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Athene Q3 net income up, total growth ‘on pace to exceed $50B’ in 2020

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Athene Holding Ltd. reported net income for the third quarter of $622 million, or $3.16 per common share, compared with $276 million, or $1.50 per share, for third quarter 2019. The increase was driven by higher adjusted operating income, favorable changes in the fair value of reinsurance assets due to tightening credit spreads, and favorable changes in the net fair value of fixed indexed annuity derivatives. In third quarter 2020, Athene generated record new retail deposits of $2.5 billion, an increase of 28% year-over-year and 38% quarter-over-quarter. “Following consecutive quarters of record organic growth above target returns, we are on pace to exceed $50 billion of total organic and inorganic volumes in 2020, marking our best year of growth ever,” Jim Belardi, CEO of Athene, said in an earnings release. Its operating company, West Des Moines-based Athene USA, is a retirement services provider of fixed index annuities.