Vice President Corporate Development

Athene names Brett Gibson as Executive Vice President, Head of Investor Relations. WEST DES MOINES, Iowa, Aug. 31, 2026 (GLOBE NEWSWIRE) - Athene, the leading retirement solutions company and subsidiary of Apollo Global Management, Inc. (NYSE:APO), today announced that Brett Gibson is joining the company as Executive Vice President and Head of Investor Relations. "Brett brings nearly 20 years of experience in credit research, capital markets, and institutional investor engagement to Athene's retirement platform," said Grant Kvalheim, CEO of Athene. "Brett's strong relationships with fixed income investors and knowledge of the industry will complement our team's capabilities as we continue to build on Athene's market leadership and financial performance." Gibson joins Athene from J.P. Morgan Securities, where he most recently served as Executive Director, North America Credit Research. During his tenure, he specialized in analyzing investment-grade insurance and healthcare companies through various market cycles, including extensive analysis of Life Insurance industry balance sheets and investment portfolios. "I am excited to join Athene given its many operational and balance sheet strengths and the opportunity it has to help increase retirement security at such an important time," said Gibson. "Athene's scale and expertise make it well positioned for continued profitable growth while maintaining its position as one of the best capitalized financial services companies in the world. I look forward to helping communicate these strengths to key stakeholders, maintaining our industry leading disclosures and transparency, and enhancing our position within the capital markets." About Athene Athene is the leading retirement solutions company with $473 billion of total assets as of June 30, 2026, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com. Contact Alyssa Castelli Director, External Relations +1 (646) 768-7304 [email protected]

Westaim posts $81.5 million Q2 loss as Ceres Life scales toward profitability. Westaim says its AI-native annuity platform can automate 85% of operations, a claim its own numbers will soon be tested against. The Westaim Corporation, the Toronto Stock Exchange-listed parent of de novo annuity insurer Ceres Life Insurance Company and asset manager Arena Investors, reported a net loss of $81.5 million for the second quarter of 2026, against a $0.2 million loss in the same quarter last year. The loss followed a $33.4 million net loss in the first quarter of 2026, meaning Westaim's quarterly losses have widened substantially even as the underlying insurance business continues adding premium at pace. Ceres Life generated $303 million in premiums during the quarter, with more than $660 million issued or pending through the end of July, and grew its invested asset base to $445 million. The insurance segment nonetheless posted an adjusted EBITDA loss of $65 million for the quarter, driven primarily by a $56.8 million reserve recognised on new policies issued during the period. Why fast growth is generating an accounting loss. Cameron MacDonald, Westaim's chief executive, framed the growth as evidence the platform is scaling as intended. "We continue to experience solid support from our national distribution partners," MacDonald said, pointing to Ceres' AI-native technology platform, which the company says can automate 85% of operations as volume increases - a claim not yet tested at the scale the business is now reaching, and one management has said September's investor day will begin to illuminate more fully. The loss itself stems largely from an accounting mechanic rather than an operating shortfall. Under IFRS 17, the international accounting standard for insurance contracts that Westaim reports under as a Canadian-listed company, insurers must recognise reserves for future policyholder obligations at the time a policy is issued rather than spreading that recognition over the life of the contract. This treatment differs from US GAAP and produces upfront paper losses on new business even when the underlying policies are priced to be profitable over time. The faster Ceres grows premium, the larger the accounting reserve - and therefore the reported loss - becomes in the near term. Ceres added $15.1 million in multi-year guaranteed annuity premiums and $288.1 million in fixed indexed annuity premiums during the quarter. The company said it expects the accounting drag to ease as the in-force book grows large enough for renewal earnings to offset the reserves generated by new policy issuance. The quarterly loss trajectory tells the story precisely. The insurance segment posted an adjusted EBITDA loss of $11.6 million in Q4 2025, when the business had issued 275 MYGA policies for $40 million in total premiums. That loss climbed to $20.1 million in Q1 2026 and now stands at $65 million for Q2 - tracking closely with the rapid acceleration in new premium volume each quarter. The accounting loss is large because the new business is large, not because individual policies are underperforming. A leadership transition at Ceres Life. Alongside the results, Westaim announced that Deanna Mulligan, Ceres Life's founding chief executive, will move into a strategic advisor role, with chief legal officer Erik Askelsen stepping up to president and acting CEO. Mulligan, a former CEO and chair of Guardian Life Insurance Company of America, led Ceres Life from its 2015 founding through the 2025 launch of its multi-year guaranteed annuity product and this year's rollout of its fixed indexed annuity offering. Askelsen joined Ceres in March 2025 as chief legal officer after previous roles as chief legal officer of American Equity and general counsel of Athene and Aviva USA - three of the most significant fixed annuity carriers in the US market. That credential set is directly relevant to a business distributing fixed annuity products at scale and managing the legal, compliance and regulatory relationships that come with it. Chinh Chu, Westaim's executive chairman, said Mulligan had been instrumental in building the company's foundation - assembling the team, the technology and the risk framework the business runs on today. What distribution partners and rating agencies should watch. For annuity distribution partners, reinsurers and rating agencies watching de novo platforms at this stage, two questions matter most heading into Westaim's September investor day. The first is the IFRS 17 accounting dynamic the results reflect: as long as premium growth continues at pace, accounting losses will continue growing alongside it, and that trajectory is an expected feature of the business model, not a warning sign. The second - and the one that will ultimately determine whether those paper losses eventually resolve into profitability - is whether Ceres Life's reserve assumptions and pricing are adequate for the policies now on the books. The invested asset base of $445 million against $660 million in issued or pending premiums gives some scale context, but the adequacy of the underlying reserves is what distribution partners with significant Ceres exposure should be asking about directly at the September investor day. Westaim will unveil a new company name and rebrand on September 14, ahead of the September 17 investor day where management said it would provide additional detail on asset management growth, strategic partnerships and financial outlook. For distribution partners, that presentation is the first substantive opportunity to assess whether the business model's profitability trajectory holds up against the premium acceleration the Q2 results document.