Athene publishes corporate structure presentation detailing U.S.-Bermuda insurance and reinsurance setup

• Athene outlined a group structure centered on U.S. insurers for new business, supported by Bermuda reinsurance operations for third-party capital.
• Reported $35.1 billion gross regulatory capital at Dec. 31, 2025; net regulatory capital excluding ACRA noncontrolling interests of $28.5 billion.
• Capital strength metrics showed 441% consolidated RBC; 436% U.S. RBC; 454% Bermuda RBC.
• Pro forma figures showed U.S. adjusted capital of $9.5 billion versus Bermuda capital and surplus of $25.3 billion, reflecting internal reinsurance flows.
• Noted no explicit cross-guarantees across Apollo credit group issuers; Athene maintains a separate capital structure with senior debt, subordinated debt, preferred stock.

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