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Athene closes reinsurance transaction with Voya Financial

Published 04 June 2018

Athene has completed its transaction with Voya Financial to reinsure about $19bn of fixed and fixed indexed annuity liabilities.

This brings Athene’s total invested assets to approximately $100bn.

Athene CEO Jim Belardi said: “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.

“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, 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 $8bn of flow over the life of the variable annuity block acquired by Venerable.

Source: Company Press Release