Retirement products provider Athene announced a fixed annuity block reinsurance transaction with Jackson National Life Insurance Company, a subsidiary of Prudential.
As per the agreement, Athene will reinsure a US$27 billion in-force block of fixed deferred and fixed indexed annuities. Athene will be generating US$500m from the equity investment in Jackson which will reflect an 11% stake in the firm. The move signals a positive outlook for the firm as Athene had suffered a considerable financial blow during the first quarter of 2020 because of the Covid-19 pandemic. The company reported losses of US$1.06 billion from the same period in 2019. SRP data shows
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