Athene announces third pension – GuruFocus.com

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WEST DES MOINES, Iowa, June 27, 2022 (GLOBE NEWSWIRE) — Athene USA (“Athene”), a leading retirement services company and wholly owned subsidiary of Apollo Global Management (:APO), announced the closed its third pension group annuity transaction (“PGA”) with global security and aerospace leader Lockheed Martin (: LMT.) Since its first transaction with Lockheed Martin in 2018, Athene has agreed to provide annuity benefits to more than 40,000 Lockheed Martin plan members, totaling $10 billion in pension obligations and related plan assets.

Under the latest transaction, Athene’s wholly-owned subsidiaries, Athene Annuity and Life Company (“AAIA”) and Athene Annuity & Life Assurance Company of New York (“AANY”), have agreed to assume $4.3 billion dollars of pension obligations and related plan assets. for approximately 13,600 Lockheed Martin pension plan participants currently receiving benefits.

“Many plan sponsors today are looking for a trusted partner to help them reduce the volatility of their pension obligations,” said Sean Brennan, executive vice president, Pension Group Annuity and Flow Reinsurance at Athene. “As a leader in the group retirement annuity market, we look forward to continuing to identify innovative solutions to mitigate pension risk while supporting plan sponsors every step of the way. We are delighted to have been chosen once again to provide members of the Lockheed Martin pension plan with the continued retirement security they have deserved.

Under the agreement, AAIA and AANY each agreed to issue a group annuity contract to Lockheed Martin and individual annuity certificates to affected participants.

“We continue to see an increase in the size and frequency of PGA transactions in the United States,” added Grant Kvalheim, President of Athene and CEO and President of Athene USA. “Athene’s financial strength and expertise in managing pension obligations ensures that we are a well-equipped solution provider to help companies reduce risk while maintaining retiree benefits seamlessly.”

Athene has used its strategic capital vehicle, Athene Reinsurance Co-investment (“ACRA”), to support the completion of this transaction. Athene is a leader in the group annuity industry, partnering with plan sponsors and intermediaries to execute 35 transactions covering over $32.2 billion in premiums for over 390,000 annuitants since inception on the market. To learn more about Athene’s PGA solutions, visit athene.com/PGA.

About Athena
Athene, through its subsidiaries, is a leading retirement services company with total assets of $246.1 billion as of March 31, 2022 and operations in the United States, Bermuda and Canada. Athene specializes in helping clients achieve financial security and is a solutions provider to institutions. Founded in 2009, Athene is driven to do more for our policyholders, our business partners, our shareholders and the communities in which we work and live. For more information, please visit www.athene.com.

Sure port for avant-garde Declarations
This press release contains, and certain oral statements made by representatives of Athene from time to time may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 , as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those expressed or implied by these statements. These statements are based on the beliefs and assumptions of the management of Athene and the management of Athene’s subsidiaries. Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by the use of the words “believes”, “expects”, “intends”. , “anticipates”, “plans”, “seeks”, “estimates”, “projects”, “may”, “will”, “could”, “might”, “should”, “continue” or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements regarding future growth prospects and financial performance.Factors that could cause actual results, events and developments to differ include, without limitation: the accuracy of Athene’s assumptions and estimates; Athene’s ability to maintain or improve its financial strength ratings; Athene’s ability to manage its business in a highly regulated industry; changes or action s regulations; the impact of the failure of the Athene reinsurers to fulfill their assumed obligations; the impact of interest rate fluctuations; changes in federal income tax laws and regulations; the accuracy of Athens’ interpretation of the Tax Cuts and Jobs Act; litigation (including class actions), law enforcement investigations or regulatory review; the performance of third parties; loss of key personnel; failures in telecommunications, information technology and other operational systems; the continued availability of capital; new accounting rules or changes to existing accounting rules; general economic conditions; Athene’s ability to protect its intellectual property; the ability to maintain or obtain approval from the Delaware Department of Insurance, Iowa Division of Insurance and other regulatory authorities as required for Athene’s operations; failure to realize the expected benefits of the merger with Apollo Global Management; and other factors discussed from time to time in Athene’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and its other filings with the SEC, which may be viewed at the SEC’s website www.sec.gov. All forward-looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Athene undertakes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of unforeseen events or changes in future results of operations.

Media Contact
Kelly Woerdehoff
AVP, Corporate Communications
+1 515-342-5144
[email protected]

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