Athene Annuity Products, Independent Review Hub
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Independently reviewed 2026-10-03
Last reviewed: October 3, 2026 (ratings re-checked on athene.com; product rates as dated)
| Product | Key rate | Source, as of |
|---|---|---|
| Performance Elite 7 | S&P 500 1-yr cap 9.75% (no charge) / 12.75% (1.25% strategy charge); Plus bonus 6% (5% in some states) | Athene current rates, 9/25/2026 |
| Performance Elite 10 | S&P 500 1-yr cap 5.50% / 8.00%; premium bonus 22% (Plus 25%), issue ages 0-70, most states | Athene current rates, 9/25/2026 |
| Performance Elite 15 | S&P 500 1-yr cap 7.00% / 9.50%; premium bonus 25% (Plus 28%), issue ages 0-70 | Athene current rates, 9/25/2026 |
| Agility 10 | S&P 500 1-yr cap 5.50%; benefit base bonus 55%; benefit base growth 200% of credited interest | Athene current rates, 9/25/2026 |
| MaxRate 5-year MYGA, $100,000+ | 6.05% most states / 6.00% CA and 18 other states | Athene current rates, card effective 10/14/2026 |
SPIA payouts are quoted case by case and are not shown here. Rates can change at any time; confirm the rate for your state before applying.
Short answer
Is Athene a good, safe annuity company? On financial strength, yes. Athene lists ratings of A+ from AM Best, S&P and Fitch and A1 from Moody’s, all with a stable outlook (athene.com, checked October 3, 2026), and it is a state-regulated insurer, not a scam.
Its MYGA, FIA and income products are competitive, and its guarantees are backed by Athene’s claims-paying ability. The real complaint is customer service, which is why I suggest buying through an advisor who can escalate problems.
This page links my reviews of every Athene Annuity and Life Company product. Athene is one of the largest annuity carriers in the US ($300B+ in assets, owned by Apollo). AM Best rates it A+, it earns my Tier S renewal rate integrity grade (the best in-force track record among A+ carriers), and it sells SPIAs, MYGAs and FIAs.
The one real knock on Athene is customer service, which I rate Poor. J.D. Power ranked it below average in 2024 and 2025, hold times run long, and callbacks often miss the promised window.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge.
In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Video: Athene Annuity Products, Independent Review Hub in about 2 minutes
1 min 45 sec video. AI narration of this page, accuracy-checked against the review; the tables on this page are the current source. Education, not personal advice.
Video transcript
Starting with the accumulation options, the Performance Elite 15 Plus actually offers the largest bonus. We're talking a 25% base and 28% plus premium bonus for issue ages 0 to 70. It features an S&P 500 one-year cap of 7% with no charge, or 9.5% with a charge as of September 25th, 2026. But the catch? It carries a strict 15-year lockup, which is literally the longest in Athene's lineup. On the flip side, the Performance Elite 7 Plus is much more liquid with a 7-year surrender. It had higher caps at 9.75% or 12.75% as of September 25th, 2026, but it does come with a smaller 6% bonus on the plus version. Moving down the lineup, let's look at the Agility 10. It features an income rider with a 55% benefit base bonus, and 200% of credited interest is added to the benefit base, as of September 25th, 2026. There's some high complexity there, though. If you prefer rate certainty, you might look at the MaxRate MYGA, though honestly, it sometimes pays a lower rate than competitors like Wichita or Aspida. And finally, the Athene SPIA offers competitive payouts based on past CANNEX comparisons, but you gotta keep in mind, it is irrevocable from day one. There's one specific weakness we need to highlight, though, the customer service problem. The data here is, well, it's very clear. J.D. Power ranked Athene below the industry average in 2024 and 2025. If you plan to handle changes yourself, you should expect 25+ minute holds, and callbacks often don't come when promised.
Is the annuity you're looking at actually the best one available?
Send your email and I'll send what it really guarantees, what the surrender schedule costs you, and the two or three carriers paying more for the same guarantee. If it's already a good fit, I'll tell you that.
We’ll email it to you. Hans reads every one himself and replies within one business day. Hans Goldstein · NPN 20602398.
Rather talk it through? Or book 15 minutes on Hans’s calendar.
All Athene products, at a glance
| Product | Type | Best for | Goldstein verdict |
|---|---|---|---|
| Performance Elite 15 Plus | FIA accumulation, 15-yr surrender | 55-65 buyer with long horizon, max A+ accumulation | A− Top A+ accumulation cap |
| Performance Elite 7 Plus | FIA accumulation, 7-yr surrender | 55-70 buyer wanting shorter horizon | A− Best shorter-surrender Athene FIA |
| Agility 10 | FIA + GLWB income rider | 55-67 buyer wanting income at 65-75 | A Best Athene income FIA |
| MaxRate MYGA | MYGA fixed-rate | 50-75 buyer wanting A+ MYGA | A− Top A+ MYGA |
| Athene SPIA | SPIA immediate income | 65-85 retiree wanting top A+ payout | A Strong A+ SPIA option |
Athene products compared: pros and cons
| Product | Best for | Pros | Cons |
|---|---|---|---|
| Performance Elite 15 Plus | Accumulation, long-horizon | Largest Performance Elite bonus (25% base, 28% Plus, ages 0-70); S&P cap 7.00% no charge or 9.50% with charge (9/25/2026) | 15-year lock-up is the longest in Athene's lineup; not appropriate over age 70 |
| Performance Elite 7 Plus | Accumulation, shorter horizon | Much more liquid (7-year vs 15); same Tier S renewal integrity | Smaller bonus (6% on the Plus version) than the 15; caps were higher than the 15 on 9/25/2026 (9.75% / 12.75%) |
| Agility 10 | Deferred income (5-10 year activation) | Income rider with 55% benefit base bonus and 200% of credited interest added to the benefit base (9/25/2026); A+ carrier + Tier S renewal | High complexity (separate benefit base); income activation is irrevocable |
| MaxRate MYGA | Rate certainty, A+ tier | A+ rated MYGA at a competitive rate; simple structure | Lower rate than B+/A− competitors (Wichita, Aspida); weak customer service |
| Athene SPIA | Immediate lifetime income | A+ carrier; competitive payouts in past CANNEX comparisons | Irrevocable from day 1; weak customer service if you bought without an advisor |
Quick picks
- Growth only, 15-year horizon: Performance Elite 15 Plus
- Growth only, with more flexibility: Performance Elite 7 Plus
- Guaranteed income that starts later (age 70+): Agility 10
- Guaranteed income now: Athene SPIA
- A fixed rate from an A+ carrier for 5-7 years: MaxRate MYGA
Which Athene product fits you
You want guaranteed income now
Athene SPIA. A+ carrier. SPIA payouts reprice often, so get a same-day quote.
You want guaranteed income in 5-10 years
Athene Agility 10. A 55% benefit base bonus plus the income rider (9/25/2026), and the 10-year surrender period lines up with the deferral window.
You want accumulation only (no income rider)
- Long horizon (10-15 years): Performance Elite 15 Plus, with a 25-28% premium bonus, an S&P cap of 7.00% / 9.50% (9/25/2026) and a 15-year surrender.
- Shorter horizon (7-10 years): Performance Elite 7 Plus, with an S&P cap of 9.75% / 12.75% (9/25/2026) and a 7-year surrender.
You want rate certainty (MYGA / CD alternative)
Athene MaxRate MYGA. 6.05% for 5 years at $100,000+ in most states (rate card effective 10/14/2026). Lower-rated carriers sometimes pay more.
Athene's strengths
Top-tier ratings: A+ from AM Best, A+ from S&P and A1 from Moody's. Athene is about $300B in size, and its parent, Apollo Global Management, manages about $650B. It has the most consistent in-force cap renewals among A+ carriers, which is why it gets my Tier S renewal grade, and its SPIA payouts have been competitive in past CANNEX comparisons.
Athene's weaknesses
Customer service is the big one. J.D. Power ranked Athene below the industry average in 2024 and 2025, holds run 25+ minutes, and callbacks often don’t come when promised. Apollo is a private equity owner, and regulators have raised questions about its reinsurance structures, though there is no failure history. Caps on the income-rider products are moderate, because the option budget is split with the rider rollup.
Athene’s customer service problem
Athene’s service problems are well documented. If you buy and hold through an advisor, they matter less. If you plan to handle changes yourself (a beneficiary change, turning on an income rider), expect 25+ minute holds and callbacks that take days.
The fix is to buy through an independent advisor, like me, who can escalate through the advisor channel.
Carrier ratings summary
| Agency | Rating |
|---|---|
| AM Best | A+ (stable, as of 8/2025) |
| S&P | A+ (stable, as of 8/2025) |
| Moody's | A1 (stable, as of 7/2025) |
| Fitch | A+ (stable, as of 8/2025) |
| Weiss | B |
| KBRA | AA− |
| COMDEX | 92/100 |
| Renewal Rate Integrity | Tier S (best A+) |
| Customer Service | Poor |
AM Best, S&P, Fitch and Moody’s ratings and dates as listed on athene.com for Athene Annuity and Life Company, checked October 3, 2026. Weiss, KBRA, COMDEX, renewal and service grades are my own research as of September 2026.
Is an Athene annuity a scam? How safe is it?
No, it is not a scam. Athene Annuity and Life Company is a licensed life insurer based in West Des Moines, Iowa, owned by Apollo Global Management, and regulated by the insurance department in every state where it sells.
Safety comes from three layers: the insurer’s own reserves and capital, the financial strength ratings above, and your state’s life and health insurance guaranty association, which covers annuity owners up to a state limit if an insurer fails. Check your state’s limit in guaranty fund limits by state.
The fair criticism is about structure: Athene leans on private credit and reinsurance more than older mutual insurers, so some buyers prefer to split large amounts across two insurers.
Athene reviews and complaints: what buyers actually report
Most negative Athene reviews are about service, not about lost money: long hold times, slow paperwork on beneficiary changes and withdrawals, and confusion over FIA income riders that were sold as if the benefit base were cash.
You can look up the official complaint record yourself in the NAIC Consumer Insurance Search under “Athene Annuity and Life Company.” Before you buy, ask the agent to show you, in writing, the surrender schedule, the minimum guaranteed cap or rate, and how the income rider is charged.
From my desk: how I judge an Athene contract for a client
As a licensed insurance producer, I split the Athene question in two. Will the money be there? The ratings say yes.
Will the experience be easy? Not always, so I plan for that: I keep copies of the contract and statements, and I handle beneficiary and withdrawal requests through the advisor channel. For a plain fixed rate, I compare MaxRate with the best MYGA rates, because a slightly lower-rated insurer often pays more.
Example (rates as dated on this page): $100,000 in the MaxRate 5-year at 6.05% (rate card effective 10/14/2026) grows to about $134,138 at the end of the term, tax-deferred, compared with about $127,628 in a 5-year CD at 5.00% APY, the top nationally available 5-year CD on October 18, 2026 (Popular Direct, via Bankrate).
That is about $6,510 more, in exchange for a surrender schedule instead of a CD penalty. Details in the MaxRate MYGA review, and FIA buyers should read the Athene vs F&G vs Allianz comparison.
Related Athene-vs-competitor comparisons
- Best Annuity Companies 2026: full carrier ranking
- Best Annuity Renewal Rate Integrity: why Athene scores Tier S
- Best GLWB Income Riders Comparison: Agility 10 vs competitors
- Best FIA Cap Rates 2026: Performance Elite vs B-rated max-cap
Renewal rate risk: FIA caps can change after year one
The cap you are quoted on a fixed indexed annuity is not locked like a mortgage rate. It covers the first crediting period, usually one year. At each contract anniversary the carrier can reset it anywhere above the contract minimum.
It works much like a high-yield savings rate: the bank can lower that next month, and the carrier can lower your cap next year. The reason is how caps are funded. The carrier puts most of your premium in bonds and uses part of the yield to buy index options.
When bond yields fall, that option budget shrinks and caps get cut. Caps were cut across the industry in the 2010-2021 low-rate years and came back after 2022.
The minimum cap is the only guarantee
Every FIA states a minimum guaranteed cap in the contract. Of the 99 FIAs we found that publish one, 86 let the insurer cut the cap to 1% or less, and some go as low as 0.25%. A few set 2% to 3%, and several insurers publish no number at all (FIA minimum cap data, checked October 4, 2026). Read that number before you sign.
Questions to ask before you buy
- "What is the minimum guaranteed cap in this contract?"
- "Can you show me this product's in-force renewal-rate history for the last 5 years?"
- "What cap are contracts sold in 2020, 2018 and 2015 getting today?"
- "If the cap drops to the minimum, what would I realistically earn each year?"
If the agent can't answer questions 2 and 3 with documents, you don't have enough information to buy yet.
How an FIA works, in plain terms
A fixed indexed annuity credits interest based on a stock index, with a cap on the upside and a 0% floor on the downside. A market drop can't reduce your account value, and in a big up year you only get the capped amount.
Example: $100,000 in an FIA with a 7% annual point-to-point cap on the S&P 500.
- S&P up 12%: you are credited the 7% cap, $7,000.
- S&P up 4%: you get the full 4%, $4,000.
- S&P down 20%: you get 0%, and the principal is untouched.
Where the cost sits: an FIA with no income rider has no explicit annual fee. The carrier pays for the floor by capping your upside. Surrender charges run 7-15 years if you pull out early, and most contracts let you take about 10% a year without a charge.
Quick FIA FAQ
Q: Will the cap rate change after I buy?
A: Yes. Caps renew every year, within the contract minimum. A 7% cap at purchase can be cut over time, down to the contract minimum, which on most FIAs that publish one is 1% or less. Check the minimum guaranteed cap in your contract.
Q: Why is my cap lower than my friend's FIA?
A: Carriers trade cap for other features: a premium bonus, a longer surrender period, an income rider or a bigger brand name. Two FIAs with similar headlines can be built very differently.
Q: What is the "minimum guaranteed cap"?
A: The lowest cap the carrier can set on your contract. On most FIAs that publish one it is 1% or less, some as low as 0.25%, and a few set 2% to 3%. With a 1% minimum, your worst case is close to 0% after inflation.
Q: How are FIA gains taxed?
A: Growth is tax-deferred. Gains are taxed as ordinary income when you withdraw them, and gain taken before 59½ usually carries a 10% IRS penalty.
Q: Can I lose money?
A: Not from a market drop. You can lose money by surrendering early (surrender charge) or through a market value adjustment. Hold to the end of the surrender period and neither applies.
Q: How long is the surrender period?
A: It varies: 7 years on some (Athene PEC 7 Plus), 10 on most, 14 to 15 on bonus products. A longer surrender period usually buys a higher cap or a bigger bonus.
Q: What's the difference between cap, participation rate, and spread?
A: The cap is the most you can be credited. The participation rate is the share of the index gain you get. The spread is a percentage subtracted from the index gain. Some products combine them. See How Annuity Crediting Actually Works.
Q: Should I add an income rider?
A: Only if you will actually turn it on for lifetime income. The fee (0.85% to 1.50% a year) is charged whether you use it or not, and plenty of owners pay it for years and never do.
Sources
- AM Best Athene Annuity and Life Company rating report
- J.D. Power Annuity Customer Satisfaction Index 2024, 2025
- Athene current rates page (FIA and MYGA rates), September 25, 2026
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
A fixed indexed annuity ties up your money for 7 to 15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.
Goldstein Complexity Index
Every annuity I review gets a complexity score from 0 to 100. Higher means harder to understand. Complexity is where buyers get hurt: riders they didn't know they were paying for, surrender charges that surprise them, and income "benefit bases" they took for cash. SPIAs and MYGAs score low. Products that stack a bonus, an income rider, an MVA and several crediting options score high.
This product's score: 40/100, Grade A (Mostly clear)
One or two complications (a rider, a crediting choice). With a 30-min agent walkthrough, most buyers understand it.
Score breakdown
| Dimension | Score (1-10) | What this measures |
|---|---|---|
| Riders | 5/10 | How many riders, optional or built in (income, death benefit, LTC). Each one adds cost and one more thing to understand. |
| Crediting strategies | 5/10 | How many index options (cap, spread, participation rate, step rate, volatility-controlled indices). More choices are harder to follow. |
| Surrender complexity | 5/10 | Length of the surrender period, plus any MVA and bonus recapture. The longer and more layered it is, the harder it is to know what leaving early costs. |
| Benefit-base separation | 5/10 | Whether there is a separate income base ("PIV") that is not cash but looks like it. This causes more buyer confusion than anything else. |
| Bonus structure | 3/10 | A premium bonus with a recapture schedule. The bonus is real, but you can lose part of it if you leave early. |
How to read this
- A+/A (0-40): Easy to understand. A pure accumulation FIA, a MYGA or a SPIA. Little room for mis-selling.
- B (41-60): Read the contract carefully and get a second opinion before signing. Income riders cause most of the confusion.
- C (61-80): Many owners don't fully understand what they bought. Common mis-sells: a bonus presented as cash, a benefit base presented as account value, surrender charges glossed over.
- D (81-100): Get an independent second opinion before signing. The product may still fit you, but the odds you later say "I didn't know it worked that way" are high.
Why it matters: nobody gets sued for selling a complicated product, but buyers regret them all the time. An annuity that wins your money in year one and confuses you for the next 14 is worse than a simpler one you understood from the start. Simple products are easier to check.