Athene And Liberty Life Insurance: What's The Connection?

On October 22, 2010, Athene Holding Ltd. announced that it had agreed to acquire Liberty Life Insurance Company, the U.S. life insurance business of RBC Insurance, for US$628.1 million. Immediately following the closing of the acquisition, Liberty Life reinsured its life and health insurance business to Protective Life Insurance Company and a portion of its annuities to Athene Life Re Ltd., a Bermuda-based subsidiary of Athene Holding Ltd. Athene Holding Ltd.'s principal subsidiaries include Athene Life Re Ltd., Athene Life Insurance Company, and Liberty Life Insurance Company.

Athene Holding Ltd. acquired Liberty Life Insurance Company

On October 22, 2010, Athene Holding Ltd. announced it had agreed to acquire Liberty Life Insurance Company, the U.S. life insurance business of RBC Insurance, for US$628.1 million. The acquisition was expected to close in early 2011, subject to regulatory approvals and customary closing conditions.

Following the acquisition, Liberty Life reinsured its life and health insurance business to Birmingham, Alabama-based Protective Life Insurance Company and a portion of its annuities to Athene Life Re Ltd., a Bermuda-based subsidiary of Athene Holding Ltd.

Athene Holding Ltd.'s insurance subsidiaries fund themselves through retail sales of annuities and reinsurance in the U.S. retirement services market, as well as sales of institutional funding agreements. The company supports its liabilities by investing in a diversified portfolio of highly-rated, liquid, fixed-income securities.

The acquisition of Liberty Life Insurance Company by Athene Holding Ltd. was part of the latter's plan to build a market-leading retirement savings company through organic growth, reinsurance, and strategic acquisitions. James R. Belardi, CEO of Athene Holding Ltd., stated that the transaction, combined with the promising results from their retail business, reflected the underlying strength of their business model.

Liberty Life Insurance Company reinsured $3.1 billion of fixed annuities

On December 20, 2011, Liberty Life Insurance Company announced it had reinsured $3.1 billion of fixed annuities and similar liabilities. The completion of this transaction meant that Liberty Life's assets now exceeded $7 billion. On a consolidated basis, its Bermuda-based parent company, Athene Holding Ltd., would have assets of approximately $10 billion and equity of over $750 million.

Athene Holding Ltd. is a leading retirement services company and subsidiary of Apollo Global Management, Inc. It is made up of insurance subsidiaries that are net investment spread businesses. These subsidiaries fund themselves through retail sales of annuities and reinsurance in the U.S. retirement services market, as well as sales of institutional funding agreements.

Athene Holding Ltd. has three principal subsidiaries:

• Athene Life Re Ltd., a Bermuda-based reinsurer focused on the retirement services market
• Liberty Life Insurance Company, a Delaware-domiciled stock life insurance company focused on retail sales and reinsurance
• Athene Life Insurance Company, an Indiana-domiciled stock life insurance company focused on the institutional funding agreement market

Athene Holding Ltd. has a management team with many years of experience managing net investment spread businesses within life insurance companies. James R. Belardi, Chief Executive Officer of both Athene Holding Ltd. and Athene Annuity & Life Assurance Company, previously served as President of SunAmerica Life Insurance Company and Executive Vice President and Chief Investment Officer of AIG Retirement Services.

In February 2012, Liberty Life Insurance Co. changed its legal name to Athene Annuity & Life Assurance Co. and began operating under the brand name Athene Annuity. This move aligned the company more closely with its parent company, Athene Holding Ltd.

Athene Holding Ltd. has assets of approximately $10 billion

Athene Holding Ltd. is a leading retirement services company, providing financial security to individuals and institutions through retirement savings products and services. The company has operations in the United States, Bermuda, Canada, and Japan.

Athene's management team leverages over 165 years of combined experience to create opportunities in the evolving retirement marketplace. The company is committed to strong financial ratings and maintains excess capital and liquidity. As of September 30, 2024, Athene reported net invested assets of $243 billion and gross invested assets of $315 billion.

Athene's primary business is issuing, reinsuring, and acquiring retirement savings products and similar liabilities through multiple distribution channels, including pension group annuities, acquisitions, and block reinsurance transactions. The company has grown to become a premier provider of retirement savings solutions, with a total of $355 billion in GAAP assets, serving customers worldwide.

In summary, Athene Holding Ltd.'s assets of approximately $10 billion, along with its expertise, innovative financial solutions, and strong financial ratings, position it as a leading provider of retirement services and solutions for individuals and institutions.

Athene Life Re Ltd. is a Bermuda-based subsidiary of Athene Holding Ltd

On October 22, 2010, Royal Bank of Canada (RBC) announced that Athene Holding Ltd. would acquire Liberty Life Insurance Company, the U.S. life insurance business of RBC Insurance, for US$628.1 million. The acquisition was expected to close in early 2011, subject to regulatory approvals and other customary closing conditions.

Following the acquisition, Liberty Life reinsured its life and health insurance business to Protective Life Insurance Company, based in Birmingham, Alabama, and a portion of its annuities to Athene Life Re Ltd., a Bermuda-based subsidiary of Athene Holding Ltd.

Athene Life Re Ltd. is a reinsurer focused on the retirement services market. Athene Holding Ltd.'s subsidiaries fund themselves through retail sales of annuities and reinsurance in the U.S. retirement services market. The management team at Athene has extensive experience in managing net investment spread businesses within life insurance companies.

The acquisition of Liberty Life Insurance Company by Athene Holding Ltd. was part of a strategy to build a market-leading retirement savings company through organic growth, reinsurance, and strategic acquisitions. This transaction, combined with the positive results from their retail business, reflected the underlying strength of Athene's business model.

Athene Holding Ltd. is a subsidiary of Apollo Global Management, Inc

Athene is a leading retirement services company that helps customers retire confidently. It was co-founded by James Belardi, former President of SunAmerica Life Insurance Company and now CEO of Athene Holding Ltd., Chip Gillis, former head of Bear Stearns’ Insurance Solutions Group and former CEO of Athene Life Re Ltd., and Apollo Global Management.

Athene focuses on retirement savings solutions and has deep expertise in the long-term management of retirement benefits. The company leverages its management team's combined experience to create opportunities in the evolving retirement marketplace for the growing number of individuals approaching retirement.

Prior to the merger, Apollo had been getting paid lucrative fees by Athene, in which it controlled a 35% stake, for providing asset allocation services and directly managing a portion of Athene's assets. The merger allowed Athene's business and assets to be integrated into Apollo's, resulting in enhanced earnings potential and a simpler ownership structure.

As a result of the merger, the combined entity, Apollo Global Management, Inc., has two principal subsidiaries: Apollo Asset Management, its alternative asset management business, and Athene, its retirement services business.

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