Athene Holding Ltd.'s suite of preferred securities continues to stand out for investors seeking stable income, backed by the financial strength of parent company Apollo Global Management. All four Athene preferred issues carry a BBB rating with non-cumulative dividends and collectively boast a dividend coverage ratio of 26x and a capital coverage ratio of 14x. These metrics place Athene’s preferreds at the top of the peer group, offering more robust protection against dividend cuts or principal impairment than comparable instruments issued by large peer insurers. Recent issuer call activity, including the redemption of a high-coupon series in December 2025, underscores Athene’s strong liquidity position and confidence in its funding profile. Against a backdrop where insured deposit flight and capital requirements pressure many financial issuers, Athene’s preferreds deliver competitive yields – on average 50 basis points higher than those of similarly rated peers such as MetLife and Prudential – while maintaining one of the lowest probabilities of default in the sector.

Athene’s newly released 2026 Retirement Outlook projects a structural shift in retirement planning as 12,000 Americans reach retirement age each day and face a $4 trillion shortfall in accumulated savings. With a total addressable market estimated at over $45 trillion, Athene and its affiliates Apollo and Vitera identify four key themes: concentrated equity risk and inflation pressures that heighten the importance of income protection; the evolution of annuities into core allocations offering principal protection, tax-deferred growth and yields up to 2 percentage points above traditional safe-havens; expansion of private market strategies to retail channels narrowing the yield gap with U.S. pensions (which allocate roughly 25% to alternatives); and a shift in plan benchmarks from fee levels to lifetime income outcomes. Athene reported $430 billion in assets under management as of September 30, 2025, reinforcing its leadership in delivering pension-like solutions designed to address retirees’ concerns over outliving their savings and to provide dependable, long-term income streams.