TL;DR
Athene and Global Atlantic are the two largest private-equity-backed annuity carriers in the United States. Athene is owned by Apollo Global Management with $331 billion in assets and an AM Best A+ rating. Global Atlantic is owned by KKR with $150 billion in assets and an AM Best A rating. Both compete aggressively on MYGA and fixed indexed annuity rates by funding their books with private credit. Athene is the larger, slightly higher-rated, and more dominant of the two. Global Atlantic offers a broader product shelf including variable and RILA contracts.
Short answer: If rate is your only criterion and you want the strongest financials of the two, Athene wins. If you want a registered index-linked annuity (RILA) or a variable annuity from a private-equity-backed insurer, Global Atlantic is your only real choice between the two.
Why People Compare These Two
Athene and Global Atlantic show up on the same comparison sheet for one reason: they invented the same playbook. Both are mid-sized U.S. annuity writers that got bought by giant private equity firms (Apollo and KKR respectively), and both use their owners’ alternative-credit platforms to fund competitive crediting rates that legacy mutual insurers cannot match.
If you have shopped MYGA or fixed indexed annuity rates in the past two years, you have probably seen one or both names at the top of the table. They trade the lead constantly. Independent agents pitch one against the other on almost every quote.
The question buyers actually want answered: are they the same? The short answer is no. They share a business model, but they differ on size, ratings, products, and operational maturity. Here is the side-by-side.
Side-by-Side: Athene vs Global Atlantic (2026)
| Metric | Athene | Global Atlantic | Edge |
|---|---|---|---|
| Founded | 2009 | 2004 (spun out of Goldman Sachs) | Even |
| Owner | Apollo Global Management (100% since Jan 2022) | KKR (100% since Jan 2024) | Apollo deeper integration |
| Total Assets | $331B+ | $150B+ | Athene (2x larger) |
| AM Best Rating | A+ (Superior) | A (Excellent) | Athene (one notch higher) |
| S&P Rating | A+ | A (upgraded from A- in April 2025) | Athene |
| Moody’s Rating | A1 | A3 | Athene (two notches higher) |
| 2025 Annuity Sales | ~$33B (#1 in U.S.) | ~$13B (top 10) | Athene |
| Product Lineup | MYGA, FIA, SPIA | MYGA, FIA, SPIA, VA, RILA | Global Atlantic (broader) |
| Distribution | Independent agents only | Independent agents + broker-dealers (Forethought, Commonwealth) | Global Atlantic (slightly wider) |
This is not a close race on size or ratings. Athene is roughly twice the size of Global Atlantic and sits one to two rating notches above it across every major agency. On product breadth, Global Atlantic edges Athene by carrying variable annuities and a registered index-linked annuity (RILA), neither of which Athene offers.
Ownership Story: Apollo vs KKR
Both companies follow the same business model: a private equity firm owns an insurer, the insurer collects long-duration retirement liabilities (annuities), and the parent firm’s investment platform manages the float across private credit, structured products, and direct-origination loans. The yield spread between what the insurer earns on assets and what it credits to policyholders is the source of the parent’s permanent capital.
Apollo executed this model first, completing its full acquisition of Athene in January 2022. KKR followed two years later, taking Global Atlantic to 100% ownership in January 2024 after holding a majority stake since 2021. As a result, Apollo’s integration with Athene is operationally deeper and its asset-management platform has had two more years of full-book optimization. Retirement Income Journal covered the strategic rationale behind the KKR acquisition in detail.
For policyholders, this matters less than the ratings and the contract terms. Both AM Best and S&P have looked at both insurers, evaluated the private-credit risk in their general accounts, and continued to affirm investment-grade ratings. The difference between an A+ and an A rating reflects scale, capital adequacy, and the maturity of the asset-liability matching, not a fundamental flaw in the model.
Financial Strength: One-Notch Difference, Real-World Implications
Athene and Global Atlantic both rate as financially strong, but the one-notch gap is worth understanding.
| Agency | Athene | Global Atlantic |
|---|---|---|
| AM Best | A+ (2nd of 16) | A (3rd of 16) |
| S&P Global | A+ (5th of 22) | A (6th of 22) |
| Moody’s | A1 (5th of 21) | A3 (7th of 21) |
| Fitch | A+ (5th of 22) | Not rated |
Both ratings sit comfortably above the regulatory minimum and well above the threshold most retirement professionals consider acceptable for new annuity placements (typically A- or better from AM Best). The practical implication: both are safe enough to write a 10-year MYGA today and reasonably expected to honor it in 2036. But if you hold the contract for 20-plus years (a deferred income annuity, a SPIA bought at 60 to pay until 90), the one-notch difference compounds. Higher-rated insurers historically have lower long-tail default rates.
If you want maximum margin of safety on a long-duration contract and are willing to accept a slightly lower rate, Athene wins. For a 5-year MYGA where you will simply roll over or withdraw at the end of term, the rating difference is largely academic.
Product Lineup: Where the Two Diverge
MYGA (Multi-Year Guaranteed Annuities)
Both carriers compete head-to-head here. Athene’s MaxRate series and Global Atlantic’s SecureFore series are direct competitors in 3, 5, 7, and 10-year terms. On any given week, either can be at the top of the rate table. We track current rates on our best MYGA rates page.
The decision factor here is rarely the carrier. It is the rate offered on the day you bind. Pull both quotes, take the higher one, accept that the rating gap is small enough not to matter for a 5-year hold.
Fixed Indexed Annuities (FIA)
Athene runs a broader and more aggressive FIA shelf: Agility 10, Performance Elite, Ascent Pro 10, and Velocity. Index strategies span the standard S&P 500, Russell 2000, and a wide range of proprietary volatility-controlled indices. Income riders are competitive.
Global Atlantic’s FIA lineup includes Income 150+ SE, ForeAccumulation II, and ForeIncome II. The Income 150+ has been a Barron’s 100 Best Annuities pick. The ForeAccumulation series leans toward accumulation rather than guaranteed income. Slightly narrower than Athene’s lineup but with some standout products.
Edge: Athene on breadth, Global Atlantic on a couple of specific best-in-class products. Both deserve quotes.
SPIA (Immediate Annuities)
Both carriers write SPIAs but neither leads the immediate annuity market. New York Life, MassMutual, Mutual of Omaha, and Pacific Life dominate the top of SPIA rate tables more often. If you are shopping immediate income, get quotes from those four before either Athene or Global Atlantic. See our best SPIA rates page for current leaders.
Variable Annuities and RILAs
This is the only category where Global Atlantic clearly wins, because Athene does not play here. Global Atlantic’s ForeStructured Growth II is a registered index-linked annuity (RILA) with cap, buffer, and floor strategies. The product competes against Prudential FlexGuard, Allianz Index Advantage+, and Equitable’s Structured Capital Strategies. We cover RILAs in our forthcoming what is a RILA guide.
If you want a structured annuity from a private-equity-backed insurer, Global Atlantic is your only choice between these two.
Pros and Cons of Each Carrier
Athene Pros and Cons
- Pros: Higher ratings, larger asset base, #1 in U.S. fixed annuity sales for three consecutive years, deeper Apollo integration, broader and more aggressive FIA lineup.
- Cons: No variable annuities or RILAs, no direct-to-consumer channel, brand recognition lags rates.
Global Atlantic Pros and Cons
- Pros: Broader product shelf including variable and RILA, strong recent S&P upgrade (A- to A in April 2025), competitive on specific FIA products like Income 150+ SE.
- Cons: Lower ratings across the board, smaller asset base (still substantial at $150B+), KKR integration two years behind Apollo’s.
Who Should Buy From Athene?
- Buyers focused on rate leadership and willing to look past brand recognition
- Buyers wanting maximum margin of safety from a privately-owned insurer (the higher ratings)
- Buyers looking at a 7 or 10-year MYGA where the rating gap matters more
- Buyers wanting the broadest selection of fixed indexed annuity products
Who Should Buy From Global Atlantic?
- Buyers wanting a registered index-linked annuity from a PE-backed carrier
- Buyers needing a variable annuity option
- Buyers whose advisor is captive to a Forethought or Commonwealth selling agreement
- Buyers who happen to find Global Atlantic at the top of the rate sheet on the day they bind (it happens regularly)
Athene vs Global Atlantic FAQ
Which company is bigger, Athene or Global Atlantic?
Athene is significantly larger. Athene reports more than $331 billion in admitted assets compared to roughly $150 billion at Global Atlantic. Athene also outsells Global Atlantic by roughly 2.5 to 1 on annual annuity volume.
Which has better financial strength ratings?
Athene. Athene holds AM Best A+, S&P A+, Moody’s A1, Fitch A+. Global Atlantic holds AM Best A, S&P A (upgraded from A- in April 2025), and Moody’s A3. Athene rates one to two notches higher across every agency that covers both.
Are both companies safe?
Yes. Both hold investment-grade ratings well above the threshold most retirement professionals consider acceptable. Both also have backstop coverage from your state guaranty association up to applicable limits.
Which company has better rates?
It varies week to week and product to product. Both compete aggressively on MYGA and FIA. Always pull a quote from both before binding. There is no consistent winner.
Can I buy from either company directly?
No. Both Athene and Global Atlantic distribute exclusively through licensed independent agents and broker-dealers. Neither sells direct to consumers.
Why are private-equity-owned annuities controversial?
Some industry critics worry that private-equity-backed insurers carry more credit risk in their general accounts than legacy mutual insurers, because they invest more heavily in private credit and structured products. AM Best, S&P, Moody’s, and Fitch have all evaluated this risk and continued to affirm investment-grade ratings on both Athene and Global Atlantic. Our view: the model is well-regulated and the ratings reflect that, but it is a legitimate question to discuss with your advisor.
The Bottom Line: Pick the Carrier That Wins the Quote
For most buyers, the choice between Athene and Global Atlantic comes down to which carrier offers the better rate on the day you commit. Both are large, well-rated, well-regulated, and well-capitalized. Both will be there when the contract matures. The pricing tug-of-war between Apollo’s credit machine and KKR’s credit machine is what makes both of them competitive in the first place.
If we had to pick one as the default choice for a generic MYGA or FIA buyer, it would be Athene. Higher ratings, larger balance sheet, deeper integration with its parent’s asset platform, and three straight years at the top of LIMRA’s sales rankings. That is not an opinion on Global Atlantic’s future. It is recognition that Athene has more proof on the table today.
If you need a RILA or a variable annuity from a private-equity-backed carrier, Global Atlantic is the answer. Athene does not compete in those categories.
For the full carrier-by-carrier comparison, see our best fixed annuity companies of 2026. For the individual deep-dives, see our Athene review and Global Atlantic review.
