Athene Leads Fixed Annuities Market with $36B Sales in 2024
Athene emerged as the largest fixed annuity provider in 2024 with over $36 billion in sales, supported by its broad availability across all states except New York and a variety of product offerings. The company's portfolio includes immediate annuities, fixed annuities, fixed indexed annuities, and registered index-linked annuities, catering to diverse investor needs.
Athene's fixed annuities offer guaranteed growth rates typically ranging between 4% and 5% over terms of three, five, or seven years, with initial deposits from $5,000 to $1 million and annual withdrawal options up to 10%.
The company also offers a return-of-premium feature on certain fixed annuities and provides multiple types of fixed indexed annuities that combine market-linked growth with downside protection.
Athene’s immediate annuities allow for flexible payout schedules and options, including period-certain and lifetime payments, with lump-sum death benefits included in some cases. The Amplify 2.0 registered index-linked annuity offers deferred market performance participation with growth caps and floors, balancing growth potential and risk.
Despite Athene's expansive product line and an A+ financial strength rating from A.M. Best, customer satisfaction ratings are relatively low, ranking near the bottom in the J.D. Power 2024 Individual Annuity Study, supplemented by mixed reviews on independent platforms.
Purchasing Athene annuities requires working with a financial professional; the company does not support online direct sales. In comparison, competitors like Gainbridge focus solely on fixed annuities with no upfront fees and offer online purchasing options, often at slightly higher rates. Allianz, another top-ten provider, competes with similar product types but differs in fee structures and minimum deposits, and scores better on customer satisfaction.
Athene is a wholly owned subsidiary of Apollo Global Management since 2022, reflecting robust backing for claims paying ability. Its annuities, protected by insurer financial strength rather than FDIC insurance, offer multiple riders and policy customizations. However, prospective buyers should carefully evaluate Athene’s rate competitiveness, customer service record, and fee structure within the broader market to identify the most suitable product solutions.
This analysis is relevant for insurance professionals advising clients in fixed income and retirement planning sectors and highlights key market dynamics shaping annuity product offerings in 2024.