S&P Upgrades Financial Strength Ratings of Athene’s Operating Companies to ‘A’
PEMBROKE,
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
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% 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 Ltd. -
Athene Holding Ltd.
S&P is one of the three major credit ratings utilized by Athene to provide an independent assessment of the company’s financial strength. With a history that dates back more than 150 years, S&P Global Ratings provides high-quality market intelligence in the form of credit ratings, research, and thought leadership for companies in 28 countries around the world.
About
Athene, through its subsidiaries, is a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. The products offered by Athene include:
- Retail fixed and fixed indexed annuity products;
- Reinsurance arrangements with third-party annuity providers; and
- Institutional products, such as funding agreements and group annuity contracts related to pension risk transfers.
Athene had total assets of
Further information about our companies can be found at www.athene.com.
Safe Harbor for Forward-Looking Statements
This press release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exercise Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth in, or implied by, such statements. These statements are based on the beliefs and assumptions of AHL’s management and the management of AHL’s subsidiaries. Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. Factors that could cause actual results, events and developments to differ include, without limitation: the accuracy of our assumptions and estimates; our ability to maintain or improve financial strength ratings; our ability to manage our business in a highly regulated industry; regulatory changes or actions; the impact of our reinsurers failing to meet their assumed obligations; the impact of interest rate fluctuations; changes in the federal income tax laws and regulations; the implementation and the accuracy of our interpretation of the Tax Act, which was enacted on
All forward-looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. We do not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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