Athene USA Tops Rankings for Annuity Sales, Pension Group Annuity Volumes
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The announcement of Athene USA topping LIMRA's 2023 U.S. Retail Annuity Survey is a significant indicator of the company's market position and operational performance. With a record $35 billion in total annuity sales, Athene has demonstrated a robust growth trajectory in the retirement savings products sector. This performance likely translates to increased revenue streams and profitability, which are key drivers of shareholder value. Furthermore, the company's leading position in pension group annuity sales, with $10.4 billion in total volume, underscores its competitive advantage in the pension risk transfer market. Investors should consider the implications of this market leadership on Athene's financial stability and its ability to capitalize on the demographic trend of an aging population, which could result in sustained demand for its retirement solutions.
Understanding the context of Athene's achievements requires a closer look at the broader annuities market and consumer trends. The fact that over 11,000 Americans are turning 65 every day highlights the growing target demographic for retirement products. Athene's strategic focus on expanding distribution and offering products that provide principal protection and guaranteed income aligns with the increasing consumer demand for financial security in retirement. This strategic alignment may not only enhance Athene's market share but could also set a precedent for product innovation and distribution strategies within the industry. The company's performance and strategic direction could influence other market players, potentially leading to increased competition and product diversification in the annuities space.
From an economic perspective, Athene's record sales in annuities and pension group annuities reflect broader economic trends, such as the shift towards defined contribution plans and the increasing need for private retirement funding solutions. As public pension systems face sustainability challenges, the role of private sector players like Athene becomes more pronounced. This shift represents a reallocation of risk from employers and the public sector to individuals and private entities, which in turn impacts how retirement risks are managed and priced in the economy. The success of Athene's pension risk transfer business suggests a growing reliance on private market solutions to manage pension liabilities, with potential long-term implications for the retirement system's stability and the financial well-being of retirees.
WEST DES MOINES, Iowa, March 12, 2024 (GLOBE NEWSWIRE) -- Athene USA (“Athene”), a leading provider of retirement savings products, ranked number one in total annuity sales in LIMRA’s 2023 U.S. Retail Annuity Survey, with a record
Athene also ranked first in pension group annuity sales (PGA) in 2023, with
“The breadth and diversity of Athene’s organic channels continue to differentiate us and drive market-leading results,” said Grant Kvalheim, President of Athene. “In retail, our efforts to expand distribution are bearing fruit, and our attractive product offerings provide principal protection, strong accumulation, and guaranteed income to retirees. With over 11,000 Americans turning 65 every day, our solutions address a fundamental and growing need in the marketplace and help build remarkable retirements.”
The success of Athene’s pension group annuity business reflects the firm’s financial strength, exclusive focus on the retirement services market, high-quality investment portfolio and deep expertise managing insurance liabilities and the assets that support them. To date, Athene has helped to ensure the financial security of over 550,000 plan participants through the pension risk transfer process.
“Since the inception of our PGA business in 2017, we have exceeded
About Athene
Athene is a leading retirement services company with operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.
Contact
Jeanne Hess
VP, External Relations
+1 646 768 7319
jeanne.hess@athene.com
FAQ
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