AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of 'a+' (Excellent) of the members of
Athene, which is focused on the pension group annuity, funding agreement, fixed indexed and fixed annuity market segments, is the consolidation of the organization's
Concurrently, AM Best has assigned an FSR of A (Excellent) and the Long-Term ICR of 'a+' (Excellent) to
The ratings reflect Athene's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.
AM Best views Athene's consolidated risk-adjusted capitalization as strongest, as measured by Best's Capital Adequacy Ratio (BCAR), and supported by favorable financial flexibility. Athene has demonstrated its ability to access capital markets and maintains additional access to capital and liquidity through a revolving credit facility,
Financial leverage metrics have improved in the past year as capital growth has outstripped debt issuances. However, AM Best notes that Athene holds elevated allocations to more complex and less-liquid investments, which could be impacted materially under adverse market conditions.
Athene has a track record of strong earnings driven by favorable earning spreads and operating profitability, despite the challenges related to the persistent low interest rate environment and high competitive pressures.
Athene's favorable business profile reflects continued enhancements through additional distribution channels in its retail markets, and expansion of its pension risk transfer business in
The FSR of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) have been affirmed with stable outlooks for the following members of
Athene Co-Invest Reinsurance Affiliate 1A Ltd.
The following Long-Term IRs have been affirmed with stable outlooks:
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
'bbb-' (Good) on
'bbb-' (Good) on
'bbb-' (Good) on
'bbb-' (Good) on
The following indicative Long-Term IRs have been affirmed with stable outlooks:
'bbb+' (Good) on senior unsecured debt
'bbb' (Good) on subordinated debt
'bbb-' (Good) on junior subordinated debt
'bbb-' (Good) on preferred stock
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