TL;DR
Athene is the largest fixed annuity seller in the United States for the third year running, with $33 billion in 2025 sales, $331 billion in admitted assets, and an AM Best A+ (Superior) rating. Owned by Apollo Global Management, the company funds its annuity book with private credit, which is why its MYGA and fixed indexed annuity rates routinely sit at the top of the comparison tables. Best for buyers who care about rate first and brand recognition second.
Short answer: If you want competitive rates from a financially strong carrier and you do not need the household-name comfort of a New York Life or MassMutual, Athene is one of the most reliably aggressive carriers in the market.
Who Is Athene?
Athene Annuity and Life Insurance Company is a fixed annuity specialist headquartered in West Des Moines, Iowa. It was founded in 2009 by Jim Belardi, a former AIG executive who started the company in the wreckage of the financial crisis on a simple premise: the business of holding long-duration retirement liabilities was undervalued, and a smarter asset-liability strategy could win it.
That bet worked. Apollo Global Management took a minority stake early on, then completed a full acquisition in January 2022. Today, Athene reports more than $331 billion in admitted assets, serves over 1.7 million policyholders, and sells exclusively through licensed independent agents and broker-dealers. You will not find an Athene branch. You will not find a salaried Athene rep. The distribution model is third-party only.
According to LIMRA’s 2025 U.S. Retail Annuity Survey, Athene led the industry for the third consecutive year, posting nearly $33 billion in fixed annuity sales: $17 billion in fixed-rate deferred (MYGA) sales and roughly $15 billion in fixed indexed annuity sales. That happened in a year when total industry sales hit $465 billion, so Athene is moving real volume in a hot market, not picking up scraps in a quiet one.
Athene Financial Strength Ratings (2026)
Financial strength is the entire point of buying an annuity, so let us start there.
| Agency | Rating | Tier | Outlook |
|---|---|---|---|
| AM Best | A+ (Superior) | 2nd of 16 | Stable |
| S&P Global | A+ (Strong) | 5th of 22 | Stable |
| Fitch | A+ (Strong) | 5th of 22 | Stable |
| Moody’s | A1 (Upper Medium) | 5th of 21 | Stable |
A+ across three of four agencies is excellent. It is one notch below the top tier (where you find names like New York Life and MassMutual) but well above the industry median. For context, Athene’s AM Best rating sits in the top 7% of all U.S. life and health insurers tracked by the agency.
The frequent question is whether Apollo’s private-credit focus introduces hidden risk to the balance sheet. AM Best has looked at this directly and continued to affirm the rating, citing Athene’s very strong balance sheet assessment and disciplined underwriting. Your state guaranty association coverage is also a backstop, though we never recommend treating it as a primary safety net.
Athene Product Lineup
Athene runs a focused product shelf. No variable annuities, no registered index-linked annuities. Just three categories, executed at scale.
1. Multi-Year Guaranteed Annuities (MYGA)
Athene’s MaxRate series is the bread and butter. Available in 3, 5, 7, and 10-year terms, with rates that have been competitive enough to sit at or near the top of national rate sheets through most of 2024 and 2025. Free withdrawal allowance is the standard 10% per year after year one. Surrender charges follow a declining schedule that mirrors the term length.
If you are comparing MYGAs from multiple carriers, see our best MYGA rates table for current rankings.
2. Fixed Indexed Annuities (FIA)
Athene’s FIA lineup is broad and includes some of the best-known products in the independent agent channel: the Athene Agility 10 (with the Athene Performance Booster), the Athene Ascent Pro 10, the Athene Performance Elite series, and the Velocity (a shorter-duration FIA with no surrender charges in some configurations). Most pair an income rider for guaranteed lifetime income, with roll-up rates and payout factors that have been competitive in the 2025-2026 rate environment.
For a deeper look at one of the popular Agility products, see our Athene Agility 10 review.
3. Single Premium Immediate Annuities (SPIA)
Athene also writes immediate annuities under the Athene Income Preserver and similar branding. Payouts are competitive but not always the absolute best on the street. For SPIAs, you should always shop, because the highest payout for a 70-year-old male in Florida might come from a different carrier than the highest payout for a 65-year-old female in Texas. We cover this dynamic in our how to compare annuities guide.
The Apollo Connection: Asset, Not Risk
Athene’s competitive rates exist because Apollo built it that way. Apollo’s investment platform sources private credit, structured products, and direct-origination loans that produce higher yields than the public corporate bond market most legacy insurers rely on. Athene’s general account is invested in that mix, which lets the company offer policyholders better crediting rates while still hitting its margin targets.
There are reasonable questions about the risk profile of a private-credit-heavy general account. AM Best, S&P, Fitch, and Moody’s have all looked at it and continued to affirm investment-grade ratings. Athene also maintains required risk-based capital well above regulatory minimums and stress-tests its book against severe credit downturns. None of that means zero risk. It does mean the regulators and rating agencies have done their work and reached the same conclusion: the model is sound.
Our take: the private-credit story is the reason Athene rates are competitive. Treating it as a red flag while still wanting the rate is having it both ways. If you are uncomfortable with the model, buy a New York Life or MassMutual product and accept a lower rate. If you are comfortable with an A+ rated carrier sitting in the top 7% of insurers, Athene’s rates are typically worth the look.
Pros and Cons of Buying an Athene Annuity
Pros
- Rate leadership. Athene’s MYGA and FIA rates routinely sit at or near the top of national rate sheets.
- Scale and stability. $331 billion in assets, #1 sales for three consecutive years, and a top-tier AM Best rating.
- Product depth on the FIA side. Multiple chassis, multiple index strategies, multiple income rider options.
- Strong service infrastructure. Below-average NAIC complaint index for a carrier of this size, indicating that policyholder issues are handled reasonably.
Cons
- No direct-to-consumer channel. You must buy through a licensed independent agent or broker-dealer.
- No variable or RILA products. If you want market-linked upside with structured downside, look elsewhere (Prudential FlexGuard, Equitable, Lincoln).
- Brand recognition lags the rates. Many buyers feel more comfortable with a Pacific Life or Allianz name on the contract.
- Private-credit exposure. Not a real risk in our view, but it is a legitimate question to ask your advisor.
Who Is Athene Best For?
Athene fits well for buyers who:
- Want competitive MYGA or FIA rates and are willing to look past brand recognition
- Are working with an independent agent who shops multiple carriers
- Have $50,000 or more to deploy (most Athene products have minimums in this range)
- Are comfortable holding the contract for the full surrender period
Athene is not a great fit if you want a household-name brand on the policy, prefer to buy direct, need a variable annuity, or expect to need full liquidity within a few years.
How to Buy an Athene Annuity
You buy Athene through a licensed independent annuity agent or a broker-dealer with an Athene selling agreement. Athene does not sell direct. The standard process:
- Get quotes from at least three carriers, including Athene and at least two competitors. Rates change frequently, so the carrier offering the best rate this week may not be the best next week.
- Confirm the agent is independent (sells multiple carriers) rather than a captive agent of a single insurance company.
- Review the contract, the fee schedule (especially on FIAs), and the surrender schedule before signing.
- Confirm beneficiary designations, ownership structure, and tax qualification (qualified vs non-qualified) match your retirement plan.
Athene Annuity FAQ
Is Athene a safe annuity company?
Yes. Athene holds an AM Best A+ (Superior) rating, S&P A+, Fitch A+, and Moody’s A1, all with stable outlooks. The company has $331 billion in admitted assets and ranked #1 in U.S. fixed annuity sales for 2023, 2024, and 2025.
Who owns Athene Annuity?
Apollo Global Management completed its acquisition of Athene Holding Ltd. in January 2022. Athene operates as a wholly-owned subsidiary of Apollo and benefits from Apollo’s investment platform.
What is Athene’s best annuity product?
It depends on what you need. For pure rate, the MaxRate MYGA series. For lifetime income, the Athene Performance Elite or Ascent Pro 10 with an income rider. For immediate income, the Athene Income Preserver SPIA.
How does Athene pay such competitive rates?
Athene’s general account is invested across Apollo Global Management’s private credit and structured-product platforms, which historically produce higher yields than the public corporate bond market. Those higher yields fund higher crediting rates for policyholders.
Can I buy an Athene annuity directly online?
No. Athene sells exclusively through licensed independent agents and broker-dealers. You will need to work with a producer who has an Athene selling agreement.
The Bottom Line on Athene
Athene is the rate leader in the U.S. fixed annuity market, full stop. Three consecutive #1 finishes in LIMRA’s annual sales survey is not an accident, and the company has the balance sheet, ratings, and infrastructure to back the production. The Apollo connection is the reason Athene rates are competitive, and it is also the only thing you might want to ask your advisor about. If you do, you will get the same answer the rating agencies keep giving: the model works, the capital is there, and the contract guarantees stand behind a top-7% carrier.
Where Athene loses is in the comfort department. There is no Athene logo on a stadium. Your father has not heard of them. If brand recognition matters more to you than the rate, MassMutual and New York Life are sitting right there with A++ ratings. But if you are comparison-shopping rates and want a financially strong carrier on the other end of the contract, Athene should be on your short list almost every time.
For more comparisons, see our best fixed annuity companies of 2026, or read our Global Atlantic review for the closest direct competitor in the private-equity-backed insurance space.
