Athene Holding Ltd.’s (Athene) insurance subsidiaries issue, reinsure and acquire retirement savings products. Athene has developed four dedicated distribution channels — retail, flow reinsurance, institutional products, such as funding agreements and pension risk transfer transactions, 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.
Athene USA, the #1 carrier in fixed indexed annuity sales1, serves as the U.S. holding company for Athene’s annuity operations in the United States. Headquartered in West Des Moines, Iowa, Athene USA’s insurance subsidiaries serve customers in all 50 states, providing products in the retirement savings market including fixed indexed annuity products.
- We write capital-efficient fixed indexed annuities (FIAs) and Multi-Year Guaranteed Annuities (MYGAs)
- Our highly-rated U.S. platforms — A.M. Best: A (stable outlook), S&P: A+ (stable outlook) and Fitch: A (positive outlook)2 — are licensed to distribute products in all 50 states
- Our products are sold through independent marketing organizations and financial institutions
Athene USA’s insurance subsidiaries include:
- Athene Annuity and Life Company, an Iowa domiciled company, formerly known as Aviva Life and Annuity Company, that issues annuities
- Athene Annuity & Life Assurance Company, a Delaware-domiciled company, formerly known as Liberty Life Insurance Company, that issues institutional products
- Athene Annuity & Life Assurance Company of New York, a New York-licensed insurance company, formerly known as Presidential Life Insurance Company, that issues annuities
Athene Life Re Ltd. (“Athene Life Re”), a subsidiary of Athene Holding Ltd., is one of Bermuda’s largest annuity reinsurance companies, as measured by capital. Incorporated in 2009, 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 FIAs, MYGAs, payout annuities and funding agreements
- Ability to structure reinsurance agreements with U.S.-based life insurance companies
- Athene opportunistically issues funding agreements to institutional investors
- We generated $8.3 billion in new funding agreement3 deposits during 2020
- As of December 31, 2020, we were the #2 issuer in funding agreement backed notes (FABN) with $5.3 billion issued across five different currencies
Pension Risk Transfer (PRT)
- Athene expanded into the pension risk transfer market in 2017
- As of December 31, 2020, Athene was the #1 US PRT provider by volume4 with $5.5 billion in deposits
- Athene had a record quarter for PRT activity in Q4 2020. We closed six transactions in Q4 totaling $4.2 billion
Mergers & Acquisitions
- Athene has proven transaction expertise; we have completed several strategic transactions since inception
- We seek attractive growth opportunities available across geographies and products
- Our management team’s long-standing industry 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 several acquisitions of well-established companies with long and proud histories in the annuity business (see table below). In each case, we built upon the solid reputations of these companies to form the company that Athene is today. We also strengthened many areas, aligned operations where appropriate and introduced new products and services that distinguish the Athene brand.
- In December 2017, Athene announced a $19 billion block reinsurance transaction with Voya Financial.
|Date||Acquired Company||Location||Current Athene Name||Former Parent Company|
|April 2011||Liberty Life Insurance Company (LLIC)||South Carolina||Athene Annuity & Life Assurance Company||Royal Bank of Canada|
|July 2011||Investors Insurance Company||Delaware||(merged into LLIC)||SCOR / France|
|December 2012||Presidential Life Insurance Company||New York||Athene Annuity & Life Assurance Company of NY||Public Company / USA|
|October 2013||Aviva USA||Iowa||Athene Annuity and Life Company||Aviva plc / UK|
|October 2015||Delta Lloyd Deutschland AG4||Germany||Athene Lebensversicherung||Delta Lloyd L.V. / Netherlands|