Our Business

Athene issues, reinsures and acquires retirement savings products. Athene has developed dedicated distribution channels — retail, flow reinsurance, funding agreements and pension group annuities, and acquisitions and block reinsurance — which support origination across differing market environments, and which enable Athene to achieve stable asset growth while maintaining attractive returns.

Retail

Athene, through its operating subsidiaries, serves customers in all 50 states, providing products in the retirement savings market, including fixed indexed annuity (FIA) and registered indexed linked annuity (RILA) products.

  • Athene is the #1 carrier in fixed indexed annuity sales1 in 2021 and 2020
  • We write capital-efficient FIAs, RILAs and Multi-Year Guaranteed Annuities
  • We are highly-rated — S&P: A+, Fitch: A+, A.M. Best: A, and Moody's: A12 — and our U.S. operating subsidiaries are licensed to distribute products in all 50 states
  • Our products are sold through independent marketing organizations and financial institutions
  • Established the Japan Representative Office in 2022

Reinsurance

Athene Life Re Ltd. a subsidiary of Athene Holding Ltd., is one of Bermuda’s largest annuity reinsurance companies, as measured by capital. Athene Life Re’s core business is fixed annuity reinsurance, partnering with primary life and annuity insurance companies to find solutions to their corporate needs.

  • Reinsures fixed indexed annuities, multi-year guaranteed annuities, payout annuities and funding agreements
  • Ability to structure reinsurance agreements with U.S.-based life insurance companies
  • Entered the Japanese market in 2020 and established the Japan Representative Office in 2022

Institutional

Funding Agreements

  • Athene opportunistically issues funding agreements to institutional investors
  • We generated $11.9 billion in new funding agreement3 inflows during 2021
  • In the year 2021, we were the #1 issuer of funding agreement backed notes (FABNs) with $11.1 billion of issuance across six different currencies

Pension Group Annuities (PGA)

  • Athene expanded into the pension risk transfer market in 2017
  • Athene was the #1 U.S. PRT provider by volume4 in 2021 and 2020
  • Athene had a record year for PRT activity in 2021 generating $13.8 billion in inflows across nine transactions

Acquisitions & Block Reinsurance

  • Athene has proven transaction expertise; a significant portion of our growth has come from acquisitions of and block reinsurance transactions with other insurance companies
  • Our financial strength, capital position and ability to structure innovative solutions for the insurance industry has made us one of the go-to partners in the industry
  • Our management team’s long-standing industry experience and relationships provide a competitive sourcing advantage
    • Athene has a proven record of working constructively to gain transaction approval
    • We are able to underwrite meaningful operational synergies
  • Since our inception, we have completed numerous block reinsurance transactions and several acquisitions of well-established companies in the annuity business (see table below)
  • Athene acts as a capital solution provider to the industry
  • Our strategic capital vehicle, Athene Co-Invest Reinsurance Affiliate provides on-demand, third-party equity capital enabling us to execute across our business channels to support organic and inorganic growth
  • Through our efficient corporate structure and operations, we believe we have a built a cost-effective platform to support our growth opportunities
  • We remain well-positioned for continued profitable growth

Close Date Company Transaction Type
April 2011 Liberty Life Insurance Company (LLIC) Acquisition 
July 2011 Investors Insurance Company Acquisition
December 2012 Presidential Life Insurance Company Acquisition
October 2013 Aviva USA Acquisition
December 2017 Voya Financial Block Reinsurance
December 2018 Lincoln Financial Group Block Reinsurance
June 2020 Jackson National Life Insurance Company Block Reinsurance

1 LIMRA Secure Retirement Institute, U.S. Individual Annuity Industry Sales Report, Fourth Quarter 2021 and Fourth Quarter 2020.

2 Financial strength ratings for Athene Annuity & Life Assurance Company, Athene Annuity and Life Company, Athene Annuity & Life Assurance Company of New York and Athene Life Re Ltd. S&P, Fitch, A.M. Best’s and Moody’s credit ratings reflect their assessment of the relative ability of an insurer to meet its ongoing insurance policy and contract obligations. S&P rating as of December 2022 (A+, 5th highest out of 21), Fitch rating as of May 2022 (A+, 5th highest of 19), A.M. Best rating as of April 2022 (A, 3rd highest of 16) and Moody’s rating as of July 2022 (A1, 5th highest of 21). Athene Holding Ltd.’s credit rating is A-/A-/bbb+ for S&P, Fitch and A.M. Best, respectively. 

3Funding agreements are comprised of funding agreements issued under our FABN and FABR programs, funding agreements issued to the FHLB and long-term repurchase agreements.

4LIMRA, U.S. Group Annuity Risk Transfer Survey, Fourth Quarter 2021 and Fourth Quarter 2020.

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Institutions
The institutional channel includes reinsurance and group annuity contracts related to pension group annuities.
Reinsurance Pension Group Annuities (PGA) Investors Privacy Legal

Annuities contain features, exclusions, limitations and availability that may vary by state and/or sales distributor. For a full explanation of an annuity, please refer to the Certificate of Disclosure or Prospectus (as applicable) and contact your financial professional or the company for costs and complete details. This material is a general description intended for general public use. 

Annuity contracts and group annuity contracts are issued by Athene Annuity and Life Company (61689), West Des Moines, IA, and Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware, in all states (except New York), and in D.C. and PR. Annuity contracts and group annuity contracts are issued by Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY, in New York state. Payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Insurance products may not be available in all states. These companies are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. This material should not be interpreted as a recommendation by Athene Annuity and Life Company, Athene Annuity & Life Assurance Company, Athene Annuity & Life Assurance Company of New York, or Athene Securities, LLC. Please reach out to your financial professional if you have any questions about insurance products and their features.

The term “financial professional” is not intended to imply engagement in an advisory business with compensation unrelated to sales. Financial professionals will be paid a commission on the sale of an annuity.

ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY FDIC OR NCUA/NCUSIF. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.

Reinsurance contracts are entered into with Athene Annuity and Life Company (61689), West Des Moines, IA; Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware; Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY; and Athene Life Re Ltd., Hamilton, Bermuda. Not all reinsurance products or structures offered are available in all jurisdictions. Reinsurers may not be licensed in all states. All transactions are subject to meeting a reinsurer’s underwriting requirements. Reinsurance products are not protected or guaranteed by state insurance guaranty associations or insolvency funds.