Athene Holding Ltd’s first-quarter net income fell 30 per cent to $268 million, compared to the same period a year earlier.

The Bermudian-based life reinsurer and annuities provider, which is backed by private-equity firm Apollo, said its book value increased 13 per cent, year-over-year, to $44.09.

Adjusted operating income for the first three months of the year was $237 million, or $1.21 per share, falling just short of the $1.24 consensus forecast of analysts tracked by Yahoo Finance.

Athene put the decrease in net income down to a $29 million decrease in adjusted operating income as well as unfavourable impacts from assumed reinsurance-embedded derivatives primarily related to increases in US Treasury rates.

“In the first quarter, Athene continued to generate best-in-class operating performance,” Jim Belardi, Athene’s chief executive officer, said.

“In our Retirement Services segment, excluding notable items, we produced $247 million of adjusted operating income and generated an adjusted operating return on equity of 18.2 per cent.

“For the rest of 2018, our unwavering focus on profitability will allow us to increase our investment margin while generating significant organic and inorganic growth.”