Last updated: March 2026 | Reviewed by: AnnuityJournal Editorial Team
There’s a reason the Athene Agility 10 regularly posts S&P 500 caps that are 2–4 points higher than competitors: parent company Apollo Global Management invests Athene’s general account in alternative fixed income — private credit, structured assets — instead of plain-vanilla bonds. Higher portfolio yield means more budget to buy index options, which means higher caps passed through to you. If you want maximum accumulation from an FIA, this is usually the product to beat.
This review covers the Athene Agility 10’s crediting strategies, cap rates, income options, financial strength, and who this product is best suited for.
What Is the Athene Agility 10?
The Athene Agility 10 is a fixed index annuity issued by Athene Annuity and Life Insurance Company with a 10-year surrender period. Unlike income-heavy FIAs like the Allianz 222, the Agility 10 is primarily an accumulation product — it’s designed to grow your account value as efficiently as possible, with income as a secondary option.
The Agility 10 is particularly known for offering exceptionally high S&P 500 annual point-to-point cap rates and a novel “performance trigger” crediting option.
Current Cap Rates and Crediting Strategies (2026)
| Index Strategy | Cap / Participation Rate | Crediting Method |
|---|---|---|
| S&P 500 Annual Point-to-Point | ~11.00–12.50% cap | Annual, with cap |
| S&P 500 Performance Trigger | ~7.00–8.00% trigger rate | Annual trigger |
| S&P 500 2-Year Point-to-Point | ~20.00–22.00% cap | 2-year, with cap |
| MSCI EAFE Annual Point-to-Point | ~9.00–10.00% cap | Annual, with cap |
| Bloomberg US Dynamic Balance II | ~150–175% participation | Annual, uncapped |
| Fixed Account | ~3.25% | Daily crediting |
Cap rates as of early 2026. Rates are approximate. Athene can adjust rates at each contract anniversary, subject to minimums.
The Agility 10’s S&P 500 cap rates are routinely 1–3 percentage points higher than competitors. In a strong market, that gap meaningfully compounds over a 10-year period.
Income Option: Athene Benefit 10 Income Rider
The Agility 10 offers an optional income rider (the Athene Benefit 10) for buyers who want lifetime income guarantees. Key details:
- Income Base Roll-Up: Approximately 7% simple interest annually during deferral
- Rider Fee: Approximately 1.00% of income base annually
- Payout Rates: Age-based, ranging from ~4.5% at 65 to ~6.0% at 75
- Lifetime Guarantee: Income continues for life regardless of account depletion
However — the Agility 10’s strongest use case is as a pure accumulation vehicle without the income rider. Adding the rider reduces the net account value growth and is better suited to the Allianz 222 or Nationwide New Heights 9 if income is your primary goal.
Athene Financial Strength
- AM Best: A (Excellent)
- S&P: A (Strong)
- Fitch: A
- Total Assets: Over $280 billion (part of Apollo Global Management)
- FIA Market Position: #2 largest FIA issuer in the U.S.
Athene’s “A” rating from AM Best is one step below the A+ of Allianz or Nationwide — still excellent, and the sheer scale of Athene’s operations ($280B+ in assets as part of Apollo) provides substantial confidence in their ability to honor long-term guarantees.
See our full Athene carrier review for complete company details.
Athene Agility 10 Pros and Cons
Pros
- Among the highest S&P 500 cap rates in the FIA market: Routinely 11–12.5% vs. 7–9% for competitors
- Strong 2-year point-to-point cap: The 20–22% 2-year cap lets gains compound across market cycles
- Performance trigger option: Earns a fixed rate in flat or modestly up markets — useful diversification
- MSCI EAFE option: Rare international index exposure for geographic diversification
- Massive carrier scale: $280B+ in assets provides strong claims-paying ability
- 10% annual free withdrawal: Standard liquidity access without surrender charges
Cons
- 10-year surrender period: Full 10-year commitment required to avoid surrender charges
- AM Best A vs. A+ for top competitors: One notch below Allianz and Nationwide’s A+
- Not the strongest income rider: If income is your primary goal, Allianz 222 or Nationwide New Heights 9 may deliver better income illustrations
- Cap rates can decrease: Today’s excellent caps may not persist through the full 10-year period
- Complex index menu: Multiple strategies can lead to analysis paralysis
Who Is the Athene Agility 10 Best For?
The Agility 10 is the right choice for a specific buyer profile:
- Ages 50–62 with a long deferral runway (10+ years before needing income)
- Buyers who want maximum accumulation potential and can accept a 10-year commitment
- Those who are less focused on income rider features and more focused on account value growth
- Investors who are frustrated that standard FIAs “cap out” at 7–8% when the market is up 20%+ — the Agility 10’s higher caps soften (but don’t eliminate) that frustration
- Buyers who want geographic diversification via the MSCI EAFE option
If maximizing lifetime income — not account value — is your goal, compare the Agility 10 to the Allianz 222 or Nationwide New Heights 9 instead.
How to Buy the Athene Agility 10
Athene does not sell direct. The Agility 10 is available through licensed insurance agents and independent financial advisors. When requesting an illustration, ask specifically for:
- The current S&P 500 annual point-to-point cap and contractual minimum
- The 2-year point-to-point cap and how past performance would have compared
- The performance trigger rate and historical comparison
- Full surrender charge schedule for years 1–10
- Side-by-side comparison with a MYGA at current rates
Frequently Asked Questions
Why are Athene’s cap rates higher than other carriers?
Cap rates are funded by the return on the bond portfolio backing the annuity. Athene’s parent company, Apollo Global Management, specializes in alternative fixed income investments that can generate higher yields than traditional insurance portfolios. Those higher yields enable Athene to offer higher cap rates while remaining profitable.
How does the performance trigger work on the Agility 10?
The performance trigger pays a fixed rate (e.g., 7.50%) if the S&P 500 ends the contract year at or above the starting level — even up a single point. If the index ends lower than the start, you receive 0% credit (no loss). It’s an effective strategy in sideways or modestly positive markets that would otherwise fall below the annual point-to-point cap anyway.
Can I split my money across multiple crediting strategies?
Yes. Most FIAs including the Agility 10 allow you to allocate different percentages of your premium to different index strategies. For example, you might put 50% in the S&P 500 annual point-to-point and 50% in the performance trigger. A common allocation is to combine two or three strategies to balance upside capture across different market environments.
What is the minimum deposit?
Minimum initial premium is typically $10,000. Most buyers investing for retirement income purposes deposit $100,000 or more.
How does the Agility 10 compare to a MYGA right now?
With MYGA rates near 5–5.5% in 2026, a MYGA provides a guaranteed return that the Agility 10 could outperform in good market years but might underperform in flat or down years. The Agility 10 makes sense if you believe equities will outperform fixed income over your 10-year horizon and you can tolerate years of 0% crediting. See our current MYGA rates for comparison.
