A+ rating for Athene Annuity Re
Fitch Ratings has assigned an 'A+' insurer financial strength rating to Athene Annuity Re Ltd.
The rating outlook is stable.
The ratings previously assigned to Athene Holding Ltd. and its insurance subsidiaries are unaffected.
AARe's 'A+' IFS rating reflects the application of Fitch's group rating methodology and the view that AARe is considered a core entity of the group, and as such is assigned a rating in line with the Athene's group credit profile.
Fitch's view of AARe's status as a core entity reflects the company's relative size and scale, demonstrated support of group financial goals, common branding and belief that AARe is unlikely to be divested. In addition, while no formal support agreements are in place, Athene has the willingness and ability to support the entity
The group credit profile continues to reflect improvement in Athene's company profile, which has been bolstered through organic and inorganic growth across multiple product lines and geographies, very strong financial performance, and strong capitalisation.
This is offset somewhat by above-average investment and asset risk and above-average exposure to movements in interest rates and asset price volatility.
The rating also continues to reflect Fitch's view that the merger with Apollo Global Management, which closed in early 2022, is broadly neutral from a credit perspective.