Athene

What Athene does

Athene Holding Ltd. is a leading US retirement services company and majority-owned subsidiary of Apollo Global Management (NYSE: APO), founded in 2009 and headquartered in West Des Moines, Iowa. The company underwrites and distributes a portfolio of annuity products — Fixed Indexed Annuities (FIAs), Registered Index-Linked Annuities (RILAs), Fixed Annuities, Immediate Annuities, and Structured Settlement Annuities — to individual retirees and pre-retirees via a nationwide network of independent agents, broker-dealers, and registered investment advisors. Athene also operates an institutional channel comprising reinsurance transactions (block reinsurance, longevity reinsurance, and retrocession) and pension group annuity risk transfers for plan sponsors and insurance counterparties, with operations in the United States, Bermuda, Canada, and Japan.

The company's core business model is a spread-generating insurance model: it collects annuity premiums, holds the resulting liabilities as long-duration "permanent capital" (ten to thirty years), and reinvests the float through Apollo's integrated asset management platform into private credit, commercial real estate, and alternative investments. Athene holds $448 billion in total assets as of March 31, 2026, $262 billion in net invested assets, and has earned the #1 ranking in LIMRA's U.S. Retail Annuity Survey for three consecutive years with nearly $65 billion in 2025 total annuity sales. The technology infrastructure supports product administration, asset-liability management, and longevity risk modeling, while subsidiaries (Petros PACE Finance, Foundation Home Loans, Aqua Finance, Athene Life Re Ltd., Athene Annuity Re Ltd.) extend the platform into C-PACE financing, UK mortgage origination, consumer finance, and reinsurance.

Athene's revenue is generated through three primary streams: (1) annuity premiums and fee income from retail and institutional product sales, (2) net investment income from the spread between policyholder obligations and investment returns on its $262B+ asset portfolio, and (3) reinsurance premiums from block and longevity transactions with cedents such as Sony Life and Swiss Re. The company carries top-tier financial strength ratings (A+ from AM Best, S&P, and Fitch; A1 from Moody's) and has executed multiple large-scale reinsurance and pension risk transfer transactions, including a $2 billion longevity deal with Swiss Re and a $9 billion commercial real estate portfolio acquisition from Apollo Commercial Real Estate Finance in early 2026.

Name

Athene

Legal name

Athene Holding Ltd.

Website

https://athene.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Athene Holding Ltd. is a leading US retirement services company and Apollo Global Management subsidiary that underwrites and distributes annuity products (FIAs, RILAs, fixed, immediate) to individual retirees and executes reinsurance and pension risk transfer transactions for institutional counterparties, managing $448 billion in total assets.

Ownership category

akta.pro rank

Product category

Retirement Annuities and Insurance Services

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Insurance Carriers (5241), Portfolio Management and Investment Advice (523940)

SIC

Life Insurance (6311), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Annuities & Investment-Linked Insurance Solutions (Retail) (FSAAAAAM)

akta.pro secondary industries

Group Annuities (Employer/Institutional) (FSAIACAI), Registered Index-Linked Annuities (RILA) (FSAIACAD), Annuity Reinsurance (Immediate, Deferred, VA/GMxB) (FSAOAAAF)

Keywords

• Retirement annuities
• Fixed indexed annuities
• Longevity reinsurance
• Pension risk transfer
• Guaranteed lifetime income

Headquarters

HQ city

West Des Moines

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Annuity Premiums: Athene collects annuity premiums from individuals and institutions, generating fee income and accumulating assets under management. Products include fixed indexed annuities, registered index-linked annuities, fixed annuities, and immediate annuities that provide guaranteed income streams.
2. Investment Income: The company invests annuity premiums and float in higher-yielding private credit, alternative assets, and traditional investments, generating spread income between investment returns and policyholder obligations. Athene's integration with Apollo provides access to private credit origination and alternative investment strategies.
3. Reinsurance Premiums: Athene earns reinsurance premiums through reinsurance contracts with other insurers, including block reinsurance transactions and retrocession arrangements. The company has executed multiple reinsurance transactions including deals with Sony Life and Swiss Re.
4. Institutional Fee Income: Revenue from pension group annuity contracts and institutional retirement solutions sold directly to pension plans and plan sponsors.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Athene Holding Ltd. is a retirement services company that issues and administers a portfolio of annuity products designed to provide guaranteed lifetime income, principal protection, and tax-deferred retirement savings growth. Retail products include Fixed Indexed Annuities, Registered Index-Linked Annuities, Fixed Annuities, Immediate Annuities, and Structured Settlement Annuities, distributed through financial professionals. On the institutional side, Athene provides pension group annuities and reinsurance transactions that transfer longevity and mortality risk from pension plans and insurance companies to its balance sheet.

Product overview

Athene is a retirement services company offering a portfolio of annuity products designed to help individuals build retirement savings and create guaranteed lifetime income. The product line includes Fixed Indexed Annuities (FIAs), Registered Index-Linked Annuities (RILAs), Fixed Annuities, Immediate Annuities, and Structured Settlement Annuities. Core products like Athene Amplify® 3.0 (RILA) and Athene Ascent Pro (FIA) provide growth potential with varying levels of market protection. The Lifetime Income Builder platform extends guaranteed income solutions into workplace retirement plans. For institutional clients, Athene offers reinsurance services and Pension Group Annuities (PGA) for pension risk transfer. The company operates primarily in the United States, Bermuda, Canada, and Japan.

Differentiator

Problem solved

Functional benefit

Brands

• Athene Amplify®: Registered Index-Linked Annuity (RILA) product line
• Athene Ascent Pro
• Athene Annuity and Life Company
• Athene Annuity & Life Assurance Company of New York

Products and services

• Fixed Indexed Annuities (FIAs) Annuity products that offer growth potential linked to market indices while providing protection from market downturns, with tax-deferred accumulation and optional guaranteed lifetime income features, sold to individuals through financial professionals.
• Registered Index-Linked Annuities (RILAs) Securities-based annuity products providing growth opportunities linked to market indices with a defined level of downside protection, allowing policyholders to participate in market gains while limiting losses.
• Fixed Annuities Annuities that provide guaranteed interest rates and stable, predictable growth for retirement savings with minimum rate guarantees over specified terms.
• Immediate Annuities Annuities that convert a lump-sum premium into guaranteed, steady income starting soon after purchase, providing retirees protection from outliving their savings.
• Structured Settlement Annuity Annuities that provide structured payment schedules for settlement recipients, typically used to fund legal settlements with periodic income.
• Athene Amplify® 3.0 A Registered Index-Linked Annuity (RILA) in Athene's Amplify® lineup offering growth potential with downside protection features for retirement income seekers.
• Athene Ascent Pro A fixed index annuity (FIA) providing tax-deferred growth potential, protection from market loss, and optional guaranteed lifetime income through a guaranteed lifetime withdrawal benefit (GLWB).
• Reinsurance Services Reinsurance and retrocession arrangements with insurance companies and reinsurers, including block reinsurance and longevity risk transfer, executed primarily through Athene Life Re Ltd. in Bermuda.
• Pension Group Annuities (PGA) Group annuity contracts that allow pension plan sponsors to transfer retirement obligations to Athene, providing retirees with guaranteed income backed by Athene's financial strength.

Quantifiable outcome

• $65 billion in total annuity sales in 2025, ranking #1 in LIMRA's U.S. Retail Annuity Survey for the third consecutive year
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and strategic.

• Swiss RecoreStrategic or Co-development Partner · 17 March 2026Swiss Re completed a $2 billion longevity reinsurance transaction covering US retirees, marking Swiss Re's first deal of this kind in the United States. The transaction extends Swiss Re's presence in the global pension risk transfer market, having completed over 30 transactions covering more than $50 billion in pension liabilities and 1 million retirees globally. Swiss Re's longevity business represents 17% of its Life & Health Reinsurance insurance revenue in 2025.
• Sony Life InsurancecoreStrategic or Co-development Partner · 30 September 2025Athene entered a block reinsurance transaction with Sony Life Insurance to reinsure an in-force block of US dollar-denominated whole life insurance policies. As part of the arrangement, Athene retroceded all mortality risk to Swiss Re. This marked Athene's eighth reinsurance deal across seven cedents and its second with a Japanese insurer, bringing total Japanese transaction volume to approximately $19 billion.
• Aqua FinancestrategicStrategic or Co-development Partner · 1 July 2022Aqua Finance, Inc., operating in all 50 states and founded in 1985, was acquired by Athene Holding Ltd. in July 2022. Prior to the acquisition, Aqua Finance was majority owned by a Blackstone managed fund. Aqua Finance specializes in marine, recreational vehicle, and home improvement consumer finance.
• Petros PACE FinancestrategicStrategic or Co-development Partner · 18 January 2022Athene Holding Ltd. completed its acquisition of Petros PACE Finance, LLC, a leading provider of C-PACE (Commercial Property Assessed Clean Energy) financing in the U.S. The acquisition aimed to accelerate growth in clean energy financing for commercial real estate, leveraging Apollo's capital markets experience and resources.
• MidCap FinancialstrategicStrategic or Co-development PartnerMidCap Financial Issuer Trust is a wholly-owned subsidiary of MidCap FinCo Intermediate LLC that serves as Apollo and Athene's primary direct origination platform in the private middle market. Apollo Global Management together with its insurance subsidiary Athene Holding Ltd. owns 50% of MidCap, providing access to a $908 billion AUM platform and $37 billion in total commitments across more than 560 borrower relationships.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Lincoln Financial Group: Lincoln Financial Group is a major U.S. provider of annuities, life insurance, and retirement plan services. Its annuity segment is a direct competitor to Athene with similar FIA, fixed, and variable annuity offerings and overlapping producer distribution.
• Jackson Financial: Jackson Financial specializes in retirement savings and income solutions, primarily through variable, fixed, and fixed index annuities. It competes directly with Athene in the U.S. retail annuity market with comparable product features and distribution.
• Brighthouse Financial: Brighthouse Financial is a leading U.S. annuity and life insurance provider focused primarily on retirement products. It is a direct competitor to Athene in fixed, indexed, and variable annuities with similar institutional and retail channels.
• Corebridge Financial: Corebridge Financial is a major U.S. life insurance and annuity provider spun off from AIG. It is a direct competitor to Athene in retail annuities, institutional pensions, and individual retirement products, with similar product suite and distribution model.
• F&G Annuities & Life: F&G Annuities & Life is a specialist annuity and life insurance provider with concentrated exposure to fixed indexed, fixed, and immediate annuities. It competes directly with Athene in retail indexed annuities and reinsurance, with Blackstone as a similar anchor capital partner.

Broad incumbents

• MetLife: MetLife is one of the largest global life insurance and annuity providers, with substantial presence in U.S. retail annuities, group annuities, and pension risk transfer. It is a broad incumbent competitor with overlapping capabilities but a wider product portfolio than Athene.
• TIAA: TIAA is a leading U.S. retirement services organization specializing in academic, nonprofit, and healthcare retirement plans. While focused on a different end market, TIAA offers competing annuity products and guaranteed income solutions that overlap with Athene's retirement offerings.
• Equitable Financial: Equitable Financial is a major U.S. life insurance and annuity provider offering variable, fixed, and indexed annuities. It competes with Athene in the retail annuity market and increasingly in retirement income solutions.
• Prudential Financial: Prudential Financial is a major U.S. financial services firm with large retirement strategies, individual life insurance, and institutional investment businesses. It competes with Athene in pension risk transfer, retail annuities, and longevity reinsurance.
• New York Life: New York Life is one of the largest mutual life insurers in the U.S. with significant annuity, life insurance, and retirement income offerings. It is a broad incumbent competitor to Athene in retail annuities and longevity products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/AtheneUSA
• Facebookfacebook.com/AtheneUSA
• LinkedInlinkedin.com/company/athene-usa
• Xx.com/atheneusa

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds7 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Athene