Since 2017, Athene has closed 16 pension risk transfer transactions totalling nearly $11 billion. 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. Athene has been active in the pension risk transfer space since it entered in 2017. and made key changes to the U.S. tax law; litigation (including class Athene utilized its strategic capital vehicle, Athene Reinsurance Co-investment ("ACRA"), to support the completion of this transaction. 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 agreement, Athenes wholly-owned Iowa-domiciled life insurance Athene is a leader within the pension risk transfer industry, responsible for. 1All references to JCPenney refer to the company now known as COPPER Sub Corporation, Inc. About Athene Athene Holding Ltd. (NYSE: ATH), through its subsidiaries ("Athene"), is a leading financial services company with total assets of $202.8 billion as of December 31, 2020 and operations in the United States, Bermuda, and Canada. Athene specializes in helping its customers achieve financial security and is a solutions provider to institutions. Plan buyouts totaled $34.2 billion in 2021, according to data from LIMRAs Secured Retirement Institute, a 37% increase from 2020. 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. Registered Index-Linked Annuities (RILAs), The multi-million dollar opportunity for pension plan sponsors. Squibbs U.S. Retirement Income Plan (the Plan) for which the plan +1 515 342 3910 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. management and the management of Athene's subsidiaries. yet commenced their benefits. Although we already provide PFaroe to many firms in the DB pensions industry, [] Szablewski+1 609 252 5894william.szablewski@bms.com. At Athene, were always reaching higher so you retire better. "We wanted to find a better solution for our pension plan participants than the distress termination. 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. "By choosing Athene, JCPenney is entrusting its pension promises to a company with deep experience and expertise in the long-term management of retirement benefits. This press release contains, and certain oral statements made by our GuruFocus Article or News written by PRNewswire and the topic is about: Analysts at Milliman, an actuarial consulting firm, say the estimated retiree buyout cost as a percentage of accounting liability stood at 105.5 in . Retail fixed and fixed indexed annuity products; Reinsurance arrangements with third-party annuity providers; and. and Facebook. results, events or developments referenced herein will occur or be Company Release - 8/3/2021. These companies are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. To learn more about Athene's PRT solutions, visit www.athene.com/PRT. Plan sponsors seek de-risking solutions that meet their unique needs. Milliman's Pension Risk Transfer Cost Data. 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. Under the agreement, AAIA and AANY have each committed to issuing a group annuity contract to JCPenney and individual annuity certificates to applicable participants. Our capabilities allow us to deliver a full spectrum of innovative, holistic pension group annuities solutions that ensure the financial security of plan participants. Noah Gunn+1 441 279 8534 to the quarterly period ended September 30, 2018, which can be found at the 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. To learn more about Athene's PRT solutions, visit www.athene.com/PRT. "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. These "By choosing Athene, JCPenney is entrusting its pension promises to a company with deep experience and expertise in the long-term management of retirement benefits. Bill Wheeler, President of Athene, commented: "We are excited about our progress within the PRT business during the last few years. klynn@athene.com, Investors Karen Lynn+1 441 279 8460 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. and expectations and are often identifiable by use of the words amended, and Section 21E of the Securities Exchange Act of 1934, as Topics: Longevity Risk Market Risk action litigation), enforcement investigations or regulatory scrutiny; Athene Holding Ltd. (Athene) is a leading retirement services company that issues, reinsures, and acquires retirement savings products. January 06, 2020 09:00 AM Eastern Standard Time. PEMBROKE, Bermuda--(BUSINESS WIRE)-- Athene Holding Ltd. ("Athene") (NYSE: ATH), a leading retirement services company, announced it has reached approximately $6.0 billion in total pension risk transfer (PRT) transactions for 2019, which includes approximately $800 million from a recently completed funded reinsurance transaction with a leading U.K. insurance company. operations; and other factors discussed from time to time in Athene's MAY LOSE VALUE. Rated A+ byS&P, Fitch,and "A" byA.M. Best2, Athene is an experienced manager of insurance liabilities and the assets that support them. 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. PEMBROKE, Bermuda--(BUSINESS WIRE)-- Today's Insights Optimizing PGA timing and execution Pension group annuity transaction timing is always important, which is true now more than ever. Athene's wholly-owned subsidiaries, Athene . Products not available in all states. Bristol-Myers Squibb, visit BMS.com believes, expects, intends, anticipates, plans, seeks, from 8 AM - 9 PM ET. Our Athene had total assets of $191.1 billion as of September 30, 2020. Safe Harbor for Forward-Looking Statements. With the assistance of multiple pension termination experts, we reached an agreement with Athene Holding Ltd. to purchase annuities for all pension plan participants in conjunction with the plan termination,"said Steve Whaley, Chair of the Benefit Plan Investment Committee of J. C. Penney Corporation, Inc. "Pension risk transfer is an attractive solution for plan sponsors interested in a plan termination, including those going through a company restructuring. Founded in 2009, Athene is Driven to Do More for our policyholders, business partners, shareholders, and the communities in which we work and live. Payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. pension risk transfers. 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. 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. Two of Athene's wholly owned subsidiaries, Athene Annuity and [] As a leader in pension risk transfers, Athene is able to provide plan from those set forth in, or implied by, such statements. This process is also known as "derisking" and is usually done by offering vested plan participantsthose who have earned benefits from their years of service with a companya lump-sum payout. pension risk transfers. Athene Holdings (Athene) has closed a significant pension risk transfer transaction in connection with department store JCPenney's pension plan termination. 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. The key to achieving emotional and financial well-being in retirement is preparation. Athene says that, since 2017, it has closed 16 pension risk transfer deals involving about $11 billion in deal value, and pension payment streams for about 168,000 people. Factors that could cause actual results, events McCormick Lavery+1 609 252 7602lisa.mccormicklavery@bms.com, Investors:Tim Power+1 609 252 7509timothy.power@bms.comORBill American companies and U.S. retirees are facing a pension crisis. All transactions are subject to meeting a reinsurers underwriting requirements. NEW YORK (Reuters) - 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, the first settlement in. Includes a recently completed funded reinsurance transaction with a U.K. company. plan sponsors considering full plan terminations in the future.. HAMILTON, Bermuda, Aug. 3, 2021 /PRNewswire/ -- Athene Holding Ltd. ("Athene") (NYSE: ATH), a leading financial services company specializing in retirement solutions, announced the close of a significant pension risk transfer (PRT) transaction with Lockheed Martin (NYSE: LMT), a global security and aerospace leader. The institutional channel includes reinsurance and group annuity contracts related Athene Holding, a leading retirement services company, announced today a first-of-its-kind pension plan termination transaction with Bristol-Myers Squibb Company covering more than 24,000 active . Athene Closes $6 Billion in Pension Risk Transfer Transactions During 2019, https://www.businesswire.com/news/home/20200106005578/en/. Its other disclosed 2021 transactions involved JCPenney, Alcoa Corp. and Sonoco . A pension risk transfer occurs when a company eliminates some or all of its pension benefit obligations for financial reasons. Just What Is Pension De-Risking? Reinsurers may not be licensed in all states. Under the terms of the transaction, which was signed in March 2021, JCPenney transferred $2.8 billion in pension obligations to Athene. To learn more about Athene's PRT solutions, visit www.athene.com/PRT. About Athene Holding Ltd. It's a great time for you to join one of the leading retirement services companies. Athene utilized its strategic capital vehicle, Athene Reinsurance Co-investment ("ACRA"), to support the completion of this transaction. With the assistance of multiple pension termination experts, we reached an agreement with Athene Holding Ltd. to purchase annuities for all pension plan participants in conjunction with the plan termination,"said Steve Whaley, Chair of the Benefit Plan Investment Committee of J. C. Penney Corporation, Inc. "Pension risk transfer is an attractive solution for plan sponsors interested in a plan termination, including those going through a company restructuring. transaction, said Sean Brennan, Senior Vice President and Head of Athene is committed to providing the best internship experience. 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Since 2012 one of the most common forms of pension de-risking has been the purchase of a group annuity contract (also known as an annuity buy-out or annuity lift-out). ability to protect our intellectual property; the ability to maintain or Athene led the way in 2021. Annuities contain features, exclusions, limitations and availability that may vary by state and/or sales distributor. PEMBROKE, Bermuda-- ( BUSINESS WIRE )--Athene Holding Ltd. ("Athene") (NYSE: ATH), a leading retirement services company, announced it has . Planning for retirement comes with a variety of risks and diverse client needs. 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. $1.8 billion. Our spread-based business is managed by a seasoned leadership team with deep experience in a variety of market environments. Founded in 2009, Athene is Driven to Do More for our policyholders, business partners, shareholders, and the communities in which we work and live. Under the terms of the transaction, which was signed in March 2021, JCPenney transferred $2.8 billion in pension obligations to Athene. For more information about Since Athene's entry into the U.S. pension risk transfer market in 2017, we have now successfully completed over 30 annuity placements totaling over $27B in group annuity sales. 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, . company that issues, reinsures and acquires retirement savings products For a full explanation of an annuity, please refer to the Certificate of Disclosure or Prospectus (as applicable) and contact your financial professional or the company for costs and complete details. ngunn@athene.com. Payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Reinsurance products are not protected or guaranteed by state insurance guaranty associations or insolvency funds. --Athene Holding Ltd., a leading financial services company specializing in retirement solutions, announced the close of a significant pension risk transfer transaction with Lockheed. Pension risk transfer steps include, but are not limited to, the following: Completing a financial analysis for the plan Identifying the company's internal team that will manage the pension risk transfer process 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. Athene Holding Ltd. (Athene) (NYSE: ATH), a leading retirement 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. 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. contracts related to pension risk transfers. 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. New York officials say Athene made 14 pension risk transfer deals that affected 6,394 New York state. When typing in this field, a list of search results will appear and be automatically updated as you type. Pension de-risking is any action taken by a defined benefit plan (Plan) sponsor to reduce a plan sponsor's exposure to its pension liabilities. do not need to take any action at this time. Company, an Iowa-domiciled insurance company, Athene Annuity & Life and developments to differ include, without limitation: the accuracy of is to discover, develop and deliver innovative medicines that help AAIAs annuity contract will cover as much as $3.8 billion of remaining Athene's wholly-owned subsidiaries, Athene Annuity and Life Company and Athene Annuity & Life Assurance Company of New York, have agreed to provide annuity . participants do not elect to receive a lump sum payment. Safe Harbor for Forward-Looking Statements. 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. We were the #1 U.S. PRT provider by volume3 in 2021 and 2020. 3LIMRA Secure Retirement Institute, U.S. Group Annuity Risk Transfer Survey, Fourth Quarter 2021 and Fourth Quarter 2020. Under the agreement . 8:00 a.m. - 5:00 p.m. CT, Monday - Friday. pension payments for more than 80,000 annuitants. representatives from time to time may contain, forward-looking The regulator noted that Athene Annuity & Life entered into 14 pension risk transfer transactions and engaged in thousands of unauthorized communications with New York-based . This press release contains, and certain oral statements made by Athenes 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 Exchange Act of 1934, as amended. filings with the SEC, including our annual report on Form 10-K for the "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. Further information about our companies can be found at www.athene.com. to Bristol-Myers Squibb is a global biopharmaceutical company whose mission A pension risk transfer is when a defined-benefit pension provider seeks to remove some or all of its obligation to pay guaranteed retirement income or post-retirement benefits to plan participants. Athene is a leader in the pension risk transfer industry, responsible for providing income security for more than 90,000 annuitants. "We are pleased to have again been . amended. For more information, please visit www.athene.com. subsidiary, Athene Annuity and Life Company (AAIA), agreed in advance 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's1 pension plan termination. NO BANK/CREDIT UNION GUARANTEE. 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's1 pension plan termination. non-retirees, and we believe this approach may provide a blueprint for At Athene, fixed annuities are our focus. View source version on businesswire.com: https://www.businesswire.com/news/home/20200106005578/en/, Media As a result, plan sponsors who decide to move forward with pension risk transfer exercises should also consider incorporating price monitoring into the transaction process. 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. Annuity contracts and group annuity contracts are issued by Athene Annuity and Life Company (61689), West Des Moines, IA, and Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware, in all states (except New York), and in D.C. and PR. cautionary statements and there can be no assurance that the actual This year alone we have closed on more than twice the volume we closed on in all of 2018 all with attractive targeted returns. Pension risk transfer can be a complicated endeavor. 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. pension liabilities when the transfer is completed in August 2019, For more information, please visit www.athene.com. Further information about our companies can be found at athene.com. 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. 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. At Athene, we combine deep industry experience with a relentless focus on new ideas that shape the pension risk transfer landscape. Bristol-Myers Squibb, a global leader in the biopharmaceutical industry, 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 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 financial strength ratings; our ability to manage our business in a 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. changes to existing accounting rules; general economic conditions; our Under the terms of the transaction, which was signed in March 2021, JCPenney transferred $2.8 billion in pension obligations to Athene. These statements are based on the beliefs and assumptions of Athene's management and the management of Athene's subsidiaries. Athene Holding Ltd.s credit rating is A-/A-/bbb+/Baa1 for S&P, Fitch, A.M. Best and Moodys, respectively. Our recent transaction represents Athenes ability to provide a reinsurance risk transfer solution in a complex and evolving landscape., 1Hymans Robertson LLP, Risk Transfer Report, November 2018. Institutional products, such as funding agreements and group annuity PEMBROKE, Bermuda-- (BUSINESS WIRE)-- Athene Holding Ltd. ("Athene") (NYSE: ATH), a leading retirement services company, announced today a first-of-its-kind pension plan termination transaction with Bristol-Myers Squibb Company (NYSE: BMY) covering more than 24,000 active employee participants, retirees, beneficiaries, and former Bristol-Myers Squibb employees who have not yet commenced their benefits. 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 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 . 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. The institutional channel includes reinsurance and group annuity contracts related 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. "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.". Providing our customers the means to a financially secure retirement is the exclusive focus of our business. "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. The pension risk transfer market is thriving - so we're jumping in. 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. designed for the increasing number of individuals and institutions Athene's deal with Lockheed Martin Corp., worth $4.9 billion, was its largest in 2021. In this growing industry, Athene has been able to differentiate itself from competitors specifically for that reason: we embrace. could cause actual results, events and developments to differ materially Financial professionals will be paid a commission on the sale of an annuity. 1All references to JCPenney refer to the company now known as COPPER Sub Corporation, Inc. About Athene Athene Holding Ltd. (NYSE: ATH), through its subsidiaries ("Athene"), is a leading financial services company with total assets of $202.8 billion as of December 31, 2020 and operations in the United States, Bermuda, and Canada. has closed six pension risk transfer transactions totaling more than 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. "We are pleased to have again been selected by Lockheed Martin to partner with them and help . The New York State Department of Financial Services (DFS) uncovered that Athene solicited and did insurance business in New York without a license. Athene Holding Ltd. ("Athene") (NYSE: ATH, a leading retirement services company, announced today a first-of-its-kind pension plan termination transaction with Bristol-Myers Squibb Company (NYSE: BMY) covering more than 24,000 active employee participants, retirees, beneficiaries, and former Bristol-Myers Squibb employees who have not yet commenced their benefits. Plan participants have received information packages and 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 . This is Lockheed's second pension risk transfer transaction with Athene. termination transaction with Bristol-Myers Squibb Company (NYSE: BMY) We have a proven track record for pension group annuities and are committed to delivering outstanding customer service. results. 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. This pension de-risking transfer affects some 18,000 participants of . Pension group annuitytransaction timing is always important, which is true now more than ever.