Independent review of the Athene Agility 10 fixed index annuity — covers crediting strategies, income rider, surrender charges, fees, and Athene financial strength. Balanced pros and cons for retirees evaluating this product.
The Athene Agility 10 is a fixed index annuity (FIA) offering downside protection with upside potential linked to stock market indices over a 10-year surrender period. It is best suited for conservative retirees within 5–10 years of retirement who want principal protection with modest growth — not those seeking market-level returns or short-term liquidity. Athene carries an A (Excellent) rating from AM Best and is backed by Apollo Global Management. This independent review covers the crediting strategies, income rider, surrender charges, and realistic return expectations so you can evaluate this product against alternatives.
We assessed the Athene Agility 10 across five criteria:
| Criteria | Weight | Why It Matters |
|---|---|---|
| Growth potential (caps/participation) | High | Determines actual credited returns in good markets |
| Income rider value | High | Most buyers purchase for guaranteed lifetime income |
| Surrender charge structure | High | 10-year lock-up is a meaningful commitment |
| Financial strength of issuer | Medium | Ability to pay claims decades from now |
| Fee transparency | Medium | Hidden costs reduce real returns |
Data sources: Athene Annuity product prospectus, AM Best rating reports, NAIC financial data, and annuity industry benchmarks from CANNEX and Wink's Sales & Market Report.
Product type: Fixed Index Annuity (FIA)
Issuer: Athene Annuity and Life Insurance Company
Surrender period: 10 years
Minimum premium: $10,000 (varies by state)
The Athene Agility 10 is an insurance contract — not a securities product — that credits interest based on the performance of one or more stock market indices subject to caps, participation rates, or spreads. Your principal is not invested directly in the market. In negative index years, you receive 0% — no loss. In positive years, you receive a portion of the gain up to the applicable cap or participation rate. The product is designed for accumulation with an optional income rider for lifetime guaranteed withdrawals. It is sold through licensed insurance agents, not registered investment advisors. See our complete guide to fixed index annuities for a full explanation of how FIAs work before evaluating this product.
Retirees aged 55–70 with a portion of assets they will not need for 10 years who want protected accumulation. Not appropriate for anyone who may need access to this capital within the surrender period.
Key strategies available: S&P 500 annual point-to-point (with cap), S&P 500 performance trigger, NASDAQ-100 participation rate, BlackRock iBLD Claret Index
Current cap range (annual point-to-point): Approximately 8–11% (varies by market conditions and reset date)
Participation rates: Varies — typically 50–80% on uncapped strategies
The Athene Agility 10 offers multiple indexed crediting options. The most common is the annual point-to-point strategy tied to the S&P 500 with a declared cap rate. If the S&P 500 gains 20% in a contract year, and your cap is 9%, you are credited 9%. If the S&P 500 loses 15%, you are credited 0%. The declared cap resets annually based on Athene's investment portfolio performance and interest rate environment — caps today may be lower or higher at your next reset. Proprietary indices (like the BlackRock iBLD) use volatility controls and sometimes carry participation rates above 100%, but their track records are limited and real-world returns are difficult to independently verify.
Conservative accumulators who are comfortable with 0–11% annual credited returns in exchange for no downside. Those expecting market-equivalent returns should not purchase an FIA.
Rider name: Athene Agility Income (specific rider name varies by state/version)
Rider cost: Approximately 0.75–1.0% of income base annually
Income base rollup: Typically 6–8% simple or compound annual increase during deferral period
Payout rate: Based on age at income activation; typically 4–6% of income base
The optional income rider — the primary reason most buyers select this product — guarantees a growing income base regardless of market performance. During the deferral phase, the income base grows at a declared rate (commonly 7% simple interest) each year you don't take withdrawals. At income activation, you receive a percentage of the income base as a guaranteed annual withdrawal for life. Example: $200,000 premium, 7% simple rollup over 10 years = $340,000 income base. At 5% payout rate for a 70-year-old = $17,000/year guaranteed for life, even if the contract value goes to zero. The rider cost (0.75–1.0%/year) is deducted from the contract value, not the income base, which reduces accumulation but not the income guarantee.
Retirees who need guaranteed income to supplement Social Security and cannot afford to outlive their savings. The rider makes most economic sense when purchased 7–10 years before the intended income start date.
Surrender charge period: 10 years
Typical surrender charge schedule: 10%, 10%, 9%, 8%, 7%, 6%, 5%, 4%, 3%, 2%, then 0%
Free withdrawal provision: 10% of contract value per year without penalty
The Athene Agility 10's 10-year surrender period is the most important commitment you're making. In year 1, surrendering the full contract costs 10% of the accumulated value. The free withdrawal provision (10%/year) allows limited access without penalty — but this is not a liquid asset. Anyone who may need this capital for emergencies, medical costs, or opportunistic investments within 10 years should not put more than a portion of their liquid savings into this product. Surrender charges are waived in most states for nursing home confinement, terminal illness, and some disability events — verify state-specific waivers before purchasing.
Buyers who have separately funded their 3–6 month emergency reserve and discretionary spending accounts. The Agility 10 should represent illiquid, long-term retirement capital — not money you might need.
AM Best Rating: A (Excellent) — affirmed 2025
Parent company: Apollo Global Management (publicly traded, NYSE: APO)
Total assets under management: $300B+ (Apollo)
State guaranty fund coverage: $100,000–$300,000 per contract depending on state
Athene's A rating from AM Best reflects sound financial fundamentals, but it's worth understanding the ownership structure. Athene was acquired by Apollo Global Management in 2022 — a private equity and credit management firm. Apollo uses Athene's insurance premiums to fund its credit investment strategies, which are less traditional than conventional insurance company investment portfolios. This structure has been scrutinized by regulators (including NAIC working groups) but has not resulted in rating downgrades. Your state guaranty fund provides a floor of protection ($100,000–$300,000 depending on state) if Athene were to become insolvent — a historically rare event in the insurance industry.
Buyers allocating $100,000–$300,000 (or less) who are comfortable with the Apollo-Athene ownership structure. Buyers with $500,000+ to allocate should diversify across multiple FIA carriers. Compare how this stacks up against the Allianz 222 annuity review for an alternative carrier perspective.
Base contract fee: $0 annual fee on base contract
Income rider fee: 0.75–1.0% of income base annually (if elected)
Surrender charges: 10% declining over 10 years
Spread/participation rate implicit cost: Built into cap rates and participation rates
The Athene Agility 10 base contract has no explicit annual fee — but this doesn't mean it's "free." The cost is embedded in the cap rates and participation rates Athene offers. The spread between what Athene earns on its investment portfolio and what it credits to you is the implicit cost. The income rider fee is explicit — approximately 0.75–1.0% of the income base annually, which compounds over time. A buyer with a $200,000 contract and income rider paying 1% annually on the income base pays approximately $2,000–$3,400/year in rider fees during the accumulation phase.
Buyers who have confirmed their intent to use the income rider. Purchasing an income rider "just in case" while never activating it is a costly insurance policy against yourself.
| Feature | Athene Agility 10 |
|---|---|
| Product type | Fixed Index Annuity |
| Surrender period | 10 years |
| S&P 500 cap (approx.) | 8–11% |
| Income rider rollup | ~7% simple |
| Rider fee | 0.75–1.0%/yr |
| AM Best rating | A (Excellent) |
| Free withdrawal | 10%/yr |
| Min. premium | $10,000 |
This review draws on the Athene Agility 10 product disclosure documents, AM Best rating reports, NAIC financial statements, CANNEX annuity analytics, and Wink's Sales & Market Report industry benchmarks. Cap rates and participation rates are approximate based on market conditions as of May 2026 — actual declared rates vary by state, premium amount, and market conditions at your contract issue date. Last updated: May 2026. We update this review when Athene releases product revisions.
The Athene Agility 10 is a credible FIA for conservative retirees who want principal protection with moderate growth potential and an optional guaranteed income stream. It is not a good fit for investors seeking market-equivalent returns, anyone who may need the capital within 10 years, or those building an aggressive growth portfolio.
Surrender charges start at 10% in year 1 and decline by 1% per year, reaching 0% after year 10. A 10% annual free withdrawal is available without penalty each year.
Athene Annuity and Life Insurance Company is a subsidiary of Apollo Global Management, a $300B+ asset management firm. Athene holds an A (Excellent) rating from AM Best.
You cannot lose principal due to index performance — the 0% floor protects against market losses. However, you can lose money to surrender charges if you withdraw more than the free withdrawal amount during the surrender period.
The Agility 10 typically offers the S&P 500 annual point-to-point (with cap), S&P 500 performance trigger, NASDAQ-100, and proprietary volatility-controlled indices such as the BlackRock iBLD Claret. Available strategies vary by state.
The optional income rider grows a separate "income base" at a declared rollup rate (typically ~7% simple) each year you defer withdrawals. At income activation, you receive a guaranteed percentage (typically 4–6%) of the income base annually for life, regardless of market performance or contract value.
Both are fixed index annuities with income riders, but key differences exist in surrender period, cap rates, and income rider design. The Allianz 222 review provides a direct side-by-side comparison.
This review is for educational purposes only and does not constitute financial, insurance, or investment advice. Fixed index annuities are insurance products and are not FDIC insured. Past index performance does not guarantee future credited interest. Cap rates, participation rates, and rider terms are subject to change. Consult a licensed insurance professional and independent financial advisor before purchasing any annuity. This site may receive compensation when readers connect with licensed insurance professionals.
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