Bermuda-based Athene Holdings Limited has reported third quarter net income available to common shareholders of $698 million, compared with $622 million for the same period last year.

Athene said the increase from the prior year quarter was driven by higher adjusted operating income, realised gains on the sale of AFS securities and a decrease in income tax expense relating to non-operating adjustments, partially offset by an unfavourable change in fair value of reinsurance assets.

Jim Belardi, CEO of Athene, said: “In the third quarter, we originated nearly $12 billion of gross organic inflows, a new quarterly record for Athene.

“With this result, we have already surpassed the level of total organic inflows generated in all of 2020, which was our previous record.

“Our third quarter results also highlight that we are on pace to deliver our best year of annual profits since we started the company.”

He added: “These factors combined to drive Athene’s adjusted book value to $71.50 per share, which represents an impressive compound growth rate of 17 per cent per year since inception, a level we believe is unmatched by our retirement services competitors and is among the very best in the financial services industry.

“I am truly excited to see Athene continue this success as a fully aligned partner with Apollo, following the completion of our pending merger in January.”

Adjusted operating income available to common shareholders for the third quarter 2021 was $541 million, or $2.73 per adjusted operating common share, compared to $302 million, or $1.53 per adjusted operating common share for the third quarter 2020.

The increase from the prior year quarter was primarily driven by higher invested assets and the change in fair value of Athene's AOG investment, the company said.

Adjusted operating income available to common shareholders excluding notables and AOG for the third quarter 2021 was $511 million, or $2.57 per adjusted operating common share, compared to $356 million, or $1.81 per adjusted operating common share for the third quarter 2020.

The increase from the prior year quarter was primarily driven by higher invested assets, the company said.

Athene, through its subsidiaries, is a retirement services company with total assets of $224.4 billion as of September 30, and operations in Bermuda, the United States, and Canada.