Athene Becomes No. 3 FHLB Borrower With $28.2 Billion in Loans
Updated
Updated · Bloomberg · May 14
Athene Becomes No. 3 FHLB Borrower With $28.2 Billion in Loans
1 articles · Updated · Bloomberg · May 14
Athene Holding owed $28.2 billion in Federal Home Loan Bank advances as of March 31, making Apollo’s insurance arm the system’s third-largest borrower.
$28.2 billion marked a sharp increase from $23.3 billion at the end of 2025, extending Athene’s buildup of FHLB funding into the first quarter.
FHLB data from the system’s Office of Finance showed Athene had already ranked among the biggest borrowers at year-end, when it was the second-largest user of the loans.
The new figures underscore Athene’s growing reliance on the FHLB system, a key source of secured funding for large financial firms including insurers.
As an insurer borrows billions for private credit, is it creating the next systemic financial risk?
Is a system meant for home loans now just a cheap cash source for private equity giants?