Athene Annuities Review 2025 | CNBC Select

Athene was the largest provider of fixed annuities in 2024, according to insurance trade association LIMRA, with more than $36 billion in sales for the year.

Its widespread availability, flexible minimum deposit requirements and optional return-of-premium rider helped land the Des Moines, Iowa-based company on our best annuities list.

We also like that Athene earned an A+ for financial strength from A.M. Best, and its diverse offerings include immediate annuities, fixed-indexed annuities and registered indexed linked annuities.

It does fall short with its fixed indexed annuity rates, however, which are lower than those offered by some competitors.

Athene offers several common types of annuities in all states except New York.

Fixed annuities

Athene’s fixed annuities provide guaranteed growth for three, five or seven years at a consistent rate, typically between 4% and 5%. They can be purchased with a minimum initial deposit of between $5,000 and $1 million. It’s possible to add money after your initial premium and, each year, you can withdraw up to 10% of your annuities’ accumulated value.

Here are the rates you can expect to see for Athene’s MYG annuity with a market value adjustment (for every state except New York):

• 3-year term (under $100,000): 4.5%
• 3-year term ($100,000 or more): 4.75%
• 5-year term (under $100,000): 4.95%
• 5-year term ($100,000 or more): 5.2%
• 7-year term (under $100,000): 4.95%
• 7-year term ($100,000 or more): 5.2%

Athene also offers fixed annuities with a return of premium option.

Fixed indexed annuities

A fixed indexed annuity combines growth tied to a market index like the S&P 500 with protection from market downturns. It has more growth opportunity than a standard fixed annuity but with less risk.

Athene gives prospective buyers plenty of choices in this category, with 6 main types of these fixed index annuities. Here are the main types and their requirements:

Single premium immediate annuities

Athene’s immediate annuity option, Athene Activate, allows you to contribute a one-time lump sum amount in exchange for monthly, quarterly, semi-annual or annual payouts that can last for a set number of years or for life, depending on your policy.

Athene’s single premium annuities are period certain, which means they pay for a set time (usually from 5 to 30 years) and are available to annuitants up to age 90. Single or joint life and last survivor annuities, which pay for a lifetime, are available up to age 80.

You can also opt for a lump-sum death benefit, which gives the value of any remaining payments to a beneficiary of your choosing. It’s included for free with period-certain, single and joint annuities.

Registered index-linked annuities

Athene’s only registered indexed-linked product, Amplify 2.0, is a deferred annuity that tracks the performance of a stock market index. It comes with both a ceiling and floor for growth, providing more downside protection than a traditional variable annuity.

There’s the traditional Amplify 2.0 option for better growth rates and a no-fee option that can keep costs low.

Athene has a variety of endorsements and waivers to let you to customize your annuity contract, some of which are included for free.

• Terminal illness waiver: Permits withdrawals of your entire accumulated value if you are diagnosed with a terminal illness.
• Confinement waiver: Allows withdrawals of the entire accumulated value if you are in a care facility for at least 60 days.
• Bailout feature: Enables you to withdraw your investment without facing surrender penalties if the annual interest rate drops below a predetermined minimum rate.
• Annual liquidity rider: Available with the Performance Elite Plus annuity for an additional fee, this feature allows you to access a portion of your annuity’s value annually without facing penalties or surrender charges. 

Athene may have a large market share, but it hasn’t been a standout in terms of customer service: It ranked near the bottom for customer satisfaction in J.D. Power’s 2024 Individual Annuity Study, which reviews providers based on value, service access, people, ease of doing business, digital channels and problem resolution, among other features.

The Better Business Bureau did give Athene an A+, its highest score, but the company averaged 1.06. stars out of five stars based on 77 reviews at the time of writing.

Athene does not issue annuities online — you’ll need to work with a financial professional.

Customer service agents are available Monday to Friday from 8 a.m. to 5 p.m. CT at 888-709-3922. Athene doesn’t have weekend hours or an online chat feature.

To get a better understanding of Athene‘s products in the broader market, we put its annuities up against two other major players in the field

Athene vs. Gainbridge

Athene and Gainbridge both specialize in annuities, but while Athene offers a wide variety, Gainbridge focuses solely on fixed annuities.

Gainbridge has slightly higher rates than Athene on fixed, multi-year guaranteed annuities: A three-year annuity for under $100,000 from Athene has a 4.5% interest yield, while Gainbridge offers 5.45%.

A seven-year annuity for under $100,000 from Athene yields 4.95%, while Gainbridge’s similar yield is 5.5%.

Gainbridge also offers annuities entirely online, though it does have agents available by phone or live chat. With Athene, you’ll need to work with a financial professional to purchase.

Athene vs. Allianz

Athene and insurance giant Allianz were both among the top ten annuity providers in 2024, although Allianz scored above average in J.D. Power’s customer satisfaction survey.

Both brands offer fixed index annuities and registered index-linked annuities. If you want fixed or single-premium immediate annuities, you might find Athene a better fit, since its rates are slightly higher: Allianz offers a 4.3% fixed interest rate for a seven-year annuity with less than $100,000, while Athene offers 4.5% for a comparable seven-year annuity.

To buy an annuity from Athene, you’ll need to work with a financial professional. If you don’t have one, you can find one through the company website or call 888-266-8489 to connect with a representative.

You’ll have to provide personal information, like your date of birth and Social Security number, as well as details about any beneficiaries.

Once you finalize your application and get a quote, you’ll fund the annuity with cash or funds from a brokerage account, 401(k) or IRA.

You need to take a close look at Athene‘s annuity offerings, reputation, limitations and fees before deciding if it’s right for you.

If you want a highly specific annuity that can protect you from market lows while still allowing you to access the highs, an Athene registered index-linked annuity could be the right move.

There are a healthy number of riders and policy add-ons to help you address individual concerns about your future, but other direct-to-consumer brands may have higher yields.

CNBC Select uses a variety of criteria when reviewing annuity companies, including the types of annuities offered, rates and terms, nationwide availability, riders or waiver options, fees, overall customer satisfaction and the purchasing process. 

We also consider rankings on J.D. Power’s individual annuity survey, financial strength ratings from A.M. Best, Better Business Bureau grades and scores from the National Association of Insurance Commissioners’ complaint index.

Annuity rates may come from various sources, including the provider.

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