Athene vs F&G Annuities & Life

Verdict

Athene and F&G Annuities & Life are two Iowa-based annuity companies that rely on independent distribution and heavy use of reinsurance. Neither sells term or whole life, and neither sells directly to consumers. The main differences are who owns them, how much life insurance they still sell, and how their ratings compare.

Athene was founded by Apollo in 2009 and has been wholly owned by Apollo since January 2022. It says it held the top U.S. annuity sales position in 2025 (per LIMRA). It sells no new life insurance; its life premiums come from older blocks inherited through acquisitions such as Aviva USA, which is why it appears in life insurance rankings at all (#91 by 2024 individual life premiums, against #44 for F&G). F&G is publicly traded on the NYSE as FG, with Fidelity National Financial owning about 70% of the stock after a December 2025 share distribution. F&G still sells indexed universal life, its Pathsetter and Everlast policies, which it says qualified applicants can obtain without a medical exam, mostly through network marketing groups. F&G also owns stakes in some of those distributors, so ask your agent which carriers they can offer.

On ratings, Athene's insurers are A+ (Superior) from AM Best as of August 2025, A+ from S&P and Fitch, and A1 from Moody's. F&G is rated A (Excellent) by AM Best as of March 2026, A- by S&P and Fitch, and A3 by Moody's. Both rate below the largest mutuals. Athene's Bermuda reinsurers and private-equity ownership draw regulatory attention, and F&G likewise reinsures substantial blocks, including nearly all pre-2010 life policies with Wilton Re.

Choose Athene if

• You are shopping for a fixed, fixed indexed, RILA, multi-year guaranteed or immediate annuity and want the higher-rated issuer on paper.
• You own an older Liberty Life or Presidential Life contract that Athene services (former Aviva USA life policies now sit with Accordia Life, a Global Atlantic company).
• You want published claims turnaround times: verification in 5 to 7 business days and payment in 8 to 10 business days after complete paperwork.
• You are comfortable with private-equity ownership after reviewing how it works.

Choose F&G Annuities & Life if

• You want indexed universal life from an agent as well as annuities, from one company.
• You want an issuer that reports to the public through SEC filings and trades under the symbol FG.
• You like the idea of no-exam IUL approval for qualified applicants, with the caveat that IUL results depend on non-guaranteed caps and charges.
• You want a pension risk transfer provider with publicly reported volumes.

Key differences

Before you decide

Ask who is issuing your contract, what the surrender charge schedule is, and which rates are guaranteed versus current; fixed indexed annuities: caps, participation rates and trade-offs and Multi-year guaranteed annuities (MYGAs): how they work explain the main designs. If you are comparing F&G's IUL, read Indexed universal life (IUL) explained before you rely on an illustration. Confirm rating dates with AM Best, S&P, Moody's and Fitch ratings explained, and see private equity's push into life insurance for why ownership structure matters for these companies.