Athene completes pension group annuity deal with Lockheed Martin

Athene USA, a leading retirement services company and wholly owned subsidiary of Apollo Global Management (NYSE: APO), announced the close of its third pension group annuity (“PGA”) transaction with global security and aerospace leader Lockheed Martin (NYSE: LMT.)

Since its first transaction with Lockheed Martin in 2018, Athene has agreed to provide annuity benefits for over 40,000 Lockheed Martin plan participants, totaling $10 billion in pension obligations and related plan assets.

Per the latest transaction, Athene's wholly-owned subsidiaries, Athene Annuity and Life Company ("AAIA") and Athene Annuity & Life Assurance Company of New York ("AANY"), have agreed to assume $4.3 billion in pension obligations and related plan assets for approximately 13,600 participants of Lockheed Martin's pension plan who are currently receiving benefits.

“Today, many plan sponsors are looking for a trusted partner to help them reduce the volatility of their pension obligations,” said Sean Brennan, Executive Vice President, Pension Group Annuity and Flow Reinsurance at Athene. “As a leader in the pension group annuity market, we look forward to continuing to identify innovative solutions for pension risk mitigation as we support plan sponsors at every stage of the process. We are pleased to have once again been selected to provide Lockheed Martin’s pension plan participants with the continued retirement security they earned.”

Under the agreement, AAIA and AANY have each committed to issuing a group annuity contract to Lockheed Martin and individual annuity certificates to applicable participants.

"We continue to see an increase in the size and frequency of U.S. PGA transactions," added Grant Kvalheim, President of Athene and CEO and President of Athene USA. "Athene’s financial strength and expertise on managing retirement obligations ensure we are a solutions provider that is well-equipped at helping companies de-risk while maintaining retirees' benefits in a seamless way."

Athene utilized its strategic capital vehicle, Athene Reinsurance Co-investment ("ACRA"), to support the completion of this transaction. Athene is a leader within the pension group annuity industry, partnering with plan sponsors and intermediaries to execute 35 transactions covering over $32.2 billion in premiums for more than 390,000 annuitants since entering the market. To learn more about Athene's PGA solutions, visit athene.com/PGA.

About Athene
Athene, through its subsidiaries, is a leading retirement services company with total assets of $246.1 billion as of March 31, 2022, and operations in the United States, Bermuda, and Canada. Athene specializes in helping its customers achieve financial security and is a solutions provider to institutions. Founded in 2009, Athene is Driven to Do More for our policyholders, business partners, shareholders, and the communities in which we work and live. For more information, please visit www.athene.com.