Athene to reinsure Sony Life’s whole life policies
October 8, 2025 by Kenneth Araullo
Athene, the retirement services provider and subsidiary of Apollo Global Management, has announced plans to enter a block reinsurance transaction with Sony Life Insurance, a Japanese insurer.
The arrangement will see Athene reinsure an in-force block of US dollar-denominated whole life insurance policies from Sony Life. As part of the transaction, Athene will enter into an agreement with Swiss Re to retrocede all mortality risk associated with the block.
Wink’s Moore on the Market: Why would Athene want to reinsurance a block of whole life policies from Sony Life Insurance Co., Ltd.?
The company previously sold-off (then-) Aviva’s life insurance business to Global Atlantic in 2013.
Has anything changed?
This may provide some insight:
“…noted that Athene’s retirement and capital expertise positions the company to address needs unique to the Japanese market. Yasuo Kashiwagi, head of Japan at Apollo, commented that Apollo and Athene’s presence in Japan reflects the company’s model to bring in capital supporting Japanese policyholders.”
Yet why would an annuity company, who apparently didn’t have much of an appetite for life insurance, be suddenly making reinsurance deals with life insurers?
I’m interested to hear your thoughts.
Athene has a 7.99% share of the individual retail annuity market, YTD, and distributes fixed, MYG fixed, indexed, structured and immediate income annuities. -sjm
