Athene posts record retail sales of $2 billion in second quarter
Athene Holding Ltd., parent company of West Des Moines-based Athene USA, announced second-quarter net income of $264 million, or $1.33 per share, compared with net income for the second quarter of 2017 of $326 million, or $1.65 per share. The 19 percent decrease in net income was driven by unfavorable impacts from assumed reinsurance embedded derivatives, as well as increases in U.S. Treasury rates and credit spread widening. In the quarter, Athene generated a record $2 billion of new deposits in its retail sales sector, up 25 percent from the prior year, driven by channel expansion and new product launches, the company said in its earnings release. With a deal it closed in June with Voya Financial to reinsure $19 billion of fixed and fixed indexed annuity liabilities, the company’s invested asset portfolio has increased to approximately $100 billion.