# EDGAR Filing Document

**Accession Number:** 0001043275
**File Stem:** 0001043275-26-000012
**Filing Date:** 2026-4
**Character Count:** 89911
**Document Hash:** 970b92da7a45021c211ce693fdf485ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001043275-26-000012.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001043275-26-000012

**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 ANNUITY ACCOUNT A
- **CENTRAL INDEX KEY:** 0001043275

**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:** 811-08325
- **FILM NUMBER:** 26925400

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

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BMA VARIABLE ANNUITY ACCOUNT A
- **DATE OF NAME CHANGE:** 19970730

## Series and Classes Contracts Data

### ATHENE VARIABLE ANNUITY ACCOUNT A (Series ID: S000009515)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000260111 | Clarity Variable Annuity (AAIA)     |  |
| C000262457 | Clarity 2+2 Variable Annuity (AAIA) |  |

**Athene Variable Annuity Account A**

**Financial Statements**

**As of and for the year ended December 31, 2025**

------

**Athene Variable Annuity Account A**

**Index to Financial Statements**

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

---

| | |
|:---|:---|
| | **Page** |
| **Report of Independent Registered Public Accounting Firm** | [1](#ifd5883ba1f3d4628a63e8b4519d5381d_7) |
| **Financial Statements** | |
| Statements of Net Assets | [3](#ifd5883ba1f3d4628a63e8b4519d5381d_10) |
| Statements of Operations | [9](#ifd5883ba1f3d4628a63e8b4519d5381d_28) |
| Statements of Changes in Net Assets | [15](#ifd5883ba1f3d4628a63e8b4519d5381d_46) |
| Notes to Financial Statements | [21](#ifd5883ba1f3d4628a63e8b4519d5381d_64) |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Policyowners of Athene Variable Annuity 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 Annuity 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.

---

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

---

The financial highlights for the year ended 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 Annuity Account A**

**Statements of Net Assets**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BNY Mellon** | **BNY Mellon** | **Invesco Variable** | **Invesco Variable** | |
| | **Investment Portfolios** | **Investment Portfolios** | **Investment Funds** | **Investment Funds** | **Lazard**<br>**Retirement**<br>**Series, Inc.** |
| | | | | | **Retirement** |
| | | **Small Cap** | | | **U.S. Small** |
| | **Stock** | **Stock Index** | **High Yield** | **Core Equity** | **Cap Equity** |
| | **Index Fund** | **Portfolio** | **Fund** | **Fund** | **Portfolio** |
| **Assets** | | | | | |
| Investments in shares of mutual funds, at fair value | $258160 | $2840 | $8111 | $347466 | $277277 |
| **Total Assets** | $258160 | $2840 | $8111 | $347466 | $277277 |
| Net assets in the accumulation period | $258160 | $2840 | $8111 | $347466 | $277277 |
| **Net assets** | $258160 | $2840 | $8111 | $347466 | $277277 |
| Accumulation unit value low | $48.420 | $38.510 | $21.440 | $39.600 | $29.010 |
| Accumulation unit value high | $60.660 | $40.550 | $24.550 | $42.870 | $55.370 |
| Accumulation units outstanding | 8992 | 141 | 1517 | 18136 | 10608 |
| Shares of mutual funds owned | 2962 | 158 | 1711 | 9644 | 21411 |
| Investments, at cost | $162117 | $2654 | $8784 | $282524 | $297398 |

---

*(Continued)*

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

------

**Athene Variable Annuity Account A**

**Statements of Net Assets**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **LVIP American Century** | **LVIP American Century** | **The Alger** | **The Alger** | **The Alger** |
| | **Variable Portfolios, Inc.** | **Variable Portfolios, Inc.** | **Funds** | **Funds** | **Funds** |
| | **VP Disciplined** | | **Large Cap** | **Mid Cap** | **Capital** |
| | **Core Value** | **VP Value** | **Growth** | **Growth** | **Appreciation** |
| | **Fund** | **Fund** | **Portfolio** | **Portfolio** | **Portfolio** |
| **Assets** | | | | | |
| Investments in shares of mutual funds, at fair value | $10802 | $437648 | $79842 | $420294 | $584452 |
| **Total Assets** | $10802 | $437648 | $79842 | $420294 | $584452 |
| Net assets in the accumulation period | $10802 | $437648 | $79842 | $420294 | $584452 |
| **Net assets** | $10802 | $437648 | $79842 | $420294 | $584452 |
| Accumulation unit value low | $32.770 | $36.880 | $48.640 | $40.480 | $78.340 |
| Accumulation unit value high | $40.180 | $62.660 | $71.630 | $43.170 | $126.550 |
| Accumulation units outstanding | 1503 | 15441 | 2182 | 17663 | 15324 |
| Shares of mutual funds owned | 1116 | 33874 | 774 | 17645 | 4536 |
| Investments, at cost | $9239 | $392682 | $51989 | $371525 | $415806 |

---

*(Continued)*

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

------

**Athene Variable Annuity 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** | **Mid-Cap** | **Grade Bond** | **Market** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Fund** |
| **Assets** | | | | | | |
| Investments in shares of mutual funds, at fair value | $377495 | $118437 | $323738 | $64783 | $287616 | $176290 |
| **Total Assets** | $377495 | $118437 | $323738 | $64783 | $287616 | $176290 |
| Net assets in the accumulation period | $377495 | $118437 | $323738 | $64783 | $287616 | $176290 |
| **Net assets** | $377495 | $118437 | $323738 | $64783 | $287616 | $176290 |
| Accumulation unit value low | $19.960 | $49.460 | $69.630 | $46.510 | $13.520 | $9.520 |
| Accumulation unit value high | $26.100 | $76.200 | $77.990 | $49.290 | $15.700 | $11.080 |
| Accumulation units outstanding | 36909 | 3419 | 12126 | 3123 | 33036 | 60036 |
| Shares of mutual funds owned | 13919 | 1275 | 5694 | 1727 | 25318 | 176290 |
| Investments, at cost | $335888 | $105454 | $281352 | $63422 | $310446 | $176655 |

---

*(Continued)*

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

------

**Athene Variable Annuity Account A**

**Statements of Net Assets**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Lord Abbett** | **Lord Abbett** | **Lord Abbett** |
| | **Janus**<br>**Henderson**<br>**Portfolio** | **Series Fund, Inc.** | **Series Fund, Inc.** | **Series Fund, Inc.** |
| | | **Bond-** | **Growth &** | **Mid Cap** |
| | **Overseas** | **Debenture** | **Income** | **Stock** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| **Assets** | | | | |
| Investments in shares of mutual funds, at fair value | $17640 | $1857 | $327588 | $3249 |
| **Total Assets** | $17640 | $1857 | $327588 | $3249 |
| Net assets in the accumulation period | $17640 | $1857 | $327588 | $3249 |
| **Net assets** | $17640 | $1857 | $327588 | $3249 |
| Accumulation unit value low | $36.560 | $20.770 | $33.450 | $27.360 |
| Accumulation unit value high | $60.340 | $21.870 | $37.400 | $28.810 |
| Accumulation units outstanding | 1006 | 462 | 18779 | 320 |
| Shares of mutual funds owned | 316 | 175 | 7807 | 125 |
| Investments, at cost | $10637 | $2027 | $275509 | $2956 |

---

*(Continued)*

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

------

**Athene Variable Annuity Account A**

**Statements of Net Assets**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** |
| | **Blue Chip** | **Equity** | **Health** | **Moderate** |
| | **Growth** | **Income** | **Science** | **Allocation** |
| | **Portfolio** | **Portfolio II** | **Portfolio II** | **Portfolio** |
| **Assets** | | | | |
| Investments in shares of mutual funds, at fair value | $376554 | $6755 | $5936 | $54732 |
| **Total Assets** | $376554 | $6755 | $5936 | $54732 |
| Net assets in the accumulation period | $376554 | $6755 | $5936 | $54732 |
| **Net assets** | $376554 | $6755 | $5936 | $54732 |
| Accumulation unit value low | $77.930 | $31.550 | $83.530 | $28.140 |
| Accumulation unit value high | $82.670 | $33.230 | $87.960 | $31.000 |
| Accumulation units outstanding | 10946 | 472 | 8912 | 4010 |
| Shares of mutual funds owned | 5764 | 236 | 110 | 2440 |
| Investments, at cost | $230161 | $6053 | $3894 | $48553 |

---

*(Continued)*

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

------

**Athene Variable Annuity 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** |
| | | | **Total Bond** | **Total Stock** | |
| | **Mid-Cap** | **Real Estate** | **Market** | **Market** | **Capital** |
| | **Index** | **Index** | **Index** | **Index** | **Growth** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| **Assets** | | | | | |
| Investments in shares of mutual funds, at fair value | $9323 | $4167 | $1 | $16062 | $5 |
| **Total Assets** | $9323 | $4167 | $1 | $16062 | $5 |
| Net assets in the accumulation period | $9323 | $4167 | $1 | $16062 | $5 |
| **Net assets** | $9323 | $4167 | $1 | $16062 | $5 |
| Accumulation unit value low | $44.800 | $24.450 | $11.960 | $53.820 | $76.380 |
| Accumulation unit value high | $47.180 | $25.740 | $12.590 | $56.680 | $80.440 |
| Accumulation units outstanding | 397 | 403 | 154 | 678 |  |
| Shares of mutual funds owned | 333 | 360 |  | 264 |  |
| Investments, at cost | $6849 | $4215 | $2 | $9626 | $3 |

---

*(Concluded)*

 

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

------

**Athene Variable Annuity Account A**

**Statements of Operations**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BNY Mellon Investments** | **BNY Mellon Investments** | **Invesco Variable** | **Invesco Variable** | |
| | **Investment Portfolios** | **Investment Portfolios** | **Investment Funds** | **Investment Funds** | **Lazard**<br>**Retirement**<br>**Series, Inc.** |
| | | | | | **Retirement** |
| | | **Small Cap** | | | **U.S. Small** |
| | **Stock** | **Stock Index** | **High Yield** | **Core Equity** | **Cap Equity** |
| | **Index Fund** | **Portfolio** | **Fund** | **Fund** | **Portfolio** |
| Income |  |  |  |  |  |
| Dividends | $2483 | $34 | $557 | $2136 | $— |
| Expenses |  |  |  |  |  |
| Mortality and expense and administration charges | 3074 | 47 | 234 | 4580 | 3451 |
| Net investment income (loss) | (591) | (13) | 323 | (2444) | (3451) |
| Realized gain (loss) on investments |  |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 11339 | 6 | (339) | (3820) | (15670) |
| Capital gain distributions | 13111 | 259 |  | 24595 | 33268 |
| Net realized gain (loss) on investments | 24450 | 265 | (339) | 20775 | 17598 |
| Net change in unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | 12661 | (157) | 893 | 18277 | (15163) |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | $36520 | $95 | $877 | $36608 | $(1016) |

---

*(Continued)*

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

------

**Athene Variable Annuity Account A**

**Statements of Operations**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **LVIP American Century** | **LVIP American Century** | **The Alger** | **The Alger** | **The Alger** |
| | **Variable Portfolios, Inc.** | **Variable Portfolios, Inc.** | **Funds** | **Funds** | **Funds** |
| | **VP Disciplined** | | **Large Cap** | **Mid Cap** | **Capital** |
| | **Core Value** | **VP Value** | **Growth** | **Growth** | **Appreciation** |
| | **Fund** | **Fund** | **Portfolio** | **Portfolio** | **Portfolio** |
| Income |  |  |  |  |  |
| Dividends | $174 | $6869 | $— | $— | $— |
| Expenses |  |  |  |  |  |
| Mortality and expense and administration charges | 328 | 5672 | 1007 | 5042 | 6727 |
| Net investment income (loss) | (154) | 1197 | (1007) | (5042) | (6727) |
| Realized gain (loss) on investments |  |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | (535) | 22632 | 7960 | 4675 | 59828 |
| Capital gain distributions |  | 32855 | 8597 |  | 91974 |
| Net realized gain (loss) on investments | (535) | 55487 | 16557 | 4675 | 151802 |
| Net change in unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | 2649 | 1607 | 4067 | 61984 | 21203 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | $1960 | $58291 | $19617 | $61617 | $166278 |

---

*(Continued)*

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

------

**Athene Variable Annuity 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** | **Mid-Cap** | **Grade Bond** | **Market** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Fund** |
| Income |  |  |  |  |  |  |
| Dividends | $5114 | $58 | $— | $265 | $9960 | $21976 |
| Expenses |  |  |  |  |  |  |
| Mortality and expense and administration charges | 4511 | 1285 | 4101 | 820 | 3325 | 6742 |
| Net investment income (loss) | 603 | (1227) | (4101) | (555) | 6635 | 15234 |
| Realized gain (loss) on investments |  |  |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 12097 | 1645 | 35900 | 158 | (3010) |  |
| Capital gain distributions | 33250 | 14754 | 53273 | 7196 |  |  |
| Net realized gain (loss) on investments | 45347 | 16399 | 89173 | 7354 | (3010) |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | 12384 | 5611 | (31588) | (879) | 11446 |  |
| Net increase (decrease) in net assets |  |  |  |  |  |  |
| resulting from operations | $58334 | $20783 | $53484 | $5920 | $15071 | $15234 |

---

*(Continued)*

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

------

**Athene Variable Annuity Account A**

**Statements of Operations**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Lord Abbett** | **Lord Abbett** | **Lord Abbett** |
| | **Janus**<br>**Henderson**<br>**Portfolio** | **Series Fund, Inc.** | **Series Fund, Inc.** | **Series Fund, Inc.** |
| | | **Bond-** | **Growth &** | **Mid Cap** |
| | **Overseas** | **Debenture** | **Income** | **Stock** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| Income |  |  |  |  |
| Dividends | $229 | $108 | $1767 | $10 |
| Expenses |  |  |  |  |
| Mortality and expense and administration charges | 241 | 31 | 3710 | 55 |
| Net investment income (loss) | (12) | 77 | (1943) | (45) |
| Realized gain (loss) on investments |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 107 | (6) | 1671 | 4 |
| Capital gain distributions |  |  | 32664 | 254 |
| Net realized gain (loss) on investments | 107 | (6) | 34335 | 258 |
| Net change in unrealized appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | 3652 | 42 | 12208 | (51) |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | $3747 | $113 | $44600 | $162 |

---

*(Continued)*

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

------

**Athene Variable Annuity Account A**

**Statements of Operations**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** |
| | **Blue Chip** | **Equity** | **Health** | **Moderate** |
| | **Growth** | **Income** | **Science** | **Allocation** |
| | **Portfolio** | **Portfolio II** | **Portfolio II** | **Portfolio** |
| Income |  |  |  |  |
| Dividends | $— | $91 | $— | $1282 |
| Expenses |  |  |  |  |
| Mortality and expense and administration charges | 4444 | 112 | 91 | 770 |
| Net investment income (loss) | (4444) | (21) | (91) | 512 |
| Realized gain (loss) on investments |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 7286 | 48 | 65 | 1543 |
| Capital gain distributions | 31435 | 648 | 216 | 2337 |
| Net realized gain (loss) on investments | 38721 | 696 | 281 | 3880 |
| Net change in unrealized appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | 19840 | 53 | 619 | 2927 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | $54117 | $728 | $809 | $7319 |

---

*(Continued)*

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

------

**Athene Variable Annuity 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** |
| | | | **Total Bond** | **Total Stock** | |
| | **Mid-Cap** | **Real Estate** | **Market** | **Market** | **Capital** |
| | **Index** | **Index** | **Index** | **Index** | **Growth** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| Income |  |  |  |  |  |
| Dividends | $110 | $113 | $— | $169 | $— |
| Expenses |  |  |  |  |  |
| Mortality and expense and administration charges | 175 | 84 |  | 295 |  |
| Net investment income (loss) | (65) | 29 |  | (126) |  |
| Realized gain (loss) on investments |  |  |  |  |  |
| Net realized gain (loss) on sale of fund shares | 83 | (2) |  | 162 |  |
| Capital gain distributions | 440 | 72 |  | 787 |  |
| Net realized gain (loss) on investments | 523 | 70 |  | 949 |  |
| Net change in unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | 344 | (55) |  | 1226 | 1 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | $802 | $44 | $— | $2049 | $1 |

---

*(Concluded)*

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

------

**Athene Variable Annuity Account A**

**Statements of Changes in Net Assets**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BNY Mellon** | **BNY Mellon** | **Invesco Variable** | **Invesco Variable** | |
| | **Investment Portfolios** | **Investment Portfolios** | **Investment Funds** | **Investment Funds** | **Lazard**<br>**Retirement**<br>**Series, Inc.** |
| | | | | | **Retirement** |
| | | **Small Cap** | | | **U.S. Small** |
| | **Stock** | **Stock Index** | **High Yield** | **Core Equity** | **Cap Equity** |
| | **Index Fund** | **Portfolio** | **Fund** | **Fund** | **Portfolio** |
| **Net assets at December 31, 2023** | $187831 | $2594 | $16486 | $351680 | $266311 |
| Changes from 2024 operations |  |  |  |  |  |
| Net investment income (loss) | (227) | (18) | 713 | (2223) | (3661) |
| Net realized gain (loss) on investments | 18544 | 69 | (31) | 35551 | 8131 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 24533 | 106 | 315 | 51209 | 21873 |
| Net increase (decrease) in net |  |  |  |  |  |
| assets resulting from operations | 42850 | 157 | 997 | 84537 | 26343 |
| Contract transactions |  |  |  |  |  |
| Surrenders and death benefits |  |  |  | (800) | (3545) |
| Contract maintenance charges | (20) | (3) | (11) | (31) | (36) |
| Other transfers between sub-accounts, |  |  |  |  |  |
| including fixed interest account | (406) |  | 165 | (1485) | 15251 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from contract transactions | (426) | (3) | 154 | (2316) | 11670 |
| Total increase (decrease) in net assets | 42424 | 154 | 1151 | 82221 | 38013 |
| **Net assets at December 31, 2024** | $230255 | $2748 | $17637 | $433901 | $304324 |
| Changes from 2025 operations |  |  |  |  |  |
| Net investment income (loss) | (591) | (13) | 323 | (2444) | (3451) |
| Net realized gain (loss) on investments | 24450 | 265 | (339) | 20775 | 17598 |
| Net change in unrealized appreciation (depreciation) on investments | 12661 | (157) | 893 | 18277 | (15163) |
| Net increase (decrease) in net |  |  |  |  |  |
| assets resulting from operations | 36520 | 95 | 877 | 36608 | (1016) |
| Contract transactions |  |  |  |  |  |
| Surrenders and death benefits | (7172) |  | (10356) | (968) | (31735) |
| Contract maintenance charges | (60) | (3) | (11) | (69) | (19) |
| Other transfers between sub-accounts, |  |  |  |  |  |
| including fixed interest account | (1383) |  | (36) | (122006) | 5723 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from contract transactions | (8615) | (3) | (10403) | (123043) | (26031) |
| Total increase (decrease) in net assets | 27905 | 92 | (9526) | (86435) | (27047) |
| **Net assets at December 31, 2025** | $258160 | $2840 | $8111 | $347466 | $277277 |

---

*(Continued)*

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

------

**Athene Variable Annuity 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** | **The Alger** | **The Alger** |
| | **Variable Portfolios, Inc.** | **Variable Portfolios, Inc.** | **Funds** | **Funds** | **Funds** |
| | **VP Disciplined** | | **Large Cap** | **Mid Cap** | **Capital** |
| | **Core Value** | **VP Value** | **Growth** | **Growth** | **Appreciation** |
| | **Fund** | **Fund** | **Portfolio** | **Portfolio** | **Portfolio** |
| **Net assets at December 31, 2023** | $28327 | $427582 | $58788 | $312273 | $380914 |
| Changes from 2024 operations |  |  |  |  |  |
| Net investment income (loss) | (64) | 7711 | (902) | (4429) | (5482) |
| Net realized gain (loss) on investments | (247) | 31944 | 263 | 4875 | 23254 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 3509 | (4362) | 24797 | 62521 | 146985 |
| Net increase (decrease) in net |  |  |  |  |  |
| assets resulting from operations | 3198 | 35293 | 24158 | 62967 | 164757 |
| Contract transactions |  |  |  |  |  |
| Surrenders and death benefits | (1389) | (2266) |  |  |  |
| Contract maintenance charges | (38) | (38) | (6) | (17) | (31) |
| Other transfers between sub-accounts, |  |  |  |  |  |
| including fixed interest account | (104) | 24235 | 1 | (1926) | (69314) |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from contract transactions | (1531) | 21931 | (5) | (1943) | (69345) |
| Total increase (decrease) in net assets | 1667 | 57224 | 24153 | 61024 | 95412 |
| **Net assets at December 31, 2024** | $29994 | $484806 | $82941 | $373297 | $476326 |
| Changes from 2025 operations |  |  |  |  |  |
| Net investment income (loss) | (154) | 1197 | (1007) | (5042) | (6727) |
| Net realized gain (loss) on investments | (535) | 55487 | 16557 | 4675 | 151802 |
| Net change in unrealized appreciation (depreciation) on investments | 2649 | 1607 | 4067 | 61984 | 21203 |
| Net increase (decrease) in net |  |  |  |  |  |
| assets resulting from operations | 1960 | 58291 | 19617 | 61617 | 166278 |
| Contract transactions |  |  |  |  |  |
| Surrenders and death benefits | (21290) | (35296) | (3147) | (9463) | (12271) |
| Contract maintenance charges | (30) | (32) | (7) | (17) | (32) |
| Other transfers between sub-accounts, |  |  |  |  |  |
| including fixed interest account | 168 | (70121) | (19562) | (5140) | (45849) |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from contract transactions | (21152) | (105449) | (22716) | (14620) | (58152) |
| Total increase (decrease) in net assets | (19192) | (47158) | (3099) | 46997 | 108126 |
| **Net assets at December 31, 2025** | $10802 | $437648 | $79842 | $420294 | $584452 |

---

*(Continued)*

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

------

**Athene Variable Annuity 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** | **Mid-Cap** | **Grade Bond** | **Market** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Fund** |
| **Net assets at December 31, 2023** | $302199 | $40962 | $282103 | $58981 | $212052 | $841842 |
| Changes from 2024 operations |  |  |  |  |  |  |
| Net investment income (loss) | 515 | (692) | (4087) | (487) | 5413 | 32062 |
| Net realized gain (loss) on investments | 17479 | 12416 | 48291 | 8582 | (482) |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |
| (depreciation) on investments | (7983) | (180) | 43997 | 1334 | (3247) |  |
| Net increase (decrease) in net |  |  |  |  |  |  |
| assets resulting from operations | 10011 | 11544 | 88201 | 9429 | 1684 | 32062 |
| Contract transactions |  |  |  |  |  |  |
| Surrenders and death benefits | (559) | (1513) |  |  |  | (4879) |
| Contract maintenance charges | (17) | (46) | (9) | (10) | (12) | (74) |
| Other transfers between sub-accounts, |  |  |  |  |  |  |
| including fixed interest account | 5577 | 5 | (11964) | (1) | 29295 | 13140 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |
| resulting from contract transactions | 5001 | (1554) | (11973) | (11) | 29283 | 8187 |
| Total increase (decrease) in net assets | 15012 | 9990 | 76228 | 9418 | 30967 | 40249 |
| **Net assets at December 31, 2024** | $317211 | $50952 | $358331 | $68399 | $243019 | $882091 |
| Changes from 2025 operations |  |  |  |  |  |  |
| Net investment income (loss) | 603 | (1227) | (4101) | (555) | 6635 | 15234 |
| Net realized gain (loss) on investments | 45347 | 16399 | 89173 | 7354 | (3010) |  |
| Net change in unrealized appreciation (depreciation) on investments | 12384 | 5611 | (31588) | (879) | 11446 |  |
| Net increase (decrease) in net |  |  |  |  |  |  |
| assets resulting from operations | 58334 | 20783 | 53484 | 5920 | 15071 | 15234 |
| Contract transactions |  |  |  |  |  |  |
| Surrenders and death benefits | (1716) | (4244) | (2368) |  |  | (410166) |
| Contract maintenance charges | (18) | (46) | (11) | (11) | (12) | (86) |
| Other transfers between sub-accounts, |  |  |  |  |  |  |
| including fixed interest account | 3684 | 50992 | (85698) | (9525) | 29538 | (310783) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |
| resulting from contract transactions | 1950 | 46702 | (88077) | (9536) | 29526 | (721035) |
| Total increase (decrease) in net assets | 60284 | 67485 | (34593) | (3616) | 44597 | (705801) |
| **Net assets at December 31, 2025** | $377495 | $118437 | $323738 | $64783 | $287616 | $176290 |

---

*(Continued)*

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

------

**Athene Variable Annuity Account A**

**Statements of Changes in Net Assets**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Lord Abbett** | **Lord Abbett** | **Lord Abbett** |
| | **Janus**<br>**Henderson**<br>**Portfolio** | **Series Fund, Inc.** | **Series Fund, Inc.** | **Series Fund, Inc.** |
| | | **Bond-** | **Growth &** | **Mid Cap** |
| | **Overseas** | **Debenture** | **Income** | **Stock** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| **Net assets at December 31, 2023** | $13394 | $1671 | $229284 | $2747 |
| Changes from 2024 operations |  |  |  |  |
| Net investment income (loss) | (23) | 67 | (1043) | (39) |
| Net realized gain (loss) on investments | 82 | (6) | 23108 | 325 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 508 | 20 | 22181 | 68 |
| Net increase (decrease) in net |  |  |  |  |
| assets resulting from operations | 567 | 81 | 44246 | 354 |
| Contract transactions |  |  |  |  |
| Surrenders and death benefits |  |  | (746) |  |
| Contract maintenance charges | (32) | (4) | (19) | (7) |
| Other transfers between sub-accounts, |  |  |  |  |
| including fixed interest account | (1) |  | (2334) | (1) |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from contract transactions | (33) | (4) | (3099) | (8) |
| Total increase (decrease) in net assets | 534 | 77 | 41147 | 346 |
| **Net assets at December 31, 2024** | $13928 | $1748 | $270431 | $3093 |
| Changes from 2025 operations |  |  |  |  |
| Net investment income (loss) | (12) | 77 | (1943) | (45) |
| Net realized gain (loss) on investments | 107 | (6) | 34335 | 258 |
| Net change in unrealized appreciation (depreciation) on investments | 3652 | 42 | 12208 | (51) |
| Net increase (decrease) in net |  |  |  |  |
| assets resulting from operations | 3747 | 113 | 44600 | 162 |
| Contract transactions |  |  |  |  |
| Surrenders and death benefits |  |  | (884) |  |
| Contract maintenance charges | (32) | (4) | (19) | (6) |
| Other transfers between sub-accounts, |  |  |  |  |
| including fixed interest account | (3) |  | 13460 |  |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from contract transactions | (35) | (4) | 12557 | (6) |
| Total increase (decrease) in net assets | 3712 | 109 | 57157 | 156 |
| **Net assets at December 31, 2025** | $17640 | $1857 | $327588 | $3249 |

---

*(Continued)*

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

------

**Athene Variable Annuity Account A**

**Statements of Changes in Net Assets**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** |
| | **Blue Chip** | **Equity** | **Health** | **Moderate** |
| | **Growth** | **Income** | **Science** | **Allocation** |
| | **Portfolio** | **Portfolio II** | **Portfolio II** | **Portfolio** |
| **Net assets at December 31, 2023** | $251165 | $5520 | $5158 | $53741 |
| Changes from 2024 operations |  |  |  |  |
| Net investment income (loss) | (3888) | (7) | (99) | 547 |
| Net realized gain (loss) on investments | 15194 | 444 | 558 | 1788 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 73527 | 85 | (479) | 2288 |
| Net increase (decrease) in net |  |  |  |  |
| assets resulting from operations | 84833 | 522 | (20) | 4623 |
| Contract transactions |  |  |  |  |
| Surrenders and death benefits |  |  |  |  |
| Contract maintenance charges | (43) | (7) | (6) | (22) |
| Other transfers between sub-accounts, |  |  |  |  |
| including fixed interest account | (8) | (2) | (19) | (264) |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from contract transactions | (51) | (9) | (25) | (286) |
| Total increase (decrease) in net assets | 84782 | 513 | (45) | 4337 |
| **Net assets at December 31, 2024** | $335947 | $6033 | $5113 | $58078 |
| Changes from 2025 operations |  |  |  |  |
| Net investment income (loss) | (4444) | (21) | (91) | 512 |
| Net realized gain (loss) on investments | 38721 | 696 | 281 | 3880 |
| Net change in unrealized appreciation (depreciation) on investments | 19840 | 53 | 619 | 2927 |
| Net increase (decrease) in net |  |  |  |  |
| assets resulting from operations | 54117 | 728 | 809 | 7319 |
| Contract transactions |  |  |  |  |
| Surrenders and death benefits |  |  |  | (10576) |
| Contract maintenance charges | (45) | (7) | (6) | (23) |
| Other transfers between sub-accounts, |  |  |  |  |
| including fixed interest account | (13465) | 1 | 20 | (66) |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from contract transactions | (13510) | (6) | 14 | (10665) |
| Total increase (decrease) in net assets | 40607 | 722 | 823 | (3346) |
| **Net assets at December 31, 2025** | $376554 | $6755 | $5936 | $54732 |

---

*(Continued)*

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

------

**Athene Variable Annuity 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** |
| | | | **Total Bond** | **Total Stock** | |
| | **Mid-Cap** | **Real Estate** | **Market** | **Market** | **Capital** |
| | **Index** | **Index** | **Index** | **Index** | **Growth** |
| | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** | **Portfolio** |
| **Net assets at December 31, 2023** | $7597 | $4024 | $1 | $11588 | $4 |
| Changes from 2024 operations |  |  |  |  |  |
| Net investment income (loss) | (49) | 45 |  | (102) |  |
| Net realized gain (loss) on investments | 164 | 103 |  | 1016 |  |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 858 | (42) |  | 1547 |  |
| Net increase (decrease) in net |  |  |  |  |  |
| assets resulting from operations | 973 | 106 |  | 2461 |  |
| Contract transactions |  |  |  |  |  |
| Surrenders and death benefits |  |  |  |  |  |
| Contract maintenance charges | (24) | (5) |  | (23) |  |
| Other transfers between sub-accounts, |  |  |  |  |  |
| including fixed interest account |  | 1 |  | 5 |  |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from contract transactions | (24) | (4) |  | (18) |  |
| Total increase (decrease) in net assets | 949 | 102 |  | 2443 |  |
| **Net assets at December 31, 2024** | $8546 | $4126 | $1 | $14031 | $4 |
| Changes from 2025 operations |  |  |  |  |  |
| Net investment income (loss) | (65) | 29 |  | (126) |  |
| Net realized gain (loss) on investments | 523 | 70 |  | 949 |  |
| Net change in unrealized appreciation (depreciation) on investments | 344 | (55) |  | 1226 | 1 |
| Net increase (decrease) in net |  |  |  |  |  |
| assets resulting from operations | 802 | 44 |  | 2049 | 1 |
| Contract transactions |  |  |  |  |  |
| Surrenders and death benefits |  |  |  |  |  |
| Contract maintenance charges | (24) | (5) |  | (24) |  |
| Other transfers between sub-accounts, |  |  |  |  |  |
| including fixed interest account | (1) | 2 |  | 6 |  |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from contract transactions | (25) | (3) |  | (18) |  |
| Total increase (decrease) in net assets | 777 | 41 |  | 2031 | 1 |
| **Net assets at December 31, 2025** | $9323 | $4167 | $1 | $16062 | $5 |

---

*(Concluded)*

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

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

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

Athene Variable Annuity 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 accepted in the United States of America. The Separate Account is a funding vehicle for individual variable annuity 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 annuity contracts cannot be used to fulfill any other obligations arising from any other business the Company may conduct.

The Separate Account includes two investment products: a variable annuity and an annuity with both fixed and variable portions (VA 2+2). Neither of these products are being actively marketed by the Company. The significant features of these products include flexible premium payments, death benefits and tax deferred investment options to potentially maximize the value of the contract.

**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 fixed account offers minimum interest rates that are guaranteed by the General Account of the Company. The sub-accounts of the Separate Account (which does not include the allocation to the Fixed Account) invest in the following underlying mutual fund portfolios (collectively, the Funds):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Subaccount</u>** | **<u>Subaccount</u>** | **<u>Subaccount</u>** | **<u>Mutual Fund</u>** | **<u>Mutual Fund</u>** | **<u>Mutual Fund</u>** |
| | BNY Mellon Investment Portfolios | BNY Mellon Investment Portfolios | | BNY Mellon Investment Portfolios | BNY Mellon Investment Portfolios |
| | | Stock Index Fund | | | Stock Index Fund |
| | | Small Cap Stock Index Portfolio | | | Small Cap Stock Index Portfolio |
| | 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 |
| | 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 Value Fund | | | VP Value Fund |
| | The Alger Funds | The Alger Funds | | The Alger Funds | The Alger Funds |
| | | Large Cap Growth Portfolio | | | Large Cap Growth Portfolio |
| | | Mid Cap Growth Portfolio | | | Mid Cap Growth Portfolio |
| | | Capital Appreciation Portfolio | | | Capital Appreciation Portfolio |
| | | | | | *(Continued)* |

---

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>Subaccount</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Mutual Fund</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity Variable Insurance Products | &nbsp;&nbsp;&nbsp;&nbsp;Fidelity Variable Insurance Products |
| &nbsp;&nbsp;&nbsp;&nbsp;Overseas Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Overseas Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Growth Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Contrafund Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Contrafund Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid-Cap Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Mid-Cap Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade Bond Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade Bond Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Overseas Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Overseas Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Lord Abbett Series Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;Lord Abbett Series Fund, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Bond-Debenture Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Bond-Debenture Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth & Income Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Growth & Income Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Stock Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Stock Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Series, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Series, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Blue Chip Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Blue Chip Growth Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Income Portfolio II | &nbsp;&nbsp;&nbsp;&nbsp;Equity Income Portfolio II |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Science Portfolio II | &nbsp;&nbsp;&nbsp;&nbsp;Health Science Portfolio II |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Variable Insurance Funds | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Variable Insurance Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid-Cap Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Mid-Cap Index Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Index Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Bond Market Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Total Bond Market Index Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Stock Market Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;Total Stock Market Index Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;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 annuity 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 the 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.

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

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.

**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. The Company will periodically review the status of this policy. 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.

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

**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 Company charges a fee against the contract holder for mortality and expense risks it assumes equivalent to an annual rate of 1.25% and 1.75% of the average daily value of each contract for variable annuity and VA 2+2 policies, respectively. Both products also offer the option of an additional death benefit. If this option is selected, the Company charges a total fee equivalent to an annual rate of 1.45% and 2.00% of the average daily value of the contract for variable annuity and VA 2+2 policies, respectively. In addition, the Company receives a fund facilitation fee from the contract holder equivalent to 0.20% of the average daily value of the contract on investments in the Vanguard Variable Insurance Fund. Mortality and Expense and Administration Charges are recognized as a reduction in accumulation unit values through a reduction in net investment income (loss).

**Contract Maintenance Charges**

The Separate Account deducts an administrative fee of $35 per year for each contract, except for certain contracts based on a minimum account value. The contract maintenance charge is recognized as a redemption of units and is included in the contract maintenance charges line item of the Statements of Changes in Net Assets.

**Other Charges**

For variable annuity policies, transfers in excess of twelve during the accumulation phase, and in excess of four during the income phase, during a one-year period result in a $25 transfer fee assessment against the contract holder. For VA 2+2 policies, transfers in excess of 20 during the accumulation phase, and in excess of four during the income phase, during a one-year period result in a $25 transfer fee assessment against the contract. When applicable, an amount for state premium taxes is deducted as provided by pertinent state law, either from purchase payments or from the amount applied to affect an annuity at the time annuity payments commence. These charges are recognized as a redemption of units and are included in the Statements of Changes in Net Assets line item other transfers between sub-accounts, including fixed interest account.

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

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

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

---

| | | |
|:---|:---|:---|
| | **Cost of**<br>**Purchases** | **Proceeds**<br>**From Sales** |
| **BNY Mellon Investment Portfolios** | | |
| Stock Index Fund | $20781 | $16875 |
| Small Cap Stock Index Portfolio | 294 | 49 |
| **Invesco Variable Investment Funds** |  |  |
| High Yield Fund | 564 | 10644 |
| Core Equity Fund | 29518 | 130409 |
| **Lazard Retirement Series, Inc.** |  |  |
| Retirement U.S. Small Cap Equity Portfolio | 59851 | 56065 |
| **LVIP American Century Variable Portfolios, Inc.** |  |  |
| VP Disciplined Core Value Fund | 712 | 22019 |
| VP Value Fund | 62517 | 133914 |
| **The Alger Funds** |  |  |
| Large Cap Growth Portfolio | 8597 | 23724 |
| Mid Cap Growth Portfolio | 31845 | 51507 |
| Capital Appreciation Portfolio | 159338 | 132243 |
| **Fidelity Variable Insurance Products** |  |  |
| Overseas Portfolio | 72955 | 37150 |
| Growth Portfolio | 65807 | 5578 |
| Contrafund Portfolio | 62233 | 101138 |
| Mid-Cap Portfolio | 7462 | 10356 |
| Investment Grade Bond Portfolio | 57775 | 21614 |
| Government Money Market Portfolio | 150397 | 856199 |
| **Janus Henderson Portfolio** |  |  |
| Overseas Portfolio | 229 | 277 |
| **Lord Abbett Series Fund, Inc.** |  |  |
| Bond-Debenture Portfolio | 108 | 36 |
| Growth & Income Portfolio | 47912 | 4634 |
| Mid Cap Stock Portfolio | 262 | 61 |
| **T. Rowe Price Equity Series, Inc.** |  |  |
| Blue Chip Growth Portfolio | 31435 | 17954 |
| Equity Income Portfolio II | 739 | 119 |
| Health Sciences Portfolio II | 216 | 98 |
| Moderate Allocation Portfolio | 3810 | 11626 |
| **Vanguard Variable Insurance Funds** |  |  |
| Mid-Cap Index Portfolio | 550 | 199 |
| Real Estate Index Portfolio | 185 | 88 |
| Total Bond Market Index Portfolio |  |  |
| Total Stock Market Index Portfolio | 956 | 313 |
| Capital Growth Portfolio |  |  |

---

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

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

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** |
| **BNY Mellon Investment Portfolios Stock Index Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (149) | (18) |
| **BNY Mellon Investment Portfolios Small Cap Stock Index Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) |  |  |
| **Invesco Variable Investment Funds High Yield Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (460) | 7 |
| **Invesco Variable Investment Funds Core Equity Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (3649) | (64) |
| **Lazard Retirement Series, Inc. Retirement U.S. Small Cap** |  |  |
| **Equity Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (539) | 221 |
| **American Century Variable Portfolios, Inc. VP Disciplined** |  |  |
| **Core Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (595) | (45) |
| **LVIP American Century Variable Portfolios, Inc. VP Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (1990) | 412 |
| **The Alger Funds Large Cap Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (525) |  |
| **The Alger Funds Mid Cap Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (236) | (1) |
|  |  | *(Continued)* |

---

------

**Athene Variable Annuity 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** |
| **The Alger Funds Capital Appreciation Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (492) | (1287) |
| **Fidelity Variable Insurance Products Overseas Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | 67 | 252 |
| **Fidelity Variable Insurance Products Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | 1169 | (34) |
| **Fidelity Variable Insurance Products Contrafund Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (1348) | (206) |
| **Fidelity Variable Insurance Products Mid-Cap Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (217) |  |
| **Fidelity Variable Insurance Products Investment Grade Bond** |  |  |
| **Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | 1930 | 2017 |
| **Fidelity Variable Insurance Products Government Money** |  |  |
| **Market Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (66056) | 789 |
| **Janus Henderson Portfolio Overseas Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (1) | (1) |
| **Lord Abbett Series Fund, Inc. Bond-Debenture Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) |  |  |
|  |  | *(Continued)* |

---

------

**Athene Variable Annuity 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** |
| **Lord Abbett Series Fund, Inc. Growth & Income Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | 384 | (81) |
| **Lord Abbett Series Fund Mid Cap Stock Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) |  |  |
| **T. Rowe Price Equity Series, Inc. Blue Chip Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (209) | (1) |
| **T. Rowe Price Equity Series, Inc. Equity Income Portfolio II** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) |  |  |
| **T. Rowe Price Equity Series, Inc. Health Sciences Portfolio II** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) |  |  |
| **T. Rowe Price Equity Series, Inc. Moderate Allocation Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (367) | (11) |
| **Vanguard Variable Insurance Funds Mid-Cap Index Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (1) | (1) |
| **Vanguard Variable Insurance Funds Real Estate Index Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) |  |  |
| **Vanguard Variable Insurance Funds Total Bond Market Index** |  |  |
| **Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) |  |  |
| **Vanguard Variable Insurance Funds Total Stock Market Index** |  |  |
| **Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) | (1) |  |
| **Vanguard Variable Insurance Funds Capital Growth Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions and transfers to/(from) |  |  |
|  |  | *(Concluded)* |

---

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

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

The Company sells two different 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** | | | **Expense Ratio (2)** | **Expense Ratio (2)** | **Total Return (3)** | **Total Return (3)** |
| |<br>**Units** | **Low to High** | **Low to High** |<br>**Net**<br>**Assets** | **Investment**<br>**Income**<br>**Ratio (1)** | **Low to High** | **Low to High** | **Low to High** | **Low to High** |
| **BNY Mellon Investment Portfolios** | **BNY Mellon Investment Portfolios** | **BNY Mellon Investment Portfolios** | **BNY Mellon Investment Portfolios** | | | | | | |
| **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | | | | | | | |
| **2025** | 8992 | $48.42 | $60.66 | $258160 | 1.03% | 1.25% | 2.00% | 15.21% | 16.07% |
| 2024 | 9141 | 41.80 | 52.26 | 230255 | 1.17 | 1.25 | 2.00 | 22.17 | 23.10 |
| 2023 | 9159 | 34.02 | 42.41 | 187831 | 1.45 | 1.25 | 2.00 | 23.92 | 24.85 |
| 2022 | 9308 | 27.30 | 34.14 | 156150 | 0.98 | 1.25 | 2.00 | (20.24) | (19.64) |
| 2021 | 4735 | 34.05 | 42.69 | 200408 | 1.13 | 1.25 | 2.00 | 25.87 | 26.82 |
| **Small Cap Stock Index Portfolio** | **Small Cap Stock Index Portfolio** | **Small Cap Stock Index Portfolio** | **Small Cap Stock Index Portfolio** |  |  |  |  |  |  |
| **2025** | 141 | 38.51 | 40.55 | 2840 | 1.28 | 1.25 | 2.00 | 3.27 | 3.53 |
| 2024 | 141 | 37.29 | 39.17 | 2748 | 1.12 | 1.25 | 2.00 | 5.80 | 6.07 |
| 2023 | 141 | 35.24 | 36.93 | 2594 | 0.53 | 1.25 | 2.00 | 13.11 | 13.39 |
| 2022 | 141 | 31.16 | 32.57 | 2290 | 0.92 | 1.25 | 2.00 | (18.30) | (18.09) |
| 2021 | 70 | 38.14 | 39.76 | 2799 | 0.65 | 1.25 | 2.00 | 23.65 | 23.96 |
| **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** | 1517 | 21.44 | 24.55 | 8111 | 3.71 | 1.25 | 2.00 | 4.61 | 5.40 |
| 2024 | 1977 | 20.49 | 23.30 | 17637 | 5.78 | 1.25 | 2.00 | 5.58 | 6.38 |
| 2023 | 1970 | 19.41 | 21.90 | 16486 | 8.55 | 1.25 | 2.00 | 8.00 | 8.81 |
| 2022 | 2181 | 17.97 | 20.13 | 18979 | 4.31 | 1.25 | 2.00 | (11.34) | (10.68) |
| 2021 | 1181 | 20.27 | 22.53 | 25210 | 4.74 | 1.25 | 2.00 | 2.32 | 3.09 |
| **Core Equity Fund** | **Core Equity Fund** | **Core Equity Fund** | **Core Equity Fund** |  |  |  |  |  |  |
| **2025** | 18136 | 39.60 | 42.87 | 347466 | 0.59 | 1.25 | 2.00 | 13.87 | 14.73 |
| 2024 | 21785 | 34.59 | 37.56 | 433901 | 0.71 | 1.25 | 2.00 | 23.10 | 24.04 |
| 2023 | 21849 | 27.94 | 30.43 | 351680 | 0.73 | 1.25 | 2.00 | 20.93 | 21.84 |
| 2022 | 19279 | 22.98 | 25.10 | 227591 | 0.93 | 1.25 | 2.00 | (22.12) | (21.53) |
| 2021 | 9705 | 29.34 | 32.15 | 294038 | 0.67 | 1.25 | 2.00 | 25.21 | 26.15 |
| **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** | **Retirement U.S. Small Cap Equity Portfolio** |  |  |  |  |  |
| **2025** | 10608 | 29.01 | 55.37 | 277277 | 0.64 | 1.25 | 2.00 | 0.16 | 0.92 |
| 2024 | 11147 | 28.96 | 54.87 | 304324 |  | 1.25 | 2.00 | 8.90 | 9.72 |
| 2023 | 10926 | 26.59 | 50.01 | 266311 |  | 1.25 | 2.00 | 7.85 | 8.66 |
| 2022 | 10806 | 24.66 | 46.02 | 239558 |  | 1.25 | 2.00 | (17.19) | (16.56) |
| 2021 | 5569 | 29.77 | 55.16 | 305455 | 0.05 | 1.25 | 2.00 | 17.50 | 18.38 |
|  |  |  |  |  |  |  |  | *(Continued)* | *(Continued)* |

---

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Unit Value** | **Unit Value** | | | **Expense Ratio (2)** | **Expense Ratio (2)** | **Total Return (3)** | **Total Return (3)** |
| |<br>**Units** | **Low to High** | **Low to High** |<br>**Net**<br>**Assets** | **Investment**<br>**Income**<br>**Ratio (1)** | **Low to High** | **Low to High** | **Low to High** | **Low to High** |
| **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** | **VP Disciplined Core Value Fund** | | | | | | |
| **2025** | 1503 | $32.77 | $40.18 | $10802 | 0.83% | 1.25% | 2.00% | 12.52% | 13.37% |
| 2024 | 2098 | 28.97 | 35.44 | 29994 | 1.31 | 1.25 | 2.00 | 10.90 | 11.74 |
| 2023 | 2143 | 25.98 | 31.72 | 28327 | 2.54 | 1.25 | 2.00 | 6.51 | 7.31 |
| 2022 | 2276 | 24.26 | 29.56 | 30131 | 1.72 | 1.25 | 2.00 | (14.46) | (13.82) |
| 2021 | 1224 | 28.20 | 34.30 | 40664 | 1.07 | 1.25 | 2.00 | 21.20 | 22.12 |
| **VP Value Fund** | **VP Value Fund** |  |  |  |  |  |  |  |  |
| **2025** | 15441 | 36.88 | 62.66 | 437648 | 1.54 | 1.25 | 2.00 | 13.72 | 14.58 |
| 2024 | 17431 | 32.43 | 54.69 | 484806 | 2.96 | 1.25 | 2.00 | 7.31 | 8.12 |
| 2023 | 17019 | 30.22 | 50.58 | 427582 | 2.51 | 1.25 | 2.00 | 6.86 | 7.66 |
| 2022 | 15946 | 28.28 | 46.98 | 344815 | 2.13 | 1.25 | 2.00 | (1.37) | (0.63) |
| 2021 | 8430 | 28.67 | 47.28 | 388985 | 1.74 | 1.25 | 2.00 | 22.05 | 22.96 |
| **The Alger Funds** | **The Alger Funds** | **The Alger Funds** |  |  |  |  |  |  |  |
| **Large Cap Growth Portfolio** | **Large Cap Growth Portfolio** | **Large Cap Growth Portfolio** | **Large Cap Growth Portfolio** |  |  |  |  |  |  |
| **2025** | 2182 | 48.64 | 71.63 | 79842 |  | 1.25 | 2.00 | 27.69 | 28.65 |
| 2024 | 2707 | 37.88 | 55.96 | 82941 |  | 1.25 | 2.00 | 40.04 | 41.10 |
| 2023 | 2707 | 26.90 | 39.86 | 58788 |  | 1.25 | 2.00 | 30.05 | 31.03 |
| 2022 | 1427 | 20.57 | 30.57 | 17333 |  | 1.25 | 2.00 | (39.87) | (39.42) |
| 2021 | 805 | 34.03 | 50.71 | 28620 |  | 1.25 | 2.00 | 9.63 | 10.45 |
| **Mid Cap Growth Portfolio** | **Mid Cap Growth Portfolio** | **Mid Cap Growth Portfolio** |  |  |  |  |  |  |  |
| **2025** | 17663 | 40.48 | 43.17 | 420294 |  | 1.25 | 2.00 | 14.45 | 15.32 |
| 2024 | 17899 | 35.37 | 37.44 | 373297 |  | 1.25 | 2.00 | 18.65 | 19.55 |
| 2023 | 17900 | 29.88 | 31.30 | 312273 |  | 1.25 | 2.00 | 20.74 | 21.65 |
| 2022 | 17855 | 24.61 | 25.86 | 255554 |  | 1.25 | 2.00 | (37.34) | (36.87) |
| 2021 | 8104 | 39.06 | 41.17 | 330439 |  | 1.25 | 2.00 | 2.14 | 2.91 |
| **Capital Appreciation Portfolio** | **Capital Appreciation Portfolio** | **Capital Appreciation Portfolio** | **Capital Appreciation Portfolio** |  |  |  |  |  |  |
| **2025** | 15324 | 78.34 | 126.55 | 584452 |  | 1.25 | 2.00 | 30.24 | 31.22 |
| 2024 | 15816 | 59.82 | 96.92 | 476326 |  | 1.25 | 2.00 | 45.18 | 46.28 |
| 2023 | 17103 | 40.98 | 66.59 | 380914 |  | 1.25 | 2.00 | 40.31 | 41.36 |
| 2022 | 18101 | 29.05 | 47.34 | 299800 |  | 1.25 | 2.00 | (37.78) | (37.31) |
| 2021 | 8415 | 46.43 | 75.90 | 407884 |  | 1.25 | 2.00 | 16.77 | 17.65 |
| **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** |  |  |  |  |  |  |  |
| **2025** | 36909 | 19.96 | 26.10 | 377495 | 1.43 | 1.25 | 2.00 | 17.68 | 18.56 |
| 2024 | 36842 | 16.86 | 22.12 | 317211 | 1.42 | 1.25 | 2.00 | 2.71 | 3.49 |
| 2023 | 36590 | 16.33 | 21.48 | 302199 | 0.83 | 1.25 | 2.00 | 17.85 | 18.73 |
| 2022 | 38718 | 13.78 | 18.18 | 285203 | 0.87 | 1.25 | 2.00 | (26.17) | (25.62) |
| 2021 | 19096 | 18.56 | 24.57 | 370412 | 0.33 | 1.25 | 2.00 | 17.03 | 17.91 |
| **Growth Portfolio** | **Growth Portfolio** | **Growth Portfolio** |  |  |  |  |  |  |  |
| **2025** | 3419 | 49.46 | 76.20 | 118437 | 0.06 | 1.25 | 2.00 | 12.34 | 13.19 |
| 2024 | 2250 | 43.78 | 67.66 | 50952 |  | 1.25 | 2.00 | 27.48 | 28.45 |
| 2023 | 2284 | 34.15 | 52.94 | 40962 |  | 1.25 | 2.00 | 33.21 | 34.21 |
| 2022 | 2481 | 25.50 | 39.64 | 35835 | 0.35 | 1.25 | 2.00 | (26.13) | (25.58) |
| 2021 | 1343 | 34.33 | 53.54 | 51124 |  | 1.25 | 2.00 | 20.47 | 21.38 |
| **Contrafund Portfolio** | **Contrafund Portfolio** | **Contrafund Portfolio** |  |  |  |  |  |  |  |
| **2025** | 12126 | 69.63 | 77.99 | 323738 |  | 1.25 | 2.00 | 18.80 | 19.69 |
| 2024 | 13474 | 58.61 | 65.16 | 358331 | 0.03 | 1.25 | 2.00 | 30.79 | 31.78 |
| 2023 | 13680 | 44.82 | 49.45 | 282103 | 0.26 | 1.25 | 2.00 | 30.49 | 31.47 |
| 2022 | 15936 | 34.34 | 37.61 | 299420 | 0.27 | 1.25 | 2.00 | (27.94) | (27.40) |
| 2021 | 8066 | 47.66 | 51.81 | 417870 | 0.03 | 1.25 | 2.00 | 24.99 | 25.93 |
|  |  |  |  |  |  |  |  | *(Continued)* | *(Continued)* |

---

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Investment** | **Investment** | | | | | | | | |
| | | **Unit Value** | **Unit Value** | | **Income** | **Income** | **Expense Ratio (2)** | **Expense Ratio (2)** | **Expense Ratio (2)** | **Expense Ratio (2)** | **Total Return (3)** | **Total Return (3)** | **Total Return (3)** | **Total Return (3)** |
| |<br>**Units** | **Low to High** | **Low to High** |<br>**Net**<br>**Assets** | **Ratio (1)** | **Ratio (1)** | **Low to High** | **Low to High** | **Low to High** | **Low to High** | **Low to High** | **Low to High** | **Low to High** | **Low to High** |
| **Mid-Cap Portfolio** | **Mid-Cap Portfolio** | **Mid-Cap Portfolio** | | | | | | | | | | | | |
| **2025** | 3123 | $46.51 | $49.29 | $64783 | 0.42 | % | 1.25 | % | 2.00 | % | 9.54 | % | 10.37 | % |
| 2024 | 3340 | 42.45 | 44.66 | 68399 | 0.56 |  | 1.25 |  | 2.00 |  | 15.15 |  | 16.02 |  |
| 2023 | 3340 | 37.09 | 38.63 | 58981 | 0.56 |  | 1.25 |  | 2.00 |  | 12.80 |  | 13.65 |  |
| 2022 | 3611 | 32.70 | 34.16 | 61084 | 0.51 |  | 1.25 |  | 2.00 |  | (16.43) |  | (15.80) |  |
| 2021 | 1807 | 38.92 | 40.78 | 72678 | 0.59 |  | 1.25 |  | 2.00 |  | 23.12 |  | 24.04 |  |
| **Investment Grade Bond Portfolio** | **Investment Grade Bond Portfolio** | **Investment Grade Bond Portfolio** | **Investment Grade Bond Portfolio** | **Investment Grade Bond Portfolio** | | | | | | | | | | |
| **2025** | 33036 | 13.52 | 15.70 | 287616 | 3.77 |  | 1.25 |  | 2.00 |  | 5.10 |  | 5.89 |  |
| 2024 | 31106 | 12.86 | 14.82 | 243019 | 3.59 |  | 1.25 |  | 2.00 |  | (0.24) |  | 0.51 |  |
| 2023 | 29089 | 12.90 | 14.75 | 212052 | 2.69 |  | 1.25 |  | 2.00 |  | 4.11 |  | 4.89 |  |
| 2022 | 27646 | 12.39 | 14.06 | 181895 | 2.17 |  | 1.25 |  | 2.00 |  | (14.68) |  | (14.04) |  |
| 2021 | 14687 | 14.52 | 16.36 | 239893 | 2.09 |  | 1.25 |  | 2.00 |  | (2.57) |  | (1.84) |  |
| **Government Money Market Fund** | **Government Money Market Fund** | **Government Money Market Fund** | **Government Money Market Fund** | | | | | | | | | | | |
| **2025** | 60036 | 9.52 | 11.08 | 176290 | 4.19 |  | 1.25 |  | 2.00 |  | 2.07 |  | 2.84 |  |
| 2024 | 126092 | 9.33 | 10.77 | 882091 | 4.98 |  | 1.25 |  | 2.00 |  | 3.01 |  | 3.79 |  |
| 2023 | 125303 | 9.05 | 10.38 | 841842 | 4.73 |  | 1.25 |  | 2.00 |  | 2.82 |  | 3.59 |  |
| 2022 | 86380 | 8.80 | 10.02 | 422585 | 1.41 |  | 1.25 |  | 2.00 |  | (0.57) |  | 0.18 |  |
| 2021 | 44037 | 8.86 | 10.00 | 438700 | 0.01 |  | 1.25 |  | 2.00 |  | (1.97) |  | (1.23) |  |
| **Janus Henderson Portfolio** | **Janus Henderson Portfolio** | **Janus Henderson Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Overseas Portfolio** | **Overseas Portfolio** | **Overseas Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | 1006 | 36.56 | 60.34 | 17640 | 1.45 |  | 1.25 |  | 2.00 |  | 26.32 |  | 27.27 |  |
| 2024 | 1007 | 28.94 | 47.41 | 13928 | 1.38 |  | 1.25 |  | 2.00 |  | 3.72 |  | 4.51 |  |
| 2023 | 1008 | 27.91 | 45.36 | 13394 | 1.16 |  | 1.25 |  | 2.00 |  | 8.68 |  | 9.50 |  |
| 2022 | 1233 | 25.68 | 41.43 | 19802 | 1.74 |  | 1.25 |  | 2.00 |  | (10.41) |  | (9.74) |  |
| 2021 | 635 | 28.66 | 45.90 | 23144 | 1.14 |  | 1.25 |  | 2.00 |  | 11.34 |  | 12.17 |  |
| **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** | **Lord Abbett Series Fund, Inc.** |  |  |  |  |  |  |  |  |  |  |  |
| **Bond-Debenture Portfolio** | **Bond-Debenture Portfolio** | **Bond-Debenture Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | 462 | 20.77 | 21.87 | 1857 | 6.03 |  | 1.75 |  | 2.00 |  | 6.18 |  | 6.45 |  |
| 2024 | 462 | 19.56 | 20.55 | 1748 | 5.67 |  | 1.75 |  | 2.00 |  | 4.59 |  | 4.85 |  |
| 2023 | 462 | 18.70 | 19.60 | 1671 | 1.86 |  | 1.75 |  | 2.00 |  | 4.45 |  | 4.71 |  |
| 2022 | 674 | 17.91 | 18.72 | 5380 | 3.90 |  | 1.75 |  | 2.00 |  | (14.53) |  | (14.31) |  |
| 2021 | 377 | 20.95 | 21.84 | 7979 | 2.87 |  | 1.75 |  | 2.00 |  | 1.23 |  | 1.49 |  |
| **Growth & Income Portfolio** | **Growth & Income Portfolio** | **Growth & Income Portfolio** | **Growth & Income Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | 18779 | 33.45 | 37.40 | 327588 |  |  | 1.25 |  | 2.00 |  | 14.97 |  | 15.83 |  |
| 2024 | 18395 | 29.09 | 32.29 | 270431 | 0.87 |  | 1.25 |  | 2.00 |  | 18.20 |  | 19.09 |  |
| 2023 | 18476 | 24.61 | 27.11 | 229284 | 0.96 |  | 1.25 |  | 2.00 |  | 10.95 |  | 11.79 |  |
| 2022 | 18651 | 22.18 | 24.25 | 209139 | 1.27 |  | 1.25 |  | 2.00 |  | (11.23) |  | (10.56) |  |
| 2021 | 10009 | 24.99 | 27.12 | 270847 | 1.04 |  | 1.25 |  | 2.00 |  | 26.47 |  | 27.42 |  |
| **Mid Cap Stock Portfolio** | **Mid Cap Stock Portfolio** | **Mid Cap Stock Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | 320 | 27.36 | 28.81 | 3249 | 0.34 |  | 1.75 |  | 2.00 |  | 4.93 |  | 5.20 |  |
| 2024 | 320 | 26.07 | 27.39 | 3093 | 0.47 |  | 1.75 |  | 2.00 |  | 12.61 |  | 12.89 |  |
| 2023 | 320 | 23.15 | 24.26 | 2747 | 0.22 |  | 1.75 |  | 2.00 |  | 13.14 |  | 13.42 |  |
| 2022 | 386 | 20.46 | 21.39 | 3774 | 0.78 |  | 1.75 |  | 2.00 |  | (12.97) |  | (12.75) |  |
| 2021 | 206 | 23.51 | 24.51 | 4969 | 0.56 |  | 1.75 |  | 2.00 |  | 26.15 |  | 26.47 |  |
| **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** | **T. Rowe Price Equity Series, Inc.** |  |  |  |  |  |  |  |  |  |  |  |
| **Blue Chip Growth Portfolio** | **Blue Chip Growth Portfolio** | **Blue Chip Growth Portfolio** | **Blue Chip Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | 10946 | 77.93 | 82.67 | 376554 |  |  | 1.25 |  | 2.00 |  | 16.39 |  | 17.26 |  |
| 2024 | 11155 | 66.96 | 70.50 | 335947 |  |  | 1.25 |  | 2.00 |  | 32.81 |  | 33.82 |  |
| 2023 | 11156 | 50.78 | 52.83 | 251165 |  |  | 1.25 |  | 2.00 |  | 46.35 |  | 47.44 |  |
| 2022 | 12752 | 34.45 | 36.01 | 227416 |  |  | 1.25 |  | 2.00 |  | (39.72) |  | (39.27) |  |
| 2021 | 6390 | 56.93 | 59.59 | 376140 |  |  | 1.25 |  | 2.00 |  | 15.29 |  | 16.16 |  |
|  |  |  |  |  |  |  |  |  |  |  | *(Continued)* | *(Continued)* | *(Continued)* | *(Continued)* |

---

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Investment** | **Investment** | | | | | | | | |
| | | **Unit Value** | **Unit Value** | | **Income** | **Income** | **Expense Ratio (2)** | **Expense Ratio (2)** | **Expense Ratio (2)** | **Expense Ratio (2)** | **Total Return (3)** | **Total Return (3)** | **Total Return (3)** | **Total Return (3)** |
| |<br>**Units** | **Low to High** | **Low to High** |<br>**Net**<br>**Assets** | **Ratio (1)** | **Ratio (1)** | **Low to High** | **Low to High** | **Low to High** | **Low to High** | **Low to High** | **Low to High** | **Low to High** | **Low to High** |
| **Equity Income Portfolio II** | **Equity Income Portfolio II** | **Equity Income Portfolio II** | | | | | | | | | | | | |
| **2025** | 472 | $31.55 | $33.23 | $6755 | 1.44 | % | 1.75 | % | 2.00 | % | 11.82 | % | 12.10 | % |
| 2024 | 472 | 28.22 | 29.64 | 6033 | 1.63 |  | 1.75 |  | 2.00 |  | 9.16 |  | 9.43 |  |
| 2023 | 472 | 25.85 | 27.09 | 5520 | 2.61 |  | 1.75 |  | 2.00 |  | 7.15 |  | 7.42 |  |
| 2022 | 472 | 24.12 | 25.21 | 5146 | 1.56 |  | 1.75 |  | 2.00 |  | (5.49) |  | (5.25) |  |
| 2021 | 268 | 25.52 | 26.61 | 7060 | 1.40 |  | 1.75 |  | 2.00 |  | 22.74 |  | 23.05 |  |
| **Health Sciences Portfolio II** | **Health Sciences Portfolio II** | **Health Sciences Portfolio II** | **Health Sciences Portfolio II** | | | | | | | | | | | |
| **2025** | 8912 | 83.53 | 87.96 | 5936 |  |  | 1.75 |  | 2.00 |  | 15.47 |  | 15.76 |  |
| 2024 | 8912 | 72.33 | 75.98 | 5113 |  |  | 1.75 |  | 2.00 |  | (0.61) |  | (0.36) |  |
| 2023 | 8912 | 72.77 | 76.25 | 5158 |  |  | 1.75 |  | 2.00 |  | 0.66 |  | 0.91 |  |
| 2022 | 8912 | 72.30 | 75.57 | 5118 |  |  | 1.75 |  | 2.00 |  | (14.41) |  | (14.20) |  |
| 2021 | 68 | 84.48 | 88.07 | 5972 |  |  | 1.75 |  | 2.00 |  | 10.60 |  | 10.87 |  |
| **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | | | | | | | | | | |
| **2025** | 4010 | 28.14 | 31.00 | 54732 | 2.19 |  | 1.25 |  | 2.00 |  | 12.24 |  | 13.08 |  |
| 2024 | 4377 | 25.07 | 27.42 | 58078 | 2.30 |  | 1.25 |  | 2.00 |  | 7.86 |  | 8.68 |  |
| 2023 | 4388 | 23.24 | 25.23 | 53741 | 2.82 |  | 1.25 |  | 2.00 |  | 13.07 |  | 13.92 |  |
| 2022 | 4397 | 20.56 | 22.14 | 47417 | 1.55 |  | 1.25 |  | 2.00 |  | (19.93) |  | (19.33) |  |
| 2021 | 2245 | 25.67 | 27.45 | 61390 | 0.98 |  | 1.25 |  | 2.00 |  | 7.88 |  | 8.70 |  |
| **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** |  |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | 397 | 44.80 | 47.18 | 9323 | 1.23 |  | 1.95 |  | 2.20 |  | 9.11 |  | 9.39 |  |
| 2024 | 398 | 41.06 | 43.13 | 8546 | 1.38 |  | 1.95 |  | 2.20 |  | 12.55 |  | 12.84 |  |
| 2023 | 399 | 36.48 | 38.22 | 7597 | 0.71 |  | 1.95 |  | 2.20 |  | 13.32 |  | 13.60 |  |
| 2022 | 400 | 32.19 | 33.65 | 6711 | 1.13 |  | 1.95 |  | 2.20 |  | (20.59) |  | (20.39) |  |
| 2021 | 200 | 40.54 | 42.26 | 8458 | 1.09 |  | 1.95 |  | 2.20 |  | 21.65 |  | 21.96 |  |
| **Real Estate Index Portfolio** | **Real Estate Index Portfolio** | **Real Estate Index Portfolio** | **Real Estate Index Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | 403 | 24.45 | 25.74 | 4167 | 2.69 |  | 1.95 |  | 2.20 |  | 0.87 |  | 1.12 |  |
| 2024 | 403 | 24.24 | 25.46 | 4126 | 3.13 |  | 1.95 |  | 2.20 |  | 2.45 |  | 2.70 |  |
| 2023 | 403 | 23.66 | 24.79 | 4024 |  |  | 1.95 |  | 2.20 |  | 9.28 |  | 9.55 |  |
| 2022 | 462 | 21.65 | 22.63 | 4944 | 1.98 |  | 1.95 |  | 2.20 |  | (27.90) |  | (27.72) |  |
| 2021 | 240 | 30.03 | 31.31 | 7402 | 2.14 |  | 1.95 |  | 2.20 |  | 37.16 |  | 37.50 |  |
| **Total Bond Market Index Portfolio** | **Total Bond Market Index Portfolio** | **Total Bond Market Index Portfolio** | **Total Bond Market Index Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | 154 | 11.96 | 12.59 | 1 | 2.84 |  | 1.95 |  | 2.20 |  | 4.61 |  | 4.87 |  |
| 2024 | 154 | 11.43 | 12.01 | 1 |  |  | 1.95 |  | 2.20 |  | (0.98) |  | (0.73) |  |
| 2023 | 154 | 11.54 | 12.09 | 1 | 7.51 |  | 1.95 |  | 2.20 |  | 3.29 |  | 3.54 |  |
| 2022 | 265 | 11.17 | 11.68 | 1245 | 2.49 |  | 1.95 |  | 2.20 |  | (15.10) |  | (14.89) |  |
| 2021 | 154 | 13.16 | 13.72 | 2027 | 2.16 |  | 1.95 |  | 2.20 |  | (3.86) |  | (3.61) |  |
| **Total Stock Market Index Portfolio** | **Total Stock Market Index Portfolio** | **Total Stock Market Index Portfolio** | **Total Stock Market Index Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | 678 | 53.82 | 56.68 | 16062 | 1.15 |  | 1.95 |  | 2.20 |  | 14.39 |  | 14.68 |  |
| 2024 | 679 | 47.05 | 49.43 | 14031 | 1.23 |  | 1.95 |  | 2.20 |  | 21.00 |  | 21.31 |  |
| 2023 | 679 | 38.88 | 40.74 | 11588 | 1.23 |  | 1.95 |  | 2.20 |  | 23.22 |  | 23.53 |  |
| 2022 | 761 | 31.56 | 32.98 | 11978 | 1.39 |  | 1.95 |  | 2.20 |  | (21.34) |  | (21.14) |  |
| 2021 | 395 | 40.12 | 41.83 | 16333 | 1.24 |  | 1.95 |  | 2.20 |  | 22.91 |  | 23.21 |  |
| **Capital Growth Portfolio** | **Capital Growth Portfolio** | **Capital Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **2025** |  | 76.38 | 80.44 | 5 | 1.09 |  | 1.95 |  | 2.20 |  | 26.18 |  | 26.49 |  |
| 2024 |  | 60.54 | 63.59 | 4 | 1.01 |  | 1.95 |  | 2.20 |  | 10.92 |  | 11.20 |  |
| 2023 |  | 54.57 | 57.18 | 4 | 1.01 |  | 1.95 |  | 2.20 |  | 25.22 |  | 25.53 |  |
| 2022 |  | 43.58 | 45.55 | 3 |  |  | 1.95 |  | 2.20 |  | (17.32) |  | (17.11) |  |
| 2021 |  | 52.71 | 54.96 | 4 |  |  | 1.95 |  | 2.20 |  | 18.90 |  | 19.20 |  |
|  |  |  |  |  |  |  |  |  |  |  | *(Concluded)* | *(Concluded)* | *(Concluded)* | *(Concluded)* |

---

------

**Athene Variable Annuity Account A**

**Notes to Financial Statements**

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

&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.

**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.

<br>