Athene is a top-selling fixed indexed annuity issuer whose subsidiaries have carried an A+ (Superior) AM Best rating, and it has been wholly owned by Apollo Global Management since 2022. We cover ratings, product lines, the private-credit portfolio question, and the seven questions to ask before signing.
The questions to ask before you sign — surrender charges, income riders, and the fees that rarely come up at the seminar.
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Athene is one of the largest fixed indexed annuity issuers in the United States, its insurance subsidiaries have carried an A+ (Superior) financial strength rating from AM Best — the second-highest of AM Best's thirteen categories — (learn more about athene ascent 10 bonus fixed index annuity review: independent analysis (2026)) (learn more about nationwide peak 10 fixed index annuity review: independent analysis (2026)) (learn more about massmutual stable voyage fixed deferred annuity review: independent analysis (2026 rates)) (learn more about what is an annuity income rider? how it works, what it costs, and when it makes sense) (learn more about protective life smart saver 5 annuity review: independent analysis (2026 rates)) (learn more about jackson national elite access advisory variable annuity review: independent analysis (2026)) and it is a wholly owned subsidiary of Apollo Global Management following their 2022 merger. For most buyers, Athene's appeal is competitive crediting rates and strong guaranteed income riders; the two things to scrutinize before signing are the surrender charge schedule, which commonly runs seven to ten years, and the Apollo-managed investment portfolio, which carries a heavier allocation to private credit than a typical life insurer's general account.
This carrier review covers Athene's financial strength ratings, product lines, how it compares to other major annuity carriers, and the specific questions to ask before purchase. Always verify current ratings and product terms directly, as both change.
| Factor | Detail |
|---|---|
| Founded | 2009 |
| Primary US subsidiary | Athene Annuity and Life Company (Des Moines, Iowa) |
| Ownership | Wholly owned subsidiary of Apollo Global Management since January 2022 |
| AM Best rating | A+ (Superior) — 2nd of 13 categories |
| Market position | Consistently among the top fixed indexed annuity issuers by US sales |
| Primary products | Fixed indexed annuities, MYGAs, registered index-linked annuities |
| Distribution | Independent agents, IMOs, banks, and broker-dealers |
Financial strength is the single most important factor in an annuity purchase, because an annuity guarantee is only as good as the insurer standing behind it. Unlike bank deposits, annuities are not FDIC insured. They are backed by the issuing company's claims-paying ability and, secondarily and with strict limits, by your state guaranty association.
Athene's primary insurance subsidiaries have held an A+ (Superior) financial strength rating from AM Best, the second-highest of thirteen categories, alongside comparable investment-grade ratings from S&P, Fitch, and Moody's. That places Athene firmly in the upper tier of annuity issuers, though not at the very top alongside the handful of carriers holding A++ from AM Best.
Ratings are periodically reviewed and can be upgraded, downgraded, or placed on watch. Before purchasing any annuity, look up the current rating for the specific issuing subsidiary named on your contract at ambest.com — not the parent holding company, and not a rating quoted in a sales presentation.
Apollo Global Management acquired the remainder of Athene in a merger completed in January 2022. Athene now operates as a wholly owned subsidiary, and Apollo affiliates manage a substantial portion of Athene's general account investments.
This is the most-discussed and least-explained aspect of Athene, so it deserves a straight answer.
The case for it: Apollo is a large, sophisticated asset manager with genuine expertise in private credit and structured assets. Higher-yielding assets in the general account are a meaningful reason Athene can offer competitive crediting rates and rider terms. The arrangement is disclosed, and Athene remains subject to state insurance regulation and statutory reserve and capital requirements.
The case for scrutiny: Athene's general account carries a larger allocation to private credit, structured assets, and affiliated investments than a typical legacy life insurer. Rating agencies and insurance regulators have publicly examined private-equity ownership of annuity writers as a sector-wide question, focusing on asset liquidity, valuation transparency, and affiliated-transaction risk. These are legitimate analytical questions about the industry, not allegations against Athene specifically, and Athene's ratings have remained in the A+ range through the period in which they have been raised.
What to do with this: treat it as a diversification input rather than a disqualifier. If you are placing a large portion of retirement assets into annuities, spreading them across two or three highly rated carriers is a reasonable response — and it also keeps you closer to state guaranty association limits per carrier.
Athene's core business. Principal is protected from index losses, and interest is credited based on the performance of a selected index subject to caps, participation rates, or spreads. Many contracts pair with optional guaranteed lifetime withdrawal benefit riders for an annual rider charge. Athene is a consistent top-selling FIA writer, and its rider income levels have generally been competitive within the category.
A fixed rate guaranteed for a set term, typically three to ten years — the annuity equivalent of a CD, with tax deferral and no FDIC insurance. MYGA rates are easy to compare across carriers because there is no index formula obscuring the return. Shop the rate for your exact term and surrender period.
RILAs accept a defined amount of downside risk — a buffer or floor — in exchange for higher upside potential than a traditional FIA. These are registered securities requiring a prospectus, and they can lose principal. They suit buyers who want more growth potential and genuinely understand and accept the loss exposure.
Structured around guaranteed lifetime income, sometimes with no explicit rider fee in exchange for other tradeoffs in the crediting structure. Compare the guaranteed income dollars per $100,000 at your intended start age against competing contracts — that number, not the rider's marketing name, is the product.
| Carrier | AM Best | Primary Strength | Consideration |
|---|---|---|---|
| Athene | A+ | Competitive FIA rates and income riders | Long surrender periods; private-credit-weighted portfolio |
| Allianz Life | A+ | Deep FIA product line and income rider design | Complex products; index allocation choices matter |
| MassMutual | A++ | Highest financial strength tier; mutual structure | Often less aggressive crediting rates |
| New York Life | A++ | Highest financial strength tier; mutual structure | Conservative product design |
| American Equity | A- | FIA specialist with straightforward products | Lower financial strength rating than peers |
| Midland National | A+ | Competitive rates; well-established | Product availability varies by state |
Ratings shown reflect commonly reported levels and should be verified at ambest.com before you rely on them. The honest tradeoff across this table: mutual carriers rated A++ generally offer greater balance sheet conservatism, while carriers like Athene generally offer more competitive crediting. Neither is universally correct — it depends on how much of your retirement assets are concentrated with one carrier.
A reasonable fit for: retirees and pre-retirees who want principal protection from market losses with some index-linked growth; buyers who prioritize guaranteed lifetime income and will hold the contract through the surrender period; and people allocating a portion of retirement assets — commonly 20% to 40% — to a guaranteed income floor.
A poor fit for: anyone who may need the principal within the surrender period; investors seeking full equity market participation, since caps and spreads limit upside; people who want a simple, easily compared product, where a MYGA or a plain bond ladder may serve better; and anyone being urged to move a large share of their savings into a single annuity contract.
Ask for answers in writing, and read the contract's Statement of Understanding rather than the marketing brochure. If an agent resists any of these questions, that is information.
This review draws on AM Best financial strength rating definitions and methodology, published company disclosures from Athene and Apollo Global Management including the January 2022 merger completion, LIMRA industry annuity sales reporting on carrier market position, National Organization of Life and Health Insurance Guaranty Associations materials on state coverage limits, and product literature published by Athene as of August 2026. Ratings, rates, product availability, and contract terms vary by state and change frequently. Last updated: August 2026. We review carrier profiles at least annually and after any rating action.
Athene is a large, established annuity issuer whose subsidiaries have carried an A+ (Superior) rating from AM Best, and it is consistently among the top fixed indexed annuity writers in the US. Whether it is right for you depends on the specific contract terms, the surrender schedule, and how the guaranteed income compares to competing carriers.
Annuities are not FDIC insured. They are backed by the issuing insurer's claims-paying ability and, within limits, by your state guaranty association. Athene's A+ AM Best rating indicates a superior ability to meet ongoing obligations. Verify the current rating for the specific issuing subsidiary before purchase.
Athene's primary insurance subsidiaries have held an A+ (Superior) rating, the second-highest of AM Best's thirteen categories. Ratings are subject to change — confirm the current rating at ambest.com for the entity named on your contract.
Athene has been a wholly owned subsidiary of Apollo Global Management since their merger completed in January 2022. Apollo affiliates manage a substantial portion of Athene's general account investments.
Surrender periods commonly run seven to ten years depending on the product, with charges that decline each year. Most contracts permit a free withdrawal — often around 10% of the account value annually after the first year. Get the exact year-by-year schedule for your specific contract in writing.
In a fixed indexed annuity, your principal is protected from index losses, but you can lose value through surrender charges on early withdrawal, rider fees that exceed credited interest in flat years, and inflation eroding purchasing power. Registered index-linked annuities like Athene Amplify are different — those can lose principal by design.
Both are major FIA writers with A+ AM Best ratings and competitive income riders. Differences show up in specific product design, index options, and current crediting rates — which change often enough that the only reliable comparison is running illustrations for both on the same date with the same premium and start age.
State guaranty associations provide a backstop up to statutory limits that vary by state, commonly in the range of $250,000 to $500,000 in present value of annuity benefits per contract owner per company. Coverage is not a substitute for buying from a highly rated carrier, and it is a reason to spread large amounts across multiple insurers.
Athene generally prices competitively within the FIA and MYGA markets, which is part of how it maintains its market position. Rates change frequently and vary by product, term, and state — compare live quotes across at least three carriers for your specific term before deciding.
No. Annuities are best used to cover a portion of essential expenses with guaranteed income, typically alongside Social Security, while other assets remain liquid and growth-oriented. Concentrating all retirement savings in one annuity contract sacrifices liquidity and concentrates carrier risk. Anyone recommending that deserves a second opinion.
This content is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice, nor a recommendation to purchase any specific annuity or insurance product. It is not an offer or solicitation. Annuities are long-term contracts with surrender charges, and early withdrawals may be subject to charges and, if taken before age 59½, to a 10% federal tax penalty in addition to ordinary income tax. Guarantees are subject to the claims-paying ability of the issuing insurance company. Annuities are not FDIC insured and are not bank deposits. Product availability, features, rates, and ratings vary by state and change frequently — verify all details, including current financial strength ratings, directly with the issuer and AM Best before purchasing. Consult a licensed insurance professional and a tax advisor about your individual circumstances. We are not affiliated with, endorsed by, or compensated by Athene Holding Ltd. or Apollo Global Management for this review.
Reviewed by the Retirement Rescue editorial team. We evaluate annuity carriers against rating agency methodology, public company disclosures, and published product literature, and update carrier reviews at least annually.
The questions to ask before you sign — surrender charges, income riders, and the fees that rarely come up at the seminar.
Send Me the Annuity GuideNo agent, no sales call.
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The questions to ask before you sign — surrender charges, income riders, and the fees that rarely come up at the seminar.
