Athene Annuity Reviews: An Independent Look

Athene is one of the largest annuity providers in the United States, but the company is not without controversy. In 2024 it issued more than $36 billion in fixed annuity premiums, making it the top fixed annuity carrier in the country. At the same time, it has ranked below average in J.D. Power's customer satisfaction survey for multiple consecutive years. Most athene annuity reviews skip one side or the other. This independent review covers what Athene actually sells, how the company is financially positioned, and where the real trade-offs sit.

Who is Athene?

Athene Annuity & Life Assurance Company was founded in 2009, making it relatively young in an industry where many carriers measure their history in centuries. Despite that, Athene grew quickly. By 2024 it was the largest fixed annuity seller in the country by direct premium volume. The company is headquartered in West Des Moines, Iowa, and licensed to sell in all 50 states except New York.

In January 2022, Athene was acquired by Apollo Global Management, one of the largest alternative asset managers in the world with more than $700 billion in assets under management. That acquisition gave Athene access to sophisticated investment strategies and substantial additional capital. It also tied Athene's reputation to Apollo's, which is a double-edged sword. Apollo brings credibility and deep pockets. It also brings the scrutiny that comes with being a private-equity-owned insurance carrier, a topic that has gotten increased regulator attention in recent years.

Athene's financial strength rating

Athene holds an A+ rating from AM Best, the second-highest possible rating on AM Best's scale. The company also holds an A+ rating from S&P Global and an A1 rating from Moody's. Its composite Comdex score sits at 93 out of 100, placing it in the top tier of all U.S. annuity carriers.

What that financial strength rating actually means in practice is that Athene has been evaluated as having a superior ability to meet its ongoing insurance obligations. AM Best evaluates balance sheet strength, operating performance, and business profile. An A+ rating is shared by many of the largest carriers in the market and indicates the kind of underlying financial foundation that should support guaranteed contract benefits even through significant economic stress.

Backed by Apollo and supported by more than $300 billion in assets, Athene's claims-paying ability is not a concern for a properly priced annuity contract. State guaranty associations provide an additional layer of protection up to $250,000 in most states, though the specific limits and rules vary by state.

What types of annuities does Athene offer?

This is where Athene stands out from many competitors. Most carriers focus on a narrow product range. Athene also offers a broad lineup across nearly every category of annuity available in the U.S. market.

Fixed annuities (MYGAs)

Athene's multi-year guaranteed annuity, the Athene MYG, is available in 3, 5, and 7 year terms. The product offers a guaranteed fixed rate for the entire surrender period, with the option to add a Return of Premium feature that allows you to surrender at any point and recover your full premium, in exchange for a lower stated rate.

Athene MaxRate is a related MYGA option with a slightly higher minimum premium and rate flexibility based on your goals. Both products allow 10% free withdrawals annually after year one and include waivers for terminal illness and nursing home confinement. Athene MYG Assure is a third MYGA variant that provides a guaranteed rate of interest regardless of market conditions.

Fixed index annuity lineup

The fixed index annuity category is where Athene has the most product depth. The current family includes:

• Athene Agility 10, a 10-year fixed index annuity with a wide selection of index strategies including the S&P 500, multi-index, and volatility-controlled options, plus an optional income rider
• Athene Ascent Pro 10, a 10-year fixed index annuity that includes a premium bonus of up to 10% and a guaranteed lifetime withdrawal benefit rider option, popular with clients prioritizing retirement income
• Athene Performance Elite, available in 7, 10, and 15 year versions, with automatic diversification across indexes and the optional Performance Elite Plus rider for enhanced income features
• Athene Protector, a secure fixed index annuity built for clients prioritizing principal safety over growth potential
• Athene AccuMax, an older fixed index annuity product still held by many existing clients

Each of these works on the same basic principle. Your principal is protected from market losses, and you earn interest based on a chosen index strategy. The differences come down to surrender period length, available index crediting options, premium bonuses, and which optional riders are attached.

Registered index linked annuities

Athene's registered index linked annuities product is the Amplify 2.0, available in two-year and six-year segment periods. As with all registered index linked annuities, you accept a defined amount of downside risk in exchange for higher upside potential. The standard Amplify 2.0 includes rider features, and a no-fee version called Amplify 2.0 NF is also available for fee-conscious investors comfortable with the segment structure.

Immediate annuities

Athene Activate is the company's single premium immediate annuity. It offers a range of payout options including guaranteed lifetime payments and period-certain terms ranging from 6 to 30 years. Joint life and last survivor annuities are available up to age 80, and individual lifetime payouts up to age 90. A lump-sum death benefit is included at no additional cost for period-certain and joint contracts.

Athene riders and waivers

Most Athene annuities include standard industry waivers at no extra cost. The terminal illness waiver permits full access to your accumulated value if you are diagnosed with a terminal illness. The confinement waiver allows full withdrawals if you spend at least 60 days in a qualifying care facility.

The Accumulator family of products adds a bailout feature, which lets you withdraw your full accumulated value penalty-free if the renewal interest rate falls below a stated minimum. Performance Elite Plus adds an annual liquidity rider for an additional fee, providing extra withdrawal flexibility beyond the standard 10% free withdrawal allowance.

What independent reviewers and advisors say

This is where the picture gets more mixed, and where most athene annuity reviews skip the harder conversation. Athene ranked below average in J.D. Power's Overall Customer Satisfaction Index in both 2024 and 2025, falling behind competitors like Allianz and MassMutual. The J.D. Power survey evaluates carriers on value, service access, people, ease of doing business, digital channels, and problem resolution. Athene came in below the industry average on the composite score in both years.

The Better Business Bureau gives Athene an A+ corporate rating, but the consumer review average sits near one star out of five on a relatively small sample of formal complaints. The disconnect between the corporate rating and the consumer reviews is common in the insurance industry. The corporate grade reflects business practices and complaint resolution, while consumer reviews reflect personal experiences with claims, customer service, and rate renewals.

A federal retirement advisor told Annuity.org that Athene is difficult to reach by phone and that he does not personally like working with the carrier despite its popularity. Other advisors interviewed for the same article cited strong MYGA rates, competitive income rider terms, and high liquidity features as reasons they continue to use Athene for clients.

The NAIC Complaint Index, which tracks consumer complaints filed with state insurance commissioners, gives Athene a score of 0.51. That score is actually better than the industry average and is a more meaningful number than informal internet ratings because it captures formal regulatory complaints rather than internet posts. The two pictures are genuinely in tension, and reasonable buyers can weigh them differently.

Pros and cons of Athene annuities

The strengths are clear. Athene offers one of the broadest product lineups in the industry, financial strength ratings that place it among the top tier of all U.S. annuity carriers, and competitive MYGA and income rider rates. The Apollo Global backing provides additional capital depth that smaller carriers cannot match. The product variety means most retirement goals can be addressed within a single carrier relationship if that simplicity matters to you.

The weaknesses are also clear. Customer satisfaction lags major competitors in independent surveys. Fixed index annuity cap rates and participation rates are sometimes lower than competing products from carriers like Allianz and American Equity, particularly on specific S&P 500 strategies. The company is not available in New York, which limits its reach in one of the largest annuity markets in the country. And while Apollo ownership brings advantages, private equity ownership of insurance carriers continues to draw scrutiny from state insurance regulators.

Who Athene annuities actually fit

Athene is a strong fit for conservative savers aged 55 to 72 who want a guaranteed MYGA rate and can leave the funds untouched for 3 to 7 years. It is also a strong fit for pre-retirees seeking an income rider on a fixed index annuity with at least 10 years before withdrawals begin. The Ascent Pro 10 and Agility 10 are well-designed for this use case. Rollover clients moving 401(k) or IRA money into a tax-deferred annuity will find Athene's $10,000 minimum premium accessible for smaller rollovers as well as larger ones.

It may not be the best fit if you live in New York, if you place a high priority on white-glove customer service, or if your only goal is the absolute highest available rate on a given day. Athene is consistently competitive but not always the rate leader. If maximum rate is your only criterion, comparing live rates across all carriers is more important than choosing a single brand.

How Athene compares to other major carriers

Against Allianz, Athene offers more product variety but Allianz typically wins on customer satisfaction scores. Allianz's Allianz 222 and similar fixed index annuities often have higher participation rates on specific index strategies, while Athene's Ascent Pro 10 typically leads on premium bonus and income rider terms.

Against Nationwide, Athene offers more accessible minimums and simpler product structures. Nationwide's New Heights products use balanced allocation strategies that can be harder to evaluate, while Athene's fixed index annuity lineup tends to use more straightforward index strategies.

Against American Equity, the two carriers are closely matched on product breadth and financial strength. American Equity tends to lead on certain index crediting strategies, while Athene tends to lead on MYGA rates and product variety.

Athene MYGA rates and how they compare

MYGA rates change month to month based on prevailing interest rates and Athene's pricing decisions. Recent rate sheets have shown Athene MYG products in the 4.5% to 5.2% range depending on term length and premium amount. The 5-year term is typically the most popular among buyers, offering a balance between rate and access. The 7-year term sometimes matches or slightly exceeds the 5-year rate, particularly for premiums above $100,000.

Athene MaxRate is generally competitive against carriers like American National, Sentinel Security Life, and Atlantic Coast Life. It is rarely the number one rate in the market on any given day, but it is consistently in the upper tier. For buyers prioritizing the financial strength of the carrier over chasing the absolute top rate, that consistency matters.

Rates are not guaranteed beyond the surrender period. When a contract reaches the end of its term, the renewal rate is set by the carrier and is often lower than the original. Many buyers either elect a return of premium feature, or plan to roll the contract into a new MYGA at the end of the term.

How to buy an Athene annuity

Athene does not sell annuities directly to consumers online. To buy any Athene product, you need to work with a licensed insurance professional. The process typically involves a phone consultation to review your retirement goals, an application that includes personal and beneficiary information, and a quote based on current rates and your specific situation.

Funding usually happens by transferring money from a savings or brokerage account, a 401(k) or IRA rollover, or a 1035 exchange from an existing annuity contract. Most Athene products have a minimum premium of $10,000, with some requiring slightly higher amounts. State availability varies, with New York being the most notable exclusion.

Customer service is available Monday through Friday from 8 a.m. to 5 p.m. Central Time. Athene does not currently offer weekend service hours or online chat support, which is part of the customer service criticism the company has received in independent surveys.

Frequently asked questions

Is Athene a good annuity company? Athene is financially strong, with A+ ratings from AM Best and S&P Global, and one of the broadest product lineups in the industry. The most common criticisms are below-average customer satisfaction scores and a relatively short company history compared to legacy carriers.

Are Athene annuities FDIC insured? No. Annuities are not bank deposits, so they are not FDIC insured. They are backed by the financial strength and claims-paying ability of Athene, and by state guaranty associations up to the limits set by each state.

Who owns Athene? Apollo Global Management completed its acquisition of Athene in January 2022. Athene operates as a wholly owned subsidiary of Apollo Global.

Is Athene available in all states? Athene products are available in all U.S. states except New York.

The bottom line

Athene is a credible, financially strong annuity carrier with one of the deepest product lineups in the market. The A+ financial strength rating and Apollo Global backing make the underlying contracts safe in any reasonable scenario. The product design is solid across MYGAs, fixed index annuity offerings, registered index linked annuities, and immediate annuities.

The customer service track record is the real soft spot, and it is worth weighing if you expect to have frequent contact with the carrier over a 10-year contract. For most buyers, the right approach is to compare a specific Athene product against the best version of that product from a competitor before deciding rather than choosing the brand first and the product second.

If you are considering an Athene annuity or already own one, an independent review of the specific product and how it fits your overall retirement plan is worth doing before any decision.

About the Author

Connor Cedro

Connor is the founder of Palm Wealth Capital, an independent retirement and annuity research firm based in Tampa, Florida. He holds a Finance degree (SMU '21) and an MBA ('25), and writes about annuities and retirement income planning with a focus on independent, jargon-free analysis.