AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to 'aa-' (Superior) from 'a+' (Excellent) of the members of
Athene is the consolidation of the organization's
The ratings reflect Athene's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.
The rating upgrades reflect a continuing trend of Athene's improving balance sheet strength. AM Best views Athene's consolidated risk-adjusted capitalization as strongest, as measured by Best's Capital Adequacy Ratio (BCAR), supported by favorable financial flexibility, including significant excess liquidity. Athene has demonstrated its ability to access capital markets and maintains additional access to capital and liquidity through a liquidity facility, revolving credit facility,
Financial leverage metrics support Athene's current ratings. AM Best notes that Athene holds elevated allocations to less-liquid investments, which could be impacted materially under adverse market conditions, though default in its investment portfolio has been low to date.
Athene has a track record of consistently positive earnings driven by favorable earning spreads and operating profitability, despite the challenges related to competitive pressures.
Athene's favorable business profile reflects continued enhancements through additional distribution channels in its retail markets, as well as expansion of its pension risk transfer (PRT) business in
The FSR has been upgraded to A+ (Superior) from A (Excellent) and the Long-Term ICRs to 'aa-' (Superior) from 'a+' (Excellent), with the outlooks revised to stable from positive for the following members of
Athene Co-Invest Reinsurance Affiliate 1A Ltd.
Athene Co-Invest Reinsurance Affiliate 2A Ltd.
Athene Co-Invest Reinsurance Affiliate 2B Ltd.
The following Long-Term IRs have been upgraded with the outlooks revised to stable from positive:
to 'a-' (Excellent) from 'bbb+' (Good) on
to 'a-' (Excellent) from 'bbb+' (Good) on
to 'a-' (Excellent) from 'bbb+' (Good) on
to 'a-' (Excellent) from 'bbb+' (Good) on
to 'a-' (Excellent) from 'bbb+' (Good) on
to 'bbb' (Good) from 'bbb-' (Good) on
to 'bbb' (Good) from 'bbb-' (Good) on
to 'bbb' (Good) from 'bbb-' (Good) on
to 'bbb' (Good) from 'bbb-' (Good) on
The following indicative Long-Term IRs have been upgraded with the outlooks revised to stable from positive:
to 'a-' (Excellent) from 'bbb+' (Good) on senior unsecured debt
to 'bbb+' (Good) from 'bbb' (Good) on subordinated debt
to 'bbb' (Good) from 'bbb-' (Good) on junior subordinated debt
to 'bbb' (Good) from 'bbb-' (Good) on preferred stock
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