Who Owns Athene Company?

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Who Owns Athene Company?

Understanding who owns Athene Company is key to grasping its strategic direction and market influence. A significant shift occurred in January 2022 when Athene merged with Apollo Global Management, Inc., transitioning from a publicly traded entity to a crucial subsidiary within a major alternative asset manager.

Athene, established in 2009 with its operational base in West Des Moines, Iowa, and its parent entity in Bermuda, emerged from the 2008 financial crisis with a mission to provide retirement security. The company identified a market gap left by insurers exiting the retirement savings sector, focusing on products like fixed annuities. As of March 31, 2025, Athene manages over $380 billion in assets, operating across the United States, Bermuda, Canada, and Japan, making it a significant player in retirement solutions.

The journey of Athene's ownership is a fascinating narrative, starting from its founders and early investors, through its initial public offering, and culminating in its current structure under Apollo Global Management. This evolution has significantly shaped its governance and market approach. Tracing the stakes of key investors and the role of public shareholders before the merger provides valuable insight into the company's financial backing and strategic alliances. For instance, the company offers products like the Athene BCG Matrix, which is part of its broader financial strategy.

Following the merger, Apollo Global Management became the primary owner, significantly influencing Athene's strategic direction and capital allocation. This integration means that while Athene operates as a distinct retirement services provider, its ultimate control and strategic oversight now reside with Apollo. This structure allows Athene to leverage Apollo's extensive investment expertise and capital base, enhancing its capacity to serve its growing customer base and expand its market reach. The Apollo Global Management stake in Athene is substantial, reflecting the strategic importance of Athene within Apollo's broader financial services ecosystem.

Prior to the 2022 merger, Athene Holding Ltd. was a publicly traded company, meaning its ownership was distributed among numerous shareholders. Identifying the major shareholders of Athene Holding during that period would have involved examining filings from regulatory bodies. The ownership structure of Athene Annuity, as a subsidiary, was intrinsically linked to the parent company's ownership. The question of whether Athene is a publicly traded company is now answered by its status as a subsidiary of Apollo Global Management, Inc., which is publicly traded.

The Athene Holding ownership has seen a significant transformation, moving from a dispersed public shareholder base to concentrated ownership under Apollo. This shift impacts how Athene Holding investor relations are managed and how decisions regarding Athene Holding stock ownership are made. The company's financial backing is now deeply intertwined with Apollo's robust financial resources, ensuring stability and growth opportunities for Athene Annuity. Understanding who controls Athene Holding is therefore synonymous with understanding Apollo Global Management's strategic objectives for the company.

The Athene company founder, along with early stakeholders, played a crucial role in establishing the company's foundational principles and market strategy. The Athene Holding board of directors, both before and after the merger, has been instrumental in guiding the company's corporate governance. The Athene Annuity insurance company ownership history reflects a strategic move towards integration with a larger financial entity, ensuring its long-term viability and competitive edge in the retirement services market.

Athene Company was established in 2009 by a group of founders including Frank Gillis, James R. Belardi, Michael Starkey, and Partha Raut. Their collective aim was to address the increasing demand for retirement solutions, particularly in the wake of the 2008 financial crisis which saw several insurers withdraw from the fixed annuities market. The company's initial strategy centered on generating an 'earning spread,' a model designed to earn more on its invested assets than it paid out on its liabilities, thereby providing stable, long-term financial security for its customers.

The early stages of Athene's development were significantly bolstered by Apollo Global Management, which provided a substantial initial investment of $1.13 billion. This partnership was instrumental, granting Athene access to Apollo's expertise in investment-grade origination and asset management, which provided a distinct competitive edge from its inception. While the precise early equity distribution among the individual founders is not publicly disclosed, Apollo's significant financial backing underscores its foundational role in the company's establishment.

By March 2021, prior to the full merger, Apollo Global Management had already secured a considerable ownership stake, holding approximately 35% of Athene's outstanding common shares. This early ownership structure, heavily influenced by Apollo, was crucial in enabling Athene to rapidly expand its diversified organic growth capabilities across various channels, including retail, flow reinsurance, pension group annuities, and funding agreements. This strategic backing allowed Athene to build a robust foundation for its future operations and market presence.

Founding Vision

Founded in 2009, Athene aimed to fill the gap in retirement solutions left by insurers exiting the fixed annuities market. The core strategy was to create an 'earning spread' for financial security.

Key Founders

The company was established by a team including Frank Gillis, James R. Belardi, Michael Starkey, and Partha Raut. Their combined expertise shaped the company's initial direction.

Apollo's Early Investment

Apollo Global Management provided crucial early backing with an investment of $1.13 billion. This capital was vital for establishing the company's operational framework.

Strategic Partnership

The partnership with Apollo granted Athene access to significant investment-grade origination and asset management expertise. This collaboration was key to its competitive advantage.

Apollo's Stake

By March 2021, Apollo Global Management held approximately 35% of Athene's outstanding common shares. This significant stake highlights Apollo's foundational influence.

Growth Enablers

The early ownership structure and Apollo's backing facilitated Athene's rapid development of diversified growth capabilities. This included expansion across retail, reinsurance, and pension group annuity channels.

Athene's Business Foundation

The founders' strategic approach and Apollo's substantial early investment were pivotal in shaping Athene's trajectory. This allowed the company to build a strong foundation for its operations and market expansion, focusing on providing stable retirement solutions.

• Founding year: 2009
• Key founders: Frank Gillis, James R. Belardi, Michael Starkey, Partha Raut
• Initial investment from Apollo Global Management: $1.13 billion
• Apollo's ownership stake by March 2021: Approximately 35%
• Core business strategy: Earning spread model for financial security
• Key growth areas: Retail, flow reinsurance, pension group annuities, funding agreements

The early ownership structure of Athene, heavily influenced by Apollo Global Management's significant investment and stake, was instrumental in enabling the company to rapidly build its diversified organic growth capabilities. This strategic backing provided the necessary resources and expertise for Athene to establish a strong presence across various market channels, including retail, flow reinsurance, pension group annuities, and funding agreements, laying the groundwork for its future Revenue Streams & Business Model of Athene.

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Athene's journey from a publicly traded entity to a subsidiary of a larger asset manager marks a significant shift in its ownership landscape. Initially, Athene Holding Ltd. made its debut on the New York Stock Exchange (NYSE) on December 9, 2016, under the ticker 'ATH'. This Initial Public Offering (IPO) was a substantial event, raising $1.1 billion by selling 27 million shares at $40 each, positioning it as one of the year's largest U.S. IPOs. It's important to note that this was a secondary offering, meaning the capital raised primarily benefited selling shareholders, including Apollo Global Management, which subsequently reduced its stake but maintained significant control.

The most transformative event in Athene's ownership structure was its merger with Apollo Global Management, Inc., finalized on January 3, 2022. This all-stock transaction, valued at approximately $11 billion, integrated Athene as a principal subsidiary of Apollo. Following the merger, Apollo Global Management, Inc. (NYSE: APO) became the publicly traded parent company, with an implied market capitalization of around $43 billion at the time of completion. This strategic move resulted in Apollo's shareholders owning about 76% of the combined entity, while former Athene shareholders held approximately 24%. Athene continues to operate with its own distinct capital structure and credit profile within the broader Apollo framework. As of March 31, 2025, Athene's total assets had grown to exceed $380 billion, underscoring its robust growth and the synergistic benefits of its alignment with Apollo's extensive asset management capabilities.

The integration of Athene into Apollo Global Management has solidified its position within a larger, diversified financial services ecosystem. This strategic alignment is designed to foster accelerated growth, expand distribution networks, and bolster the combined entity's capital strength, ultimately benefiting all Athene Holding shareholders.

Key Stakeholders and Control

Understanding who owns Athene is crucial for investors and stakeholders. The current ownership structure reflects the successful merger with Apollo Global Management.

• Apollo Global Management, Inc. is the parent company.
• Apollo shareholders hold the majority stake (~76%) in the combined entity.
• Former Athene shareholders own a significant minority stake (~24%).
• Apollo Global Management's stake in Athene is a key aspect of its operational strategy.
• The ownership evolution is detailed in the Brief History of Athene.

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Following the merger with Apollo Global Management in January 2022, Athene operates as a principal subsidiary of Apollo Global Management, Inc. (NYSE: APO). This integration established Apollo Global Management, Inc. as the publicly traded combined entity, with a governance structure designed for enhanced alignment and a simplified corporate framework. Consequently, Apollo Global Management, Inc. now holds a single class of voting stock, where each share carries one vote, consolidating ultimate voting power within the parent company.

The leadership of Athene continues with Jim Belardi as CEO, transitioning to Executive Chairman and Chief Investment Officer effective July 1, 2025, with Grant Kvalheim assuming the CEO role. However, the ultimate voting power resides with Apollo Global Management. As the parent company, Apollo exercises significant control over Athene's strategic direction and overall governance. Prior to the full merger, in 2019, Apollo and its related parties were projected to control equity interests representing approximately 35% of Athene's voting power. This represented a decrease from a previous 45% stake, a move intended to address corporate governance concerns and better align voting rights with economic interests. The complete merger further solidified this alignment, with Apollo shareholders now holding the majority stake in the combined entity, underscoring the significant Apollo Global Management stake in Athene.

The board of directors of Athene Holding Ltd. reflects the integrated structure, with key leadership positions held by individuals who also have significant roles within Apollo Global Management. Jim Belardi, as Co-Founder, Executive Chairman, and CIO of Athene, also serves as Chairman of Athene's Board of Directors and is a Partner at Apollo Global Management. This dual role highlights the close relationship and alignment between Athene's operational leadership and its parent company's ownership structure, reinforcing who controls Athene Holding.

Athene Holding Ownership Structure

Understanding the ownership structure is crucial for comprehending Athene's strategic direction and financial backing. The merger with Apollo Global Management has significantly shaped the Athene company ownership.

• Athene operates as a principal subsidiary of Apollo Global Management, Inc.
• Apollo Global Management, Inc. is the publicly traded combined entity.
• Apollo shareholders hold the majority stake in the combined company.
• Jim Belardi, a key figure in Athene, also holds a significant role within Apollo Global Management.
• The governance structure aims for enhanced alignment between Athene and its parent company.

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The ownership landscape of Athene has undergone a significant transformation over the past few years, primarily driven by its full merger with Apollo Global Management, Inc. This strategic integration, finalized in January 2022, marked a pivotal shift, moving Athene from its status as an independent, publicly traded entity to a wholly-owned subsidiary within the Apollo umbrella. The objective of this consolidation was to streamline the corporate framework, eliminate Athene's previous multi-class share structure, and ultimately bolster the liquidity and trading dynamics for the combined Apollo Global Management entity. This move has fundamentally altered who owns Athene, placing it under the direct control of its parent company.

Recent developments in 2024 and 2025 underscore Athene's escalating growth trajectory and its crucial strategic role within Apollo's broader operations. As of March 31, 2025, Athene reported a substantial total asset base exceeding $380 billion. Demonstrating its market leadership, Athene secured the top position in LIMRA's 2024 U.S. Retail Annuity Survey, achieving record sales of $36 billion. This achievement represents its second consecutive year leading the industry. The company's robust sales performance in 2024 was largely fueled by its fixed annuity products, which generated $35 billion in sales, with fixed-rate deferred annuities accounting for $21 billion and fixed indexed annuities for $13 billion. The bank channel was also a significant contributor, with sales reaching $20 billion, and financial institutions were responsible for approximately 80% of its retail volume for the year. These figures highlight the strong financial backing and market penetration Athene Annuity enjoys.

Leadership transitions are also a key aspect of Athene's recent developments. Effective July 1, 2025, Grant Kvalheim assumed the role of CEO for Athene, taking over from co-founder Jim Belardi, who transitioned to the positions of Executive Chairman and Chief Investment Officer. This leadership evolution is closely aligned with Athene's ambitious five-year growth strategy, initially outlined during its 2024 Investor Day. This plan includes a significant objective to double Athene's assets under management, targeting approximately $600 billion by 2029. The company's first quarter 2025 results further illustrate this momentum, reporting a new quarterly record of $26 billion in organic inflows, which represents an 80% quarter-on-quarter growth rate. These trends collectively point to a deepening consolidation of ownership under Apollo, a strong emphasis on aggressive expansion targets, and strategic leadership adjustments designed to achieve these ambitious goals within the broader framework of alternative asset management.

Athene's Market Dominance

Athene has solidified its position as the industry leader in U.S. retail annuities. Its record sales of $36 billion in 2024 demonstrate significant market traction. This success is largely driven by strong performance in fixed annuity products.

Strategic Integration with Apollo

The full merger with Apollo Global Management in January 2022 has reshaped Athene's ownership structure. This integration aims to simplify operations and enhance liquidity for the combined entity. Athene now operates as a wholly-owned subsidiary, strengthening Apollo's overall market presence.

Ambitious Growth Targets

Athene has set an aggressive goal to double its assets under management by 2029. This objective is supported by strong organic inflows, with Q1 2025 seeing a record $26 billion. The company's Growth Strategy of Athene is clearly focused on substantial expansion.

Leadership Evolution

A recent leadership change saw Grant Kvalheim appointed CEO, succeeding co-founder Jim Belardi. Belardi's new role as Executive Chairman and Chief Investment Officer reflects a strategic realignment. This leadership transition supports the company's long-term growth objectives.

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