Jim Belardi, CEO, CIO, and Co-Founder.
Company Overview
Athene is a leading retirement services company with over $360 billion of total assets as of December 31, 2024, 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.
Athene maintains a separate capital structure and credit profile following its merger with Apollo in 2022. It is an issuer of senior and subordinated debt, preferred stock, and also sponsors a funding agreement backed notes program, which issues senior secured medium-term notes in the bond markets.
Athene has a Distinct Credit Profile within Apollo
Apollo is a publicly traded holding company with two principal businesses, an alternative asset manager (Apollo Asset Management) and a retirement services company, Athene.
Athene Generates Inflows from Various Channels
Organic Growth chart showing Retail Annuities, Flow Reinsurance, Funding Agreements and Pension Group Annuities
Inorganic Growth chart showing Block Reinsurance and Acquisitions
Athene Logo chart showing Compelling Growth and Strong Returns
Athene Holds Excess Capital and Liquidity
$31B
Regulatory Capital2
$2.0B
Excess Equity Capital3
$62B
Available Liquidity4
$8.8B
Total Deployable Capital5
High Quality Asset Portfolio Generates Safe Yield<sup>6</sup>
Net Invested Assets $243 Billion<sup>7</sup>
1. Financial strength ratings for Athene Annuity & Life Assurance Company, Athene Annuity and Life Company, and Athene Annuity & Life Assurance Company of New York. S&P, AM Best, Fitch, and Moody's credit ratings reflect their assessment of the relative ability of an insurer to meet its ongoing insurance policy and contract obligations.
2. Represents the aggregate capital of Athene's US and Bermuda insurance entities, determined with respect to each insurance entity by applying the statutory accounting principles applicable to each such entity. Adjustments are made to, among other things, assets and expenses at the holding company level. Includes capital from noncontrolling interests in Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA 1) and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with its subsidiaries, ACRA 2), collectively defined as ACRA.
3. Computed as capital in excess of the capital required to support our core operating strategies, as determined based upon internal modeling and analysis of economic risk, as well as inputs from rating agency capital models and consideration of both National Association of Insurance Commissioners risk-based capital and Bermuda capital requirements.
4. Includes $6.8 billion of cash and cash equivalents, $2.6 billion Athene Holding Ltd./Athene Life Re Ltd. (ALRe) liquidity facility with $0.5 billion accordion feature, $1.25 billion AHL credit facility with $0.5 billion accordion feature, $2.0 billion committed repos, $3.3 billion of FHLB capacity, and $44.7 billion liquid asset portfolio. Availability of accordion features subject to lender consent and other factors.
5. Includes $2.0 billion in excess equity capital, $3.3 billion in untapped leverage capacity and $3.5 billion in available undrawn capital at ACRA. Untapped leverage capacity assumes an adjusted leverage ratio of not more than 30%, subject to maintaining a sufficient level of capital required to maintain our desired financial strength ratings from rating agencies.
6. As of December 31, 2024, 97% of $184 billion of available-for-sale securities designated NAIC 1 or 2.
7. Represents net invested assets as of December 31, 2024. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but do not include the proportionate share of investments associated with the noncontrolling interests. Gross invested assets were $327 billion as of December 31, 2024, including the ACRA noncontrolling interests.
8. Includes equity securities, short-term investments, investments in company owned life insurance, accrued investment income, policy loans and other investments.