athene pension risk transfer

and expectations and are often identifiable by use of the words A news release . Athene is well-positioned to provide plan sponsors with customized solutions that achieve their desired objectives while ensuring the financial security of their plan participants," said Bill Wheeler, President of Athene. January 06, 2020 09:00 AM Eastern Standard Time. These statements are based on the beliefs and assumptions of Athene's management and the management of Athene's subsidiaries. "We are pleased to have again been . Topics: Longevity Risk Market Risk contracts related to pension risk transfers. Under the agreement, AAIA and AANY have each committed to issuing a group annuity contract to JCPenney and individual annuity certificates to applicable participants. Under the terms of Athenes inaugural transaction in the U.K. market, which closed December 19, 2019, the Company will reinsure a block of pension benefit liabilities through its wholly owned subsidiary Athene Life Re International Ltd. This year alone we have closed on more than twice the volume we closed on in all of 2018 all with attractive targeted returns. to estimates, projects, may, will, could, might, or continues yet commenced their benefits. Under the terms of the transaction JCPenney transferred $2.8 billion in pension obligations to Athene. We are pleased to have been selected as a trusted partner by filings with the SEC, including our annual report on Form 10-K for the Pension risk transfer deals continued at a brisk pace in the first three months of 2022, following strong demand for such transactions in 2021. . --Athene Holding Ltd., a leading financial services company specializing in retirement solutions, announced the close of a significant pension risk transfer transaction with Lockheed. Athene's principal subsidiaries include Athene Annuity & Life Assurance plan participants, said Bill Wheeler, President of Athene. At Athene, we combine deep industry experience with a relentless focus on new ideas that shape the pension risk transfer landscape. of the Tax Cuts and Jobs Act, which was enacted on December 22, 2017, participants do not elect to receive a lump sum payment. Athene's wholly-owned subsidiaries, Athene Annuity and Life Company ("AAIA"), and Athene Annuity & Life Assurance Company of New York ("AANY"), have agreed to provide annuity benefits for approximately 30,000 participants of JCPenney's pension plan who are currently receiving benefits, or will receive benefits in the future. differentiated investment, actuarial, risk-management, and operational Athene's principal subsidiaries include Athene Annuity & Life Assurance Company, a Delaware-domiciled insurance company, Athene Annuity and Life Company, an Iowa-domiciled insurance company, Athene Annuity & Life Assurance Company of New York, a New York-domiciled insurance company and Athene Life Re Ltd., a Bermuda-domiciled reinsurer. patients prevail over serious diseases. This transaction represents the to provide an annuity contract covering all obligations of Bristol-Myers Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. Such statements are subject to risks and uncertainties that Reinsurance contracts are entered into with Athene Annuity and Life Company (61689), West Des Moines, IA; Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware; Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY; and Athene Life Re Ltd., Hamilton, Bermuda. or similar expressions. our reinsurers failing to meet their assumed obligations; the impact of Athene, through its subsidiaries, is a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Athene is a leader within the pension risk transfer industry, partnering with plan sponsors and intermediaries on more than $19 billion of transactions to support more than 300,000. The institutional channel includes reinsurance and group annuity contracts related 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 financial strength ratings; Athene's ability to manage its business in a highly regulated industry; regulatory changes or actions; the impact of Athene's reinsurers failing to meet their assumed obligations; the impact of interest rate fluctuations; changes in the federal income tax laws and regulations; the accuracy of Athene's interpretation of the Tax Cuts and Jobs Act; litigation (including class action litigation), enforcement investigations or regulatory scrutiny; the performance of third parties; the loss of key personnel; telecommunication, information technology and other operational systems failures; 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 of the Delaware Department of Insurance, the Iowa Insurance Division and other regulatory authorities as required for Athene's operations; 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 year ended December 31, 2020 and its other SEC filings, which can be found at the SEC's website www.sec.gov. Athene is well-positioned to provide plan sponsors with customized solutions that achieve their desired objectives while ensuring the financial security of their plan participants," said Bill Wheeler, President of Athene. In this growing industry, Athene has been able to differentiate itself from competitors specifically for that reason: we embrace. Founded in 2009, Athene is Driven to Do More for our policyholders, business partners, shareholders, and the communities in which we work and live. interest rate fluctuations; changes in the federal income tax laws and As of June 30, 2022, ~96% of our available for sale fixed maturity portfolio was designated NAIC 1 or 2. "We are pleased to serve as a trusted partner to JCPenney in providing retirement security to its retirees and their beneficiaries," said Sean Brennan, EVP of Pension Risk Transfer and Flow Reinsurance at Athene. We were the #1 U.S. PRT provider by volume3 in 2021 and 2020. Use these resources to help you make your next life your best life. Key goals of the internship include an introduction to US Pension Risk Transfer team responsibilities and development of a broad understanding of the company's strategic growth initiatives in the PRT market. During 2018, Athene 279 8460+1 515 342 3910klynn@athene.com, InvestorsNoah Gunn+1 441 279 8534+1 646 768 7309ngunn@athene.com, Bristol-Myers Squibb CompanyMedia:Shelly 8th April 2021 - Author: Katie Baker. "We wanted to find a better solution for our pension plan participants than the distress termination. from those set forth in, or implied by, such statements. Annuity contracts and group annuity contracts are issued by Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY, in New York state. Athene USA 7700 Mills Civic Parkway West Des Moines, IA 50266 Call: 888-ANNUITY (888-266-8489) 8:00 a.m. - 5:00 p.m. CT, Monday - Friday Fax: 866-709-3922 IndividualsProfessionalsInvestors Institutions Institutions The institutional channel includes reinsurance and group annuity contracts related to pension group annuities. "We are pleased to serve as a trusted partner to JCPenney in providing retirement security to its retirees and their beneficiaries," said Sean Brennan, EVP of Pension Risk Transfer and Flow Reinsurance at Athene. to changes to existing accounting rules; general economic conditions; our results, events or developments referenced herein will occur or be This material is a general description intended for general public use. could cause actual results, events and developments to differ materially Our capabilities allow us to deliver a full spectrum of innovative, holistic pension group annuities solutions that ensure the financial security of plan participants. Such statements are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth in, or implied by, such statements. Founded in 2009, Athene is Driven to Do More for our policyholders, business partners, shareholders, and the communities in which we work and live. As a leader in innovative solutions for pension risk mitigation, Athene is well equipped to be your partner at any stage of the plan termination process. Since 2017, the firm has closed 16 pension risk transfer transactions totalling almost $11 billion, and Athene now manages pension payments for more than 168,000 annuities. The following conversation was edited for clarity. statements within the meaning of the Private Securities Litigation beneficiaries, and former Bristol-Myers Squibb employees who have not The institutional channel includes reinsurance and group annuity contracts related NEW YORK--(BUSINESS WIRE)--Bristol-Myers Squibb Company (NYSE: BMY) today announced it will transfer $3.8 billion of U.S. pension obligations through a full termination of its U.S. Retirement Income Plan (the "Plan").The obligations will be distributed through a combination of lump sums to Plan participants who elect such payments, and the purchase of a group annuity contract from Athene . Read how pension group annuities can help companies de-risk while maintaining retirees' benefits. Athene's merger with Apollo in January 2022 was the culmination of a long and successful partnership since Athene's founding in 2009. Twitter, Company, a Delaware-domiciled insurance company, Athene Annuity and Life To learn more about Athene's PRT solutions, visit www.athene.com/PRT. In early April, Athene Holding took over $2.8 Billion of JC Penney's pension obligations, completing the termination of JCPenney's pension plan. 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. forward-looking statements to reflect changed assumptions, the the quarterly period ended September 30, 2018, which can be found at the Bill Wheeler, President of Athene, commented: "We are excited about our progress within the PRT business during the last few years. 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 Holding Ltd agreed on Monday to pay a $45 million civil fine to settle charges it conducted insurance business in New York without a license, . We work closely with counterparties to achieve mutual goals and then follow through on our commitments. Safe Harbor for Forward-Looking Statements. occurrence of unanticipated events or changes to future operating 2Financial strength ratings for Athene Annuity & Life Assurance Company, Athene Annuity and Life Company, Athene Annuity & Life Assurance Company of New York and Athene Life Re Ltd. S&P, Fitch, A.M. Bests and Moodys credit ratings reflect their assessment of the relative ability of an insurer to meet its ongoing insurance policy and contract obligations. Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by use of the words believes, expects, intends, anticipates, plans, seeks, estimates, projects, may, will, could, might, or continues or similar expressions. amended, and Section 21E of the Securities Exchange Act of 1934, as Athene is a leader within the pension risk transfer industry, partnering with plan sponsors and intermediaries on more than $18.5 billion of transactions to support more than 300,000 annuitants since entering the market. 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 financial strength ratings; Athene's ability to manage its business in a highly regulated industry; regulatory changes or actions; the impact of Athene's reinsurers failing to meet their assumed obligations; the impact of interest rate fluctuations; changes in the federal income tax laws and regulations; the accuracy of Athene's interpretation of the Tax Cuts and Jobs Act; litigation (including class action litigation), enforcement investigations or regulatory scrutiny; the performance of third parties; the loss of key personnel; telecommunication, information technology and other operational systems failures; 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 of the Delaware Department of Insurance, the Iowa Insurance Division and other regulatory authorities as required for Athene's operations; 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 year ended December 31, 2020 and its other SEC filings, which can be found at the SEC's website www.sec.gov. View source version on businesswire.com: https://www.businesswire.com/news/home/20200106005578/en/, Media American companies and U.S. retirees are facing a pension crisis. plan sponsors considering full plan terminations in the future.. The institutional channel includes reinsurance and group annuity contracts related to pension group annuities. ____________________ Athene is a leader within the pension risk transfer industry, partnering with plan sponsors and intermediaries on more than $19 billion of transactions to support more than 300,000 annuitants . That's why Athene has developed timely, producer- and consumer-focused content to inform and educate on key financial risks, plus show how annuities can be a potential solution to help build a more resilient retirement. During 2018, Athene closed seven pension risk transfer transactions totaling approximately $2.6 billion. Athene USA 7700 Mills Civic Parkway West Des Moines, IA 50266 Call: 888-ANNUITY (888-266-8489) 8:00 a.m. - 5:00 p.m. CT, Monday - Friday Fax: 866-709-3922 IndividualsProfessionalsInvestors Institutions Institutions The institutional channel includes reinsurance and group annuity contracts related to pension group annuities. Athene is well suited to help these companies due to our financial strength and expertise on managing retirement obligations. Payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. For more information, please visit www.athene.com. PEMBROKE, Bermuda--(BUSINESS WIRE)-- Athene does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Its other disclosed 2021 transactions involved JCPenney, Alcoa Corp. and Sonoco . non-retirees, and we believe this approach may provide a blueprint for NO BANK/CREDIT UNION GUARANTEE. Szablewski+1 609 252 5894william.szablewski@bms.com. Plan buyouts totaled $34.2 billion in 2021, according to data from LIMRAs Secured Retirement Institute, a 37% increase from 2020. ATHENE HOLDING LTD.--(BUSINESS WIRE)-- Athene Holding Ltd. ("Athene") (NYSE:ATH), a leading retirement services company, announced the close of an $800 million pension risk transfer transaction . management and the management of Athene's subsidiaries. YouTube Under the terms of the transaction, Lockheed Martin transferred $4.9 billion in pension obligations to Athene. Athene is a leader within the pension risk transfer industry, partnering with plan sponsors and intermediaries on more than $18.5 billion of transactions to support more than 300,000 annuitants since entering the market. Protecting savings in turbulent times. HAMILTON, Bermuda, April 1, 2021 /PRNewswire/ -- Athene Holding Ltd. , a leading financial services company specializing in retirement services, announced the close of a significant pension risk. Athene Holding Ltd. (Athene) is a leading retirement services company that issues, reinsures, and acquires retirement savings products. Two of Athene's wholly owned subsidiaries, Athene Annuity and [] $1.8 billion. This is Lockheed's second pension risk transfer transaction with Athene. Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. While the length of time to complete a pension risk transfer will vary by plan, the entire process could typically take 12 to 18 months. A pension risk transfer occurs when a company eliminates some or all of its pension benefit obligations for financial reasons. capabilities, combined with our strong balance sheet, position us well The company had the largest share of disclosed deals in 2021, with five transactions totaling $10.10 billion in obligations transferred. +1 515 342 3910 Rather than face benefit reductions amid the Company's restructuring activity, the retirees covered by this transaction can be confident they will receive the same pension benefit, on the same schedule, as what they currently receive, or expected to receive in the future.". and made key changes to the U.S. tax law; litigation (including class "Our ability to structure innovative solutions combined with our differentiated investment, actuarial, risk management, operational capabilities, and strong balance sheet leaves Athene uniquely positioned to serve the multi-trillion-dollar defined benefit marketplace.". The products offered by Athene include: Athene had total assets of $144.2 billion as of September 30, 2019. Bristol-Myers Squibb, visit BMS.com do not need to take any action at this time. "We wanted to find a better solution for our pension plan participants than the distress termination. | May 29, 2022 Our spread-based business is managed by a seasoned leadership team with deep experience in a variety of market environments. financial strength ratings; our ability to manage our business in a Analysts at Milliman, an actuarial consulting firm, say the estimated retiree buyout cost as a percentage of accounting liability stood at 105.5 in . covering more than 24,000 active employee participants, retirees, Providing our customers the means to a financially secure retirement is the exclusive focus of our business. Karen Lynn+1 441 279 8460 to As a leader in pension risk transfers, Athene is able to provide plan JCPenney, the ailing retailer, declared bankruptcy in May 2020 and sold off its retail operations before emerging from Chapter 11 at the end of 2020. to serve the $3 trillion defined benefit marketplace.. Products not available in all states. Athene Completes Significant Pension Risk Transfer Transaction with JCPenney, http://www.prnewswire.com/news-releases/athene-completes-significant-pension-risk-transfer-transaction-with-jcpenney-301261013.html. The transaction announced today is the second pension risk transfer transaction Lockheed Martin has signed with Athene, following a transaction in 2018 whereby Athene insured approximately $800 million in pension obligations for more than 9,000 of Lockheed Martin's retirees and their beneficiaries. When your plan participants become members of the Athene family, they will have access to an online benefit center and a premier call center. action litigation), enforcement investigations or regulatory scrutiny; company that issues, reinsures and acquires retirement savings products AAIA and AANY will have direct payment responsibility for all the liabilities covered in this transaction. For more information about 3LIMRA Secure Retirement Institute, U.S. Group Annuity Risk Transfer Survey, Fourth Quarter 2021 and Fourth Quarter 2020. Reform Act of 1995, Section 27A of the Securities Act of 1933, as payout of the lump sum obligations in July 2019, it is expected that McCormick Lavery+1 609 252 7602lisa.mccormicklavery@bms.com, Investors:Tim Power+1 609 252 7509timothy.power@bms.comORBill Discover how ongoing monitoring and analysis of the pricing environment may result in even more value during this period of market volatility than during periods of relative stability. Athene utilized its strategic capital vehicle, Athene Reinsurance Co-investment ("ACRA"), to support the completion of this transaction. responsibility, including required administration, for annuity and lump Just What Is Pension De-Risking? Athene specializes in helping its customers achieve financial security and is a solutions provider to institutions. PEMBROKE, Bermuda-- ( BUSINESS WIRE )--Athene Holding Ltd. ("Athene") (NYSE: ATH), a leading retirement services company, announced it has . Athene's wholly-owned subsidiaries, Athene Annuity and Life Company ("AAIA"), and Athene Annuity & Life Assurance Company of New York ("AANY"), have agreed to provide annuity benefits for approximately 30,000 participants of JCPenney's pension plan who are currently receiving benefits, or will receive benefits in the future. and Athene Life Re Ltd., a Bermuda-domiciled reinsurer. sponsors with customized solutions to achieve their desired pension risk designed for the increasing number of individuals and institutions services company, announced today a first-of-its-kind pension plan ngunn@athene.com. NOT A DEPOSIT. regulations; the implementation and the accuracy of our interpretation Retail fixed, fixed indexed and index-linked annuity products; Reinsurance arrangements with third-party annuity providers; and. In a typical pension risk transfer, a life . pension payments for more than 80,000 annuitants. HAMILTON, Bermuda, April 1, 2021 /PRNewswire/ -- Athene Holding Ltd. ("Athene") (NYSE: ATH), a leading financial services company specializing in retirement services, announced the close of a significant pension risk transfer transaction in connection with JCPenney's 1 pension plan termination. from 8 AM - 9 PM ET. The products offered by Athene include: Athene had total assets of $118.2 billion as of September30, 2018. New York officials say Athene made 14 pension risk transfer deals that affected 6,394 New York state. Joining us in this exciting new step, is Athene, a growing annuity provider in the US and the first insurer to adopt our pension risk analytics and reporting platform, PFaroe. Our strong financial performance is driven by our multi-channel business model, prudent risk management, and ability to maintain differentiated capabilities on both sides of the balance sheet. Rather than face benefit reductions amid the Company's restructuring activity, the retirees covered by this transaction can be confident they will receive the same pension benefit, on the same schedule, as what they currently receive, or expected to receive in the future.". Squibbs U.S. Retirement Income Plan (the Plan) for which the plan We have the resources, experience and management expertise to successfully design, execute and close transactions on your timeline. MediaAmanda Carstens Steward+1 441 279 8525+1 515 342 6473[emailprotected], InvestorsNoah Gunn +1 441 279 8534+1 646 768 7309[emailprotected], Cision Distribution 888-776-0942 pension risk transfers. is to discover, develop and deliver innovative medicines that help obtain approval of the Delaware Department of Insurance, the Iowa "Unlicensed insurance activity puts retirement assets at risk, and that's why we won't tolerate it." As part of its agreement with the department, Athene will transfer the handling of. All forward-looking statements described herein are qualified by these and Facebook. GuruFocus Article or News written by PRNewswire and the topic is about: Athene is a leader in the pension risk transfer industry, managing pension payments for more than 80,000 annuitants. Factors that could cause actual results, events and developments to differ include, without limitation: the accuracy of Athenes assumptions and estimates; Athenes ability to maintain or improve financial strength ratings; Athenes ability to manage its business in a highly regulated industry; regulatory changes or actions; the impact of Athenes reinsurers failing to meet their assumed obligations; the impact of interest rate fluctuations; changes in the federal income tax laws and regulations; the accuracy of Athenes interpretation of the Tax Cuts and Jobs Act, litigation (including class action litigation), enforcement investigations or regulatory scrutiny; the performance of third parties; the loss of key personnel; telecommunication, information technology and other operational systems failures; the continued availability of capital; new accounting rules or changes to existing accounting rules; general economic conditions; Athenes ability to protect its intellectual property; the ability to maintain or obtain approval of the Delaware Department of Insurance, the Iowa Insurance Division and other regulatory authorities as required for Athenes operations; 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 year ended December 31, 2018, and its quarterly report on Form 10-Q for the quarterly period ended September 30, 2019, which can be found at the SECs website www.sec.gov. 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