Athene Completes Transaction With Voya
Athene Holding has successfully closed its transaction with Voya Financial to reinsure approximately $19 billion of fixed and fixed indexed annuity liabilities. This brings Athene’s total invested assets to approximately $100 billion.
“This landmark transaction demonstrates how our expertise and unique, value-added association with Apollo position us to provide customized solutions to take advantage of the ongoing restructuring in the life insurance industry,” said Jim Belardi, CEO of Athene. “In addition, since we announced this deal last year, the rise in interest rates has made its expected earnings impact even more significant.”
Athene, along with a consortium of investors led by affiliates of Apollo Global Management, LLC, made a minority investment in Venerable Holdings, Inc., a newly formed standalone entity that will administer the fixed and variable annuity blocks from Voya Insurance and Annuity Company.
Athene’s investment in Venerable will be held as an alternative investment. Athene also secured the rights to reinsure future flow from annuitizations of variable annuities to fixed payout annuities, which are expected to generate approximately $8 billion of flow over the life of the variable annuity block acquired by Venerable.
