Fitch upgrades financial strength rating of Athene Life Re

01-05-2019

Fitch Ratings has upgraded the insurer financial strength (IFS) ratings of the operating companies of Athene Holding - which includes its Bermuda-based annuity reinsurance subsidiary Athene Life Re - from A- (strong) to A (strong).

These ratings reflect Athene’s strong earning and financial performance, as well as its maintenance of strong balance sheet fundamentals.

Fitch said that Athene’s improved business profile has been driven by its expansion into adjacent product lines, expanded distribution and increased business volumes as the company retains a strong presence in the fixed annuity market and an increasing presence in the pension risk transfer business.

“This upgrade reflects our superior financial results, very strong capital position and our increasing business diversification from our multi-channel distribution platform,” said Jim Belardi, CEO of Athene.

As well as Athene Life Re, other entities to receive financial strength rating upgrades include Athene Annuity & Life Assurance Company, Athene Annuity and Life Company, and Athene Annuity & Life Assurance Company of New York.

Belardi continued: “We are proud that S&P, A.M. Best and now Fitch have all recognized Athene with 'A' ratings, and we look forward to additional ratings upgrades in the future. Our increasing presence in the marketplace as an A-rated company will enable us to establish new partnerships and expand our reach as a financial solutions provider to a broader market.”

Fitch Ratings, Athene, Athene Life Re

Bermuda Re