Athene Variable Annuity Account A

04/30/2026 | Press release | Distributed by Public on 04/30/2026 14:14

Financial Statements by Insurance Company (Form N-VPFS)


Athene Variable Annuity Account A
Financial Statements
As of and for the year ended December 31, 2025


Athene Variable Annuity Account A
Index to Financial Statements
As of and for the year ended December 31, 2025
Page
Report of Independent Registered Public Accounting Firm
1
Financial Statements
Statements of Net Assets
3
Statements of Operations
9
Statements of Changes in Net Assets
15
Notes to Financial Statements
21



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Policyowners of Athene Variable Annuity Account A and the
Board of Directors of Athene Annuity and Life Company

Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of net assets of each of the subaccounts listed in the table below, which comprises Athene Variable Annuity Account A (the "Account") as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

BNY Mellon Investment Portfolios Stock Index Fund
Fidelity Variable Insurance Products Overseas Portfolio
T. Rowe Price Equity Series, Inc. Blue Chip Growth Portfolio
BNY Mellon Investment Portfolios Small Cap Stock Index Portfolio
Fidelity Variable Insurance Products Growth Portfolio
T. Rowe Price Equity Series, Inc. Equity Income Portfolio II
Invesco Variable Investment Funds High Yield Fund
Fidelity Variable Insurance Products Contrafund Portfolio
T. Rowe Price Equity Series, Inc. Health Science Portfolio II
Invesco Variable Investment Funds Core Equity Fund
Fidelity Variable Insurance Products Mid-Cap Portfolio
T. Rowe Price Equity Series, Inc. Moderate Allocation Portfolio
Lazard Retirement Series, Inc. Retirement U.S. Small Cap Equity Portfolio
Fidelity Variable Insurance Products Investment Grade Bond Portfolio
Vanguard Variable Insurance Funds Mid-Cap Index Portfolio
LVIP American Century Variable Portfolios, Inc. VP Disciplined Core Value Fund
Fidelity Variable Insurance Products Government Money Market Fund
Vanguard Variable Insurance Funds Real Estate Index Portfolio
LVIP American Century Variable Portfolios, Inc. VP Value Fund
Janus Henderson Portfolio Overseas Portfolio
Vanguard Variable Insurance Funds Total Bond Market Index Portfolio
The Alger Funds Large Cap Growth Portfolio
Lord Abbett Series Fund, Inc. Bond-Debenture Portfolio
Vanguard Variable Insurance Funds Total Stock Market Index Portfolio
The Alger Funds Mid Cap Growth Portfolio
Lord Abbett Series Fund, Inc. Growth & Income Portfolio
Vanguard Variable Insurance Funds Capital Growth Portfolio
The Alger Funds Capital Appreciation Portfolio
Lord Abbett Series Fund, Inc. Mid Cap Stock Portfolio

The financial highlights for the year ended December 31, 2021, were audited by other independent registered public accountants whose report, dated April 28, 2022, expressed an unqualified opinion on those financial highlights.



1

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on the subaccounts' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The subaccounts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the subaccounts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.


/s/ Deloitte & Touche LLP

Des Moines, Iowa
April 30, 2026

We have served as the Account's auditor since 2022.


















2
Athene Variable Annuity Account A
Statements of Net Assets
December 31, 2025
Lazard
BNY Mellon Invesco Variable Retirement
Investment Portfolios Investment Funds Series, Inc.
Retirement
Small Cap U.S. Small
Stock Stock Index High Yield Core Equity Cap Equity
Index Fund Portfolio Fund Fund Portfolio
Assets
Investments in shares of mutual funds, at fair value $ 258,160 $ 2,840 $ 8,111 $ 347,466 $ 277,277
Total Assets $ 258,160 $ 2,840 $ 8,111 $ 347,466 $ 277,277
Net assets in the accumulation period $ 258,160 $ 2,840 $ 8,111 $ 347,466 $ 277,277
Net assets $ 258,160 $ 2,840 $ 8,111 $ 347,466 $ 277,277
Accumulation unit value low $ 48.420 $ 38.510 $ 21.440 $ 39.600 $ 29.010
Accumulation unit value high $ 60.660 $ 40.550 $ 24.550 $ 42.870 $ 55.370
Accumulation units outstanding 8,992 141 1,517 18,136 10,608
Shares of mutual funds owned 2,962 158 1,711 9,644 21,411
Investments, at cost $ 162,117 $ 2,654 $ 8,784 $ 282,524 $ 297,398
(Continued)
The accompanying notes are an integral part of these financial statements.
3

Athene Variable Annuity Account A
Statements of Net Assets
December 31, 2025
LVIP American Century The Alger
Variable Portfolios, Inc. Funds
VP Disciplined Large Cap Mid Cap Capital
Core Value VP Value Growth Growth Appreciation
Fund Fund Portfolio Portfolio Portfolio
Assets
Investments in shares of mutual funds, at fair value $ 10,802 $ 437,648 $ 79,842 $ 420,294 $ 584,452
Total Assets $ 10,802 $ 437,648 $ 79,842 $ 420,294 $ 584,452
Net assets in the accumulation period $ 10,802 $ 437,648 $ 79,842 $ 420,294 $ 584,452
Net assets $ 10,802 $ 437,648 $ 79,842 $ 420,294 $ 584,452
Accumulation unit value low $ 32.770 $ 36.880 $ 48.640 $ 40.480 $ 78.340
Accumulation unit value high $ 40.180 $ 62.660 $ 71.630 $ 43.170 $ 126.550
Accumulation units outstanding 1,503 15,441 2,182 17,663 15,324
Shares of mutual funds owned 1,116 33,874 774 17,645 4,536
Investments, at cost $ 9,239 $ 392,682 $ 51,989 $ 371,525 $ 415,806
(Continued)

The accompanying notes are an integral part of these financial statements.
4

Athene Variable Annuity Account A
Statements of Net Assets
December 31, 2025
Fidelity Variable Insurance Products
Government
Investment Money
Overseas Growth Contrafund Mid-Cap Grade Bond Market
Portfolio Portfolio Portfolio Portfolio Portfolio Fund
Assets
Investments in shares of mutual funds, at fair value $ 377,495 $ 118,437 $ 323,738 $ 64,783 $ 287,616 $ 176,290
Total Assets $ 377,495 $ 118,437 $ 323,738 $ 64,783 $ 287,616 $ 176,290
Net assets in the accumulation period $ 377,495 $ 118,437 $ 323,738 $ 64,783 $ 287,616 $ 176,290
Net assets $ 377,495 $ 118,437 $ 323,738 $ 64,783 $ 287,616 $ 176,290
Accumulation unit value low $ 19.960 $ 49.460 $ 69.630 $ 46.510 $ 13.520 $ 9.520
Accumulation unit value high $ 26.100 $ 76.200 $ 77.990 $ 49.290 $ 15.700 $ 11.080
Accumulation units outstanding 36,909 3,419 12,126 3,123 33,036 60,036
Shares of mutual funds owned 13,919 1,275 5,694 1,727 25,318 176,290
Investments, at cost $ 335,888 $ 105,454 $ 281,352 $ 63,422 $ 310,446 $ 176,655
(Continued)

The accompanying notes are an integral part of these financial statements.
5

Athene Variable Annuity Account A
Statements of Net Assets
December 31, 2025
Janus
Henderson Lord Abbett
Portfolio Series Fund, Inc.
Bond- Growth & Mid Cap
Overseas Debenture Income Stock
Portfolio Portfolio Portfolio Portfolio
Assets
Investments in shares of mutual funds, at fair value $ 17,640 $ 1,857 $ 327,588 $ 3,249
Total Assets $ 17,640 $ 1,857 $ 327,588 $ 3,249
Net assets in the accumulation period $ 17,640 $ 1,857 $ 327,588 $ 3,249
Net assets $ 17,640 $ 1,857 $ 327,588 $ 3,249
Accumulation unit value low $ 36.560 $ 20.770 $ 33.450 $ 27.360
Accumulation unit value high $ 60.340 $ 21.870 $ 37.400 $ 28.810
Accumulation units outstanding 1,006 462 18,779 320
Shares of mutual funds owned 316 175 7,807 125
Investments, at cost $ 10,637 $ 2,027 $ 275,509 $ 2,956
(Continued)

The accompanying notes are an integral part of these financial statements.
6

Athene Variable Annuity Account A
Statements of Net Assets
December 31, 2025
T. Rowe Price Equity Series, Inc.
Blue Chip Equity Health Moderate
Growth Income Science Allocation
Portfolio Portfolio II Portfolio II Portfolio
Assets
Investments in shares of mutual funds, at fair value $ 376,554 $ 6,755 $ 5,936 $ 54,732
Total Assets $ 376,554 $ 6,755 $ 5,936 $ 54,732
Net assets in the accumulation period $ 376,554 $ 6,755 $ 5,936 $ 54,732
Net assets $ 376,554 $ 6,755 $ 5,936 $ 54,732
Accumulation unit value low $ 77.930 $ 31.550 $ 83.530 $ 28.140
Accumulation unit value high $ 82.670 $ 33.230 $ 87.960 $ 31.000
Accumulation units outstanding 10,946 472 8,912 4,010
Shares of mutual funds owned 5,764 236 110 2,440
Investments, at cost $ 230,161 $ 6,053 $ 3,894 $ 48,553
(Continued)

The accompanying notes are an integral part of these financial statements.
7

Athene Variable Annuity Account A
Statements of Net Assets
December 31, 2025
Vanguard Variable Insurance Funds
Total Bond Total Stock
Mid-Cap Real Estate Market Market Capital
Index Index Index Index Growth
Portfolio Portfolio Portfolio Portfolio Portfolio
Assets
Investments in shares of mutual funds, at fair value $ 9,323 $ 4,167 $ 1 $ 16,062 $ 5
Total Assets $ 9,323 $ 4,167 $ 1 $ 16,062 $ 5
Net assets in the accumulation period $ 9,323 $ 4,167 $ 1 $ 16,062 $ 5
Net assets $ 9,323 $ 4,167 $ 1 $ 16,062 $ 5
Accumulation unit value low $ 44.800 $ 24.450 $ 11.960 $ 53.820 $ 76.380
Accumulation unit value high $ 47.180 $ 25.740 $ 12.590 $ 56.680 $ 80.440
Accumulation units outstanding 397 403 154 678 -
Shares of mutual funds owned 333 360 - 264 -
Investments, at cost $ 6,849 $ 4,215 $ 2 $ 9,626 $ 3
(Concluded)
The accompanying notes are an integral part of these financial statements.
8

Athene Variable Annuity Account A
Statements of Operations
Year Ended December 31, 2025
Lazard
BNY Mellon Investments Invesco Variable Retirement
Investment Portfolios Investment Funds Series, Inc.
Retirement
Small Cap U.S. Small
Stock Stock Index High Yield Core Equity Cap Equity
Index Fund Portfolio Fund Fund Portfolio
Income
Dividends $ 2,483 $ 34 $ 557 $ 2,136 $ -
Expenses
Mortality and expense and administration charges 3,074 47 234 4,580 3,451
Net investment income (loss) (591) (13) 323 (2,444) (3,451)
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares 11,339 6 (339) (3,820) (15,670)
Capital gain distributions 13,111 259 - 24,595 33,268
Net realized gain (loss) on investments 24,450 265 (339) 20,775 17,598
Net change in unrealized appreciation
(depreciation) on investments 12,661 (157) 893 18,277 (15,163)
Net increase (decrease) in net assets
resulting from operations $ 36,520 $ 95 $ 877 $ 36,608 $ (1,016)
(Continued)

The accompanying notes are an integral part of these financial statements.
9

Athene Variable Annuity Account A
Statements of Operations
Year Ended December 31, 2025
LVIP American Century The Alger
Variable Portfolios, Inc. Funds
VP Disciplined Large Cap Mid Cap Capital
Core Value VP Value Growth Growth Appreciation
Fund Fund Portfolio Portfolio Portfolio
Income
Dividends $ 174 $ 6,869 $ - $ - $ -
Expenses
Mortality and expense and administration charges 328 5,672 1,007 5,042 6,727
Net investment income (loss) (154) 1,197 (1,007) (5,042) (6,727)
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares (535) 22,632 7,960 4,675 59,828
Capital gain distributions - 32,855 8,597 - 91,974
Net realized gain (loss) on investments (535) 55,487 16,557 4,675 151,802
Net change in unrealized appreciation
(depreciation) on investments 2,649 1,607 4,067 61,984 21,203
Net increase (decrease) in net assets
resulting from operations $ 1,960 $ 58,291 $ 19,617 $ 61,617 $ 166,278
(Continued)

The accompanying notes are an integral part of these financial statements.
10

Athene Variable Annuity Account A
Statements of Operations
Year Ended December 31, 2025
Fidelity Variable Insurance Products
Government
Investment Money
Overseas Growth Contrafund Mid-Cap Grade Bond Market
Portfolio Portfolio Portfolio Portfolio Portfolio Fund
Income
Dividends $ 5,114 $ 58 $ - $ 265 $ 9,960 $ 21,976
Expenses
Mortality and expense and administration charges 4,511 1,285 4,101 820 3,325 6,742
Net investment income (loss) 603 (1,227) (4,101) (555) 6,635 15,234
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares 12,097 1,645 35,900 158 (3,010) -
Capital gain distributions 33,250 14,754 53,273 7,196 - -
Net realized gain (loss) on investments 45,347 16,399 89,173 7,354 (3,010) -
Net change in unrealized appreciation
(depreciation) on investments 12,384 5,611 (31,588) (879) 11,446 -
Net increase (decrease) in net assets
resulting from operations $ 58,334 $ 20,783 $ 53,484 $ 5,920 $ 15,071 $ 15,234
(Continued)

The accompanying notes are an integral part of these financial statements.
11

Athene Variable Annuity Account A
Statements of Operations
Year Ended December 31, 2025
Janus
Henderson Lord Abbett
Portfolio Series Fund, Inc.
Bond- Growth & Mid Cap
Overseas Debenture Income Stock
Portfolio Portfolio Portfolio Portfolio
Income
Dividends $ 229 $ 108 $ 1,767 $ 10
Expenses
Mortality and expense and administration charges 241 31 3,710 55
Net investment income (loss) (12) 77 (1,943) (45)
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares 107 (6) 1,671 4
Capital gain distributions - - 32,664 254
Net realized gain (loss) on investments 107 (6) 34,335 258
Net change in unrealized appreciation
(depreciation) on investments 3,652 42 12,208 (51)
Net increase (decrease) in net assets
resulting from operations $ 3,747 $ 113 $ 44,600 $ 162
(Continued)


The accompanying notes are an integral part of these financial statements.
12

Athene Variable Annuity Account A
Statements of Operations
Year Ended December 31, 2025
T. Rowe Price Equity Series, Inc.
Blue Chip Equity Health Moderate
Growth Income Science Allocation
Portfolio Portfolio II Portfolio II Portfolio
Income
Dividends $ - $ 91 $ - $ 1,282
Expenses
Mortality and expense and administration charges 4,444 112 91 770
Net investment income (loss) (4,444) (21) (91) 512
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares 7,286 48 65 1,543
Capital gain distributions 31,435 648 216 2,337
Net realized gain (loss) on investments 38,721 696 281 3,880
Net change in unrealized appreciation
(depreciation) on investments 19,840 53 619 2,927
Net increase (decrease) in net assets
resulting from operations $ 54,117 $ 728 $ 809 $ 7,319
(Continued)

The accompanying notes are an integral part of these financial statements.
13

Athene Variable Annuity Account A
Statements of Operations
Year Ended December 31, 2025
Vanguard Variable Insurance Funds
Total Bond Total Stock
Mid-Cap Real Estate Market Market Capital
Index Index Index Index Growth
Portfolio Portfolio Portfolio Portfolio Portfolio
Income
Dividends $ 110 $ 113 $ - $ 169 $ -
Expenses
Mortality and expense and administration charges 175 84 - 295 -
Net investment income (loss) (65) 29 - (126) -
Realized gain (loss) on investments
Net realized gain (loss) on sale of fund shares 83 (2) - 162 -
Capital gain distributions 440 72 - 787 -
Net realized gain (loss) on investments 523 70 - 949 -
Net change in unrealized appreciation
(depreciation) on investments 344 (55) - 1,226 1
Net increase (decrease) in net assets
resulting from operations $ 802 $ 44 $ - $ 2,049 $ 1
(Concluded)

The accompanying notes are an integral part of these financial statements.
14

Athene Variable Annuity Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
Lazard
BNY Mellon Invesco Variable Retirement
Investment Portfolios Investment Funds Series, Inc.
Retirement
Small Cap U.S. Small
Stock Stock Index High Yield Core Equity Cap Equity
Index Fund Portfolio Fund Fund Portfolio
Net assets at December 31, 2023 $ 187,831 $ 2,594 $ 16,486 $ 351,680 $ 266,311
Changes from 2024 operations
Net investment income (loss) (227) (18) 713 (2,223) (3,661)
Net realized gain (loss) on investments 18,544 69 (31) 35,551 8,131
Net change in unrealized appreciation
(depreciation) on investments 24,533 106 315 51,209 21,873
Net increase (decrease) in net
assets resulting from operations 42,850 157 997 84,537 26,343
Contract transactions
Surrenders and death benefits - - - (800) (3,545)
Contract maintenance charges (20) (3) (11) (31) (36)
Other transfers between sub-accounts,
including fixed interest account (406) - 165 (1,485) 15,251
Net increase (decrease) in net assets
resulting from contract transactions (426) (3) 154 (2,316) 11,670
Total increase (decrease) in net assets 42,424 154 1,151 82,221 38,013
Net assets at December 31, 2024 $ 230,255 $ 2,748 $ 17,637 $ 433,901 $ 304,324
Changes from 2025 operations
Net investment income (loss) (591) (13) 323 (2,444) (3,451)
Net realized gain (loss) on investments 24,450 265 (339) 20,775 17,598
Net change in unrealized appreciation (depreciation) on investments 12,661 (157) 893 18,277 (15,163)
Net increase (decrease) in net
assets resulting from operations 36,520 95 877 36,608 (1,016)
Contract transactions
Surrenders and death benefits (7,172) - (10,356) (968) (31,735)
Contract maintenance charges (60) (3) (11) (69) (19)
Other transfers between sub-accounts,
including fixed interest account (1,383) - (36) (122,006) 5,723
Net increase (decrease) in net assets
resulting from contract transactions (8,615) (3) (10,403) (123,043) (26,031)
Total increase (decrease) in net assets 27,905 92 (9,526) (86,435) (27,047)
Net assets at December 31, 2025 $ 258,160 $ 2,840 $ 8,111 $ 347,466 $ 277,277
(Continued)
The accompanying notes are an integral part of these financial statements.
15

Athene Variable Annuity Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
LVIP American Century The Alger
Variable Portfolios, Inc. Funds
VP Disciplined Large Cap Mid Cap Capital
Core Value VP Value Growth Growth Appreciation
Fund Fund Portfolio Portfolio Portfolio
Net assets at December 31, 2023 $ 28,327 $ 427,582 $ 58,788 $ 312,273 $ 380,914
Changes from 2024 operations
Net investment income (loss) (64) 7,711 (902) (4,429) (5,482)
Net realized gain (loss) on investments (247) 31,944 263 4,875 23,254
Net change in unrealized appreciation
(depreciation) on investments 3,509 (4,362) 24,797 62,521 146,985
Net increase (decrease) in net
assets resulting from operations 3,198 35,293 24,158 62,967 164,757
Contract transactions
Surrenders and death benefits (1,389) (2,266) - - -
Contract maintenance charges (38) (38) (6) (17) (31)
Other transfers between sub-accounts,
including fixed interest account (104) 24,235 1 (1,926) (69,314)
Net increase (decrease) in net assets
resulting from contract transactions (1,531) 21,931 (5) (1,943) (69,345)
Total increase (decrease) in net assets 1,667 57,224 24,153 61,024 95,412
Net assets at December 31, 2024 $ 29,994 $ 484,806 $ 82,941 $ 373,297 $ 476,326
Changes from 2025 operations
Net investment income (loss) (154) 1,197 (1,007) (5,042) (6,727)
Net realized gain (loss) on investments (535) 55,487 16,557 4,675 151,802
Net change in unrealized appreciation (depreciation) on investments 2,649 1,607 4,067 61,984 21,203
Net increase (decrease) in net
assets resulting from operations 1,960 58,291 19,617 61,617 166,278
Contract transactions
Surrenders and death benefits (21,290) (35,296) (3,147) (9,463) (12,271)
Contract maintenance charges (30) (32) (7) (17) (32)
Other transfers between sub-accounts,
including fixed interest account 168 (70,121) (19,562) (5,140) (45,849)
Net increase (decrease) in net assets
resulting from contract transactions (21,152) (105,449) (22,716) (14,620) (58,152)
Total increase (decrease) in net assets (19,192) (47,158) (3,099) 46,997 108,126
Net assets at December 31, 2025 $ 10,802 $ 437,648 $ 79,842 $ 420,294 $ 584,452
(Continued)

The accompanying notes are an integral part of these financial statements.
16

Athene Variable Annuity Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
Fidelity Variable Insurance Products
Government
Investment Money
Overseas Growth Contrafund Mid-Cap Grade Bond Market
Portfolio Portfolio Portfolio Portfolio Portfolio Fund
Net assets at December 31, 2023 $ 302,199 $ 40,962 $ 282,103 $ 58,981 $ 212,052 $ 841,842
Changes from 2024 operations
Net investment income (loss) 515 (692) (4,087) (487) 5,413 32,062
Net realized gain (loss) on investments 17,479 12,416 48,291 8,582 (482) -
Net change in unrealized appreciation
(depreciation) on investments (7,983) (180) 43,997 1,334 (3,247) -
Net increase (decrease) in net
assets resulting from operations 10,011 11,544 88,201 9,429 1,684 32,062
Contract transactions
Surrenders and death benefits (559) (1,513) - - - (4,879)
Contract maintenance charges (17) (46) (9) (10) (12) (74)
Other transfers between sub-accounts,
including fixed interest account 5,577 5 (11,964) (1) 29,295 13,140
Net increase (decrease) in net assets
resulting from contract transactions 5,001 (1,554) (11,973) (11) 29,283 8,187
Total increase (decrease) in net assets 15,012 9,990 76,228 9,418 30,967 40,249
Net assets at December 31, 2024 $ 317,211 $ 50,952 $ 358,331 $ 68,399 $ 243,019 $ 882,091
Changes from 2025 operations
Net investment income (loss) 603 (1,227) (4,101) (555) 6,635 15,234
Net realized gain (loss) on investments 45,347 16,399 89,173 7,354 (3,010) -
Net change in unrealized appreciation (depreciation) on investments 12,384 5,611 (31,588) (879) 11,446 -
Net increase (decrease) in net
assets resulting from operations 58,334 20,783 53,484 5,920 15,071 15,234
Contract transactions
Surrenders and death benefits (1,716) (4,244) (2,368) - - (410,166)
Contract maintenance charges (18) (46) (11) (11) (12) (86)
Other transfers between sub-accounts,
including fixed interest account 3,684 50,992 (85,698) (9,525) 29,538 (310,783)
Net increase (decrease) in net assets
resulting from contract transactions 1,950 46,702 (88,077) (9,536) 29,526 (721,035)
Total increase (decrease) in net assets 60,284 67,485 (34,593) (3,616) 44,597 (705,801)
Net assets at December 31, 2025 $ 377,495 $ 118,437 $ 323,738 $ 64,783 $ 287,616 $ 176,290
(Continued)

The accompanying notes are an integral part of these financial statements.
17

Athene Variable Annuity Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
Janus
Henderson Lord Abbett
Portfolio Series Fund, Inc.
​
Bond- Growth & Mid Cap
Overseas Debenture Income Stock
Portfolio Portfolio Portfolio Portfolio
Net assets at December 31, 2023 $ 13,394 $ 1,671 $ 229,284 $ 2,747
Changes from 2024 operations
Net investment income (loss) (23) 67 (1,043) (39)
Net realized gain (loss) on investments 82 (6) 23,108 325
Net change in unrealized appreciation
(depreciation) on investments 508 20 22,181 68
Net increase (decrease) in net
assets resulting from operations 567 81 44,246 354
Contract transactions
Surrenders and death benefits - - (746) -
Contract maintenance charges (32) (4) (19) (7)
Other transfers between sub-accounts,
including fixed interest account (1) - (2,334) (1)
Net increase (decrease) in net assets
resulting from contract transactions (33) (4) (3,099) (8)
Total increase (decrease) in net assets 534 77 41,147 346
Net assets at December 31, 2024 $ 13,928 $ 1,748 $ 270,431 $ 3,093
Changes from 2025 operations
Net investment income (loss) (12) 77 (1,943) (45)
Net realized gain (loss) on investments 107 (6) 34,335 258
Net change in unrealized appreciation (depreciation) on investments 3,652 42 12,208 (51)
Net increase (decrease) in net
assets resulting from operations 3,747 113 44,600 162
Contract transactions
Surrenders and death benefits - - (884) -
Contract maintenance charges (32) (4) (19) (6)
Other transfers between sub-accounts,
including fixed interest account (3) - 13,460 -
Net increase (decrease) in net assets
resulting from contract transactions (35) (4) 12,557 (6)
Total increase (decrease) in net assets 3,712 109 57,157 156
Net assets at December 31, 2025 $ 17,640 $ 1,857 $ 327,588 $ 3,249
(Continued)
The accompanying notes are an integral part of these financial statements.
18

Athene Variable Annuity Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
T. Rowe Price Equity Series, Inc.
Blue Chip Equity Health Moderate
Growth Income Science Allocation
Portfolio Portfolio II Portfolio II Portfolio
Net assets at December 31, 2023 $ 251,165 $ 5,520 $ 5,158 $ 53,741
Changes from 2024 operations
Net investment income (loss) (3,888) (7) (99) 547
Net realized gain (loss) on investments 15,194 444 558 1,788
Net change in unrealized appreciation
(depreciation) on investments 73,527 85 (479) 2,288
Net increase (decrease) in net
assets resulting from operations 84,833 522 (20) 4,623
Contract transactions
Surrenders and death benefits - - - -
Contract maintenance charges (43) (7) (6) (22)
Other transfers between sub-accounts,
including fixed interest account (8) (2) (19) (264)
Net increase (decrease) in net assets
resulting from contract transactions (51) (9) (25) (286)
Total increase (decrease) in net assets 84,782 513 (45) 4,337
Net assets at December 31, 2024 $ 335,947 $ 6,033 $ 5,113 $ 58,078
Changes from 2025 operations
Net investment income (loss) (4,444) (21) (91) 512
Net realized gain (loss) on investments 38,721 696 281 3,880
Net change in unrealized appreciation (depreciation) on investments 19,840 53 619 2,927
Net increase (decrease) in net
assets resulting from operations 54,117 728 809 7,319
Contract transactions
Surrenders and death benefits - - - (10,576)
Contract maintenance charges (45) (7) (6) (23)
Other transfers between sub-accounts,
including fixed interest account (13,465) 1 20 (66)
Net increase (decrease) in net assets
resulting from contract transactions (13,510) (6) 14 (10,665)
Total increase (decrease) in net assets 40,607 722 823 (3,346)
Net assets at December 31, 2025 $ 376,554 $ 6,755 $ 5,936 $ 54,732
(Continued)

The accompanying notes are an integral part of these financial statements.
19

Athene Variable Annuity Account A
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
Vanguard Variable Insurance Funds
Total Bond Total Stock
Mid-Cap Real Estate Market Market Capital
Index Index Index Index Growth
Portfolio Portfolio Portfolio Portfolio Portfolio
Net assets at December 31, 2023 $ 7,597 $ 4,024 $ 1 $ 11,588 $ 4
Changes from 2024 operations
Net investment income (loss) (49) 45 - (102) -
Net realized gain (loss) on investments 164 103 - 1,016 -
Net change in unrealized appreciation
(depreciation) on investments 858 (42) - 1,547 -
Net increase (decrease) in net
assets resulting from operations 973 106 - 2,461 -
Contract transactions
Surrenders and death benefits - - - - -
Contract maintenance charges (24) (5) - (23) -
Other transfers between sub-accounts,
including fixed interest account - 1 - 5 -
Net increase (decrease) in net assets
resulting from contract transactions (24) (4) - (18) -
Total increase (decrease) in net assets 949 102 - 2,443 -
Net assets at December 31, 2024 $ 8,546 $ 4,126 $ 1 $ 14,031 $ 4
Changes from 2025 operations
Net investment income (loss) (65) 29 - (126) -
Net realized gain (loss) on investments 523 70 - 949 -
Net change in unrealized appreciation (depreciation) on investments 344 (55) - 1,226 1
Net increase (decrease) in net
assets resulting from operations 802 44 - 2,049 1
Contract transactions
Surrenders and death benefits - - - - -
Contract maintenance charges (24) (5) - (24) -
Other transfers between sub-accounts,
including fixed interest account (1) 2 - 6 -
Net increase (decrease) in net assets
resulting from contract transactions (25) (3) - (18) -
Total increase (decrease) in net assets 777 41 - 2,031 1
Net assets at December 31, 2025 $ 9,323 $ 4,167 $ 1 $ 16,062 $ 5
(Concluded)

The accompanying notes are an integral part of these financial statements.
20

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025

1. Organization
Athene Variable Annuity Account A (the Separate Account), is a segregated investment account of Athene Annuity & Life Assurance Company (the Company). The Separate Account is registered under the Investment Company Act of 1940, as amended, as a unit investment trust that follows investment company accounting guidance in accordance with accounting principles accepted in the United States of America. The Separate Account is a funding vehicle for individual variable annuity contracts issued by the Company.
On October 11, 2024, Athene Annuity & Life Assurance Company (AADE) merged with and into Athene Annuity and Life Company (AAIA), with AAIA as the surviving entity following the receipt of all required regulatory approvals.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and segregated from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the variable annuity contracts cannot be used to fulfill any other obligations arising from any other business the Company may conduct.
The Separate Account includes two investment products: a variable annuity and an annuity with both fixed and variable portions (VA 2+2). Neither of these products are being actively marketed by the Company. The significant features of these products include flexible premium payments, death benefits and tax deferred investment options to potentially maximize the value of the contract.
Investments
The deposits of the Separate Account are invested at the direction of the contract holders in the sub-accounts that comprise the Separate Account (the Subaccounts). The fixed account offers minimum interest rates that are guaranteed by the General Account of the Company. The sub-accounts of the Separate Account (which does not include the allocation to the Fixed Account) invest in the following underlying mutual fund portfolios (collectively, the Funds):
Subaccount Mutual Fund
BNY Mellon Investment Portfolios BNY Mellon Investment Portfolios
Stock Index Fund Stock Index Fund
Small Cap Stock Index Portfolio Small Cap Stock Index Portfolio
Invesco Variable Investment Funds Invesco Variable Investment Funds
High Yield Fund High Yield Fund
Core Equity Fund Core Equity Fund
Lazard Retirement Series, Inc. Lazard Retirement Series, Inc.
Retirement U.S. Small Cap Equity Portfolio Retirement U.S. Small Cap Equity Portfolio
LVIP American Century Variable Portfolios, Inc. LVIP American Century Variable Portfolios, Inc.
VP Disciplined Core Value Fund VP Disciplined Core Value Fund
VP Value Fund VP Value Fund
The Alger Funds The Alger Funds
Large Cap Growth Portfolio Large Cap Growth Portfolio
Mid Cap Growth Portfolio Mid Cap Growth Portfolio
Capital Appreciation Portfolio Capital Appreciation Portfolio
(Continued)

21

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
Subaccount Mutual Fund
Fidelity Variable Insurance Products Fidelity Variable Insurance Products
Overseas Portfolio Overseas Portfolio
Growth Portfolio Growth Portfolio
Contrafund Portfolio Contrafund Portfolio
Mid-Cap Portfolio Mid-Cap Portfolio
Investment Grade Bond Portfolio Investment Grade Bond Portfolio
Government Money Market Fund Government Money Market Fund
Janus Henderson Portfolio Janus Henderson Portfolio
Overseas Portfolio Overseas Portfolio
Lord Abbett Series Fund, Inc. Lord Abbett Series Fund, Inc.
Bond-Debenture Portfolio Bond-Debenture Portfolio
Growth & Income Portfolio Growth & Income Portfolio
Mid Cap Stock Portfolio Mid Cap Stock Portfolio
T. Rowe Price Equity Series, Inc. T. Rowe Price Equity Series, Inc.
Blue Chip Growth Portfolio Blue Chip Growth Portfolio
Equity Income Portfolio II Equity Income Portfolio II
Health Science Portfolio II Health Science Portfolio II
Moderate Allocation Portfolio Moderate Allocation Portfolio
Vanguard Variable Insurance Funds Vanguard Variable Insurance Funds
Mid-Cap Index Portfolio Mid-Cap Index Portfolio
Real Estate Index Portfolio Real Estate Index Portfolio
Total Bond Market Index Portfolio Total Bond Market Index Portfolio
Total Stock Market Index Portfolio Total Stock Market Index Portfolio
Capital Growth Portfolio Capital Growth Portfolio
(Concluded)

2. Summary Of Significant Accounting Policies
Basis of Accounting
Financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America for variable annuity separate accounts registered as unit investment trusts.
Use of Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from the estimates used in preparing the financial statements. The primary estimates included in the accompanying financial statements are the assumptions and judgments utilized in determining the fair value of investments.
Investment Valuation
Investments in mutual fund shares are carried in the statements of net assets at fair value based on the net asset value (NAV) of the underlying mutual funds, which value their investment securities at fair value. Investment transactions are accounted for on a trade-date basis, and the cost of investments sold is determined by the first-in, first-out method.

22

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
In valuing securities, the Company uses a fair value hierarchy that prioritizes the inputs in the valuation techniques used to measure fair value into three broad levels:
Level 1 Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.
Level 2 Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.
Level 3 Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.
All assets held by the Separate Account are classified in Level 2. There were no transfers between levels in 2025.
Dividends
Dividends paid to the Separate Account are automatically reinvested in shares of the same funds on the payable date.

Accumulation Unit Value
Accumulation unit value is calculated at close on trading days based on the contract owner's proportion of the fund NAV over the number of units outstanding for the respective fund.

Federal Income Taxes
The operations of the Separate Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the Code). The Separate Account is not separately taxable as a regulated investment company under Subchapter M of the Code and is not otherwise taxable as an entity separate from the Company. Based on this, no charge is being made currently to the Separate Account for federal income taxes. The Company will periodically review the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Segment Reporting
Each Subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. The chief operating decision maker (CODM) oversees the activities of the Separate Account using information of each Subaccount. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by the Company to support the liabilities of the applicable insurance contracts. The President of the Company is the CODM.
The CODM uses increase (decrease) in net assets from operations as their performance measure in order to make operations decisions while monitoring the net assets of each of the funds within the Separate Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the Statements of Net Assets as net assets. Refer to the Statements of Operations and Changes in Net Assets and related notes for each Subaccount's operating segment significant expenses. All assets and revenue are generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

23

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
3. Fund Charges
The Separate Account pays the Company certain amounts relating to the distribution and administration of the policies funded by the Separate Account and as reimbursement for certain mortality and other risks assumed by the Company.
Mortality and Expense and Administration Charges
The Company charges a fee against the contract holder for mortality and expense risks it assumes equivalent to an annual rate of 1.25% and 1.75% of the average daily value of each contract for variable annuity and VA 2+2 policies, respectively. Both products also offer the option of an additional death benefit. If this option is selected, the Company charges a total fee equivalent to an annual rate of 1.45% and 2.00% of the average daily value of the contract for variable annuity and VA 2+2 policies, respectively. In addition, the Company receives a fund facilitation fee from the contract holder equivalent to 0.20% of the average daily value of the contract on investments in the Vanguard Variable Insurance Fund. Mortality and Expense and Administration Charges are recognized as a reduction in accumulation unit values through a reduction in net investment income (loss).
Contract Maintenance Charges
The Separate Account deducts an administrative fee of $35 per year for each contract, except for certain contracts based on a minimum account value. The contract maintenance charge is recognized as a redemption of units and is included in the contract maintenance charges line item of the Statements of Changes in Net Assets.
Other Charges
For variable annuity policies, transfers in excess of twelve during the accumulation phase, and in excess of four during the income phase, during a one-year period result in a $25 transfer fee assessment against the contract holder. For VA 2+2 policies, transfers in excess of 20 during the accumulation phase, and in excess of four during the income phase, during a one-year period result in a $25 transfer fee assessment against the contract. When applicable, an amount for state premium taxes is deducted as provided by pertinent state law, either from purchase payments or from the amount applied to affect an annuity at the time annuity payments commence. These charges are recognized as a redemption of units and are included in the Statements of Changes in Net Assets line item other transfers between sub-accounts, including fixed interest account.

24

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
4. Purchases and Sales of Securities
The cost of investments purchased and proceeds from investments sold were as follows for the year ended December 31, 2025:
Cost of Proceeds
Purchases From Sales
BNY Mellon Investment Portfolios
Stock Index Fund $ 20,781 $ 16,875
Small Cap Stock Index Portfolio 294 49
Invesco Variable Investment Funds
High Yield Fund 564 10,644
Core Equity Fund 29,518 130,409
Lazard Retirement Series, Inc.
Retirement U.S. Small Cap Equity Portfolio 59,851 56,065
LVIP American Century Variable Portfolios, Inc.
VP Disciplined Core Value Fund 712 22,019
VP Value Fund 62,517 133,914
The Alger Funds
Large Cap Growth Portfolio 8,597 23,724
Mid Cap Growth Portfolio 31,845 51,507
Capital Appreciation Portfolio 159,338 132,243
Fidelity Variable Insurance Products
Overseas Portfolio 72,955 37,150
Growth Portfolio 65,807 5,578
Contrafund Portfolio 62,233 101,138
Mid-Cap Portfolio 7,462 10,356
Investment Grade Bond Portfolio 57,775 21,614
Government Money Market Portfolio 150,397 856,199
Janus Henderson Portfolio
Overseas Portfolio 229 277
Lord Abbett Series Fund, Inc.
Bond-Debenture Portfolio 108 36
Growth & Income Portfolio 47,912 4,634
Mid Cap Stock Portfolio 262 61
T. Rowe Price Equity Series, Inc.
Blue Chip Growth Portfolio 31,435 17,954
Equity Income Portfolio II 739 119
Health Sciences Portfolio II 216 98
Moderate Allocation Portfolio 3,810 11,626
Vanguard Variable Insurance Funds
Mid-Cap Index Portfolio 550 199
Real Estate Index Portfolio 185 88
Total Bond Market Index Portfolio - -
Total Stock Market Index Portfolio 956 313
Capital Growth Portfolio - -






25

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
5. Summary of Unit Transactions
Transactions in units for the years ended December 31, 2025 and 2024 were as follows:
Years Ended
December 31,
2025 2024
Units Units
BNY Mellon Investment Portfolios Stock Index Fund
Contract purchases - -
Redemptions and transfers to/(from) (149) (18)
BNY Mellon Investment Portfolios Small Cap Stock Index Portfolio
Contract purchases - -
Redemptions and transfers to/(from) - -
Invesco Variable Investment Funds High Yield Fund
Contract purchases - -
Redemptions and transfers to/(from) (460) 7
Invesco Variable Investment Funds Core Equity Fund
Contract purchases - -
Redemptions and transfers to/(from) (3,649) (64)
Lazard Retirement Series, Inc. Retirement U.S. Small Cap
Equity Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (539) 221
American Century Variable Portfolios, Inc. VP Disciplined
Core Value Fund
Contract purchases - -
Redemptions and transfers to/(from) (595) (45)
LVIP American Century Variable Portfolios, Inc. VP Value Fund
Contract purchases - -
Redemptions and transfers to/(from) (1,990) 412
The Alger Funds Large Cap Growth Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (525) -
The Alger Funds Mid Cap Growth Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (236) (1)
(Continued)

26

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
Years Ended
December 31,
2025 2024
Units Units
The Alger Funds Capital Appreciation Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (492) (1,287)
Fidelity Variable Insurance Products Overseas Portfolio
Contract purchases - -
Redemptions and transfers to/(from) 67 252
Fidelity Variable Insurance Products Growth Portfolio
Contract purchases - -
Redemptions and transfers to/(from) 1,169 (34)
Fidelity Variable Insurance Products Contrafund Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (1,348) (206)
Fidelity Variable Insurance Products Mid-Cap Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (217) -
Fidelity Variable Insurance Products Investment Grade Bond
Portfolio
Contract purchases - -
Redemptions and transfers to/(from) 1,930 2,017
Fidelity Variable Insurance Products Government Money
Market Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (66,056) 789
Janus Henderson Portfolio Overseas Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (1) (1)
Lord Abbett Series Fund, Inc. Bond-Debenture Portfolio
Contract purchases - -
Redemptions and transfers to/(from) - -
(Continued)

27

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
Years Ended
December 31,
2025 2024
Units Units
Lord Abbett Series Fund, Inc. Growth & Income Portfolio
Contract purchases - -
Redemptions and transfers to/(from) 384 (81)
Lord Abbett Series Fund Mid Cap Stock Portfolio
Contract purchases - -
Redemptions and transfers to/(from) - -
T. Rowe Price Equity Series, Inc. Blue Chip Growth Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (209) (1)
T. Rowe Price Equity Series, Inc. Equity Income Portfolio II
Contract purchases - -
Redemptions and transfers to/(from) - -
T. Rowe Price Equity Series, Inc. Health Sciences Portfolio II
Contract purchases - -
Redemptions and transfers to/(from) - -
T. Rowe Price Equity Series, Inc. Moderate Allocation Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (367) (11)
Vanguard Variable Insurance Funds Mid-Cap Index Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (1) (1)
Vanguard Variable Insurance Funds Real Estate Index Portfolio
Contract purchases - -
Redemptions and transfers to/(from) - -
Vanguard Variable Insurance Funds Total Bond Market Index
Portfolio
Contract purchases - -
Redemptions and transfers to/(from) - -
Vanguard Variable Insurance Funds Total Stock Market Index
Portfolio
Contract purchases - -
Redemptions and transfers to/(from) (1) -
Vanguard Variable Insurance Funds Capital Growth Portfolio
Contract purchases - -
Redemptions and transfers to/(from) - -
(Concluded)

28

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
6. Financial Highlights
The Company sells two different products which have unique combinations of features and fees that are charged against the contract holder's account balance. Differences in the fee structures result in a variety of unit values, expense ratios and total returns. This information is presented as a range of minimum and maximum values based upon product grouping. The range is determined by identifying the lowest and the highest contract expense rate. Below is a summary of units outstanding, unit values and net assets at December 31, 2025, 2024, 2023, 2022 and 2021, and the ratios of investment income, expenses to average net assets, and total return for the years then ended:
Investment
Unit Value Net Income Expense Ratio (2) Total Return (3)
Units Low to High Assets Ratio (1) Low to High Low to High
BNY Mellon Investment Portfolios
Stock Index Fund
2025 8,992 $ 48.42 $ 60.66 $ 258,160 1.03 % 1.25 % 2.00 % 15.21 % 16.07 %
2024 9,141 41.80 52.26 230,255 1.17 1.25 2.00 22.17 23.10
2023 9,159 34.02 42.41 187,831 1.45 1.25 2.00 23.92 24.85
2022 9,308 27.30 34.14 156,150 0.98 1.25 2.00 (20.24) (19.64)
2021 4,735 34.05 42.69 200,408 1.13 1.25 2.00 25.87 26.82
Small Cap Stock Index Portfolio
2025 141 38.51 40.55 2,840 1.28 1.25 2.00 3.27 3.53
2024 141 37.29 39.17 2,748 1.12 1.25 2.00 5.80 6.07
2023 141 35.24 36.93 2,594 0.53 1.25 2.00 13.11 13.39
2022 141 31.16 32.57 2,290 0.92 1.25 2.00 (18.30) (18.09)
2021 70 38.14 39.76 2,799 0.65 1.25 2.00 23.65 23.96
Invesco Variable Investment Funds
High Yield Fund
2025 1,517 21.44 24.55 8,111 3.71 1.25 2.00 4.61 5.40
2024 1,977 20.49 23.30 17,637 5.78 1.25 2.00 5.58 6.38
2023 1,970 19.41 21.90 16,486 8.55 1.25 2.00 8.00 8.81
2022 2,181 17.97 20.13 18,979 4.31 1.25 2.00 (11.34) (10.68)
2021 1,181 20.27 22.53 25,210 4.74 1.25 2.00 2.32 3.09
Core Equity Fund
2025 18,136 39.60 42.87 347,466 0.59 1.25 2.00 13.87 14.73
2024 21,785 34.59 37.56 433,901 0.71 1.25 2.00 23.10 24.04
2023 21,849 27.94 30.43 351,680 0.73 1.25 2.00 20.93 21.84
2022 19,279 22.98 25.10 227,591 0.93 1.25 2.00 (22.12) (21.53)
2021 9,705 29.34 32.15 294,038 0.67 1.25 2.00 25.21 26.15
Lazard Retirement Series, Inc.
Retirement U.S. Small Cap Equity Portfolio
2025 10,608 29.01 55.37 277,277 0.64 1.25 2.00 0.16 0.92
2024 11,147 28.96 54.87 304,324 - 1.25 2.00 8.90 9.72
2023 10,926 26.59 50.01 266,311 - 1.25 2.00 7.85 8.66
2022 10,806 24.66 46.02 239,558 - 1.25 2.00 (17.19) (16.56)
2021 5,569 29.77 55.16 305,455 0.05 1.25 2.00 17.50 18.38
(Continued)

29

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
Investment
Unit Value Net Income Expense Ratio (2) Total Return (3)
Units Low to High Assets Ratio (1) Low to High Low to High
LVIP American Century Variable Portfolios, Inc.
VP Disciplined Core Value Fund
2025 1,503 $ 32.77 $ 40.18 $ 10,802 0.83 % 1.25 % 2.00 % 12.52 % 13.37 %
2024 2,098 28.97 35.44 29,994 1.31 1.25 2.00 10.90 11.74
2023 2,143 25.98 31.72 28,327 2.54 1.25 2.00 6.51 7.31
2022 2,276 24.26 29.56 30,131 1.72 1.25 2.00 (14.46) (13.82)
2021 1,224 28.20 34.30 40,664 1.07 1.25 2.00 21.20 22.12
VP Value Fund
2025 15,441 36.88 62.66 437,648 1.54 1.25 2.00 13.72 14.58
2024 17,431 32.43 54.69 484,806 2.96 1.25 2.00 7.31 8.12
2023 17,019 30.22 50.58 427,582 2.51 1.25 2.00 6.86 7.66
2022 15,946 28.28 46.98 344,815 2.13 1.25 2.00 (1.37) (0.63)
2021 8,430 28.67 47.28 388,985 1.74 1.25 2.00 22.05 22.96
The Alger Funds
Large Cap Growth Portfolio
2025 2,182 48.64 71.63 79,842 - 1.25 2.00 27.69 28.65
2024 2,707 37.88 55.96 82,941 - 1.25 2.00 40.04 41.10
2023 2,707 26.90 39.86 58,788 - 1.25 2.00 30.05 31.03
2022 1,427 20.57 30.57 17,333 - 1.25 2.00 (39.87) (39.42)
2021 805 34.03 50.71 28,620 - 1.25 2.00 9.63 10.45
Mid Cap Growth Portfolio
2025 17,663 40.48 43.17 420,294 - 1.25 2.00 14.45 15.32
2024 17,899 35.37 37.44 373,297 - 1.25 2.00 18.65 19.55
2023 17,900 29.88 31.30 312,273 - 1.25 2.00 20.74 21.65
2022 17,855 24.61 25.86 255,554 - 1.25 2.00 (37.34) (36.87)
2021 8,104 39.06 41.17 330,439 - 1.25 2.00 2.14 2.91
Capital Appreciation Portfolio
2025 15,324 78.34 126.55 584,452 - 1.25 2.00 30.24 31.22
2024 15,816 59.82 96.92 476,326 - 1.25 2.00 45.18 46.28
2023 17,103 40.98 66.59 380,914 - 1.25 2.00 40.31 41.36
2022 18,101 29.05 47.34 299,800 - 1.25 2.00 (37.78) (37.31)
2021 8,415 46.43 75.90 407,884 - 1.25 2.00 16.77 17.65
Fidelity Variable Insurance Products
Overseas Portfolio
2025 36,909 19.96 26.10 377,495 1.43 1.25 2.00 17.68 18.56
2024 36,842 16.86 22.12 317,211 1.42 1.25 2.00 2.71 3.49
2023 36,590 16.33 21.48 302,199 0.83 1.25 2.00 17.85 18.73
2022 38,718 13.78 18.18 285,203 0.87 1.25 2.00 (26.17) (25.62)
2021 19,096 18.56 24.57 370,412 0.33 1.25 2.00 17.03 17.91
Growth Portfolio
2025 3,419 49.46 76.20 118,437 0.06 1.25 2.00 12.34 13.19
2024 2,250 43.78 67.66 50,952 - 1.25 2.00 27.48 28.45
2023 2,284 34.15 52.94 40,962 - 1.25 2.00 33.21 34.21
2022 2,481 25.50 39.64 35,835 0.35 1.25 2.00 (26.13) (25.58)
2021 1,343 34.33 53.54 51,124 - 1.25 2.00 20.47 21.38
Contrafund Portfolio
2025 12,126 69.63 77.99 323,738 - 1.25 2.00 18.80 19.69
2024 13,474 58.61 65.16 358,331 0.03 1.25 2.00 30.79 31.78
2023 13,680 44.82 49.45 282,103 0.26 1.25 2.00 30.49 31.47
2022 15,936 34.34 37.61 299,420 0.27 1.25 2.00 (27.94) (27.40)
2021 8,066 47.66 51.81 417,870 0.03 1.25 2.00 24.99 25.93
(Continued)

30

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
Investment
Unit Value Net Income Expense Ratio (2) Total Return (3)
Units Low to High Assets Ratio (1) Low to High Low to High
Mid-Cap Portfolio
2025 3,123 $ 46.51 $ 49.29 $ 64,783 0.42 % 1.25 % 2.00 % 9.54 % 10.37 %
2024 3,340 42.45 44.66 68,399 0.56 1.25 2.00 15.15 16.02
2023 3,340 37.09 38.63 58,981 0.56 1.25 2.00 12.80 13.65
2022 3,611 32.70 34.16 61,084 0.51 1.25 2.00 (16.43) (15.80)
2021 1,807 38.92 40.78 72,678 0.59 1.25 2.00 23.12 24.04
Investment Grade Bond Portfolio
2025 33,036 13.52 15.70 287,616 3.77 1.25 2.00 5.10 5.89
2024 31,106 12.86 14.82 243,019 3.59 1.25 2.00 (0.24) 0.51
2023 29,089 12.90 14.75 212,052 2.69 1.25 2.00 4.11 4.89
2022 27,646 12.39 14.06 181,895 2.17 1.25 2.00 (14.68) (14.04)
2021 14,687 14.52 16.36 239,893 2.09 1.25 2.00 (2.57) (1.84)
Government Money Market Fund
2025 60,036 9.52 11.08 176,290 4.19 1.25 2.00 2.07 2.84
2024 126,092 9.33 10.77 882,091 4.98 1.25 2.00 3.01 3.79
2023 125,303 9.05 10.38 841,842 4.73 1.25 2.00 2.82 3.59
2022 86,380 8.80 10.02 422,585 1.41 1.25 2.00 (0.57) 0.18
2021 44,037 8.86 10.00 438,700 0.01 1.25 2.00 (1.97) (1.23)
Janus Henderson Portfolio
Overseas Portfolio
2025 1,006 36.56 60.34 17,640 1.45 1.25 2.00 26.32 27.27
2024 1,007 28.94 47.41 13,928 1.38 1.25 2.00 3.72 4.51
2023 1,008 27.91 45.36 13,394 1.16 1.25 2.00 8.68 9.50
2022 1,233 25.68 41.43 19,802 1.74 1.25 2.00 (10.41) (9.74)
2021 635 28.66 45.90 23,144 1.14 1.25 2.00 11.34 12.17
Lord Abbett Series Fund, Inc.
Bond-Debenture Portfolio
2025 462 20.77 21.87 1,857 6.03 1.75 2.00 6.18 6.45
2024 462 19.56 20.55 1,748 5.67 1.75 2.00 4.59 4.85
2023 462 18.70 19.60 1,671 1.86 1.75 2.00 4.45 4.71
2022 674 17.91 18.72 5,380 3.90 1.75 2.00 (14.53) (14.31)
2021 377 20.95 21.84 7,979 2.87 1.75 2.00 1.23 1.49
Growth & Income Portfolio
2025 18,779 33.45 37.40 327,588 - 1.25 2.00 14.97 15.83
2024 18,395 29.09 32.29 270,431 0.87 1.25 2.00 18.20 19.09
2023 18,476 24.61 27.11 229,284 0.96 1.25 2.00 10.95 11.79
2022 18,651 22.18 24.25 209,139 1.27 1.25 2.00 (11.23) (10.56)
2021 10,009 24.99 27.12 270,847 1.04 1.25 2.00 26.47 27.42
Mid Cap Stock Portfolio
2025 320 27.36 28.81 3,249 0.34 1.75 2.00 4.93 5.20
2024 320 26.07 27.39 3,093 0.47 1.75 2.00 12.61 12.89
2023 320 23.15 24.26 2,747 0.22 1.75 2.00 13.14 13.42
2022 386 20.46 21.39 3,774 0.78 1.75 2.00 (12.97) (12.75)
2021 206 23.51 24.51 4,969 0.56 1.75 2.00 26.15 26.47
T. Rowe Price Equity Series, Inc.
Blue Chip Growth Portfolio
2025 10,946 77.93 82.67 376,554 - 1.25 2.00 16.39 17.26
2024 11,155 66.96 70.50 335,947 - 1.25 2.00 32.81 33.82
2023 11,156 50.78 52.83 251,165 - 1.25 2.00 46.35 47.44
2022 12,752 34.45 36.01 227,416 - 1.25 2.00 (39.72) (39.27)
2021 6,390 56.93 59.59 376,140 - 1.25 2.00 15.29 16.16
(Continued)

31

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
Investment
Unit Value Net Income Expense Ratio (2) Total Return (3)
Units Low to High Assets Ratio (1) Low to High Low to High
Equity Income Portfolio II
2025 472 $ 31.55 $ 33.23 $ 6,755 1.44 % 1.75 % 2.00 % 11.82 % 12.10 %
2024 472 28.22 29.64 6,033 1.63 1.75 2.00 9.16 9.43
2023 472 25.85 27.09 5,520 2.61 1.75 2.00 7.15 7.42
2022 472 24.12 25.21 5,146 1.56 1.75 2.00 (5.49) (5.25)
2021 268 25.52 26.61 7,060 1.40 1.75 2.00 22.74 23.05
Health Sciences Portfolio II
2025 8,912 83.53 87.96 5,936 - 1.75 2.00 15.47 15.76
2024 8,912 72.33 75.98 5,113 - 1.75 2.00 (0.61) (0.36)
2023 8,912 72.77 76.25 5,158 - 1.75 2.00 0.66 0.91
2022 8,912 72.30 75.57 5,118 - 1.75 2.00 (14.41) (14.20)
2021 68 84.48 88.07 5,972 - 1.75 2.00 10.60 10.87
Moderate Allocation Portfolio
2025 4,010 28.14 31.00 54,732 2.19 1.25 2.00 12.24 13.08
2024 4,377 25.07 27.42 58,078 2.30 1.25 2.00 7.86 8.68
2023 4,388 23.24 25.23 53,741 2.82 1.25 2.00 13.07 13.92
2022 4,397 20.56 22.14 47,417 1.55 1.25 2.00 (19.93) (19.33)
2021 2,245 25.67 27.45 61,390 0.98 1.25 2.00 7.88 8.70
Vanguard Variable Insurance Funds
Mid-Cap Index Portfolio
2025 397 44.80 47.18 9,323 1.23 1.95 2.20 9.11 9.39
2024 398 41.06 43.13 8,546 1.38 1.95 2.20 12.55 12.84
2023 399 36.48 38.22 7,597 0.71 1.95 2.20 13.32 13.60
2022 400 32.19 33.65 6,711 1.13 1.95 2.20 (20.59) (20.39)
2021 200 40.54 42.26 8,458 1.09 1.95 2.20 21.65 21.96
Real Estate Index Portfolio
2025 403 24.45 25.74 4,167 2.69 1.95 2.20 0.87 1.12
2024 403 24.24 25.46 4,126 3.13 1.95 2.20 2.45 2.70
2023 403 23.66 24.79 4,024 - 1.95 2.20 9.28 9.55
2022 462 21.65 22.63 4,944 1.98 1.95 2.20 (27.90) (27.72)
2021 240 30.03 31.31 7,402 2.14 1.95 2.20 37.16 37.50
Total Bond Market Index Portfolio
2025 154 11.96 12.59 1 2.84 1.95 2.20 4.61 4.87
2024 154 11.43 12.01 1 - 1.95 2.20 (0.98) (0.73)
2023 154 11.54 12.09 1 7.51 1.95 2.20 3.29 3.54
2022 265 11.17 11.68 1,245 2.49 1.95 2.20 (15.10) (14.89)
2021 154 13.16 13.72 2,027 2.16 1.95 2.20 (3.86) (3.61)
Total Stock Market Index Portfolio
2025 678 53.82 56.68 16,062 1.15 1.95 2.20 14.39 14.68
2024 679 47.05 49.43 14,031 1.23 1.95 2.20 21.00 21.31
2023 679 38.88 40.74 11,588 1.23 1.95 2.20 23.22 23.53
2022 761 31.56 32.98 11,978 1.39 1.95 2.20 (21.34) (21.14)
2021 395 40.12 41.83 16,333 1.24 1.95 2.20 22.91 23.21
Capital Growth Portfolio
2025 - 76.38 80.44 5 1.09 1.95 2.20 26.18 26.49
2024 - 60.54 63.59 4 1.01 1.95 2.20 10.92 11.20
2023 - 54.57 57.18 4 1.01 1.95 2.20 25.22 25.53
2022 - 43.58 45.55 3 - 1.95 2.20 (17.32) (17.11)
2021 - 52.71 54.96 4 - 1.95 2.20 18.90 19.20
(Concluded)



32

Athene Variable Annuity Account A
Notes to Financial Statements
December 31, 2025
(1) These amounts represent the dividends, excluding distributions of capital gains, received by the sub account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by average net assets. These ratios exclude expenses assessed by the sub-account. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. The investment income ratio is calculated for the effective period for each fund as applicable.
(2) These ratios represent the annualized contract expenses of the Separate Account, which consist of the mortality and expense and administration charges. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to the contract owner accounts through redemption of units and expenses of the underlying funds are excluded.
(3) These amounts represent the total return for the year, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses would result in a reduction in the total return presented. The total return is calculated for the effective period for each fund as applicable.

7. Subsequent Events
The Company has evaluated subsequent events through April 30, 2026, the date that these financial statements were available to be issued. Based on this evaluation, no events have occurred subsequent to December 31, 2025 that require disclosure or adjustment to the financial statements at that date or for the period ended.

33

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