Athene Plans $19B Block Reinsurance Deal with Sony Life in Japan

Athene, a retirement services company and subsidiary of Apollo Global Management, plans to enter a block reinsurance transaction with Sony Life Insurance, a leading Japanese insurer. The deal involves reinsuring a block of U.S. dollar-denominated whole life insurance policies, with Swiss Re retroceding all mortality risk associated with the block. This marks Athene's eighth reinsurance transaction across seven cedants and its second block reinsurance deal with a Japanese insurer in the past five years, bringing its total reinsurance transaction volume with Japanese cedants to about $19 billion. Athene emphasizes its strong balance sheet, capital profile, and alignment with Apollo as key factors making it a preferred partner in the Japanese retirement market. Executives from both Athene and Apollo highlight the growing presence in Japan and the ability to provide tailored, flexible capital solutions that support Japanese policyholders' financial goals. The transaction reflects broader shifts in Japan's insurance market and Athene's strategy to leverage its retirement and capital expertise to meet unique market needs.