Athene Holding reported a profit in the first quarter of 2021, with its chief executive officer (CEO) praising the group’s execution during the period which he said had driven record profitability.
Athene reported a net profit of $578 million in Q1 2021, turning around the $1.06 billion loss reported in Q1 2020.
Flow reinsurance business came in at $299 million for the quarter, down from $861 million in the same period the previous year. This was offset by growth in both funding agreements and pension risk transfer, which grew to $3.23 billion, from $823 million, and to $2.89 billion, from $1.02 billion, respectively.
Total net flows increased to $3.22 billion in Q1 2021, from $1.2 billion in the first three months of 2020.
Jim Belardi, Athene’s CEO, said: "In the first quarter, we demonstrated superb execution on both sides of the balance sheet, with strong organic growth and asset outperformance combining to drive record profitability.”
He added: "These results demonstrate that our spread-based business model is continuing to scale and grow very profitably, carrying significant momentum into the remainder of 2021.”
Athene announced a merger transaction with Apollo in March, which Belardi said will fully align both organisations and accelerate profitable growth.
Athene, Results, Jim Belardi