20 August 2018News

S&P upgrades Athene ratings

S&P Global Ratings has upgraded the financial strength ratings of Athene Holding operating companies to ‘A’ from ‘A-.’ S&P also upgraded the rating on Athene Holding to ‘BBB+’ from ‘BBB’ and added that the outlook of these credit ratings is stable.

S&P’s ratings and analysis are intended to assess the level of corporate financial strength and creditworthiness. The ‘A’ financial strength rating is S&P’s third highest rating category.

“This upgrade reflects our stellar financial results and will accelerate the strong momentum of our business,” said Jim Belardi, chief executive officer of Athene. “We have achieved significant growth and greater diversification while prudently managing risk. We believe this ratings upgrade will further strengthen our multi-channel distribution model, and we look forward to establishing new partnerships and engaging as a financial solutions provider to a broader market.”

S&P cited Athene's improved business diversification as the primary reason for the improved rating. “Historically, Athene's business has been concentrated in retail annuities, which made up over 85 percent of deposits in 2014. Since then, management has successfully diversified into flow reinsurance and pension risk transfers.” The rating agency also noted, “The improved business diversification drives the overall improvement in our view of its competitive position and business risk profile.”

The Athene entities receiving financial strength ratings upgrade from S&P include: Athene Annuity & Life Assurance Company, Athene Annuity & Life Assurance Company of New York, Athene Annuity and Life Company, Athene Life Re and Athene Holding.




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4 May 2018   Bermuda-based Athene Holding has reported first quarter 2018 net income of $268 million, a fall of 31.8 percent from the $384 million it made in the same quarter of 2017.

More on this story

News
29 June 2018   Athene Holding has revealed that Athene Life Insurance Company of New York (ALICNY) and First Allmerica Financial Life Insurance Company (FAFLIC), a subsidiary of Global Atlantic Financial Group, have agreed to a consent order with the New York State Department of Financial Services (NYSDFS).
News
4 May 2018   Bermuda-based Athene Holding has reported first quarter 2018 net income of $268 million, a fall of 31.8 percent from the $384 million it made in the same quarter of 2017.