Should I buy an annuity from Athene or Allianz Life?
Both are strong, A+ rated carriers, so the right pick depends on what you want the contract to do. Athene tends to offer a higher guaranteed income floor on its income riders and is the only one of the two with multi-year guaranteed annuities. Allianz Life brings a longer continuous top-tier rating history and a wider set of crediting strategies, including volatility-controlled indices. If you want the largest guaranteed number in writing today, lean Athene. If you want the deepest product menu and are comfortable trading some guaranteed floor for index-driven upside, lean Allianz.
Athene and Allianz Life sit at the top of the fixed index annuity market, and each one got there its own way. Allianz built much of the modern FIA playbook: proprietary indices with built-in volatility controls, the well-known Allianz 222 contract, and years of leading annual sales. Athene climbed past it more recently, backed by the buying power and credit expertise of Apollo Global Management, and has stayed near the top of the sales charts since. If you are shopping a fixed index annuity for growth or guaranteed income in 2026, these two carriers are worth putting side by side.
Carrier background
Before you commit decades of your money to a contract, it is worth knowing who stands behind the promise. An annuity is only as good as the company's ability to keep paying claims long after you sign, so age, ownership and scale all matter.
| Athene | Allianz Life | |
|---|---|---|
| Founded | 2009 | 1896 |
| Headquarters | West Des Moines, Iowa | Minneapolis, Minnesota |
| Parent company | Apollo Global Management | Allianz SE (Munich, Germany) |
| Total assets | Over $300 billion | Over $75 billion |
| States served | 50 | 51 (includes Puerto Rico) |
Athene is the younger of the two by more than a century, but it has grown fast since Apollo took full ownership in 2022, building one of the larger balance sheets in the U.S. annuity market. Allianz Life carries the weight of its German parent, Allianz SE, one of the largest insurers in the world.
Financial ratings: how strong is each carrier?
Both carriers earn top marks from AM Best, though the picture looks slightly different once you bring in the other agencies.
| Rating agency | Athene | Allianz Life |
|---|---|---|
| AM Best | A+ | A+ |
| S&P | A+ | AA |
| Moody's | A1 | Aa3 |
| Fitch | Not rated | Not rated |
Allianz edges ahead on S&P and Moody's, and its top-tier rating history stretches back decades under its German parent's balance sheet. Athene's A+ is well earned, but its standalone rating history is shorter simply because the company itself is younger, not because of any weakness on its books. Athene's general account benefits from Apollo's credit-investing expertise, which is part of why its ratings have climbed as quickly as they have.
A rating measures the company's ability to pay claims, not whether a specific product is right for you. Confirm the current rating on AM Best's site before you sign anything.
Product lineup: what each carrier sells
| Athene | Allianz Life | |
|---|---|---|
| Annuity types | MYGA, fixed index annuity, immediate annuity, registered index-linked annuity | Fixed index annuity, variable annuity |
| MYGAs available | Yes | No, not through independent agents |
| Known for | Broad shelf across guaranteed rate, indexed and income products | Deep, well-established fixed index annuity design |
Athene's shelf is the wider of the two. Its fixed index lineup includes accumulation-focused contracts and an income-rider product with a guaranteed roll-up, and it backs that up with multi-year guaranteed annuities and single premium immediate annuities that Allianz simply does not offer through independent agents. If a straight guaranteed rate for a set number of years is what you are after, that alone can settle the comparison in Athene's favor.
Allianz answers with depth rather than breadth. Its flagship indexed annuity pairs a two-year crediting period with a large premium bonus to an income value, and its broader lineup includes several accumulation-focused contracts and a registered index-linked annuity. Where Allianz stands out is the range of index strategies it offers, including proprietary, volatility-controlled indices designed to smooth out returns.
Guaranteed income: how the numbers compare
Income riders on fixed index annuities work by building a separate "income base" that later converts into a lifetime paycheck. The two carriers grow that base very differently, and the difference is worth understanding before you compare any two quotes.
Athene's income rider credits a fixed, guaranteed roll-up to the income base every contract year, no matter what the underlying index does. Allianz grows its income value instead by crediting a share of whatever interest the contract actually earns, so in a year with no index gain, that value can sit flat. Run the same hypothetical math and the pattern shows up clearly: a guaranteed roll-up produces a number you can bank on today, while a performance-linked roll-up can end up higher or lower depending on how the index behaves over your deferral period.
As a hypothetical example, say you deposit $100,000 at age 60 and wait 10 years to start income. A rider using a 10% guaranteed simple roll-up on a $120,000 starting income base would grow that base to $220,000 by age 70, a number set in the contract regardless of market performance. A rider that only grows when the index credits interest could land above or below that figure, since it depends entirely on results neither of us controls in advance. Neither approach is wrong. One trades upside for certainty; the other trades certainty for the chance of a bigger number down the road.
Athene also offers an enhanced benefit that can temporarily raise the income payment if you need care and cannot manage a set number of daily activities on your own, which can matter a great deal during a costly stretch of life. Allianz includes a comparable benefit on some of its contracts as well, so ask about it on both.
For buyers focused purely on growth, without an income rider, look at the cap rate and participation rate each carrier is currently offering on its flagship strategies, since those move often and are best checked at quote time rather than printed here.
Customer service and complaints
Both carriers report low complaint rates relative to the industry, based on figures each state insurance department tracks through the NAIC complaint index, which measures complaints against the size of a carrier's business. A ratio well under 1.00 means a carrier draws fewer complaints than the industry average for its size, and both Athene and Allianz have historically landed in that range. Ask your strategist for the most recent published figures for each, since they shift from year to year.
Should you choose Athene or Allianz Life?
Choose Athene if you want a fixed index annuity built for accumulation or guaranteed lifetime income, you want the largest guaranteed numbers a contract can put in writing today, and you like the idea of one carrier covering a MYGA, an FIA and an immediate annuity if your plan changes down the road.
Choose Allianz Life if you want the widest range of crediting strategies, including volatility-controlled proprietary indices, you place extra weight on a longer continuous top-tier rating history, or your plan leans on index performance producing an income value that can outgrow a flat guaranteed roll-up over a long deferral.
Look elsewhere if you specifically want the single highest MYGA rate on the market this week, since other carriers that specialize in multi-year guaranteed annuities may price ahead of both, or if you want a fee-only structure through a registered investment adviser rather than a commission-paid independent agent.
Which is better: Athene or Allianz Life?
For most people buying a fixed index annuity for growth or guaranteed income, Athene tends to be the simpler recommendation, mainly because its guaranteed roll-up produces a number you can see and compare today, and because it fills in gaps, like MYGAs, that Allianz leaves open. Allianz remains a strong choice for buyers who specifically want its style of index-linked income growth, its wider menu of crediting strategies, or its longer continuous top-tier rating record. Both carriers are large, well-capitalized and likely to be paying claims decades from now. The decision comes down to whether you would rather lock in a guaranteed number today or leave room for index performance to do more of the work.
Other comparisons to consider
Pros and cons
Pros
- Both carriers are rated A+ by AM Best
- Both sell large volumes of fixed index annuities every year
- Athene adds MYGA and income annuity options Allianz does not offer
- Allianz offers a wider range of crediting strategies, including proprietary volatility-controlled indices
- Both have a track record measured in decades, not months
Cons
- Neither is a mutual company with a 100-plus-year history
- Allianz does not sell multi-year guaranteed annuities through independent agents
- Rates and terms change often, so a snapshot comparison goes stale fast
- Guaranteed income riders on both carry an annual fee if elected
- Choosing between a guaranteed floor and index-driven upside is a real tradeoff, not a clear winner
Frequently asked questions
Does Allianz guarantee less lifetime income than Athene?
On income riders, Athene's guaranteed roll-up locks in a set percentage every year no matter what the index does, which produces a guaranteed income figure Allianz cannot match on paper. Allianz ties its Protected Income Value growth to a share of the interest the contract actually earns, so its guaranteed floor (assuming zero index credits) sits lower. Allianz's real-world number can catch up or pass Athene's if the indices perform well over the deferral period, but the number Allianz can put in writing today is smaller.
Is Athene or Allianz a better annuity company?
Both hold an A+ from AM Best and both have paid claims reliably for years. Allianz carries a longer continuous top-tier rating history and a broader spread of secondary agency ratings. Athene answers with a deeper product shelf, including MYGAs and immediate annuities Allianz does not sell, plus income riders that guarantee more dollars today. Neither is the objectively better company; the fit depends on what you are optimizing for.
Why do Athene and Allianz get rated differently by other agencies?
AM Best rates both A+, but agencies like S&P and Moody's weigh things like ownership structure, balance sheet age and history length. Allianz Life is backed by Allianz SE, a German insurer with a rating record going back decades. Athene is a newer standalone company, owned by Apollo Global Management since 2022, so its independent rating history is shorter even though its balance sheet has grown quickly.
Does Allianz Life sell MYGAs?
Not through independent agents. If a straight, single guaranteed rate for a set term is what you want, Athene is the carrier of these two that offers it, alongside dozens of other carriers that specialize in multi-year guaranteed annuities.
What is the Allianz 222 income rider?
Allianz built this contract around a Protected Income Value rider that adds a bonus to your income value near the start of the policy, then keeps growing that value based on a portion of whatever interest your account actually earns. Once you clear a required waiting period, you can turn that value into a paycheck for life. It fits someone comfortable letting index results help shape their eventual income, instead of locking in one fixed growth rate from the first day.
What is the Athene Ascent Pro 10 Bonus?
This is Athene's headline income-focused indexed annuity. It hands you a bonus on your premium at issue, a separate bonus toward your future income value, and then adds a guaranteed, fixed roll-up to that income figure every single year for up to two decades, no index performance required. Buyers can also add a benefit that temporarily doubles the income check during a stretch when they need care and cannot handle a set number of daily tasks alone.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
