AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of '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 positive outlooks 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), and supported by favorable financial flexibility. Athene has demonstrated its ability to access capital markets and maintains additional access to capital and liquidity through a revolving credit facility,
Financial leverage metrics were slightly higher than last year. AM Best notes that Athene holds elevated allocations to more complex and 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, and expansion of its pension risk transfer (PRT) business in
The FSR of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) have been affirmed with revised outlooks to positive from stable for the following members of
Athene Co-Invest Reinsurance Affiliate 1A Ltd.
The following Long-Term IRs have been affirmed with revised outlooks to positive from stable:
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
'bbb-' (Good) on
'bbb-' (Good) on
'bbb-' (Good) on
'bbb-' (Good) on
The following indicative Long-Term IRs have been affirmed with revised outlooks to positive from stable:
'bbb+' (Good) on senior unsecured debt
'bbb' (Good) on subordinated debt
'bbb-' (Good) on junior subordinated debt
'bbb-' (Good) on preferred stock
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