Market Overview

S&P Upgrades Financial Strength Ratings of Athene's Operating Companies to 'A'


S&P Global Ratings ("S&P") upgraded the financial strength ratings of
Athene Holding Ltd.'s (AHL) (NYSE:ATH) operating companies to ‘A' from
‘A-.' S&P also upgraded the rating on Athene Holding to ‘BBB+' from
‘BBB.' The outlook of these credit ratings is ‘Stable.'

S&P's ratings and analysis are intended to assess the level of corporate
financial strength and creditworthiness. The ‘A' financial strength
rating is S&P's third highest rating category.

"This upgrade reflects our stellar financial results and will accelerate
the strong momentum of our business," said Jim Belardi, CEO of Athene.
"We have achieved significant growth and greater diversification while
prudently managing risk. We believe this ratings upgrade will further
strengthen our multi-channel distribution model, and we look forward to
establishing new partnerships and engaging as a financial solutions
provider to a broader market."

S&P cited Athene's improved business diversification as the primary
reason for the improved rating. "Historically, Athene's business has
been concentrated in retail annuities, which made up over 85% of
deposits in 2014. Since then, management has successfully diversified
into flow reinsurance and pension risk transfers." The rating agency
also noted, "The improved business diversification drives the overall
improvement in our view of its competitive position and business risk

The Athene entities receiving financial strength ratings upgrade from
S&P include:

  • Athene Annuity & Life Assurance Company
  • Athene Annuity & Life Assurance Company of New York
  • Athene Annuity and Life Company
  • Athene Life Re Ltd.
  • Athene Holding Ltd.

S&P is one of the three major credit ratings utilized by Athene to
provide an independent assessment of the company's financial strength.
With a history that dates back more than 150 years, S&P Global Ratings
provides high-quality market intelligence in the form of credit ratings,
research, and thought leadership for companies in 28 countries around
the world.

About Athene Holding Ltd.
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. The
products offered by Athene include:

  • Retail fixed and fixed indexed annuity products;
  • Reinsurance arrangements with third-party annuity providers; and
  • Institutional products, such as funding agreements and group annuity
    contracts related to pension risk transfers.

Athene had total assets of $114.8 billion as of June 30, 2018. 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.

Further information about our companies can be found at

Safe Harbor for Forward-Looking Statements

This press release contains, and certain oral statements made by our
representatives from time to time may contain, forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exercise Act of 1934, as
amended. 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. These
statements are based on the beliefs and assumptions of AHL's management
and the management of AHL's subsidiaries. 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.
Factors that could cause actual results, events and developments to
differ include, without limitation: the accuracy of our assumptions and
estimates; our ability to maintain or improve financial strength
ratings; our ability to manage our business in a highly regulated
industry; regulatory changes or actions; the impact of our reinsurers
failing to meet their assumed obligations; the impact of interest rate
fluctuations; changes in the federal income tax laws and regulations;
the implementation and the accuracy of our interpretation of the Tax
Act, which was enacted on December 22, 2017 and made key changes to the
U.S. tax law; 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; our ability to protect
our 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 our operations; and other
factors discussed from time to time in AHL's filings with the SEC,
including our annual report on Form 10-K for the year ended December 31,
2017, and our quarterly report on Form 10-Q for the six months ended
June 30, 2018, which can be found at the SEC's website

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. We do 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

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