Overview

Athene is a leading retirement services company that specializes in issuing and reinsuring retirement savings products. As of March 31, 2024, Athene had $320.6 billion in total assets.

For the first quarter of 2024, Athene generated a net investment spread of 1.83%. This measures Athene’s investment income plus fees earned from managing assets for others, less Athene’s cost of funds to support its products and meet policyholder obligations.

Financial Results

In the first quarter of 2024, Athene grew its total investments to $275.4 billion, up from $259.3 billion at year-end 2023. This growth was fueled by strong sales and customer deposits into Athene’s retirement products.

Athene reported $5.7 billion in total first quarter revenues, up 41% from $4.1 billion in the first quarter of 2023. Net income rose to $1.5 billion, up 20% from $1.2 billion in the year ago quarter.

The revenue increase was driven by higher net investment income from portfolio growth and rising interest rates. Additional gains came from favorable equity market performance which impacted results from Athene’s indexed annuity products.

Business Growth

Athene generated organic inflows of $20.1 billion in the quarter from strong sales across its distribution channels:

• Retail channel sales rose 13% to $9.7 billion
• Flow reinsurance inflows increased 33% to $2.4 billion
• Institutional inflows rose significantly to $8 billion

Athene maintains a disciplined approach to pricing products at targeted returns despite the competitive marketplace.

Profitability

Athene’s spread related earnings, which measures core business profitability, increased 19% to $816 million. This growth resulted from higher net investment earnings and lower interest costs.

Net investment spread held steady at 1.83%. A higher net investment earned rate offset an increase in cost of funds to support growing account values and new business.

Athene maintains strong capital levels to support continued growth. As of March 31, 2024, Athene estimates it has $9.3 billion in total capital available to deploy.

Outlook

An aging population and increased life expectancies are expected to drive demand for retirement solutions. Athene believes its products and distribution capabilities position it to meet this growing customer need.

Key drivers fueling continued growth are Athene’s credit profile, new product development, and expanding distribution network including banks, broker-dealers and independent marketing organizations.