who owns apollo athene athora

or Apollo's merger with Athene highlights PE's rush for permanent Meanwhile Burt is lording it up at Caricom, Greig: Reinstating the BOS to BDA flight should be a top priority. A smaller part of its AUM consists of private equity funds funded primarily by big institutional investors. For cost savings, you can change your plan at any time online in the Settings & Account section. Risk.net, FX Markets.com, WatersTechnology.com, Central Banking.com, PostOnline.co.uk, InsuranceAge.co.uk, RiskTechForum.com and Chartis-Research.com. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for AU$1 for 4 weeks, You will be billed AU$89 per month after the trial ends, Smart data to help spot risk and opportunity, Lex, our agenda-setting business commentary (Premium only), Due Diligence, an exclusive M&A newsletter (Premium only). After carefully reviewing Athenes options to unlock value for shareholders, Athene and Apollo determined that the potential of a fully aligned business would be significantly greater than a sum-of-the-parts. [emailprotected] (Apollo) through Primavera Intermediate Holding S..r.l. All other uses, submit a request to Asia (both Japan and ex-Japan) can become a lucrative environment for Athene or Athene-like operations. Want to know whats included in our free registration? Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Barred Broker Accused of Bilking Gold Star Families as Army Counselor, California Replaces a Trust Investment Law. Apollo Completes Merger with Athene and Finalizes Key MILAN, Sept 23 (Reuters) - U.S. private equity firm Apollo Global Management (APO.N) has signed an agreement to sell all of Italy's Amissima Vita to Bermuda-based Athora Holding Ltd, the Italian insurance company said on Thursday. (Reuters) - Apollo Global Management Inc said on Monday it will merge with Athene Holding Ltd in an $11 billion all-stock deal, bringing in-house an annuities cookies Athene has already made significant investments in Singapore, Australia, and signed two reinsurance contracts in Japan. So, what is the motivation? Listen to free podcasts to get the info you need to solve business challenges! Since its inception in 2018, Athora has raised circa 6.75 billion of total equity capital. However, there are several upside factors: In my opinion, buying APO (or ATH which is slightly cheaper on a pro forma basis) represents an opportunity to buy growth at a value price. Psp is not a closed-end fund. Using these multiples, we can expect APO to trade within $93-117 in early 2023 vs $78 today. This is a very conservative figure based on comps. The slide below illustrates the results achieved: The assets in Athene's portfolio are yielding only 30 basis points more than peers' portfolios. You may change or cancel your subscription or trial at any time online. Something not looking right on today's disclosure: SRE for FY'21 is at $2.5bn or ~$4.18/share, which is double FY'20 SRE and well above FY'22 *guidance* of $3.35/share. ATH carries excess capital on its balance sheet but if you exclude it from calculations, its ROE jumps from an enviable 16% to 23%! So this means, lower inflows vs. $35B / year guidance in inflows 2) Athene can face redemptions despite surrender charges as long as the 10 year treasuries @ 2.8% is > 2.5% Athene provides to clients and 30bps gap can cover the surrender charges. The Company has strong and growing merchant relationships formed over 30 years and has nearly doubled its annual loan originations since Blackstone first invested in 2018, with originations expected to reach $2 billion in 2021. Our patient, creative, knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. offers FT membership to read for free. I wrote this article myself, and it expresses my own opinions. It now has the equivalent of about $15 billion in life investment assets, in U.S. dollars, about $78 billion in total assets under management. If you do not want us and our partners to use cookies and personal data for these additional purposes, click 'Reject all'. The additional undrawn capital will allow Athora to continue to execute on its growth strategy, further establishing scaled positions in key European markets, including the above referenced transaction with AXA Germany, which is expected to close in late 2023 subject to regulatory approvals. Please. Chairman Leon Black, Co-Founder Josh Harris and Lead Independent Director Jay Clayton will continue to serve in their respective roles. You are currently unable to copy this content. 3) On the asset side, it is becoming harder to find deals with record private credit fund raisings in 2021 and must compensate for at least 3% cost of funding (to attract clients to Athene). Core range Three years after it first revealed plans to sell off the business, Philips has finally sold a majority stake in its Lumileds division to a private equity buyer. WebThe institutional channel includes reinsurance and group annuity contracts related to pension risk transfers. I primarily manage my own funds and consult a limited number of friends and clients. In many ways, Challenger is the perfect partner for us, Belardi said. Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Simply log into Settings & Account and select "Cancel" on the right-hand side. Apollo Through our investment activity across our fully integrated platform, we serve the retirement income and financial return needs of our clients, and we offer innovative capital solutions to businesses. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Apollo Global Management (NYSE:APO), a private equity firm, is about to acquire affiliated insurer Athene (ATH) in early 2022. The companies hope to complete that transactions by January 2022. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. The stronger capital base and complete alignment will allow the company to rapidly scale asset and liability origination, broaden distribution channels and act as a leading global solutions provider. It bought the Belgian operations of insurer Generali (GASI.MI) in 2018 and Dutch insurer Vivat in 2019. www.copyright.com. Athora is a private company similar to Athene but focused on Europe. Athene shareholders will receive 1.149 shares of Apollo common stock for each class-A common share, which leaves Apollo investors with about 76 per cent of the As long as ATH can invest proceeds from this "bond" at a higher interest rate and matching duration, it generates a fixed spread that will not change over the life of liability. Factors that could cause actual results, events and developments to differ include, without limitation: the accuracy of Athene's assumptions and estimates; Athene's ability to maintain or improve financial strength ratings; Athene's ability to manage its business in a highly regulated industry; regulatory changes or actions; the impact of Athene's reinsurers failing to meet their assumed obligations; the impact of interest rate fluctuations; changes in the federal income tax laws and regulations; the accuracy of Athene's interpretation of the Tax Cuts and Jobs Act; litigation (including class action litigation), enforcement investigations or regulatory scrutiny; the performance of third parties; the loss of key personnel; telecommunication, information technology and other operational systems failures; the continued availability of capital; new accounting rules or changes to existing accounting rules; general economic conditions; Athene's ability to protect its intellectual property; the ability to maintain or obtain approval of the Delaware Department of Insurance, the Iowa Insurance Division and other regulatory authorities as required for Athene's operations; the delay or failure to complete or realize the expected benefits from the proposed merger with Apollo Global Management; and other factors discussed from time to time in Athene's filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2020, its quarterly report on Form 10-Q for the quarterly period ended September 30, 2021, and its other SEC filings, which can be found at the SECs website www.sec.gov. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Athene The oba is dead! Our focus is on growth through consolidation, which creates value through capital synergies Mike Wells, Athora Group This alone implies a 20-50% return in slightly more than a year plus 2% in dividends. I am proud of the significant progress we have made in establishing Aqua as an industry leader together with Blackstone and look forward to building on that strong foundation in the years ahead," said Rich Morrin, Aquas Chief Executive Officer. ATH is likely to keep generating liabilities at a planned pace as well. To report a factual error in this article. Insurer Athora raises $2 billion from investors - Yahoo Finance This is possible only because Athene can supply massive amounts of low-cost capital. Premium access for businesses and educational institutions. Mike Wells, Athora Group CEO, commented The completion of this capital raise will allow Athora to further enhance its position as a leading European savings and retirement services group, and demonstrates the strength of our business model and growth strategy. Apollo Please disable your ad-blocker and refresh. Blackstone would also maintain a minority stake in the Company. risks and opportunities. The combined company will have two resilient and quickly growing sources of cash flow: fee-related earnings from Apollo and spread-related earnings from Athene. In the same calculations, I used 20-25 multiples. You can change your choices at any time by clicking on the 'Privacy & cookie settings' or 'Privacy dashboard' links on our sites and apps. personalising content and ads, providing social media features and to The deal is subject to approval by the Australian Prudential Regulation Authority. Why 1966 Was the Worst Year to Retire (and Why It Matters in 2023), Today's 50-Plus Investor Wants Adventure, and Certainty, Generali to Take Control of Conning From Cathay Life, Ransomware Gang Has 6M Life and Annuity Client Records, American Equity Agrees to $4.3B Offer From Brookfield Re, Nassau Financial Acquires Delaware Life of New York. Simply log into Settings & Account and select "Cancel" on the right-hand side. All rights reserved. or Athora's funding round is due to finish by the end of 2022 and total commitments could reach more than Athene owns a large minority stake in Athora, an annuity issuer in Europe. The transaction is expected to close in January of 2022. You need to sign in to use this feature. Accumulated premiums form AUM that are growing quickly: Apollo's Investor Day. Sizing Up the Potential Tax Benefits of Direct Indexing, Set Yourself Up for Success: How to Scale Your Advisory Practice for Growth, Customer Success Story: JFS Wealth Advisors Adds More Client Value, Creates Efficiency and Continues Compliance. About AtheneAthene, through its subsidiaries, is a leading retirement services company with total assets of $224.4 billion as of September 30, 2021 and operations in the United States, Bermuda, and Canada. We support credit card, debit card and PayPal payments. This activity is outside the scope of the base case scenario. The merger is not predicated on synergies of personnel or cost savings, and the combined company expects to grow its workforce commensurate with growth of the business, the statement said. Published by Infopro Digital Services Limited, 133 Houndsditch, London, EC3A 7BX. university Athora Holding, which has 79 billion euros of assets under administration, is a specialised life insurance group focused on Europe. ET. Jim Belardi, Athenes CEO, said in astatement that Athene likes the idea of investing in a well-established retirement services company Australia. For example, Brookfield trades at about 28 P/FFO multiple which is roughly equivalent to 30 multiple for APO (BAM's FFO does not account for maintenance expenses).

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