Athene Rides the Mark-to-Market Rollercoaster: Earnings
May 13, 2020 by Allison Bell
Athene Holding Ltd. has joined the list of annuity issuers with a big gap between adjusted operating income and net income for the first quarter.
The Pembroke, Bermuda-based life insurer is reporting a $1.1 billion net loss for the quarter on negative $1.5 billion in revenue, compared with $708 million in net income on $5 billion in revenue for the first quarter of 2019.
Results for the latest quarter include $3.6 billion in losses on the value of investments.
The company’s adjusted operating loss for the first quarter was $65 million, compared with adjusted operating income of $287 million for the year-earlier quarter.
Jim Belardi, Athene’s chief execuive officer, said, during a conference call with securities analysts, that the company did well, overall; has about $5 billion in cash, and about $2 billion in other forms of liquidity; and hopes to increased liquidity to $10 billion in the next two months.