A.M. Best upgraded the financial strength rating of Athene’s operating companies to “A-” (Excellent) from “B++” (Good) and the issuer credit ratings (ICR) to “a-” from “bbb+”. Athene’s outlook is stable. The “A-” financial strength rating is given to companies that have an excellent ability to meet their ongoing financial commitments.
The rating agency specifically cited Athene’s “strong management team with proven ability to grow capital organically and from new capital generation in the private placement market” as well as “solid earnings and the growth in capital, which has enabled Athene Holding and its operating entities to strengthen their balance sheets while providing sufficient capital support for retail growth” as reasons for the upgraded rating.
A.M. Best also upgraded the ICR to “bbb-” from “bb+” for Athene Holding. This is the standard three-notch rating differential between the operating companies and the holding company.
Jim Belardi, CEO Athene Holding and Athene Asset Management said, “This upgrade is an important milestone for our company. It is evidence of our extraordinarily strong capital position and will accelerate our organic growth and reinforce to our producers and policyholders that our overall business is very strong.”
“This is great news for our company and employees,” said Grant Kvalheim, President of Athene Holding. “We are all working hard to grow our business – making it better and stronger – and today A.M. Best recognized our efforts. Thanks to all of you for this important accomplishment. Today’s announcement supports the fact that our strategic priorities are solid and we maintain an excellent position in the marketplace.”
The Athene companies receiving today’s rating from A.M. Best include:
- Athene Annuity & Life Assurance Company
- Athene Annuity & Life Assurance Company of New York
- Athene Annuity and Life Company
- Athene Life Insurance Company of New York
- Athene Life Re Ltd.
A.M. Best is the oldest and most widely recognized rating agency dedicated to the insurance industry, and one of the rating agencies we rely upon to provide an independent assessment of our financial strength. S&P (“A-“) and Fitch (“BBB+”) are the other two agencies who review us on an annual basis.
For more information on the A.M. Best announcement, see the news release.