AM Best has affirmed the financial strength rating of Athene Group, which has remained at A+ (Superior). The group’s long-term issuer credit ratings of “aa-” (Superior) have also been affirmed.

Athene Group is the parent of its US companies and Bermudian-domiciled reinsurance companies.

AM Best has also affirmed the long-term ICR of “a-” (Excellent) of Athene Holding Ltd (Delaware), which is the holding company for the US and Bermuda operations.

AM Best has also affirmed the long-term issue credit ratings and the indicative long-term IRs of Athene Holding Ltd. The outlook of all these credit ratings is stable.

Athene’s balance sheet strength is very strong, and AM Best praises it strong operating performance, favourable business profile and skill at managing potentially risky ventures.

AM Best views Athene’s consolidated risk-adjusted capitalisation as strongest, as measured by Best’s Capital Adequacy Ratio. The company is flexible and has ready access to any needed extra cash through multiple sources, including credit lines and loans. These include through a liquidity facility, a revolving credit facility and the Federal Home Loan Bank, from its borrowing capacity and a shelf registration statement, as well as uncalled capital commitments from Athene Co-Invest Reinsurance Affiliates investors.

AM Best notes that Athene also holds many less-liquid investments, which could be impacted by a market downturn. Defaults, however, have been in line with industry averages.

Athene has a track record of positive earnings and profitability, despite stiff competition, according to AM Best

The company is keeping its strong position by adding distribution channels in its retail markets, issuing funding agreements and using its flow reinsurance channel in Japan. Also, AM Best notes that since 2024, Athene has been less involved in the pension risk transfer marketplace.