Athene Holding Ltd. reported record inflows in the first quarter, totaling $26 billion in gross new business, with an additional $10 billion in organic inflows recorded in April.
The results reflect a strategic decision by the company to increase volumes during a period of market volatility.
“While other market participants continued business as usual, we took a different path,” said Jim Belardi, co-founder and CEO, during a recent investor call. “With the presence of market volatility, we made the strategic decision to accelerate new business volumes, which resulted in $26 billion of gross inflows.”
Belardi said the company prioritizes long-term planning over short-term performance and does not pursue growth solely for scale or immediate returns.
Athene reported $804 million in spread-related earnings for the quarter. As of March 31, the company held $31 billion in regulatory capital and $8.2 billion in deployable capital. Net income available to stockholders for the quarter was $420 million. The firm’s net invested assets reached $262 billion.
The company’s retail inflows were primarily driven by financial institutions, which accounted for 81% of sales in the first quarter, compared to 69% in the same period last year. Independent marketing organizations were responsible for the remaining 19%.
Belardi noted growing interest from other private equity-backed annuity providers seeking to enter the market through the acquisition of in-force business or entire companies. He said these efforts often involve blocks with shorter-term surrender periods and market value adjustments, which can introduce more variability in liability duration.
“We’re in the spread business,” he said. “Having manageable, manageably low cost of funds is very important.”
Athene continues to benefit from its relationship with Apollo Global Management, which provides access to newly originated investments. Belardi said these investments offer profiles that differ from those available through public markets.
In a previous investor call earlier this year, Belardi urged U.S. regulators to take a cautious approach to adopting European-style insurance regulations, such as Solvency II. He said applying similar standards domestically could affect long-term insurance practices.
Athene completed its redomiciling from Bermuda to Delaware in 2024, following its 2022 acquisition by Apollo Global Management Inc.
