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Athene (ATH) to Provide Annuity Benefits to GE Retirees
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Athene Holdings has inked a pension buyout deal with GE (GE - Free Report) to provide annuity benefits to the latter. GE is thus transferring about $1.7 billion in pension obligations to Athene.
Per the agreement, Athene Annuity and Life Company ("AAIA") and Athene Annuity & Life Assurance Company of New York ("AANY") will cover 70,000 retirees who are currently under GE's pension plan. Both AAIA and AANY will issue a group annuity contract to GE and individual annuity certificates to applicable retirees. AAIA and AANY will have direct payment responsibility for all the liabilities covered in this transaction, thus lowering GE’s pension risk.
Such transactions help ramp up Athene’s premium. The life insurer has been boosting premiums by enhancing existing products and services suite through three organic channels — retail, flow reinsurance and institutional. The company also continues to reinsure a diverse range of fixed annuities and institutional products. These efforts are aimed at capitalizing on the U.S. retirement market, which comprises a large number of retirees.
This Zacks Rank #3 (Hold) company boasts leadership position within the pension risk transfer industry, supporting more than 275,000 annuitants. Athene reinsures a diverse range of annuity products, which include multi-year guaranteed annuities, fixed indexed annuities, traditional one-year guaranteed fixed deferred annuities and immediate annuities. Bill Wheeler, president of Athene stated "Our differentiated investment, actuarial, risk-management, and operational capabilities, combined with our strong balance sheet, position us well to serve the multi-trillion dollar defined benefit marketplace."
Shares of Athene have lost 9.8% year to date compared with the industry’s decline of 14.5%. Continued focus on organic and inorganic channels, strategic relationship with Apollo and effective capital deployment measures should help shares bounce back.
Stocks to Consider
Some better-ranked stocks from the same space are Sun Life Financial (SLF - Free Report) and Reinsurance Group of America (RGA - Free Report) .
Sun Life delivered an earnings surprise of 26.59% in the last reported quarter. It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank.
Reinsurance Group of America delivered an earnings surprise of 77.27% in the last reported quarter. It carries a Zacks Rank #2 (Buy).
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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Athene (ATH) to Provide Annuity Benefits to GE Retirees
Athene Holdings has inked a pension buyout deal with GE (GE - Free Report) to provide annuity benefits to the latter. GE is thus transferring about $1.7 billion in pension obligations to Athene.
Per the agreement, Athene Annuity and Life Company ("AAIA") and Athene Annuity & Life Assurance Company of New York ("AANY") will cover 70,000 retirees who are currently under GE's pension plan. Both AAIA and AANY will issue a group annuity contract to GE and individual annuity certificates to applicable retirees. AAIA and AANY will have direct payment responsibility for all the liabilities covered in this transaction, thus lowering GE’s pension risk.
Such transactions help ramp up Athene’s premium. The life insurer has been boosting premiums by enhancing existing products and services suite through three organic channels — retail, flow reinsurance and institutional. The company also continues to reinsure a diverse range of fixed annuities and institutional products. These efforts are aimed at capitalizing on the U.S. retirement market, which comprises a large number of retirees.
This Zacks Rank #3 (Hold) company boasts leadership position within the pension risk transfer industry, supporting more than 275,000 annuitants. Athene reinsures a diverse range of annuity products, which include multi-year guaranteed annuities, fixed indexed annuities, traditional one-year guaranteed fixed deferred annuities and immediate annuities. Bill Wheeler, president of Athene stated "Our differentiated investment, actuarial, risk-management, and operational capabilities, combined with our strong balance sheet, position us well to serve the multi-trillion dollar defined benefit marketplace."
Shares of Athene have lost 9.8% year to date compared with the industry’s decline of 14.5%. Continued focus on organic and inorganic channels, strategic relationship with Apollo and effective capital deployment measures should help shares bounce back.
Stocks to Consider
Some better-ranked stocks from the same space are Sun Life Financial (SLF - Free Report) and Reinsurance Group of America (RGA - Free Report) .
Sun Life delivered an earnings surprise of 26.59% in the last reported quarter. It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank.
Reinsurance Group of America delivered an earnings surprise of 77.27% in the last reported quarter. It carries a Zacks Rank #2 (Buy).
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>