Athene posts record profits – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Athene posts record profits

Athene Holding Ltd has reported a profit of $640 million, or $3.23 per share, for the third quarter.

That is up on the $274 million, or $1.39 per share, recorded for the same period last year.

Adjusted operating income was $381 million, or $1.95 per adjusted operating share, up on last year's third quarter figure of $231 million.

Jim Belardi, chief executive officer of Athene, said: “Our record third-quarter financial results reflect our continued focus on delivering superior value.

“We are extraordinarily well positioned with a multichannel distribution platform that provides sustainable and opportunistic growth at very attractive ROEs [return on equity].

“With a current portfolio of more than $100 billion, ongoing organic growth capabilities, and identifiable inorganic opportunities in excess of $100 billion, we have an abundance of opportunity in front of us.

“Importantly, we remain patient and disciplined in our approach to building shareholder value, which has resulted in a 23 per cent year-over-year increase in adjusted book value to approximately $46 per share.”

The Bermudian-based company is a provider of retirement savings products. Its adjusted book value per share was up 8 per cent, quarter-over-quarter, at $45.94. That was a 23 per cent improvement year-over-year.

Mr Belardi added: “In recognition of our superior financial performance, market leadership, capital growth, and improved business diversification, S&P upgraded the financial strength ratings of Athene's operating companies to ‘A' on August 16. This ratings upgrade will accelerate the strong momentum of our business, and we look forward to establishing new partnerships and engaging as a financial solutions provider to a broader market.”

Athene: quarterly profit of $640 million

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Published November 02, 2018 at 9:00 am (Updated November 01, 2018 at 8:56 pm)

Athene posts record profits

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