Athene Agility Fixed Indexed Annuity Review

The Athene Agility is a Fixed Indexed Annuity (FIA) plan that offers the annuitant (annuity investor) the opportunity to earn a portion of a market index-linked return without incurring the risk of market downside. It is a suitable plan for individuals approaching retirement who aim to grow and protect their retirement savings. This plan is also suitable for individuals seeking a guaranteed lifetime income or those planning to leave a legacy for their loved ones, in addition to protecting and growing their retirement savings.

Let’s have a look at the high-level fine print of the Athene Agility Fixed Indexed Annuity, and then we will discuss each point in detail.

The Athene Agility Fixed Indexed Annuity is almost identical for both policy tenures, except for the crediting strategies and surrender charge schedule. For ease of discussion and better clarity, we will discuss the Athene Agility 10 Fixed Indexed Annuity (unless mentioned otherwise) for the rest of the article.

How does the Athene Agility 10 Fixed Indexed Annuity policy work?

An annuitant (maximum age at the time of policy issue: 80) can purchase the Athene Agility 10 Fixed Indexed Annuity with a minimum initial purchase amount of $10,000, and in return, they will earn market index returns (calculated through a formula that we will discuss shortly), credited as per the chosen crediting period. Apart from the regular crediting period, various events may trigger earnings credit, including free withdrawals, long-term care events, terminal illness or injury events, or when a death benefit is payable.

The Athene Agility Fixed Indexed Annuity allows the annuitant to choose from one or more of seven indexes to determine their earnings crediting formula. Each index offers two strategies, providing a total of 14 indexed strategies. Additionally, the plan offers a fixed-rate guaranteed interest strategy, making a total of 15 strategy options. We will briefly discuss each available index:

1. S&P 500 Index

The S&P 500 index is one of the most popular and oldest indexes in the world. It tracks 500 large-cap publicly traded stocks listed in the United States. It is a reliable index and has often succeeded in the test of time. It is very important to note that the Athene Performance Elite Fixed Indexed Annuity offers the S&P 500 index with caps in place, meaning that your interest-earning capacity is capped. These rates tend to change frequently; I will discuss the rates in detail shortly. 2. S&P 500 FC IndexThis is the same S&P 500 index but with a volatility control mechanism. Because the index applies a volatility control mechanism, the range of both the positive and negative performance of the index is limited. I would not suggest going with this index as, in its true sense, this index appears similar to the S&P 500 Index, but its returns can vary greatly from the S&P 500 Index. 3. BNP Paribas Multi Asset Diversified 5 IndexThe BNP Paribas Multi Asset Diversified 5 Index is a rules-based index that seeks to measure the performance of a diverse range of asset classes comprised of eight components (three equity futures indexes, three bond futures indexes, and two commodities index. On a daily basis, the BNPP MAD 5 Index dynamically rebalances the weightings of the components according to a proprietary methodology that seeks to identify weights for the components that would have resulted in the Hypothetical Portfolio with the highest past returns. The BNP Paribas MAD 5 Index was created in January 2016 and targets a 5% annualized realized volatility.4. NASDAQ Fast Convergence IndexThe NASDAQ Fast Convergence Index is powered by BofA (Bank of America) and uses a proprietary technology that aims to reduce risk and increase performance by adapting faster to changing market conditions. It has a 107.95% exposure in the NASDAQ 100 TR Index (which contains 100 of the most prominent large-cap stocks). It is important to know that this index employs a performance control mechanism wherein a portion of the returns of the Nasdaq FC Index is capped at 4% for the preceding one-month period. The NASDAQ FC Index was created in January 2020 and targets a 12.5% annualized realized volatility. 5. AI-Powered US Equity IndexThe HSBC AI-Powered US Equity Index (AiPEX) is an index developed by HSBC that uses IBM Watson’s AI engine to create a risk-controlled, excess return index comprised of approximately 250 U.S. publicly traded companies, adjusted monthly, that is intended to provide growth through a variety of market conditions. The AiPEX Index was created in August 2019 and targets a 6% daily volatility.6. AI-Powered Global Opportunities IndexThe AI-Powered Global Opportunities Index (AiGO) is a multi-asset strategy that uses the power of IBM Watson and Equbot's proprietary Artificial Intelligence capabilities to turn data into investment insight. AiGO is designed to track a strategic combination of a diversified portfolio of ETFs (and one HSBC index) that represents global equities, fixed income, and inflation-sensitive assets in an attempt to deliver resilient market growth across different market cycles. This is a very new index that was launched in March 2023, and it targets a 7% volatility.7. UBS Innovative Balanced IndexThe UBS Innovative Balanced Index (UBSIBAL) leverages unique signals that aim to provide an early read into the U.S. macro environment and inform an all-weather tactical allocation to equities, commodities, and bonds. The signals include US inflation expectations and a Nowcast of US economic growth, generated using key datasets from UBS Evidence Lab, the largest sell-side alternative data offering of its kind. This is also a very new index and applies a volatility control mechanism.

Note: In addition to allocating the funds in the following indexes, the annuitant also has the option to allocate funds at a fixed interest. These Fixed Rates change from time to time. The Fixed Value Rate at the time of writing this article was 3.20%.

At the time of this review (Feb 2026), this was the published figure. For current rates, see Current Rates ↓.

The earnings crediting formula

The earnings crediting formula is the most important part of this annuity discussion. It is essential to note that we don’t simply receive the index return credited to our annuity. There are a few rate-limiting mechanisms (in the form of participation rates and cap rates) that the company has in place that affect our earnings. These rates are subject to change over time, and the updated rates can be checked with your financial advisor or on the company’s website.

The formula to calculate the earnings credited is:

• For Strategies with Participation: (Participation Rate % * Index Return)
• For Strategies with Caps: Index return over a given crediting period, with a maximum potential of earning the cap rate

Let's take a closer look at the Athene Agility rate sheet to understand how earnings are calculated. Please note that these rates are current as of the time this article was edited (October 2025) and apply only to the Athene Agility 10 FIA. For the most accurate and up-to-date rates, you may contact your trusted financial advisor or visit the company's website.

The first thing to note is that we have seven indexes, and each index has 2 strategies. All in, we get to choose from a total of 15 strategies fourteen index-based and one fixed). The company displays three types of crediting strategies across these rates (Participation, Cap, and Fixed). The Participation rate (index allocation rate) and the strategy caps are the most important.

Let’s quickly go through the terminologies described by Athene:

1. Participation rate (PR): The participation rate describes the annuitant’s participation percentage in a return of an index. For example, suppose the participation rate is 60%, and the index returned 10% over the agreed time. In that case, the annuitant will be eligible for only 60% of the return, i.e., 6%.
2. Cap rates: This refers to the rate at which your interest-earning capacity is capped. For example, if an index returns 12% but the contract’s cap rate is 6%, the annuitant will be eligible for an interest credit of 6% only. It doesn’t matter how much the index goes above the cap rate; the maximum interest that can be earned is the cap rate.
3. Fixed account rates: If you opt for a fixed account rate, you simply earn the fixed rates for a particular period specified by the company before your policy begins. These rates usually tend to be low compared to other fixed avenues, such as CDs and MYGAs, so you should avoid fixed rates in a general scenario. The 1-year fixed rate on this policy at the time of writing this article was 3.20%.
4. Bailout Feature: If Athene lowers the declared 1-Year Point-to-point Index Strategy Annual Cap Rate below the Bailout Cap Rate, you’ll have full access to your annuity’s Accumulated Value-free of any charges — for up to 30 days after the Contract Anniversary in which the Bailout Cap Rate was pierced. After the 30-day Bailout Window, all Withdrawal Charges and MVA will apply.

At the time of this review (Feb 2026), this was the published figure. For current rates, see Current Rates ↓.

It is essential to always check the latest rates before selecting your preferred index.

Out of all these indexes, at this point in time, I would prefer the S&P 500 index (not the S&P 500 Daily Risk Control) and the BNPP Multi-Asset Diversified 5 index the most because of their decent back-tested returns, good real performance, and relatively high index participation/cap rates offered by the company.

Accessing your Money

Each year, you are allowed a 10% free withdrawal of your contract value without incurring charges, fees, or penalties.

Should your needs change unexpectedly and you need to take an excess withdrawal (a withdrawal that is above the free withdrawal amount available in a given contract year), you may be entitled to access additional monies; although certain charges and penalties may apply. Any amount withdrawn in excess of the remaining free withdrawal amount is subject to a Surrender Charge. Below is the Surrender Charge schedule for Athene Agility FIA.

In case you need to surrender your policy, a Market Value Adjustment (MVA) will be applied to the portion of the withdrawal or surrender that exceeds the free withdrawal amount during the withdrawal charge period.

Note that this surrender charge schedule is only valid for the Athene Agility 10 product for select states. For complete details about each state and tenure, you may visit the product’s website.

The surrender charge of Athene Agility fixed indexed annuity is pretty much in line with all the other annuity issuers.

Once the surrender charge period ends, you can typically access your full contract value without fees. However, any withdrawal reduces both your contract value and, if applicable, the income base tied to optional riders, which may impact future guaranteed income.

An annuitant can also convert the contract into a stream of guaranteed income, known as annuitization. They can choose from various payout options designed to meet different needs.

• Life Only – Provides income for as long as you live.
• Joint and Survivor Life – Continues payments over two lifetimes, often used by couples.
• Life with Period Certain (up to 30 years) – Pays income for life, but guarantees payments for a minimum period even if death occurs earlier.
• Period Certain (up to 30 years) – Provides guaranteed payments for a set number of years, regardless of lifespan.
• Single Life or Joint Life with Cash Refund – Ensures that if the annuitant(s) pass away before receiving payments equal to the original premium, the difference is refunded to beneficiaries.
• Single Life or Joint Life with Installment Refund – Similar to the cash refund, but any remaining balance is paid out over time in installments.

These options allow flexibility in balancing lifetime income needs with legacy goals, offering a way to customize how and when funds are accessed in retirement.

Death Benefit

Upon the annuitant’s death, the beneficiary can choose either (i) Accumulated Value (lump sum) or (ii) Benefit Base (paid equally over a period that will not exceed 10 years). We will discuss the benefit base in the following section.

Riders are one of the main highlights of the Athene Agility Fixed Income Annuity. The Athene Agility Fixed Indexed Annuity comes with an Income and Death Benefit rider automatically attached to the policy, and is free from any fixed or variable costs. The free Income and Death benefit rider is most useful for people who are not sure about how things will work in their retirement.

• The income component of this rider helps the annuitant have a stream of lifetime guaranteed income. The amount of the guaranteed lifetime income is based on the benefit base.

The benefit base is calculated as:

Initial Premium + Benefit Base Bonus (Currently, 50%) + Benefit Base Interest Credits (Currently, 200% of the dollar interest amount credited on each strategy period) - Withdrawals from the annuity. A notable benefit of this rider is that the benefit base will continue to grow by 200% of the dollar interest credited, even after the guaranteed income stream begins. Now, the Lifetime Income is calculated as:

At the time of this review (Feb 2026), this was the published figure. For current rates, see Current Riders ↓.

Benefit Base X Lifetime Income Withdrawal Percentage

The lifetime income withdrawal percentage is based on when you begin your lifetime income withdrawals and whether you opt for single-life or joint withdrawals. Below is the lifetime income percentage table. These rates are subject to change, and the latest lifetime income percentages for the Athene Agility FIA can be accessed here.

Let’s understand this with a detailed example.

Suppose your Benefit Base at the time of starting income is $200,000, and you elect to begin lifetime withdrawals at age 60. Looking at the payout table for single life, the applicable lifetime income withdrawal percentage is 4.00%. This means your guaranteed income would be:

$200,000 * 4.00% = $8,000

So, beginning at age 60, you would receive $8,000 annually for life, regardless of market performance.

If you instead select the Joint Life option, the percentage is reduced by 0.50%, making it 3.50%. In that case, the payout would be:

$200,000 * 3.50% = $7,000

This income is guaranteed for as long as at least one of the two annuitants is alive, based on the attained age of the younger life.

The death component of the rider helps you to leave a legacy for your beneficiaries. Upon your death, your beneficiaries have the option to choose either your annuity's full Accumulated Value in a lump sum or the Benefit Base, paid out equally over a period not to exceed 10 years.

• Enhanced Income Benefit Rider: If you are ever confined to a Qualified Care Facility, such as a nursing home, your maximum lifetime income withdrawal amount will be doubled until your accumulated value is reduced to zero. However, you must keep in mind that to qualify for this rider position, you must be confined to a Qualified Care Facility for 180 out of the last 250 days.
• Confinement and Terminal Illness Waiver: This no-fee rider is automatically included for owners, providing them with a Confinement and Terminal Illness benefit.

• Confinement Waiver: After the first contract year, an annuitant can withdraw up to 100% of the contract’s accumulated value if he is confined to a Qualified nursing home. No withdrawal charge or MVA apply if the owner qualifies for this benefit. Diagnosis must occur after the contract is issued, and written proof with supporting documentation is required from a qualified physician.Terminal Illness Waiver: After the first contract year, an annuitant can withdraw up to 100% of the contract’s accumulated value if he is diagnosed with a terminal illness. No withdrawal charge or MVA apply if the owner qualifies for this benefit. Diagnosis must occur after the contract is issued, and written proof with supporting documentation is required from a qualified physician.

Contract/Administrative Charge

The Athene Agility Fixed Income Annuity levies no annual contract or administrative fees

You must always keep in mind that, unlike CDs, annuities are not guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other federal insurance agency. An annuity's "guarantee" is only as strong as the insurance company that issues the annuity, so it is always important to assess the issuing company before buying an annuity.

Athene Annuity and Life Company

Athene Annuity and Life Company have been in the business since 2009. It has been one of the largest providers of fixed and fixed indexed annuities in the US for many years and has been regularly in the top ten Fixed Indexed Annuity Sales.

It is rated as follows by the rating agencies:

Athene Annuity and Life Company has maintained decent ratings for many years. It is considered to be strong and stable financially. As of December 31, 2024, some of the financial highlights for Athene Annuity include its:

• $71 billion in gross organic inflows
• $62 billion available equity
• $31 billion of regulatory capital
• $3.2 billion in spread relating earnings
• $327 billion in total assets

Thus, going by the operating history and financial numbers, we can safely gauge that you can trust your savings with Athene Annuity and Life Company.

On January 1, 2022, Athene Holding Ltd. merged with Apollo Global Management, Inc. (NYSE: APO). Apollo is a high-growth, global alternative asset manager listed on the NYSE that serves institutional and individual investors across the risk-return spectrum in yield, hybrid, and equity strategies.

With the advancement in healthcare and technology, the average American today is living longer than ever. So, it’s very important to have a stream of income that can grow safely and steadily and have the ability to provide a fixed guaranteed income during the retirement years. This not only helps you mitigate the risk of outliving your income but also ensures that you continue to live a decent life even in your retirement.

The Athene Agility is designed to help you grow your savings with reduced risk. Through its indexed crediting options and built-in riders, it provides principal protection while allowing you to participate in market index performance without direct downside exposure. The annuity also offers a guaranteed lifetime income stream and legacy planning benefits, making it a well-rounded solution for retirement needs.

That said, it is important to set realistic expectations. The Agility 10 is an all-rounder annuity, balancing growth, income, and protection, but it may not be the best fit for individuals focused solely on maximum accumulation. While it offers steady, risk-managed returns, those returns are likely to be moderate rather than aggressive.