Athene estimates Q3 alternative net investment income at $325 million

Athene Holding Ltd. (ATH) has announced preliminary, unaudited estimates for its third-quarter 2025 alternative net investment income, projecting approximately $325 million pre-tax, which represents an estimated 10% annualized return on its alternative net investments. This includes a 10% annualized return from its primary pooled vehicle and 8% from other alternative investments, contributing to its spread-related earnings. Investors should note these figures are preliminary and subject to change, with parent company Apollo Global Management (APO) scheduled to discuss Athene's full financial results on November 4.

Analysis

Athene Holding Ltd. (ATH), a subsidiary of Apollo Global Management (APO), has issued positive preliminary estimates for its third-quarter 2025 alternative net investment income. The company projects approximately $325 million pre-tax, which translates to a strong 10% annualized return on its alternative net investments. This performance is composed of a 10% annualized return from its primary pooled investment vehicle and an 8% return from other alternative assets. These figures are a key input for Athene's spread-related earnings, a critical non-GAAP performance metric. While the announcement provides a favorable early indicator for Apollo's upcoming earnings, the company has explicitly stated the results are unaudited and could differ materially from the final figures. The cautious tone of the release is significant, placing heightened importance on the full financial results and management commentary scheduled to be delivered during Apollo's conference call on November 4, 2025.

Key Decisions for Investors

• Investors in Apollo (APO) should interpret this preliminary data as a positive leading indicator for the performance of its retirement services segment, but must await the definitive Q3 results on November 4th for confirmation.
• The strong emphasis on the unaudited and preliminary nature of these figures introduces a degree of uncertainty; traders should be prepared for potential volatility if final results deviate significantly from this guidance.
• This release highlights the critical contribution of alternative investment performance to Athene's earnings, reinforcing that the ability to generate double-digit returns in this portfolio is a key long-term value driver for Apollo.