Apollo touts new products, distribution with No. 1 Athene this year

February 13, 2023 by Steven A. Morelli

Apollo Global Management had a booming fourth quarter thanks to Athene, putting the company solidly at the top of the fixed annuity business and the CEO put the industry on notice that Athene intends to stay there.

Apollo has been solidifying its position as a private credit behemoth partly with the help of capital generated by Athene, with the recent acquisition of Credit Suisse’s Securitized Products Group to create Atlas SP, a new credit unit. Apollo expects Atlas to be “the finance company of finance companies.”

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Wink’s Note: Whoa ho ho ho!

Apollo Global Management, Inc. CEO, Marc Rowan, is throwing shade at annuity startups.

“I believe that the vast majority of new entrants, although not all, will not be successful, and will learn a very expensive lesson along the way.”

I’m not sure what Rowan is referring to when he says, “Athene…has spent 13 years creating the kind of regulatory dialogue and transparency necessary to thrive.”

Athene acquired Aviva USA just over ten years ago.

Another interesting takeaway for me?

“Apollo expects to expand into new distribution and offer new suites of products over the year.”

I’ll be watching.

Thanks for the annuity gossip to InsuranceNewsNet and Steve Morelli. -sjm

Originally Posted at InsuranceNewsNet on February 10, 2023 by Steven A. Morelli.