monitors the estimated fair value of the collateral and the securities loaned throughout the duration of the contract and contributes additional collateral as necessary. Securities loaned under these agreements may be sold or re-pledged by the transferee.

Certain repurchase agreements and reverse repurchase agreements are presented net on the balance sheets when they are subject to master netting arrangements and when the Company has both (1) the legal right to offset the amounts owed with amounts due from the same counterparty and (2) the intent to settle the transactions on a net basis or to realize the asset and settle the liability simultaneously. Amounts that are not eligible for offset are presented on a gross basis on the balance sheets.

The Company had repurchase agreements that were bilateral trades with the following scheduled maturities:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Open, no maturity | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Overnight |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2 days to 1 week |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over 1 week to 1 month | 2795934 | 3051375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over 1 month to 3 months |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over 3 months to 1 year |  | 1095145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over 1 year | 3156997 | 1479181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <sup>1</sup> | $5952931 | $5625701 |

---

<sup>1</sup> *Included in repurchase agreement liability on the balance sheets.*

The ending book adjusted carrying value and fair value of the securities sold under the repurchase agreements by NAIC designation are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Book Adjusted Carrying Value** | **Fair Value** | **Book Adjusted Carrying Value** | **Fair Value** |
| Bonds |  |  |  |  |
| &nbsp;&nbsp;NAIC 1 | $4968509 | $4835033 | $5374334 | $4676837 |
| &nbsp;&nbsp;NAIC 2 | 1342033 | 1279855 | 1240962 | 1100229 |
| &nbsp;&nbsp;NAIC 3 |  |  |  |  |
| &nbsp;&nbsp;NAIC 4 |  |  |  |  |
| &nbsp;&nbsp;NAIC 5 |  |  |  |  |
| &nbsp;&nbsp;NAIC 6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6310542 | $6114888 | $6615296 | $5777066 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**Reverse Repurchase Agreement Transactions Accounted for as Secured Borrowing**

The Company participates in reverse repurchase agreements that use bilateral and tri-party trades. Under these agreements, the Company purchases securities with the agreement that the securities will be repurchased by the seller at a specified price within a specified period of time. The Company monitors the estimated fair value of the securities loaned throughout the duration of the contract and receives additional collateral from the counterparty as necessary. As of December 31, 2025 and 2024, amounts loaned under reverse repurchase agreements were $1,546,951 and $723,671, respectively. The fair value of the securities acquired, comprised of U.S. government and agencies, was $1,546,442 as of December 31, 2025. The fair value of the securities acquired, comprised of commercial mortgage loans and asset-backed securities, was $1,066,272, as of December 31, 2024.

The reverse repurchase agreements have the following scheduled maturities:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Open, no maturity | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Overnight | 640000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2 days to 1 week |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over 1 week to 1 month | 906951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over 1 month to 3 months |  | 397495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over 3 months to 1 year |  | 326176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over 1 year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1546951 | $723671 |

---

**5.**&nbsp;&nbsp;&nbsp;&nbsp;**Derivatives**

The Company utilizes derivative instruments which may include the following:

*Options:* The Company has issued fixed indexed and index-linked products. These contracts credit interest based on certain indices, including the S&P and other bespoke indices. OTC call and put option contracts are purchased to hedge the interest credited to the customer as a direct result of movements in the underlying indices. Upon exercise, the Company will receive the fair value of the call option.

*Variance Swaps:* The Company offers fixed indexed products. These contracts credit interest based on certain indices, including the S&P and other bespoke indices. The Company uses variance swaps to hedge the market risks from changes in volatility for these products. Under variance swaps, the Company and the counterparty agree to exchange amounts calculated based on a fixed rate (implied volatility at inception of transaction) and realized volatility over the life of the transaction (similar to an interest rate swap). Generally, no cash is exchanged at the outset of the contract and neither party makes principal payments.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

notional principal amount. Generally, no cash is exchanged at the outset of the contract and neither party makes principal payments.

*Futures:* Under exchange-traded futures contracts, the Company agrees to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts. Futures contracts are purchased to hedge the interest credited to the customer as a direct result of movements in the related indices.

Futures are recorded at fair value of margin on deposit with the clearing broker. For futures that hedge fixed indexed annuity products, changes in margin on deposit are recognized through investment income. For futures that hedge index-linked annuity products, changes in margin on deposit are recorded as unrealized capital gains or losses until the time of sale.

*Currency Swaps:* Foreign currency swaps are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets denominated in foreign currencies. With a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the termination of the currency swap by each party.

The currency swaps for which the Company has not applied hedge accounting are recorded at fair value each reporting period with changes in fair value recorded as unrealized gains or losses and included in surplus in accordance with SSAP No. 86, *Derivatives*. Cash which is exchanged as the difference between fixed and floating interest rates is recognized in the statements of operations through investment income. If the contract is terminated prior to maturity, a realized gain or loss is reported in the statements of operations for the amount of cash exchanged in order to close the contract.

The Company has currency swaps in qualifying hedge relationships at December 31, 2025 and 2024. Currency swaps are accounted for as cash flow hedges. Interest rate swaps are accounted for as fair value hedges.

*Forwards:* The Company uses foreign exchange forward contracts to hedge certain invested assets against movement in foreign currency. The price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date.

*Credit Default Swaps:* Credit default swaps are used in RSAT transactions to synthetically create the characteristics of a bond, or hedge credit risk. These transactions provide the Company with a periodic premium to compensate it for accepting credit risk and are used to enhance investment income or improve the default characteristics of the portfolio. The exposure amount of such agreement, which is usually the notional amount, is equal to the maximum proceeds that must be paid by a counterparty for the defaulted security. Should a credit event occur on a reference entity, a counterparty would be required to pay the notional amount in exchange for receipt of an obligation of the reference entity.

Credit default swaps used in replication transactions are carried at amortized cost. The premiums received are accrued and recognized in the summary of operations through investment income over the life of the agreements. A capital loss would be recorded on the date of default, through the summary of operations, to reflect the difference between the amount paid and the fair value of the bonds received.

*Total Return Swaps:* The Company purchases total rate of return swaps to gain exposure and benefit from a reference asset without actually having to own it. Total rate of return swaps are contracts in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of the underlying asset, which includes both the income it generates and any capital gains.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The parties with whom the Company enters into OTC option contracts, OTC swap contracts, and OTC forward contracts are highly rated financial institutions whereby contracts are supported by collateral, which minimizes the credit risk associated with such contracts. The parties with whom the Company enters into cleared futures and cleared interest rate swap contracts are regulated commission merchants who are members of a trading exchange. The parties with whom the Company enters into OTC interest rate swap contracts are highly rated financial institutions whereby contracts are supported by collateral, which minimizes the credit risk associated with such contracts.

During 2025, 2024 and 2023, the Company did not recognize gains or losses resulting from any derivative instruments which previously qualified for hedge accounting that no longer qualify for hedge accounting (or which were ineffective for a portion of the year).

At December 31, 2025 and 2024, the Company's outstanding derivative instruments, shown in notional or contract amounts and fair value, are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Contract or** | **Contract or** | | |
| | **Notional Amount** | **Notional Amount** | **Fair Value** | **Fair Value** |
| | **2025** | **2024** | **2025** | **2024** |
| Derivative assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options | $85967255 | $74368184 | 6756740 | 4835805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | 510000 | 10000 | 75820 | (509) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 39746274 | 22535230 | 100683 | (231089) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return swaps | 388320 | 76507 | 892 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | 138587 | 36011 | 189091 | 90665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 11893736 | 18807758 | 557144 | 1077930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forwards | 7321202 | 9774773 | 207548 | 650475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swaptions | 1653069 | 2204092 | 382 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity warrants |  |  | 1148 | 405 |
| Derivative liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options | 5621497 | 3642738 | 168308 | 125578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 543895 | 550895 | 11469 | 28224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return swaps | 144462 | 152544 | 1606 | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | 445 |  | 1031 | 11361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 26443163 | 8361062 | 1237479 | 895773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forwards | 11950311 | 4715214 | 309962 | 192164 |

---

**6.**&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value**

Included in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as certain bonds and preferred stock carried at the lower of cost or fair value.

The fair value of an asset and a liability is the amount at which that asset could be bought or sold and the liability could be transferred in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**Determination of Fair Value**

The following methods and assumptions were used by the Company in estimating fair value for financial instruments in the accompanying financial statements and notes thereto:

*Bonds, preferred stocks, cash equivalents, short-term investments (bonds), and unaffiliated common stocks:* Fair values of these investments are based on quoted market prices or commercially available pricing vendors, when available. If neither a quoted market price nor vendor price is available, the Company obtains broker quotes or utilizes an internally-developed model to estimate fair value.

In the case of privately placed corporate bonds, fair values are estimated by discounting expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments.

The fair values for unaffiliated common stock are derived based on the process described above, except for FHLB common stock, which is valued at cost which is equivalent to fair value.

*Mortgage loans:* The estimated net cash flows to maturity were discounted to derive an estimated fair value using a discount rate based on the loan's remaining weighted average life and credit quality. Loans which have been restructured are valued primarily at the discounted estimated net cash flows to maturity. Loans that are in foreclosure or are significantly delinquent were valued at the underlying collateral value.

*Policy loans, cash, and short-term investments (money market):* The carrying amounts reported in the accompanying balance sheets for these instruments approximates fair value.

*Derivative instruments:* Fair values for derivative instruments included in both derivative assets and derivative liabilities are principally valued using an income approach with valuations principally provided by third party brokers. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure.

*Derivative collateral asset and liability:* The carrying amounts reported in the accompanying balance sheets approximate fair value, as the collateral is held in cash.

*Other invested assets:* Partnership interests are valued based on the most recent net asset value (NAV) obtained from fund managers, adjusted for contribution and distribution activity to roll forward the NAV to the balance sheet date. For fixed-rate and variable-rate investments, the carrying amounts reported in the accompanying balance sheets approximate fair value. Surplus notes are valued consistent with bonds, as discussed above. Certain assets included within other invested assets are valued based on cost.

*Separate account assets - variable products:* Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts. The underlying investments generally include mutual funds, short-term investments and cash, the valuations of which are based upon a quoted market price or commercially available pricing vendors.

*Separate account assets and liabilities - group annuity and index-linked annuity:* Fair values of the underlying separate accounts assets and liabilities supporting PGA and index-linked annuity follow the same fair value assumptions and methods utilized in the general account.

*Separate account liabilities – funding agreements:* Fair values of the separate account funding agreement liabilities follow the same fair value assumptions and methods utilized in the general account.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

*Deposit-type contracts:* Fair values of the Company's liabilities under contracts not involving mortality or morbidity risks (principally, immediate annuities and supplementary contracts) are calculated by discounting best estimate cash flows based on market interest rate assumptions. Fair value of funding agreements are calculated by discounting future cash flows using market rates on the valuation date.

*Repurchase agreements:* Repurchase agreements are short-term in nature, therefore the carrying value approximates fair value.

**Valuation Hierarchy** 

The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100, *Fair Value*. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with significant unobservable inputs (Level 3). An asset's or a liability's classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:

*Level 1* - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.

*Level 2* - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.

*Level 3* - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**Fair Value Measurements** 

The following tables provide information about the Company's financial assets and liabilities which are measured and reported at fair value in the balance sheets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets at fair value** | | | | |
| Bonds | $10030 | $80157 | $20049 | $110236 |
| Preferred stocks | 140569 | 459220 |  | 599789 |
| Common stocks - unaffiliated | 20980 | 1057204 | 7499 | 1085683 |
| Derivative assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options |  | 2730260 |  | 2730260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 381 | 82 |  | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps |  | 892 |  | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 189091 |  |  | 189091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 120620 |  | 120620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forwards |  | 207548 |  | 207548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions |  | 382 |  | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity warrants |  |  | 1148 | 1148 |
| Other invested assets |  | 689832 | 47939 | 737771 |
| Separate account assets - group annuity | 6027 | 198499 | 6993 | 211519 |
| Separate account assets - index-linked annuity | 1631 | 23150 | 33 | 24814 |
| Separate account assets - variable products |  | 206645 |  | 206645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets at fair value | $368709 | $5774491 | $83661 | $6226861 |
| **Liabilities at fair value** |  |  |  |  |
| Derivative liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | $— | $150484 | $— | $150484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 68 |  |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps |  | 1606 |  | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1031 |  |  | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 368285 |  | 368285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forwards |  | 309962 |  | 309962 |
| Separate account liabilities - group annuity |  | 75901 |  | 75901 |
| Separate account liabilities - index-linked annuity |  | 5907 |  | 5907 |
| Separate account liabilities - variable products |  | 204129 |  | 204129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities at fair value | $1099 | $1116274 | $— | $1117373 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets at fair value** | | | | |
| Bonds | $— | $95522 | $22705 | $118227 |
| Preferred stocks | 143491 | 843107 |  | 986598 |
| Common stocks - unaffiliated | 21577 | 710704 | 8792 | 741073 |
| Derivative assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options |  | 1730125 |  | 1730125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 1178 | 216 |  | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps |  | 223 |  | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 90665 |  |  | 90665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 403157 |  | 403157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forwards |  | 650475 |  | 650475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions |  | 2136 |  | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity warrants |  |  | 405 | 405 |
| Other invested assets |  |  | 2601 | 2601 |
| Separate account assets - group annuity | 6349 | 374272 | 4590 | 385211 |
| Separate account assets - index-linked annuity | 1766 | 34864 | 34 | 36664 |
| Separate account assets - variable products |  | 135679 |  | 135679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets at fair value | $265026 | $4980480 | $39127 | $5284633 |
| **Liabilities at fair value** |  |  |  |  |
| Derivative liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | $— | $92675 | $— | $92675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 236 |  |  | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps |  | 3593 |  | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 11361 |  |  | 11361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 110634 |  | 110634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forwards |  | 192164 |  | 192164 |
| Separate account liabilities - group annuity |  | 19271 |  | 19271 |
| Separate account liabilities - index-linked annuity |  | 2606 |  | 2606 |
| Separate account liabilities - variable products |  | 135607 |  | 135607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities at fair value | $11597 | $556550 | $— | $568147 |

---

The methodologies and inputs utilized in estimating the fair values of assets and liabilities measured and reported at fair value are reliant on the assumptions used. Fair value estimates are based on quoted market prices and commercially available vendor prices, when available. When those prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality. In instances where there is little or no market activity for the same or similar instruments, the Company estimates the fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which may become significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect risk inherent in a particular methodology, model or input employed. For further discussion regarding which financial instruments are included at each applicable level, please refer to the "Fair Value of All Financial Instruments" section below.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**Level 3 Reconciliation**

The following tables summarize the changes in assets and liabilities classified as Level 3:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Beginning**<br>**Balance at**<br>**January 1,**<br>**2025** |<br>**Transfers**<br>**into**<br>**Level 3** |<br>**Transfers**<br>**out of**<br>**Level 3** | **Total Gains**<br>**(Losses)**<br>**Included in**<br>**Net Income** | **Total Gains**<br>**(Losses)**<br>**Included in**<br>**Surplus** |<br><br>**Purchases** |<br><br>**Sales** |<br><br>**Settlements** | **Total Ending**<br>**Balance at**<br>**December 31,**<br>**2025** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| Bonds | $22706 | $39128 | $(18854) | $(18728) | $(3764) | $333 |  | $(772) | $20049 |
| Common stocks | 8792 |  |  |  | (1293) |  |  |  | 7499 |
| Derivative assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity warrants | 405 |  |  |  | 743 |  |  |  | 1148 |
| Other invested assets | 2601 | 46 | (406057) |  | (21248) | 476542 | (3945) |  | 47939 |
| Separate account assets - group annuity | 4590 | 10958 | (2025) | (5660) | (836) |  |  | (34) | 6993 |
| Separate account assets - index-linked annuity | 34 |  |  |  | (1) |  |  |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $39128 | $50132 | $(426936) | $(24388) | $(26399) | $476875 | $(3945) | $(806) | $83661 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **Beginning**<br>**Balance at**<br>**January 1,**<br>**2024** |<br>**Transfers**<br>**into**<br>**Level 3** |<br>**Transfers**<br>**out of**<br>**Level 3** | **Total Gains**<br>**(Losses)**<br>**Included in**<br>**Net Income** | **Total Gains**<br>**(Losses)**<br>**Included in**<br>**Surplus** |<br><br>**Purchases** |<br><br>**Sales** |<br><br>**Settlements** | **Total Ending**<br>**Balance at**<br>**December 31,**<br>**2024** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| Bonds | $5629 | $80648 | $(55692) | $52 | $(4406) | $— | $(3164) | $(361) | $22706 |
| Preferred stocks |  | 4575 | (4538) |  | (37) |  |  |  |  |
| Common stocks | 7386 |  |  |  | (307) | 1713 |  |  | 8792 |
| Derivative assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity warrants |  | 389 |  |  | 16 |  |  |  | 405 |
| Other invested assets | 2772 |  |  | (171) |  |  |  |  | 2601 |
| Separate account assets - group annuity | 1934 | 30919 | (26293) | 194 | (1268) |  | (892) | (4) | 4590 |
| Separate account assets - index-linked annuity |  | 33 |  |  | 1 |  |  |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $17721 | $116564 | $(86523) | $75 | $(6001) | $1713 | $(4056) | $(365) | $39128 |

---

**Transfers**

Transfers between fair value hierarchy levels are recognized at the end of the period in which the transfer occurs. Transfers into and out of Level 3 represent securities which are carried at lower of cost or fair value resulting in periodic transfers into and out of Level 3 financial instruments which are characterized as carried at fair value.

**Fair Value of All Financial Instruments**

The aggregate fair value of the Company's financial instruments and the level within the fair value hierarchy are presented in the following tables and with the related admitted values. Pursuant to SSAP No.100, insurance contracts (other than deposit-type contracts) and affiliated common stocks have been excluded.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Type of Financial Instrument** | **Aggregate Fair Value** | **Admitted Values** | **NAV**<sup>1</sup> | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | | | | |
| Bonds | $156057512 | $158852395 | $— | $14259275 | $101736089 | $40062148 |
| Preferred stock | 1450802 | 1450140 |  | 140782 | 459220 | 850800 |
| Common stocks - unaffiliated | 1085683 | 1085683 |  | 20980 | 1057204 | 7499 |
| Mortgage loans | 86104239 | 86638528 |  |  |  | 86104239 |
| Policy loans | 130700 | 130700 |  |  | 130700 |  |
| Cash, cash equivalents and short-term investments | 9357365 | 9357352 |  | 8695383 | 661982 |  |
| Derivative assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 6756740 | 4338015 |  |  | 6756740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swap | 75820 | 68487 |  |  | 76196 | (376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 100683 | 463 |  | 12913 | 87770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps | 892 | 892 |  |  | 892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 189091 | 189091 |  | 189091 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 557144 | 589727 |  |  | 557144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forwards | 207548 | 207548 |  |  | 207548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swaptions | 382 | 382 |  |  | 382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity warrants | 1148 | 1148 |  |  |  | 1148 |
| Derivative collateral asset | 655644 | 655644 |  | 655644 |  |  |
| Other invested assets | 17724178 | 17387119 | 12434181 |  | 3867927 | 1422070 |
| Separate account assets - variable products | 206645 | 206645 |  |  | 206645 |  |
| Separate account assets - group annuity | 39580470 | 42617549 | 1702590 | 2537012 | 26396025 | 8944843 |
| Separate account assets - index-linked annuity | 3973372 | 3985792 | 188769 | 167171 | 2352057 | 1265375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $324216058 | $327763300 | $14325540 | $26678251 | $144554521 | $138657746 |
| **Liabilities** |  |  |  |  |  |  |
| Deposit-type contracts | $64868361 | $64259784 | $— | $— | $64242983 | $625378 |
| Derivative liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options | 168308 | 158893 |  |  | 168308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 11469 | 3683 |  | 11469 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return swaps | 1606 | 1606 |  |  | 1606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | 1031 | 1031 |  | 1031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 1237479 | 1219505 |  |  | 1237479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forwards | 309962 | 309962 |  |  | 309962 |  |
| Derivative and other collateral | 5837970 | 5837970 |  | 5837970 |  |  |
| Repurchase agreements | 5045980 | 5045980 |  |  | 5045980 |  |
| Separate account liabilities - funding agreements | 22770478 | 22408086 |  |  | 22770478 |  |
| Separate account liabilities - group annuity deposit-type contracts | 5712 | 5870 |  |  |  | 5712 |
| Separate account liabilities - group annuity derivatives | 273322 | 310040 |  |  | 273322 |  |
| Separate account liabilities - index-linked annuity derivatives | 26258 | 26280 |  |  | 26258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $100557936 | $99588690 | $— | $5850470 | $94076376 | $631090 |
| <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Type of Financial Instrument** | **Aggregate Fair Value** | **Admitted Values** | **NAV**<sup>1</sup> | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | | | | |
| Bonds | $125885142 | $130962442 | $— | $4774146 | $93657013 | $27453983 |
| Preferred stock | 1821817 | 1819311 |  | 143650 | 843107 | 835060 |
| Common stocks - unaffiliated | 741072 | 741073 |  | 21576 | 710704 | 8792 |
| Mortgage loans | 58273683 | 60226224 |  |  |  | 58273683 |
| Policy loans | 140451 | 140451 |  |  | 140451 |  |
| Cash, cash equivalents and short-term investments | 9764737 | 9764163 |  | 8746076 | 859325 | 159336 |
| Derivative assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 4835805 | 3123186 |  |  | 4835805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | (509) |  |  |  |  | (509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | (231089) | 1394 |  | (162202) | (68887) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps | 223 | 223 |  |  | 223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 90665 | 90665 |  | 90665 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 1077930 | 977141 |  |  | 1077930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forwards | 650475 | 650475 |  |  | 650475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swaptions | 2136 | 2136 |  |  | 2136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity warrants | 405 | 405 |  |  |  | 405 |
| Derivative collateral asset | 579393 | 579393 |  | 579393 |  |  |
| Other invested assets | 11483483 | 11568991 | 9522646 |  | 503290 | 1457547 |
| Separate account assets - variable products | 135679 | 135679 |  |  | 135679 |  |
| Separate account assets - group annuity | 40326648 | 44313961 | 1964880 | 1828004 | 26380545 | 10153219 |
| Separate account assets - index-linked annuity | 2868822 | 2933115 | 44091 | 133584 | 1827199 | 863948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $258446968 | $268030428 | $11531617 | $16154892 | $131554995 | $99205464 |
| **Liabilities** |  |  |  |  |  |  |
| Deposit-type contracts | $35630247 | $36359016 | $— | $— | $35159930 | $470317 |
| Derivative liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 125578 | 104654 |  |  | 125578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 28224 | 7035 |  | 28224 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps | 3593 | 3593 |  |  | 3593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 11361 | 11361 |  | 11361 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 895773 | 711288 |  |  | 895773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forwards | 192164 | 192164 |  |  | 192164 |  |
| Derivative and other collateral | 5617217 | 5617217 |  | 5617217 |  |  |
| Repurchase agreements | 5625701 | 5625701 |  |  | 5625701 |  |
| Separate account liabilities - funding agreements | 14901401 | 14841302 |  |  | 14901401 |  |
| Separate account liabilities - group annuity deposit-type contracts | 7533 | 7710 |  |  |  | 7533 |
| Separate account liabilities - group annuity derivatives | 118437 | 121631 |  |  | 118437 |  |
| Separate account liabilities - index-linked annuity derivatives | 3878 | 3710 |  |  | 3878 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $63161107 | $63606382 | $— | $5656802 | $57026455 | $477850 |
| <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* | <sup>1</sup> *Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.* |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

*Bonds, preferred stocks, unaffiliated common stocks, cash equivalents, short-term investments, and other invested assets (surplus notes):* Bonds, preferred stocks, cash equivalents, short-term investments, and surplus notes (included in other invested assets) classified as Level 2 are valued by commercially available vendors using observable inputs or inputs which can be corroborated by market data. Unaffiliated common stocks classified as Level 2 includes FHLB stock, which is carried at fair value and presumed to be at par value because it can only be redeemed by the bank. Bonds, short-term investments and unaffiliated common stock classified as Level 3 are valued using broker quotes or internal models containing significant unobservable inputs.

*Mortgage loans:* Mortgage loans classified as Level 3 are primarily valued based on estimated net cash flows to maturity, discounted at a rate based on the loan's remaining weighted average life and credit quality, which contains significant unobservable inputs.

*Policy loans:* The fair value of policy loans classified as Level 2 is equal to the carrying value of the loans, which are collateralized by the cash surrender value of the associated insurance contract.

*Cash, cash equivalents, short-term investments, and derivative collateral asset and liability:* The fair value of cash, short-term investments (excluding those short-term investments classified as Level 2 described above), and derivative collateral (which is held entirely in cash) classified as Level 1 are valued using quoted market prices and carrying value approximates fair value.

*Derivative assets and derivative liabilities:* Derivatives classified as Level 1 are valued using quoted market prices on active exchanges. Derivatives classified as Level 2 are valued based on broker quotes corroborated through internal modeling using market observable data. Derivatives classified as Level 3 are valued utilizing non-corroborated broker quotes or internal modeling containing significant unobservable inputs.

*Other invested assets (excluding surplus notes):* For fixed-rate and variable-rate investments included in other invested assets classified as Level 3, fair value approximates the carrying value in the accompanying balance sheets. Certain assets included within other invested assets classified as Level 3 are valued based on cost. The Company's investment in AAA and other joint venture and partnership interests included within other invested assets are not classified in the fair value hierarchy and are reported in the NAV column, which is the practical expedient in determining fair value. NAV is adjusted for contribution and distribution activity to roll forward the NAV to the balance sheet date. At December 31, 2025, the Company's general and separate accounts have $5,523,744 unfunded commitments to invest in AAA and other joint venture and partnership interests.

*Separate account assets - variable products:* Separate account assets classified as Level 2 are valued based on the fair value of the underlying funds.

*Separate account assets - group annuity and index-linked annuity:* Separate account assets classified as Level 1, 2 and 3 or included in the NAV column are valued using the same fair value assumptions and methods utilized in the general account.

*Deposit-type contracts (including separate account group annuity and funding agreements):* Deposit-type contracts classified as Level 3 include SPIA and supplemental contracts. Fair value of SPIA and supplemental contracts, including separate account group annuity contracts, are calculated by discounting best estimate cash flows based on market interest rate assumptions. Fair value of the funding agreements are calculated by discounting future cash flows using market rates on the valuation date, and are classified as Level 2.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

*Repurchase agreements* - The carrying value of the repurchase agreements liability approximates fair value and is reported as Level 2.

**7.**&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance**

Reinsurance allows life insurance companies to share risk on a case-by-case or aggregated basis with other insurance and reinsurance companies. The Company generally reinsures the majority of in force and all future annuity business, after the impacts of all other reinsurance are applied, on a quota share modified coinsurance or coinsurance funds withheld basis to AARe, an affiliated reinsurer domiciled in Bermuda. Under modified coinsurance, all assets and liabilities are retained by the ceding company, and the reinsurer is required to indemnify the ceding company on the reinsurer's share of the assets and liabilities. The Company's funding agreements are generally reinsured on a modified coinsurance basis to AARe. In addition, any life insurance blocks previously written by the Company are generally sold or completely reinsured to another life insurance company.

The Company's ceded reinsurance arrangements reduced certain items in the accompanying financial statements for the years ended December 31, 2025, 2024, and 2023, by the following amounts:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Premiums | $35780892 | $32174847 | $39983744 |
| Policy and contract liabilities | 74388788 | 62236931 | 12087176 |

---

Life insurance in force ceded under risk sharing arrangements at December 31, 2025 and 2024, totaled $15,459,765 and $17,062,518, respectively. The Company enters into trust agreements with reinsurers as security in support of the reserves ceded to these reinsurers.

The Company recorded reinsurance recoveries in the amount of $5,341,469, $5,061,872, and $4,384,235 during 2025, 2024, and 2023, respectively.

The following table illustrates the amounts the Company assumed under reinsurance treaties for the years ended December 31, 2025, 2024, and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Premiums | $8188561 | $2790570 | $4076814 |
| Policy and contract liabilities | 21114165 | 15137303 | 13798423 |

---

Gains on cession of in force blocks of business are to be accounted for in accordance with Appendix A-791 of the NAIC *Accounting Practices and Procedures Manual* which requires that any increase in surplus (net of federal income tax) resulting from reinsurance agreements entered into or amended which involve the reinsurance of business issued prior to the effective date of the agreements shall be deferred and identified separately as a surplus item by the ceding company. Subsequent recognition of the surplus increase as income shall be reflected on a net of tax basis as earnings emerge from the business reinsured. Based on the emergence of earnings of previous reinsurance of in force blocks of business in 2025, 2024 and 2023, $17,376, $13,782, and $12,251, respectively, was amortized into income.

The Company is liable for the portion of the policies reinsured under each of its existing reinsurance agreements in the event the assuming companies are unable to pay their portion of any reinsured claim. Management believes that any liability from this contingency is unlikely. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk. The Company is not aware

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

of any issues surrounding the financial condition of its reinsurers that would have a material impact on the Company.

**Annuity Reinsurance**

The Company entered into a modified coinsurance agreement effective January 1, 2024 with AARe pursuant to which it cedes a quota share of certain of the Company's retail annuity business issued on or after January 1, 2024. Modified coinsurance reserves ceded to AARe under this agreement were $5,745,786 and $3,954,946 as of December 31, 2025 and 2024, respectively.

The Company entered into a modified coinsurance agreement effective January 1, 2023 with AARe pursuant to which it cedes a quota share of certain of the Company's retail annuity business issued on or after January 1, 2023. Effective July 1, 2024, the agreement was amended to convert the basis of reinsurance from modified coinsurance to coinsurance funds withheld. In connection with this amendment, the Company paid AARe a $260,000 ceding commission. The Company has recognized a reserve credit of $65,263,421 and $50,135,336 and reported funds held under reinsurance of $65,543,637 and $50,299,856 as of December 31, 2025 and 2024, respectively, for this agreement.

Effective January 1, 2023, the Company entered into a modified coinsurance agreement with AARe, pursuant to which it cedes a quota share of certain funding agreements issued after the effective date of the treaty in both the general and separate accounts. Modified coinsurance reserves ceded to AARe under this agreement were $16,353,293 and $4,089,636 as of December 31, 2025 and 2024, respectively.

Effective January 1, 2023, the Company entered into a modified coinsurance agreement with AARe, pursuant to which it cedes a quota share of certain pension group annuity business issued after the effective date of the treaty. Modified coinsurance reserves ceded to AARe were $857,578 and $1,083,033 as of December 31, 2025 and 2024, respectively.

Effective June 12, 2023, the Company entered into a coinsurance agreement with USAA Life Insurance Company (USAA) to assume a quota share of multi-year guaranteed annuities issued by USAA on or after the effective date of the treaty. Effective August 21, 2023, an amendment was made to the existing treaty to assume a quota share of fixed indexed annuities issued by USAA on or after the effective date of the amended treaty. The Company retrocedes 80% of this block of business to AARe under an existing modified coinsurance treaty. Assumed reserves were $8,745,003 and $2,716,522 at December 31, 2025 and 2024, respectively, of which $6,996,002 and $2,173,218 represented modified coinsurance reserves ceded to AARe at December 31, 2025 and 2024, respectively.

Effective October 1, 2016, the Company entered into a coinsurance agreement with Hannover Life Reassurance Company of America (Hannover). The agreement cedes a quota share of certain benefits of fixed indexed annuity products. Effective July 1, 2023, the Company amended the coinsurance agreement to modify the quota share of benefits. The quota share was further modified via an amendment on October 1, 2024. On the effective date of each amendment, the Company recognized a reserve credit of $139,145 in 2024 and $284,216 in 2023 equal to the difference between the existing reserves on in force policies ceded to Hannover and the reserve calculated under the amended agreement. As each amended agreement covers business issued prior to the effective date, the initial after-tax gain net of affiliated reinsurance impacts of $21,614 in 2024 and $34,484 in 2023 was recognized directly in surplus and will be amortized into income in accordance with Appendix A-791 of the NAIC *Accounting Practices and Procedures Manual*. The Company has recognized a reserve credit of $4,046,483 and $2,759,545 for this agreement as of December 31, 2025 and 2024, respectively. In addition, the Company maintains a liability equal to $589,676 and $410,225 as of December 31, 2025 and 2024, respectively, which is reported within other reinsurance liability on the balance sheets.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

Effective July 1, 2022, the Company entered into a quota share coinsurance agreement with Protective Life Insurance Company (Protective) to assume a quota share of fixed indexed annuities and multi-year guaranteed annuities issued by Protective on or after the effective date of the treaty. The Company also entered into a retrocession modified coinsurance agreement with AARe effective July 1, 2022 to cede 80% of this block of business to AARe. Assumed reserves were $3,169,029 and $1,012,996 at December 31, 2025 and 2024, respectively, of which $2,535,223 and $810,397 represented modified coinsurance reserves ceded to AARe at December 31, 2025 and 2024, respectively.

Effective January 1, 2022, the Company entered into a modified coinsurance agreement with AARe, pursuant to which it cedes a quota share, specified by the Company, of certain of the Company's retail annuity business issued on or after the effective date through December 31, 2022. This treaty is applied after the impacts of third party reinsurance. Modified coinsurance reserves were $2,263,362 and $2,774,587 as of December 31, 2025 and 2024, respectively.

Effective June 1, 2020, the Company entered into a modified coinsurance agreement with AARe to cede a quota share of all in force and certain future funding agreements in both the general and separate accounts. Modified coinsurance reserves for this agreement were $22,982,198 as of December 31, 2024. Effective July 1, 2025, the Company amended this treaty to consolidate it with another legacy funding agreement funds withheld agreement with AARe. As of December 31, 2024, the Company recognized a reserve credit of $4,075,227 and reported funds held under reinsurance for the legacy funds withheld agreement of $4,064,144. Modified coinsurance reserves for the combined agreement were $31,944,573 as of December 31, 2025.

Effective June 1, 2020, the Company entered into another modified coinsurance agreement with AARe to cede a quota share of certain future funding agreements. Modified coinsurance reserves for this agreement were $5,730,168 and $5,506,892 as of December 31, 2025 and 2024, respectively.

Effective July 1, 2019, the Company entered into a modified coinsurance agreement with AARe to cede 80% of certain index-linked deferred annuity business issued on or after the effective date of the treaty. The agreement is on a modified coinsurance basis, under which the Company retains the reserves and supporting assets relating to this business. These reserves and assets are held in a separate account and the reinsurance is recorded in the corresponding separate account. Modified coinsurance reserves for this agreement were $5,151,614 and $3,564,640 as of December 31, 2025 and 2024, respectively.

Effective January 1, 2018, the Company entered into a modified coinsurance agreement with AARe to cede 80% quota share of certain PGA business issued on or after April 1, 2017. The agreement is on a modified coinsurance basis, under which the Company retains the reserves and supporting assets relating to this business. These reserves and assets are held in one or more separate accounts and the reinsurance is recorded in the corresponding separate account. Modified coinsurance reserves for this agreement were $7,527,642 and $7,236,238 as of December 31, 2025 and 2024, respectively.

Effective September 17, 2018, the Company entered into a coinsurance agreement with Brighthouse Life Insurance Company (Brighthouse) to assume a quota share of certain multi-year guaranteed annuity policies issued by Brighthouse on or after the effective date of the treaty. This treaty was closed to new business effective April 30, 2024. The Company retrocedes 80% of this block to AARe under a modified coinsurance agreement. Assumed reserves were $4,783,119 and $6,371,968 at December, 31 2025 and 2024, respectively, of which $3,826,495 and $5,097,574 represented modified coinsurance reserves ceded to AARe at December 31, 2025, and 2024, respectively.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

Effective June 1, 2018, the Company entered into three quota share reinsurance agreements, two coinsurance and one modified coinsurance, with Venerable Insurance and Annuity Company (VIAC) to assume a 20% quota share of all fixed annuity and guaranteed minimum income benefit rider policies issued by VIAC prior to the effective date of the treaty. Effective July 1, 2023, VIAC recaptured $564,137 of payout annuity reserves assumed by the Company under the two coinsurance agreements and the Company recognized a $29,272 pretax gain upon settlement of the recapture agreement. Assumed reserves on the coinsurance treaties were $1,030,833 and $1,270,414 at December 31, 2025 and 2024, respectively, and modified coinsurance reserves held at VIAC for business assumed by the Company were $28,062 and $32,859 at December 31, 2025 and 2024, respectively.

Effective April 1, 2019, the Company entered into a modified coinsurance agreement with AARe to cede 80% quota share of certain PGA business issued on or after the effective date of the treaty. The agreement is on a modified coinsurance basis, under which the Company retains the reserves and supporting assets relating to this business. These reserves and assets are held in one or more separate accounts and the reinsurance is recorded in the corresponding separate account. Modified coinsurance reserves at December 31, 2025 and 2024 were $24,887,919 and $26,337,949, respectively.

Effective January 1, 2018, the Company entered into a modified coinsurance agreement with AARe to cede 80% of all fixed spread annuity and fixed spread life insurance business in force as of October 1, 2013. Modified coinsurance reserves at December 31, 2025 and 2024 were $414,610 and $472,903, respectively.

Effective January 1, 2018, the Company entered into a modified coinsurance agreement with AARe. The agreement ceded a quota share of certain in force and future annuity business after the effective date of the treaty. Effective July 1, 2025, the Company amended this treaty to consolidate it with another modified coinsurance treaty with AARe. This treaty was applied after the impacts of all other reinsurance agreements were applied. Modified coinsurance reserves for the consolidated treaty at December 31, 2025 and 2024 were $51,226,397 and $48,999,519, respectively.

Effective August 1, 2017, the Company entered into a variable quota share coinsurance agreement with The Lincoln National Life Insurance Company (LNL) to assume a percentage of LNL's multi-year guaranteed annuity and fixed indexed annuity business issued on or after the effective date of the treaty. The Company retrocedes 80% of the assumed business to AARe under a modified coinsurance agreement. Assumed reserves were $281,020 and $464,375 at December 31, 2025 and 2024, respectively, of which $224,816 and $371,500 represented modified coinsurance reserves ceded at December 31, 2025 and 2024, respectively.

Effective August 30, 2013, the Company entered into a reinsurance agreement with STAR, an affiliated reinsurer. The agreement ceded, through coinsurance, all annuity contracts issued by the Company (and its predecessor by merger, Aviva Life Insurance Company) to Aviva London Assignment Corporation, a former affiliated entity. The Company has taken a reserve credit of $966,080 and $992,442 for this agreement as of December 31, 2025 and 2024, respectively.

Effective April 1, 2014, AADE entered into a reinsurance agreement with STAR to assume a 20% quota share of a block of annuities under a coinsurance funds withheld reinsurance agreement. Prior to the merger of the Company and AADE, STAR recaptured this agreement effective July 1, 2024. In connection with the recapture, AADE paid a $40,138 commission, recorded $218,075 of negative assumed premiums and deposits, and released $201,247 of policy and contract liabilities and $16,828 of interest maintenance reserves. The impact of the recapture is reflected in the merged financial statements.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

Effective December 31, 2012, the Company entered into a coinsurance funds withheld agreement to assume 90% of AANY's annuity business. The Company retrocedes 89% of this block to AARe under a modified coinsurance agreement. Assumed reserves were $2,714,555 and $2,855,918 at December 31, 2025 and 2024, respectively, of which $2,415,954 and $2,541,767 represented modified coinsurance reserves ceded at December 31, 2025 and 2024, respectively.

Effective November 1, 2012, the Company entered into a coinsurance agreement with Liberty Bankers Life Insurance Company to assume 100% of an annuity block of business. The Company retrocedes 80% of this block to AARe under a modified coinsurance agreement. Assumed reserves were $32,201 and $40,281 at December 31, 2025 and 2024, respectively, of which $25,761 and $32,225 represented modified coinsurance reserves ceded at December 31, 2025 and 2024, respectively.

Effective December 16, 2011, the Company entered into an agreement with Transamerica Life Insurance Company to assume on a coinsurance basis 28.3% of a certain block of deferred annuity business. The Company retrocedes 80% of the assumed annuity business to AARe under a modified coinsurance agreement. Assumed reserves were $205,178 and $246,440 at December 31, 2025 and 2024, respectively, of which $164,143 and $197,152 represented modified coinsurance reserves ceded at December 31, 2025 and 2024, respectively.

**Life Reinsurance**

The Company entered into a reinsurance agreement on December 15, 2011 with Athene Re IV, an affiliated reinsurer. The agreement ceded, through funds withheld coinsurance, all policy liabilities of the regulatory closed block of the former AmerUs Life Insurance Company, a predecessor of the Company (the Closed Block). The Closed Block consists of participating whole life insurance, term life insurance, and dividend-paying universal life insurance. The Closed Block was formed on June 30, 1996 for the protection of dividend interests on dividend-paying policies. The formation of the Closed Block coincided with AmerUs Life's reorganization into a mutual holding company whereby AmerUs Life became a stock life insurance company, initially owned by American Mutual Holding Company. The Company has taken a reserve credit of $1,192,260 and $1,243,471 for this agreement as of December 31, 2025 and 2024, respectively. Funds held under reinsurance with unauthorized reinsurers for this agreement was $1,151,367 and $1,194,280 as of December 31, 2025 and 2024, respectively.

On April 29, 2011, the Company's predecessor by merger, AADE, reinsured substantially all of it's life and health business, primarily to Protective Life Insurance Company under a coinsurance agreement. As of December 31, 2025 and 2024, the Company recognized a reserve credit of $1,153,910 and $1,198,859, respectively, on this business.

The Company entered into an assumption reinsurance agreement on October 1, 2013 with Accordia Life and Annuity Company (Accordia). The agreement ceded, through coinsurance, all open block life insurance contracts issued by the Company, with the exception of Enhanced Guarantee universal life insurance products. The Company has taken a reserve credit of $1,017,897 and $1,033,435 for this agreement as of December 31, 2025 and 2024, respectively. The AmerUs Life Insurance Company regulatory closed block has been ceded to Accordia (net of existing reinsurance) under this reinsurance agreement. As of December 31, 2025 and 2024, the aforementioned reinsurance between the Company and Athene Re IV remains in place, resulting in no amounts ceded to Accordia.

The Company entered into a reinsurance agreement on October 1, 2013 with Accordia. The agreement ceded, through coinsurance, all policy liabilities of the former Indianapolis Life Insurance Company regulatory closed block. The Company has taken a reserve credit of $511,328 and $532,786 for this agreement as of December 31, 2025 and 2024, respectively.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

During 2025 and 2024, the Company novated 474 and 1,067 life policies, respectively, with statutory policy reserves of $31,498 and $49,034, respectively, to Accordia. These policies were previously 100% ceded to Accordia through the open block assumption reinsurance agreement discussed above, and therefore the novation had no impact on the Company's balance sheet, income or capital and surplus position.

The Company cedes policies to Accordia and Athene Re IV, included in treaties noted above, that fall under the NAIC Term Life and Universal Life with Secondary Guarantees (XXX/AXXX) Credit for Reinsurance Model Regulation. The primary securities backing the reinsurance contracts related to these policies are greater than or equal to required levels as set forth by Appendix A-785 of the NAIC Accounting Practices and Procedures Manual.

The Company's reinsurance agreements do not require disclosure under paragraphs 78 through 84 of SSAP No. 61, *Life, Deposit-Type and Accident and Health Reinsurance.*

**8.**&nbsp;&nbsp;&nbsp;&nbsp;**Life, Annuity and Deposit-Type Actuarial Reserves**

Withdrawal characteristics of annuity and deposit-type actuarial reserves are as follows:

**Individual Annuities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| |<br>**General**<br>**Account** | **Separate**<br>**Accounts with**<br>**Guarantees** | **Separate**<br>**Account Non-**<br>**Guaranteed** |<br>**Total** |<br>**Percentage**<br>**of Total** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $131375827 | $6439518 | $— | $137815345 | 73.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value, less surrender charge of 5% or more | 21935905 |  |  | 21935905 | 11.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  |  | 192020 | 192020 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 153311732 | 6439518 | 192020 | 159943270 | 85.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 23912561 |  |  | 23912561 | 12.8 |
| Not subject to discretionary withdrawal | 2691736 |  |  | 2691736 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 179916029 | 6439518 | 192020 | 186547567 | 100.0% |
| Less: Reinsurance ceded | (70146568) |  |  | (70146568) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (net) | $109769461 | $6439518 | $192020 | $116400999 |  |

---

The amount included above in the at book value, less surrender charge of 5% or more line that will move to the at book value without adjustment line in the year subsequent to the balance sheet date is $2,454,807.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| |<br>**General**<br>**Account** | **Separate**<br>**Account with**<br>**Guarantees** | **Separate**<br>**Account Non-**<br>**Guaranteed** |<br>**Total** |<br>**Percentage**<br>**of Total** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $107349847 | $— | $4455800 | $111805647 | 72.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value, less surrender charge of 5% or more | 17609587 |  |  | 17609587 | 11.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 5077 | 118526 | 123603 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 124959434 | 5077 | 4574326 | 129538837 | 84.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 21810286 |  |  | 21810286 | 14.2 |
| Not subject to discretionary withdrawal | 2596454 |  |  | 2596454 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 149366174 | 5077 | 4574326 | 153945577 | 100.0% |
| Less: Reinsurance ceded | (53749326) |  |  | (53749326) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (net) | $95616848 | $5077 | $4574326 | $100196251 |  |

---

**Group Annuities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| |<br>**General**<br>**Account** | **Separate**<br>**Accounts with**<br>**Guarantees** | **Separate**<br>**Account Non-**<br>**Guaranteed** |<br>**Total** |<br>**Percentage**<br>**of Total** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $— | $2636989 | $— | $2636989 | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value, less surrender charge of 5% or more | 38875 |  |  | 38875 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 38875 | 2636989 |  | 2675864 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 711432 | 137738 |  | 849170 | 1.9 |
| Not subject to discretionary withdrawal | 46881 | 38810827 |  | 38857708 | 91.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 797188 | 41585554 |  | 42382742 | 100.0% |
| Less: Reinsurance ceded |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (net) | $797188 | $41585554 | $— | $42382742 |  |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| |<br>**General**<br>**Account** | **Separate**<br>**Accounts with**<br>**Guarantees** | **Separate**<br>**Account Non-**<br>**Guaranteed** |<br>**Total** |<br>**Percentage**<br>**of Total** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $35695 | $2817302 | $— | $2852997 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value, less surrender charge of 5% or more | 32756 |  |  | 32756 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 68451 | 2817302 |  | 2885753 | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 809687 | 113588 |  | 923275 | 2.0 |
| Not subject to discretionary withdrawal | 51541 | 40382925 |  | 40434466 | 91.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 929679 | 43313815 |  | 44243494 | 100.0% |
| Less: Reinsurance ceded |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (net) | $929679 | $43313815 | $— | $44243494 |  |

---

**Deposit-Type Contracts (no life contingencies)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| |<br>**General**<br>**Account** | **Separate**<br>**Account with**<br>**Guarantees** | **Separate**<br>**Account Non-**<br>**Guaranteed** |<br>**Total** |<br>**Percentage**<br>**of Total** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 13308 |  |  | 13308 | —% |
| Not subject to discretionary withdrawal | 64463610 | 22413956 |  | 86877566 | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 64476918 | 22413956 |  | 86890874 | 100.0% |
| Less: Reinsurance ceded | (217134) |  |  | (217134) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (net) | $64259784 | $22413956 | $— | $86673740 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| |<br>**General**<br>**Account** | **Separate**<br>**Account with**<br>**Guarantees** | **Separate**<br>**Account Non-**<br>**Guaranteed** |<br>**Total** |<br>**Percentage**<br>**of Total** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | $13497 | $— | $— | $13497 | —% |
| Not subject to discretionary withdrawal | 40650323 | 14849012 |  | 55499335 | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 40663820 | 14849012 |  | 55512832 | 100.0% |
| Less: Reinsurance ceded | (4304804) |  |  | (4304804) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (net) | $36359016 | $14849012 | $— | $51208028 |  |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

A reconciliation of total annuity and deposit-type actuarial reserves is as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| General Account: |  |  |
| &nbsp;&nbsp;&nbsp;Annuity reserves | $110240030 | $96225542 |
| &nbsp;&nbsp;&nbsp;Supplementary contracts with life contingencies | 326620 | 320985 |
| &nbsp;&nbsp;&nbsp;Deposit-type contracts | 64259784 | 36359016 |
| Separate Accounts: |  |  |
| &nbsp;&nbsp;&nbsp;Annuity reserves | 48217091 | 47893218 |
| &nbsp;&nbsp;&nbsp;Deposit-type contracts | 22413956 | 14849012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total annuity and deposit-type actuarial reserves | $245457481 | $195647773 |

---

Account value, cash value and reserves for life insurance by withdrawal characteristics is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **General Account** | **General Account** | **General Account** | **Separate Account - Nonguaranteed** | **Separate Account - Nonguaranteed** | **Separate Account - Nonguaranteed** |
| | **Account**<br>**Value** | **Cash**<br>**Value** |<br>**Reserve** | **Account**<br>**Value** | **Cash**<br>**Value** |<br>**Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies with cash value | $— | $1557330 | $1587557 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | 753897 | 764934 | 778675 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 5177 | 5116 | 39818 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life | 183612 | 182668 | 158876 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees | 229131 | 226895 | 606493 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance | 18960 | 602464 | 663805 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable universal life | 3118 | 3118 | 3118 | 13078 | 13078 | 12109 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Policies without cash value |  |  | 98837 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accidental death benefits |  |  | 2815 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - active lives |  |  | 8124 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  | 15940 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  | 66876 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 1193895 | 3342525 | 4030934 | 13078 | 13078 | 12109 |
| Less: Reinsurance ceded | (1145498) | (3294066) | (3981834) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (net) | $48397 | $48459 | $49100 | $13078 | $13078 | $12109 |

---

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **General Account** | **General Account** | **General Account** | **Separate Account - Nonguaranteed** | **Separate Account - Nonguaranteed** | **Separate Account - Nonguaranteed** |
| | **Account**<br>**Value** | **Cash**<br>**Value** |<br>**Reserve** | **Account**<br>**Value** | **Cash**<br>**Value** |<br>**Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies with cash value | $— | $1624106 | $1656085 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | 790153 | 800733 | 814764 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 5642 | 5493 | 38933 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life | 189653 | 194102 | 163077 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees | 239100 | 234931 | 608253 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance | 19847 | 625384 | 690310 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable universal life | 3204 | 3204 | 3204 | 13023 | 13023 | 12004 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Policies without cash value |  |  | 122291 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accidental death benefits |  |  | 2949 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - active lives |  |  | 7503 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  | 16586 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  | 65465 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 1247599 | 3487953 | 4189420 | 13023 | 13023 | 12004 |
| Less: Reinsurance ceded | (1193509) | (3433801) | (4134442) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (net) | $54090 | $54152 | $54978 | $13023 | $13023 | $12004 |

---

A reconciliation of total life actuarial reserves, net of reinsurance, is as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Life insurance | $47634 | $53368 |
| Accidental death benefits | 1 | 1 |
| Disability - active lives | (2) | (2) |
| Disability - disabled lives | 18 | 19 |
| Miscellaneous reserves | 1449 | 1592 |
| Life reserves - variable life separate account | 12109 | 12004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total life actuarial reserves | $61209 | $66982 |

---

As of December 31, 2025 and 2024, the Company had insurance in force of $1,790,666 and $1,714,738, respectively, for which the gross premiums were less than the net premiums according to the standard of valuation set by the State of Iowa. Reserves to cover this shortfall in premium were $30,928 and $27,252 at December 31, 2025 and 2024, respectively.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**9.**&nbsp;&nbsp;&nbsp;&nbsp;**Borrowed Money and Funding Agreements**

**Liquidity Facility**

On June 27, 2025, AHL, AARe, Athene Life Re Ltd. and the Company entered into a revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent (Liquidity Facility). The Liquidity Facility is unsecured and has a commitment termination date of June 26, 2026, subject to any extensions of additional 364-day periods with consent of extending lenders and/or "term-out" of outstanding loans (by which, at our election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the Liquidity Facility. In connection with the Liquidity Facility, AARe guaranteed all of the obligations of each other borrower under the Liquidity Facility and the related loan documents. The Liquidity Facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the Liquidity Facility is $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the Liquidity Facility. The Liquidity Facility contains various standard covenants with which we must comply, including the following: 1) AARe minimum consolidated net worth of no less than $23.2 billion; and 2) restrictions on our ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on AARe's financial strength rating. Rates and terms are as defined in the Liquidity Facility. As of December 31, 2025, the Company had no amounts outstanding under the Liquidity Facility and was in compliance with all financial covenants under the facility.

**Promissory Note**

Effective May 1, 2021, the Company entered into an unsecured revolving promissory note (the Promissory Note), with Athene USA Corporation (AUSA) and certain of AUSA's other subsidiaries, pursuant to which the Company and other borrower parties thereto may borrow up to $200,000 from AUSA. The Promissory Note has a 5-year term and was approved by the Iowa Department. Interest shall accrue on the principal balance from time to time outstanding at a rate per annum equal to 2.085%. The Company shall pay such interest in arrears quarterly on the last day of each March, June, September and December, on any day any portion of the principal balance is repaid or prepaid. No amounts were drawn during the year ended December 31, 2025 and December 31, 2024. No interest expense was incurred by the Company during the years ended December 31, 2025, 2024 and 2023.

**Funding Agreements** 

The Company has entered into a purchase agreement, pursuant to which Athene Global Funding, a special-purpose non-affiliated statutory-trust, may offer senior secured medium-term notes under a funding agreement backed notes (FABN) program. The authorized program amount of $45,000,000 may be increased from time to time, subject to compliance with the relevant provisions of the amended and restated purchase agreement currently in effect. Athene Global Funding uses the net proceeds from the sale of each series of medium-term notes to purchase one or more funding agreements issued from the Company.

The Company has issued funding agreements to Athora Lebensversicherung AG (ALV), an affiliated German company, and to various institutions via direct issuances (Direct FA).

The Company has established a secured funding agreement backed repurchase agreement (FABR) program, in which a special-purpose, unaffiliated entity enters into repurchase agreements with a bank and the proceeds of the repurchase agreements are used by the special purpose entity to purchase funding agreements from the Company.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

Through its membership in the FHLB, the Company is eligible to borrow under fixed or floating rate short-term arrangements to provide additional liquidity. Total available borrowings are determined by the amount of collateral pledged, but cannot exceed 20% to 40% of the Company's total assets dependent upon the internal credit rating. These borrowings are accounted for as borrowed money under SSAP No. 15, *Debt and Holding Company Obligations.* During 2025 and 2024, the Company borrowed no amounts in the general and separate accounts. No interest expense was incurred by the Company during the years ended December 31, 2025, 2024 and 2023.

The Company has issued funding agreements to the FHLB in exchange for cash advances in both the general account and the separate account. FHLB funding agreements held in the separate account have a principal balance of $22,701,200 and $15,001,200 at December 31, 2025 and 2024, respectively. FHLB funding agreements held in the general account have a principal balance of $570,000 and $570,000 as of December 31, 2025 and 2024.

As part of these agreements, the Company holds $10,000 in FHLB Class B Membership Stock and $1,047,204 in FHLB Activity Stock in the general account. The Class B Membership Stock is not eligible for redemption. The FHLB funding agreements in the general and separate account are collateralized by general account and separate account assets with a book adjusted carrying value of $43,563,085 and $30,038,449 and fair value of $43,386,185 and $28,847,908 at December 31, 2025 and 2024, respectively.

The following table presents the outstanding funding agreement contracts issued by the Company:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Fixed** | **Floating** | **Total** | **Fixed** | **Floating** | **Total** |
| Funding Agreements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ALV | $29378 | $— | $29378 | $56964 | $— | $56964 |
| &nbsp;&nbsp;&nbsp;&nbsp;FABN | 28326944 | 6240170 | $34567114 | 21918278 | 2229633 | 24147911 |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLB | 17021200 | 6250000 | $23271200 | 10871200 | 4700000 | 15571200 |
| &nbsp;&nbsp;&nbsp;&nbsp;FABR |  | 20950000 | $20950000 |  | 12000000 | 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct FA | 6096926 | 191546 | 6288472 | 2791631 | 95341 | 2886972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $51474448 | $33631716 | $85106164 | $35638073 | $19024974 | $54663047 |

---

The weighted average interest rate on all funding agreements was 4.38% and 4.35% at December 31, 2025 and 2024, respectively.

The reserve established by the Company for FHLB funding agreements held in the separate account was $22,408,086 and $14,841,302 at December 31, 2025 and 2024, respectively. These are included in separate account liabilities on the balance sheets. The reserve established by the Company for general account funding agreements was $63,050,231 and $39,940,806 at December 31, 2025 and 2024, respectively, which was reported as deposit-type contracts on the balance sheets. The Company uses the funding agreements funds in an investment spread strategy. As such, the Company applies SSAP No. 52, D*eposit-Type Contracts,* accounting treatment to these funds, consistent with its other deposit-type contracts. It is not part of the Company's strategy to utilize these funds for operations, and any funds obtained for use in general operations would be accounted for consistent with SSAP No. 15 as borrowed money.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The Company incurred interest expense of $2,142,232, $1,191,781, and $722,914 on funding agreements in the general account and $828,547, $423,223, and $186,087 on the funding agreements in the separate account during the years ended December 31, 2025, 2024 and 2023, respectively.

The scheduled maturities of the funding agreements are as follows:

---

| | |
|:---|:---|
| 2026 | $12270942 |
| 2027 | 14493726 |
| 2028 | 15547807 |
| 2029 | 9094066 |
| 2030 | 10228552 |
| Thereafter | 23471071 |
| Total | $85106164 |

---

As discussed in Note 7, the Company's funding agreements are ceded to AARe under modified coinsurance agreements.

**10.**&nbsp;&nbsp;&nbsp;&nbsp;**Federal Income Taxes**

Current income taxes incurred consist of the following major components:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Federal income tax expense (benefit) on operations | $(186034) | $(222705) | $452495 |
| Federal income tax expense (benefit) on net realized capital gain (loss) | 12105 | (1751) | (20251) |
| Federal income tax expense (benefit) on operations - prior period |  | 18161 | 70481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current federal income tax expense (benefit) | $(173929) | $(206295) | $502725 |

---

The Company determines admitted DTAs under paragraph 11 of SSAP No. 101, which allows a DTA to be admitted where existing deductible temporary differences are expected to be realized within three years of the balance sheet date. DTAs are limited to:

1. The amount of federal capital gains taxes paid in prior years that can be recovered through capital loss carrybacks, not to exceed three years, including any amounts established in accordance with the provision of SSAP No. 5, *Liabilities, Contingencies and Impairments of Assets.* 

2. If risk-based capital thresholds described in paragraph 11.b. of SSAP No. 101 are exceeded, paragraph 11.b.i. allows a reporting entity to admit DTAs that are expected to be realized within three years of the balance sheet date, subject to a 15% limitation of adjusted capital and surplus described in paragraph 11.b.ii. Since the Company's Risk-Based Capital Authorized Control Level without regard to admitted DTAs is greater than 300%, the applicable period is three years and the applicable percentage is 15% as of December 31, 2025, plus

3. Any remaining DTAs can be offset against existing DTLs after due consideration of character and reversal patterns of temporary differences.

Adjusted gross DTAs exceeding the above limitations are nonadmitted.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

Pursuant to SSAP No. 101, paragraph 7.e., gross DTAs are reduced by a statutory valuation allowance adjustment if it is more likely than not that some portion or all of the gross DTAs will not be realized. The Company expects to fully realize all of its DTAs. As of December 31, 2025 and 2024, the Company has not established a valuation allowance against DTAs.

The admitted DTAs are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Limitation** | **Admitted** | **Limitation** | **Admitted** |
| Admitted pursuant to 11.a. - loss carrybacks |  | $— |  | $— |
| Realization per 11.b.i. - applicable period limitation | $417544 |  | $206585 |  |
| Realization per 11.b.ii. - applicable percentage limitation | 555636 |  | 553871 |  |
| Admitted pursuant to lesser of 11.b.i. or 11.b.ii - realization test |  | 417544 |  | 206585 |
| Admitted pursuant to 11.c. - DTL offset |  | 910319 |  | 437193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted adjusted gross DTA |  | $1327863 |  | $643778 |

---

The Authorized Control Level Risk-Based Capital (excluding DTAs) percentage used for determining the above applicable period limitation and applicable percentage limitation was 833% and 815% for the years ended December 31, 2025 and 2024, respectively.

No tax planning strategies have been used to recognize net admitted DTAs for the periods ending December 31, 2025 and 2024.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The tax effects of temporary differences that give rise to DTAs and DTLs are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** | **Change** |
| | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| **DTAs** | | | | | | | | | |
| Policyholder reserves | $749573 | $— | $749573 | $753371 | $— | $753371 | $(3798) | $— | $(3798) |
| Investments | 400048 | 37787 | 437835 | 114536 | 30511 | 145047 | 285512 | 7276 | 292788 |
| Deferred acquisition costs | 371351 |  | 371351 | 290432 |  | 290432 | 80919 |  | 80919 |
| Policyholder dividends accrual | 5 |  | 5 | 5 |  | 5 |  |  |  |
| Fixed assets | 3 |  | 3 | 3 |  | 3 |  |  |  |
| Compensation and benefits accrual | 56 |  | 56 | 55 |  | 55 | 1 |  | 1 |
| Receivable nonadmitted | 1649 |  | 1649 | 1530 |  | 1530 | 119 |  | 119 |
| Tax goodwill | 98 |  | 98 | 294 |  | 294 | (196) |  | (196) |
| Tax credit carryforward | 31648 |  | 31648 | $— |  |  | 31648 |  | 31648 |
| Other (Including items <5% of total ordinary tax assets) | 70560 |  | 70560 | 48382 |  | 48382 | 22178 |  | 22178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross DTAs | 1624991 | 37787 | 1662778 | 1208608 | 30511 | 1239119 | 416383 | 7276 | 423659 |
| Nonadmitted DTAs | (319830) | (15085) | (334915) | (588715) | (6626) | (595341) | 268885 | (8459) | 260426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted DTAs | 1305161 | 22702 | 1327863 | 619893 | 23885 | 643778 | 685268 | (1183) | 684085 |
| **DTLs** |  |  |  |  |  |  |  |  |  |
| Investments | (873114) | (22702) | (895816) | (358075) | (23885) | (381960) | (515039) | 1183 | (513856) |
| Deferred and uncollected premiums | (843) |  | (843) | (908) |  | (908) | 65 |  | 65 |
| Policyholder reserves | (12752) |  | (12752) | (54325) |  | (54325) | 41573 |  | 41573 |
| Other | (908) |  | (908) |  |  |  | (908) |  | (908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total DTLs | (887617) | (22702) | (910319) | (413308) | (23885) | (437193) | (474309) | 1183 | (473126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net admitted DTA/(DTL) | $417544 | $— | $417544 | $206585 | $— | $206585 | $210959 | $— | $210959 |

---

The change in net deferred income taxes is comprised of the following (this analysis is exclusive of the tax effect of unrealized capital gains and losses as the deferred taxes on unrealized gains and losses are reported separately from the change in net deferred income taxes in the statements of changes in capital and surplus):

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,**<br>**2025** | **December 31,**<br>**2024** |<br>**Change** |
| Adjusted gross deferred tax assets | $1662778 | $1239119 | $423659 |
| Total gross deferred tax liabilities | (910319) | (437193) | (473126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted deferred tax assets in excess of deferred tax liabilities | $752459 | $801926 | (49467) |
| Tax effect of unrealized gains and losses |  |  | 476359 |
| Tax credit sale |  |  | 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net deferred income tax |  |  | $686892 |

---

Nonadmitted deferred tax assets decreased $260,426 and increased $69,270 for the years ended December 31, 2025 and 2024, respectively.

No unrecognized DTL exists for temporary differences related to investments in foreign subsidiaries or foreign corporate joint ventures that are essentially permanent in duration.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The provision for federal income tax incurred is different from that which would be obtained by applying the enacted federal income tax rate to income before taxes. The significant items causing these differences are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| |<br>**Amount** | **Effective**<br>**Tax Rate** |<br>**Amount** | **Effective**<br>**Tax Rate** |<br>**Amount** | **Effective**<br>**Tax Rate** |
| Net gain (loss) from operations | $1438816 |  | $1012537 |  | $548083 |  |
| Realized capital gain (loss) on investments | (513990) |  | (275273) |  | (169807) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total statutory gain (loss) | $924826 |  | $737264 |  | $378276 |  |
| Statutory tax expense (benefit) at enacted rate | $194213 | 21.0% | $154826 | 21.0% | $79438 | 21.0% |
| Permanent differences |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest maintenance reserve | (6806) | (0.7) | (4290) | (0.6) | (12493) | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nontaxable income | (4164) | (0.5) | (2579) | (0.3) | (2027) | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nondeductible expenses | 809 | 0.1 | 831 | 0.1 | 596 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted assets | (9725) | (1.1) | (8564) | (1.2) | (2107) | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate expenses | (6424) | (0.7) | (5198) | (0.7) | 2540 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance adjustment A-791 | (3649) | (0.4) | 1645 | 0.2 | 4669 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) - options | 136578 | 14.8 | 136250 | 18.5 | 80597 | 21.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss ceded | (555827) | (60.1) | (277653) | (37.5) | (264570) | (70.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Specific reserves in surplus | (10586) | (1.1) | (157) |  | (5641) | (1.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior period adjustments | (48722) | (5.3) | 23726 | 3.2 | (23231) | (6.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Company Owned Life Insurance | (31507) | (3.4) | (2701) | (0.4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credits and related benefits | (515011) | (55.7) | (92701) | (12.6) | (61310) | (16.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger restatement |  |  | (9684) | (1.3) | (27458) | (7.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total effective income tax expense (benefit) | $(860821) | (93.1)% | $(86249) | (11.6)% | $(230997) | (61.1)% |
| Current federal income tax expense (benefit) | $(173929) | (18.8)% | $(224456) | (30.4)% | $432244 | 114.3% |
| Current federal income tax expense (benefit) - prior period adjustments |  | 0.0 | 18161 | 2.5 | 70481 | 18.6 |
| Change in net deferred income tax | (686892) | (74.3) | 120046 | 16.3 | (733722) | (194.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total effective income tax expense (benefit) | $(860821) | (93.1)% | $(86249) | (11.6)% | $(230997) | (61.1)% |

---

The Company has non-transferrable federal tax credits to carry forward as follows at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Incurred** | **Amount** | **Expiring** |
| General Business Credit | 2025 | $31648 | 2045 |

---

The Company estimated the utilization of the remaining federal tax credits by projecting future tax liability based on projected taxable income, tax rates and tax credits and comparing that projected future tax liability to the availability of remaining tax credits. These tax credits are fully admitted.

The Company has $0, $47,583, and $0 of federal capital gains tax from 2025, 2024 and 2023, respectively, available for recovery in the event of future capital losses. Prior year balances reflect tax returns filed as of December 31, 2025. The Company has incurred no Repatriation Transition tax.

The Company entered into a supplemental tax allocation agreement with Athene Re IV, whereby the Company is obligated to perform all of Athene Re IV's tax obligations and is entitled to accept all of

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

Athene Re IV's tax benefits. Accordingly, any current taxes payable or receivable by Athene Re IV are reflected by the Company. During 2025, 2024 and 2023, under the provisions of this agreement, $110 of tax benefit was transferred to the Company, $350 of tax benefit was transferred to the Company and $42 of tax expense was transferred from the Company, respectively.

In accordance with SSAP No. 101, the Company follows SSAP No. 5 to utilize a "more likely than not (likelihood of more than fifty percent)" approach to compute its liability for tax contingencies. No liability for tax contingencies has been recorded as the Company does not have any material items requiring establishment of a loss contingency reserve or disclosure under SSAP No. 5. Interest and penalties associated with recognized tax contingencies would be recognized within the income tax expense line in the statements of operations. Accrued interest and penalties would be included in the related tax liability line in the balance sheets.

Federal income tax of $10,501 and $166,513 is due from affiliates at December 31, 2025 and 2024, respectively, pursuant to the Tax Allocation Agreement.

As of December 31, 2025 and 2024, the Company has no unrecognized deferred tax liabilities.

There were no deposits reported as admitted assets under Section 6603 of the Internal Revenue Code as of December 31, 2025 or 2024.

The following entities are included in the consolidated federal income tax return as of December 31, 2025:

---

| |
|:---|
| Athene Annuity Re Ltd. |
| Athene Annuity and Life Company |
| Athene Annuity & Life Assurance Company of New York |
| Athene Life Insurance Company of New York |
| Athene Re USA IV, Inc. |
| Structured Annuity Reinsurance Company |

---

The Company files income tax returns with the U.S. federal government and various U.S. state governments. For tax periods beginning January 1, 2019 and ending December 31, 2023, the Company was included in a consolidated return filed by the parent company, AUSA. For tax periods beginning January 1, 2024, the Company is included in a consolidated return filed by the parent company, AARe. The Company has a tax allocation agreement approved by the Company's Board of Directors, which sets forth the manner in which the total combined federal income tax is allocated to each entity which is a party to the consolidation. Allocation of tax benefits is based on separate returns. Losses are paid at the time they can be used in the consolidated return. Intercompany tax balances are settled quarterly.

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (IRA). The IRA introduced a 15% minimum corporate income tax on certain large corporations, known as the Corporate Alternative Minimum Tax (CAMT). The Company is an applicable reporting entity with tax allocation agreement exclusions.

The Company is not subject to U.S. federal and state examinations by tax authorities for years prior to 2021. The Company is under audit by the IRS as a member of the 2022 consolidated tax return filed by AUSA. Pursuant to the Company's tax allocation agreement, AUSA would be liable for the payment of any liabilities incurred as a result of this audit. The Company is not currently under exam by any state taxing authority.

The Company does not hold any transferable or non-transferable state tax credits gross of any related tax liabilities.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**11.**&nbsp;&nbsp;&nbsp;&nbsp;**Premiums Due and Deferred**

Deferred and uncollected life insurance premiums are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross** | **Loading** | **Net** | **Gross** | **Loading** | **Net** |
| Ordinary renewal | $3212 | $(803) | $4015 | $3450 | $(876) | $4326 |

---

**12.**&nbsp;&nbsp;&nbsp;&nbsp;**Employee Benefit Plans**

The Company is allocated a portion of the costs related to a qualified defined contribution savings and retirement plan sponsored by AUSA. The plan is a qualified 401(k) plan covering officers and employees. The plan provides non-discretionary company matching contributions. Expenses allocated to the Company for AUSA's contributions amounted to $12,281, $11,760, and $10,399 for 2025, 2024 and 2023, respectively.

**13.**&nbsp;&nbsp;&nbsp;&nbsp;**Related-Party Transactions**

The Company cedes a quota share of its annuity and funding agreement business to AARe and 100% of the Closed Block liabilities to Athene Re IV. The Company cedes to STAR a 100% quota share of its benefits payable for all structured annuity contracts issued by the Company to Aviva London Assignment Corporation (an affiliated company prior to October 2, 2013). The Company also assumes a quota share of annuity business from its direct subsidiary AANY and from an affiliated entity, VIAC. Refer to Note 7 for details on these reinsurance agreements.

The Company is party to an investment management agreement with Apollo Insurance Solutions Group, LP (ISG), under which ISG agrees to provide asset management services in exchange for management fees. ISG is a subsidiary of AGM. Pursuant to the agreement, the Company pays ISG 30 basis points per annum on the Company's managed assets. The Company incurred expenses on its general account and separate account assets of $894,280, $689,680, and $512,992 in 2025, 2024 and 2023, respectively, under the agreement with ISG.

The Company participates in Shared Services and Cost Sharing Agreements with certain other affiliated companies pursuant to which each party thereto agreed to provide certain financial, legal and other services to the other parties. Under these agreements, the Company incurred expense of $416,151, $430,515, and $378,577 during 2025, 2024 and 2023, respectively.

Some employees of Athene Employee Services, LLC (AES) and the Company participate in one or more Share Award Agreements (the Agreements) sponsored by AHL for which the Company has no legal obligation. Salary expense of AES and the Company is partially allocated to the Company through the Shared Services Agreement. Under SSAP No. 104, *Share-Based Payments*, the stock compensation expense associated with the Agreements that would have been allocated to the Company is required to be recorded as a capital contribution to the reporting entity. The Company has allocated the stock compensation expense associated with the Agreements based on the same methodology as the Shared Services Agreement. In accordance with SSAP No. 104, the Company incurred expense and recorded a capital contribution under the Agreements totaling $23,301, $26,638, and $50,466 in 2025, 2024 and 2023, respectively, which includes amounts contributed by the Company to downstream insurance subsidiaries.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

All intercompany balances shown as payable to or receivable from parent, subsidiaries and affiliates are settled within 90 days of their incurrence under the terms of the intercompany expense sharing agreements. These payables and receivables are presented on a net basis within the accompanying balance sheets when right of offset exists with a particular counterparty.

During 2022, the Company contributed its equity interests in certain partnership investments to Apollo Aligned Alternatives, L.P. (AAA), in exchange for a partnership interest in AAA. AAA is a strategic alternative investment vehicle designed to include investment by affiliated and unaffiliated insurers and other investors, with each investor having pro rata exposure to the underlying investments. The partnership is managed by an affiliate of the Company. Under the terms of the partnership agreement, the Company has the right to require distribution of its pro rata portion of underlying assets and direct such assets to be liquidated. During 2025 and 2024, the Company had contributions, net of distributions to AAA of $1,147,538 and $448,573, respectively.

During 2025 and 2024, in the normal course of business, the Company had purchases and contributions, net of sales and distributions, to non-AAA affiliated partnership investments of $169,090 and $431,136, respectively.

During 2025 and 2024, the Company transferred $2,664,709 and $470,814, respectively, of bonds to AARe in association with reinsurance settlements. These investments were included within bonds on the accompanying balance sheets. All transactions were based on the fair value of the assets at the transaction date.

During February 2023, the Company received a $100,000 capital contribution from its parent, AARe. This capital contribution was accrued at December 31, 2022 as a $100,000 receivable from parent with a corresponding increase in gross paid in and contributed surplus. In accordance with SSAP No. 72, *Surplus and Quasi Reorganizations*, capital contributions receivable that are satisfied with the receipt of cash or marketable securities prior to the filing of the annual statement shall be treated as a Type I subsequent event and considered an admitted asset based on evidence of collection and approval of the domiciliary commissioner.

In addition to the accrued capital contributions and stock compensation described above, during 2025, 2024 and 2023, the Company received $0, $934,000 and $1,400,000, respectively, of assets in kind and cash capital contributions from its parent, AARe.

As of December 31, 2025 and 2024, the Company holds $11,295,451 and $8,628,116, respectively, of other invested assets representing holdings of affiliated partnership investments. The Company also had $38,891,066 and $29,239,015 of affiliated bond holdings, $1,325,830 and $1,379,975 of affiliated mortgage loans on real estate and $75,000 and $57,362 of affiliated preferred stocks as of December 31, 2025 and 2024, respectively.

During 2025 and 2024, the Company recaptured, amended, and entered into new reinsurance agreements with affiliates. See Note 7 for the details of those changes.

The Company believes that the transactions with affiliates are reasonable and appropriate; however, the operations of the Company may not be indicative of those that would have occurred had the Company operated as a stand-alone entity.

------

**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

**14.**&nbsp;&nbsp;&nbsp;&nbsp;**Separate Accounts**

The Company maintains five separate account arrangements:

*Funding Agreement Separate Account:* This separate account contains funding agreements issued to the FHLB. These funding agreements are secured by assets in the Company's general account. The funding agreements may not be accelerated by the holder unless there is a default under the agreement, but the Company may retire the funding agreement policies at any time.

*Variable Annuity and Variable Life Separate Accounts:* These separate accounts consist of individual variable annuities and variable universal life products. Net investment experience is credited directly to the policyholder and can be positive or negative, as determined by the performance or fair value of the investments held. The variable annuities generally provide an incidental death benefit of the greater of account value or premium paid. The assets and liabilities of these accounts are carried at fair value. No new variable annuity or variable life policies related to these separate accounts are being issued.

*Group Annuity Separate Accounts:* This contains separate accounts which support annuities payable under group fixed annuity contracts issued to various employers, or trusts established by such employers, in respect of those employers' pension plans. The assets and liabilities of these separate accounts are carried at the same basis as the general account. The Company's general account contributed $0, $0 and $140,000 to the Group Annuity Separate Accounts in 2025, 2024 and 2023, respectively. The group fixed annuity contracts obligate the Company's general account to make annuity payments if the separate account is not able to do so. The product is included in Company's asset adequacy testing.

*Index-Linked Deferred Annuity Separate Accounts:* These separate accounts support registered index-linked deferred annuity contracts issued by the Company. The assets and liabilities are carried at the same basis as the general account. During 2025 and 2024, no amounts were withdrawn from the index-linked deferred annuity separate accounts. During 2023, the Company's general account withdrew $24,602 from the index-linked deferred annuity separate accounts. The Company's general account has guaranteed the amounts under the index-linked deferred annuity contracts, to the extent not covered by the assets in the separate account. The product is included in Company's asset adequacy testing.

*Private Placement Variable Annuity Separate Accounts:* These separate accounts report private placement variable deferred annuities issued by the Company to purchasers meeting the requirements as a qualified purchaser or an accredited investor under applicable federal securities laws. The assets of these separate accounts are carried at fair value. Net investment experience is credited directly to the policyholder and can be positive or negative, as determined by the performance or fair value of the investments held.

The Company's general account has not paid toward separate account guarantees during the last five years. To compensate the general account for the risk taken, the Company's separate accounts have paid risk charges during the last five years as follows:

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| | |
|:---|:---|
| 2025 | $24654.0 |
| 2024 | $24556.0 |
| 2023 | $22954.0 |
| 2022 | $19408.0 |
| 2021 | $12823.0 |

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**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

The separate account assets legally insulated from the general account is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Legally Insulated** | **Not Legally Insulated** | **Legally Insulated** | **Not Legally Insulated** |
| Funding Agreement Separate Account | $— | $212465 | $— | $107023 |
| Variable Annuity Separate Accounts | 29651 |  | 29454 |  |
| Variable Universal Life Separate Account | 12109 |  | 12004 |  |
| Group Annuity Separate Accounts | 43352257 |  | 45014387 |  |
| Index-Linked Deferred Annuity Separate Accounts | 6629067 |  | 4625164 |  |
| Private Placement Variable Annuity Separate Account | 162471 |  | 94221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total separate account assets | $50185555 | $212465 | $49775230 | $107023 |

---

Information regarding the separate accounts of the Company is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br><br>**Indexed** | **Nonindexed**<br>**Guaranteed**<br>**Less Than/**<br>**Equal to 4%** | **Nonindexed**<br>**Guaranteed**<br>**More**<br>**Than 4%** | **Non-**<br>**Guaranteed**<br>**Separate**<br>**Accounts** |<br><br>**Total** |
| Premiums, considerations or deposits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;for year ended December 31, 2025 | $284340 | $4008355 | $4141645 | $56516 | $8490856 |
| **Balances at December 31, 2025** |  |  |  |  |  |
| For accounts with assets at |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value |  |  |  | 204129 | 204129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortized cost | 6439518 | 27755956 | 36243554 |  | 70439028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reserves | 6439518 | 27755956 | 36243554 | 204129 | 70643157 |
| By withdrawal characteristics |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | 6439518 | 1830424 | 806565 |  | 9076507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value |  |  |  | 204129 | 204129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and with current surrender charge less than 5% |  | 47588 | 90150 |  | 137738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal |  | 25877945 | 35346838 |  | 61224783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reserves | $6439518 | $27755957 | $36243553 | $204129 | 70643157 |
| Interest maintenance reserve |  |  |  |  | (6058) |
| Other transfers to general account due or accrued |  |  |  |  | (22158151) |
| Other amounts payable on reinsurance |  |  |  |  | 376959 |
| Other |  |  |  |  | 413110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total separate account liabilities |  |  |  |  | $49269017 |
| Net transfers to or (from separate accounts) | $944312 | $— | $(654083) | $50866 | $341095 |

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**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br><br>**Indexed** | **Nonindexed**<br>**Guaranteed**<br>**Less Than/**<br>**Equal to 4%** | **Nonindexed**<br>**Guaranteed**<br>**More**<br>**Than 4%** | **Non-**<br>**Guaranteed**<br>**Separate**<br>**Accounts** |<br><br>**Total** |
| Premiums, considerations or deposits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;for year ended December 31, 2024 | $234224 | $1600000 | $8033836 | $86012 | $9954072 |
| **Balances at December 31, 2024** |  |  |  |  |  |
| For accounts with assets at |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value |  | 5077 |  | 130530 | 135607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortized cost | 4455800 | 25987451 | 32175376 |  | 62618627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reserves | 4455800 | 25992528 | 32175376 | 130530 | 62754234 |
| By withdrawal characteristics |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | 4455800 | 2817302 |  |  | 7273102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 5077 |  | 130530 | 135607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and with current surrender charge less than 5% |  | 113588 |  |  | 113588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal |  | 23056561 | 32175376 |  | 55231937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reserves | $4455800 | $25992528 | $32175376 | $130530 | 62754234 |
| Interest maintenance reserve |  |  |  |  | 26210 |
| Other transfers to general account due or accrued |  |  |  |  | (14735349) |
| Other amounts payable on reinsurance |  |  |  |  | 477419 |
| Other |  |  |  |  | 188768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total separate account liabilities |  |  |  |  | $48711282 |
| Net transfers to or (from separate accounts) | $892319 | $— | $(667573) | $82230 | $306976 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br><br>**Indexed** | **Nonindexed**<br>**Guaranteed**<br>**Less Than/**<br>**Equal to 4%** | **Nonindexed**<br>**Guaranteed**<br>**More**<br>**Than 4%** | **Non-**<br>**Guaranteed**<br>**Separate**<br>**Accounts** |<br><br>**Total** |
| **Year Ended December 31, 2023** | | | | | |
| Premiums, considerations or deposits | $170022 | $750000 | $4502270 | $3062 | $5425354 |
| Net transfers to or (from) separate accounts | $453888 | $219 | $1350089 | $(1871) | $1802325 |

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**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

A reconciliation of combined net transfers to or (from) separate accounts is as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Transfers to separate accounts | $491153 | $503358 | $2199670 |
| Transfers from separate accounts | (150058) | (196382) | (397345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers to or (from) separate accounts | 341095 | 306976 | 1802325 |
| Other adjustments | 949 | 59 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to separate account, net, as reported in the |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | $342044 | $307035 | $1802671 |

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**15.**&nbsp;&nbsp;&nbsp;&nbsp;**Commitments and Contingencies**

The Company has unfunded commitments in certain investments in the general and separate accounts totaling $25,640,343 at December 31, 2025.

Effective July 31, 2019, the Company entered into a Capital Maintenance Agreement to provide capital support to its wholly owned subsidiary, AANY, such that the Company has agreed to maintain AANY's total adjusted capital in an amount at least equal to 300% of AANY's company action level risk-based capital. Also, effective July 31, 2019, the Company entered into an agreement to guarantee payment of all amounts due from its subsidiary, AANY, to the contract and certificate holders under the terms of a group annuity contract issued by AANY during August 2019. Given the current capital level of AANY, the likelihood of payment by the Company under the terms of these agreements is remote.

On October 22, 2020, the Company entered into an Assignment Agreement with AANY pursuant to which the Company assigned all rights and obligations related to certain individuals entitled to annuity payments from existing PGA business. In the remote scenario and only to the extent AANY is unable to perform its obligations to New York residents entitled to payments under the existing assigned PGA transactions, the Company will be required to satisfy any of the remaining obligations.

*Guaranty Association Assessments* - Guaranty associations may subject member insurers, including the Company, to assessments that require the insurers to pay funds to cover contractual obligations under insurance policies issued by insurance companies that become impaired or insolvent. The assessments are based on an insurer's proportionate share of premiums written in that state during a specified one-year or three-year period for lines of business in which the impaired or insolvent insurer engaged, subject to prescribed limits. As of December 31, 2025 and 2024, the Company recorded a liability of $6,453 and $18,199, respectively, based on the current best estimate of future assessments expected, as well as an asset of $11,463 and $11,300, respectively, for future premium tax credits. The actual amount of assessments levied against the Company may vary from this estimate.

*Fiduciary or Best Interest Standards* - On February 13, 2020, the NAIC adopted the Suitability in Annuity Transactions Model Regulation (SAT), which places responsibilities upon issuing insurance companies with respect to the suitability of annuity sales, including responsibilities for training agents. In addition the SAT incorporates a "best interest" or similar standard with respect to the suitability of annuity sales. A producer is considered to have acted in the best interest of the customer if they have satisfied certain prescribed obligations regarding care, disclosure, conflict of interest and documentation. State adoption of these revisions, and any future changes in such laws and regulations, may impact the way our US insurance subsidiaries market and sell their annuity products. Forty-eight states, including Iowa, have adopted the amended SAT that includes a best interest standard. On July 22, 2018, separate and apart

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**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

from the NAIC, the NYDFS issued amendments to its SAT regulation to incorporate a "best interest" standard with respect to the suitability of life insurance and annuity sales. The amendments made by NYDFS are currently the subject of litigation. Future changes in such laws and regulations, including those that impose a "best interest" standard, may impact the way the Company and its subsidiaries market and sell annuity products.

Since 2016, the DOL has issued various regulations expanding the definition of "investment advice" and broadening the circumstances under which distributors and manufacturers of insurance and annuity products could be considered "fiduciaries" and subject to certain standards in providing advice. On December 15, 2020, the DOL issued regulatory action to reinstate the pre-2016 regulatory definition of fiduciary advice. In the preamble to Prohibited Transaction Exemption (PTE) 2020-02, however, the DOL announced a new interpretation of parts of the regulation that broadens the circumstances under which producers, including insurance producers, could be considered fiduciaries under ERISA in connection with recommendations to "rollover" assets from a qualified retirement plan to an IRA or from an IRA to another IRA. For this purpose, "IRA" includes individual retirement annuities. This guidance reverses an earlier DOL interpretation suggesting that rollover advice by someone who was not already a fiduciary to a plan did not constitute investment advice giving rise to a fiduciary relationship. In connection with the broadened application of the fiduciary definition, the DOL's PTE 2020-02 allows fiduciaries to receive compensation in connection with providing investment advice, including advice about rollovers, that would otherwise be prohibited as a result of their fiduciary relationship to the ERISA Plan, a participant in the ERISA Plan, or an IRA owner. On April 23, 2024, the Department of Labor published the final version of the fiduciary rule and certain prohibited transaction exemptions, including PTE 84-24 and PTE 2020-02. The effective date of September 23, 2024, is currently on hold due to legal challenges. Two federal district courts in Texas issued stays on the implementation and the DOL filed an appeal to these decisions. The appeals were later dismissed on November 28, 2025. There has been indication the DOL may revisit addressing the rule in 2026 and we will continue to monitor the situation to determine if any update would impact our business.

In addition to the matters previously discussed, the Company is routinely involved in litigation and other proceedings, reinsurance claims and regulatory proceedings arising in the ordinary course of its business. At present, no contingencies related to pending litigation and regulatory matters are considered material in relation to the financial position of the Company.

Estimates of possible losses or ranges of losses for particular matters cannot, in the ordinary course, be made with a reasonable degree of certainty. It is possible that the Company's results of operations or cash flow in a particular quarterly or annual period could be materially adversely affected by an ultimate unfavorable resolution of pending litigation and regulatory matters.

**16.**&nbsp;&nbsp;&nbsp;&nbsp;**Capital and Surplus**

The Company is subject to limitations, imposed by the State of Iowa, on the payment of dividends to its stockholder. Generally, without prior regulatory approval, dividends paid during the year must be paid from earned surplus and may not exceed the greater of (1) ten percent of the Company's paid-in and unassigned surplus as of the preceding December 31, or (2) the Company's net gain from operations before net realized capital gains on investments for the preceding year. Based on December 31, 2025 results, the Company may not declare or pay dividends without approval in 2026. The Company did not declare or pay dividends during the years ended 2025, 2024 and 2023.

In connection with the acquisition of AUSA during 2013, AHL entered into a Net Worth Maintenance Agreement to provide capital support to the Company such that AHL is obligated to maintain the Company's capital and surplus in an amount sufficient to maintain the Company's Total Adjusted Capital

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**Athene Annuity and Life Company**

**Notes to Financial Statements – Statutory-Basis** 

**December 31, 2025**, **2024 and 2023** 

*(Dollars in thousands)*

to be at least 200% of Company Action Level Risk-Based Capital (RBC). The agreement also provides that the Company will not pay any dividends if such dividends would cause the Company Action Level RBC ratio to fall below 200%.

Effective January 30, 2020, the Company's then parent, AADE, entered into a Capital Maintenance Agreement to provide capital support to the Company, in an amount sufficient to satisfy the insurance laws of the State of New Jersey, in order to obtain authority for the Company to issue registered index-linked annuities in New Jersey (Original Agreement). In connection with the merger of AADE into the Company, effective October 11, 2024, the Company's new parent, AARe, entered into a Capital Maintenance Agreement with similar terms to continue to provide capital support to the Company in an amount sufficient to satisfy the insurance laws of the State of New Jersey. The agreement will remain in effect for ten years from the Original Agreement's effective date.

Life insurance companies are subject to certain RBC requirements as specified by the NAIC. Under those requirements, the amount is to be determined based on the various risk factors related to the Company. At December 31, 2025 and 2024, the Company exceeds all control levels of the RBC requirements.

During 2025, 2024 and 2023, the Company received and made capital contributions. See Note 13 for additional details regarding capital contributions.

During 2017, $1,502,316 of the Company's surplus was reset under SSAP No. 72, *Surplus and Quasi-Reorganizations,* as a reclassification of unassigned surplus to paid-in surplus. In accordance with SSAP No. 72, the Company is required to disclose this surplus reset for ten years following its effective date.

**17.**&nbsp;&nbsp;&nbsp;&nbsp;**Subsequent Events**

The Company has evaluated subsequent events through March 31, 2026, the date that these financial statements were available to be issued.

**18.**&nbsp;&nbsp;&nbsp;&nbsp;**Reconciliation to the Statutory Annual Statement**

There are no reconciling items between total assets, total liabilities, capital and surplus or net income as previously reported to state regulatory authorities in the 2025, 2024 and 2023 Annual Statements and those reported in the accompanying financial statements.

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