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SEC filingQ1 2026 revenue declined 12.4% to $3.7B while GAAP net income swung to a $1.9B loss from $465M profit YoY, driven by higher cost of funds and DAC amortization amid annuity business growth. Operating cash flow strengthened to $835M, supporting liquidity.
Athene Holding Ltd. reported Q1 2026 GAAP revenue of $3.7 billion, down 12.4% from $4.2 billion in the prior year quarter. This decline reflects reduced sales in the retail channel, primarily driven by lower volumes of multi-year guaranteed annuity (MYGA) and fixed indexed annuity (FIA) products. These decreases were partially offset by record volume from the registered index-linked annuity (RILA) product, demonstrating disciplined product mix management amid shifting market dynamics.
The investment portfolio remains constrained by scenario-based capital ratio limits and liquidity limits, with balance sheet liquidity enabling asset sales without significant fees, bid-offer spreads, or market impact. These factors support strategic capital management while navigating growth pressures.
Operating performance showed resilience in cash generation, with net cash provided by operating activities rising to $835 million from $426 million YoY. This improvement provides flexibility for ongoing operations and strategic initiatives.