Latest news with #Athene
Yahoo
05-08-2025
- Business
- Yahoo
KBRA Assigns Preliminary Ratings to Aqua Finance Issuer Trust 2025-B
NEW YORK, August 05, 2025--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes issued by Aqua Finance Issuer Trust 2025-B ("Aqua 2025-B"), an asset-backed securitization collateralized by marine and recreational vehicle contracts as well as home improvement contracts. Aqua 2025-B will issue four classes of notes totaling $368.61 million, collateralized by $404.2 million receivables. Aqua 2025-B has initial credit enhancement levels ranging from 44.10% for the Class A notes to 9.30% for the Class D notes. Credit enhancement is comprised of overcollateralization, subordination of junior note classes (except for the Class D notes), a cash reserve account, and excess spread. Aqua Finance, Inc. ("Aqua" or the "Company"), founded in 1985 and incorporated in January 1988, is a consumer finance company operating in all 50 states. On July 29, 2022, Athene Holding Ltd ("Athene"), a retirement services company acquired a controlling stake in Aqua. Prior to Athene's acquisition, the Company was majority owned and controlled by a Blackstone managed fund. KBRA applied its Auto Loan ABS Global Rating Methodology, as well as its Consumer Loan ABS Global Rating Methodology, General Global Rating Methodology for Asset-Backed Securities, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the portfolio pool data, underlying collateral pool and capital structure. KBRA considered its operational reviews of Aqua, as well as regular due diligence calls with Aqua. Operative agreements and legal opinions will be reviewed prior to closing. To access ratings and relevant documents, click here. Click here to view the report. Methodologies ABS: Auto Loan ABS Global Rating Methodology ABS: Consumer Loan ABS Global Rating Methodology ABS: General Global Rating Methodology for Asset Backed Securities Structured Finance: Global Structured Finance Counterparty Methodology ESG Global Rating Methodology Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010711 View source version on Contacts Analytical Contacts Jacob Paulose, Associate Director (Lead Analyst)+1 Maxim Berger, Senior Director+1 Stavros Cherpelis, Analyst+1 Melvin Zhou, Managing Director (Rating Committee Chair)+1 Business Development Contact Arielle Smelkinson, Senior Director+1
Reuters
05-08-2025
- Business
- Reuters
Apollo tops profit estimates on strong fee-related earnings, inflows
Aug 5 (Reuters) - Apollo Global Management (APO.N), opens new tab beat second-quarter profit expectations on Tuesday, helped by record fee-related earnings and fresh cash inflow from investors during a turbulent period marked by President Donald Trump's tariff salvos. Shares of the investment giant surged nearly 5% to $148.90 and were set to open at their highest in nearly a week if current gains hold. Founded in 1990 with a focus on private equity, Apollo branched out to become a major corporate credit investor and took full control of insurance company Athene in 2021, steps that have allowed it to somewhat stabilize earnings. Apollo posted adjusted net income of $1.18 billion, or $1.92 per share, for the three months ended June 30, surpassing analysts' expectation of $1.84, according to estimates compiled by LSEG. Fee-related earnings of $627 million, up 22% from a year ago. Management fees in credit rose 25%, dwarfing the 12% jump in fees from equity. Capital solutions fees rose 4%, thanks to growth in debt origination. The origination business, which raises loans for companies globally, clocked up volumes of $81 billion. The company generated $61 billion in net inflows, stemming from outside investors, assets added through the purchase of a smaller manager and its insurance arm Athene. Total assets under management rose 21% to $840 billion. Against a tough backdrop for private equity's traditional model of buying and selling companies, Apollo said it earned $219 million in fees, reflecting "a few sizeable monetizations" or asset sales. However, it said activity "remains prudently delayed amid an uncertain exit environment". "In a dynamic environment, we remain focused on investing and innovating behind long-term growth themes — retirement, wealth, industrial renaissance, and the public-private convergence," CEO Marc Rowan said in a statement. The company has aligned itself with increasing investor interest in private markets, driven by the need to diversify away from traditional asset classes. The company is coming up with new ways to tap into that demand, including a tokenized feeder fund, opens new tab and a private credit exchange traded fund with State Street (STT.N), opens new tab. "Most days I wake up concerned more about the supply," he said in May. Still, market sentiment has remained weak as its shares have lost nearly 14% of their value so far this year, compared with a nearly 8% gain for the benchmark S&P 500 (.SPX), opens new tab index.
Reuters
05-08-2025
- Business
- Reuters
Apollo tops profit estimates as fee-related earnings hit record
Aug 5 (Reuters) - Apollo Global Management (APO.N), opens new tab beat Wall Street expectations for second-quarter profit on Tuesday, setting new records for fee-related earnings and capital solutions fees that reflected the resilience of its investment strategy. The investment giant posted adjusted net income of $1.18 billion, or $1.92 per share, for the three months ended June 30, surpassing analysts' expectation of $1.84, according to estimates compiled by LSEG. The solid performance demonstrates the resilience of diversified asset managers such as Apollo, whose portfolio spans private equity, credit and retirement services. Founded in 1990 with a focus on private equity, the company branched out to become a major corporate credit investor and took full control of insurance company Athene in 2021. These strategic shifts have helped stabilize earnings and allowed the company to post strong numbers across market cycles. Apollo posted fee-related earnings of $627 million, up 22% from a year ago. Management fees in credit rose 25%, dwarfing the 12% jump in fees from equity. Capital solutions fees rose 4%, thanks to growth in debt origination. The origination business, which raises loans for companies globally, clocked up volumes of $81 billion. The company generated $61 billion in net inflows, stemming from outside investors, assets added through the purchase of a smaller manager and its insurance arm Athene. Total assets under management rose 21% to $840 billion. "In a dynamic environment, we remain focused on investing and innovating behind long-term growth themes — retirement, wealth, industrial renaissance, and the public-private convergence," CEO Marc Rowan said in a statement. The company has aligned itself with increasing investor interest in private markets, driven by the need to diversify away from traditional asset classes. The company is coming up with new ways to tap into that demand, including a tokenized feeder fund, opens new tab and a private credit exchange traded fund with State Street (STT.N), opens new tab. "Most days I wake up concerned more about the supply," he said in May. Still, market sentiment has remained weak as its shares have lost nearly 14% of their value so far this year, compared with a nearly 8% gain for the benchmark S&P 500 (.SPX), opens new tab index.
Associated Press
16-07-2025
- Business
- Associated Press
Athene Announces Fixed Income Investor Call
WEST DES MOINES, Iowa, July 16, 2025 (GLOBE NEWSWIRE) -- Athene, a subsidiary of Apollo Global Management, Inc. (NYSE:APO), announced it will host a Fixed Income Investor Call on Tuesday, August 12, 2025 at 10:00AM ET. The call will feature members of Athene's senior management team, who will provide an update on current business trends, new business origination, the investment portfolio, and capital. An accompanying presentation, live webcast, and webcast replay will be available on the Investor Relations section of Athene's website at Conference Call Details: Dial-in: Toll-free at 877-404-1236 (domestic) or + 1 215-268-9888 (international) About Athene Athene is the leading retirement services company with over $380 billion of total assets as of March 31, 2025, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit Contact: Jeanne Hess Vice President, External Relations +1 646 768 7319 [email protected]
Yahoo
03-07-2025
- Business
- Yahoo
‘We're in a hurry, OK?': How Athene's new CEO leads a hard-charging insurer
When Grant Kvalheim stepped up to succeed Jim Belardi as Athene's CEO this week, he took the reins of an insurance industry phenomenon. The retirement annuities business Belardi co-founded in 2009 has grown to become the largest seller of fixed annuities in the US, with more than 12% of the market. Its growth has been powered by the asset origination prowess of Apollo Global Management, the private equity group led by Marc Rowan, which took full control of Athene in 2022. Pension plans that transferred their obligations to insurance companies like Athene have been targeted by class action attorneys, who allege that the latter's private equity ownership carries risks. But Kvalheim, who previously led Athene US operations and growth initiatives, still sees 'significant growth' ahead for each of its business lines — even in pension risk transfers. He's told investors his 2,000-person firm expects to increase its assets from $380 billion to about $600 billion by 2029. He jokes that when he and Belardi came up with Athene's 'Driven to Do More' slogan, they considered an alternative: 'Athene: We're in a Hurry, OK?' Andrew Edgclieffe-Johnson: How has Athene managed to build such a large business so fast? Grant Kvalheim: It's a combination of a clear vision and the power of being aligned with Apollo, right from the start. It seems very obvious now, but it wasn't at the time to anybody else, that if you are a retirement services company and you have long-dated, illiquid liabilities, you should have long-dated, illiquid assets and earn that premium. Because it's not a bank. There's never going to be a run on the bank. You can capture illiquidity premium. You can capture structuring premium if you have the expertise on the structured security side. And by having that extra margin on the asset side, you can have better products for the consumer. You can put some of that into the consumer, and you put some of it into profit. [Marc Rowan also said,] 'You guys should have a very conservative balance sheet, tons of excess capital, tons of liquidity, because … when markets dislocate, if you don't have liquidity, you'll be a forced seller. But if you have excess capital and excess liquidity, you can buy cheap assets and lock in excess profits for the next 10 years.' You talk about Athene's differentiation being driven by Apollo's asset origination capabilities. To what extent is your job as CEO driven by what Marc Rowan needs? No mistake, I work for Marc Rowan. I also report to Jim Belardi. Apollo owns us, and that's a beautiful thing. If we had been affiliated with a different asset manager, we would have done OK, but there's no way we would have gotten as far as we have without Apollo. Apollo brings unique skills to the table. What Marc and Apollo saw early on was that asset origination was going to be a differentiator. Building the platforms we have, [other] people can do that, but we've got a decade head start. Looking at these markets, is it a moment where you're building firepower, waiting for dislocation? Or do you think you're some way away from the next great opportunity? We loved the dislocation after [President Donald Trump's] declaration of 'Liberation Day.' And for a brief [period] we played that — I think we invested close to $15 billion in that month alone as spreads were blowing out. Unfortunately, from our perspective, it didn't last long enough, but that is an excellent example of what we mean by being poised to take advantage of market dislocations. There's a lot of wild stuff going on in the world. I mean, I don't think anybody had 'Israel-Iran war' on their scorecard [a few] weeks ago. And yet, markets are pretty benign. Spreads are tight. There is certainly the potential for dislocation. But I think right at the current moment, what we're feeling is everything's uncomfortably tight. There's nothing that you would say is cheap from an asset perspective. And some of the asset types that we used to like to buy, we've stopped buying because we've just said, at these levels, they don't make sense. What do you look for when you're hiring, particularly for senior leadership positions? Athene is known for always pushing hard, trying to do more, trying to do better. And I think one of the challenges is, as you succeed, maintaining that same passion for continuing to excel and exceed. We look for people with talent and experience, but importantly, we want people that fit in our culture. I've worked at organizations where you make a decision and people aren't wholehearted about executing it. And then if it doesn't work out, you're never quite clear if it didn't work out because people didn't really go for it. And what I love about Athene is the senior team respects each other. We trust each other, and I think the success of any organization, fundamentally, is premised on trust. And when we go off and do something, we make relatively quick decisions. Not hasty — we gather the information, we sit down, we decide, and we execute. We don't look back. Nobody comes around a week later and says, 'Hey, can we talk about that again?' That's just not in the culture. We decide, we get on with it. Apollo, Blackstone, and KKR long followed similar financial models. Now they're creating very different structures that could determine how they fare in tumultuous markets, the Financial Times reports. Lawsuits largely evaporated Athene's pension-risk transfer business last year. But a boom in funding-agreement notes more than filled the gap, The Wall Street Journal reports.
