Should I buy an annuity from Athene or F&G?
Both are legitimate carriers you can buy through a licensed independent agent, but they lead with different strengths. Athene carries higher financial strength ratings, a far larger balance sheet, and a wider product shelf that includes immediate annuities. F&G is smaller and rated a notch lower, but it frequently prices among the top MYGA rates in the market, so it is worth a look any time rate is your main priority. If ratings depth and product breadth matter most, choose Athene. If you are comparing quotes purely on guaranteed yield for a MYGA or FIA, get a rate from F&G before you decide.
Athene and F&G chase the same buyer: someone shopping fixed and indexed annuity rates through a licensed independent agent. Both are backed by public companies with private-equity-adjacent ownership stories, both post competitive rates most weeks, and both rank among the more active indexed annuity sellers in the country. The gap between them is real, though. Athene operates at many times F&G's scale and holds stronger third-party ratings, while F&G frequently punches above its size on yield, showing up near the top of MYGA rate tables often enough to earn a look on nearly every rate-driven shopping list.
Carrier background
An annuity is a long-term promise, sometimes lasting decades, so the strength and history of the company behind it matters as much as the number on the page.
| Athene | F&G | |
|---|---|---|
| Founded | 2009 | 1959 |
| Headquarters | West Des Moines, Iowa | Des Moines, Iowa |
| Parent company | Apollo Global Management | A large, publicly traded title insurance and financial services company |
| Total assets | Over $300 billion | Over $50 billion |
| States served | 50 | 50 |
F&G has been issuing policies since the late 1950s, giving it decades of regulatory history even though its current ownership and branding are newer. Athene is the younger company on paper but has scaled quickly since Apollo took full ownership in 2022.
Financial ratings: how the two carriers compare
| Rating agency | Athene | F&G |
|---|---|---|
| AM Best | A+ | A |
| S&P | A+ | BBB+ |
| Moody's | A1 | Not rated |
| Fitch | Not rated | Not rated |
Athene sits a full notch above F&G at AM Best and several notches ahead at S&P. That gap matters more to some buyers than others. An A rating from AM Best still places F&G in the Excellent tier, well above the level most licensed agents treat as a minimum bar for recommending a carrier. Athene's larger balance sheet, built with support from Apollo's credit-investing platform, is part of why its ratings sit higher across the board.
A rating measures a company's ability to pay claims, not whether a specific product fits your goals. Confirm the current rating for either carrier directly on AM Best's site.
Product lineup: what each carrier sells
| Athene | F&G | |
|---|---|---|
| Annuity types | MYGA, fixed index annuity, immediate annuity, registered index-linked annuity | MYGA, fixed index annuity |
| Known for | Broad product shelf and high sales volume | Rate-competitive MYGA and FIA pricing |
Athene offers the fuller menu: multi-year guaranteed annuities, fixed index contracts built for accumulation and income, an immediate annuity, and a registered index-linked option. That range gives an agent more room to structure a plan around your specific timeline.
F&G's shelf is narrower, built around its multi-year guaranteed series and a handful of fixed index contracts. There is no immediate annuity and no registered index-linked option. For a buyer who only wants a single MYGA or one FIA, that narrower lineup is not a drawback at all. If you eventually want to add a guaranteed income annuity, you would look outside F&G for that piece.
How do their rates compare?
Athene's MYGA pricing tends to land in the upper range of the market without being the single highest rate available in a given week. Its size and rating strength give it room to price a bit more conservatively than smaller, specialty carriers. Where Athene often leads is on its indexed annuity crediting, where its scale supports more competitive cap and participation rates than many smaller carriers can sustain.
F&G, by contrast, shows up near the top of public MYGA rate tables often, particularly on 5 and 7 year terms. It has built a meaningful share of its new business by leading on yield rather than on brand or ratings depth. If you are comparing a handful of MYGA quotes purely on the guaranteed rate, F&G belongs in that lineup nearly every time.
Because rates move week to week for both carriers, treat any specific number you see as a snapshot rather than a guarantee, and pull a current quote before you commit to a term.
Customer service
Athene runs its policyholder and agent support out of its West Des Moines headquarters. F&G operates out of Des Moines as well, and independent agents generally describe its response times as comparable to Athene's. F&G has also put real investment into its online policyholder portal in recent years, and that digital experience compares favorably with much of the indexed annuity industry.
Should you choose Athene or F&G?
Choose Athene if you want the strongest available third-party ratings among carriers with this kind of ownership structure, a deeper product lineup that includes an immediate annuity, and the comfort of one of the larger balance sheets in the U.S. annuity market.
Choose F&G if you are shopping a single MYGA or FIA mainly on rate, you are comfortable with an Excellent-tier AM Best rating rather than the very top tier, and you like the backing of a large, publicly traded parent company.
Look elsewhere if you specifically want a Superior-tier AM Best carrier, a mutual ownership structure, or an immediate annuity backed by a much bigger insurer's balance sheet. Mutual carriers such as New York Life or MassMutual fit that description, or ask your strategist to shop a wider set of top-rated carriers before deciding.
Which is better: Athene or F&G?
Both are legitimate, well-established options for anyone shopping fixed or indexed annuities through an independent agent. Athene wins on scale, ratings and product breadth, and it is the safer default recommendation for buyers who weigh those factors heavily. F&G wins often enough on yield that skipping it can leave real money on the table over a 5 to 7 year term. The smart move for most shoppers is to get quotes from both, weigh whether the higher-rated carrier is worth giving up a bit of yield in your specific case, and choose from there.
Other comparisons to consider
Pros and cons
Pros
- Both carriers sell through licensed independent agents nationwide
- Athene holds higher ratings from AM Best and S&P
- F&G is frequently among the more competitive MYGA rates in the market
- Athene offers a wider annuity lineup, including immediate annuities
- Both have a track record measured in years, not months
Cons
- F&G is rated a notch below Athene at AM Best and further behind at S&P
- F&G does not currently offer an immediate annuity
- Athene's balance sheet is many times the size of F&G's, which matters to buyers who weight scale heavily
- Neither is a mutual company with a multi-generation history
- Rates on both move often, so a snapshot comparison should never be the final word
Frequently asked questions
Is Athene safer than F&G?
By the numbers from the major rating agencies, yes. Athene carries a top-tier AM Best rating and a matching top grade from S&P, while F&G sits one notch lower at AM Best and several notches behind at S&P. Both clear the bar most licensed agents use before recommending a carrier, and Athene's balance sheet is many times larger than F&G's, which adds another layer of comfort for buyers who weigh size heavily.
Which carrier tends to have better MYGA rates, F&G or Athene?
Published rate lists put F&G near the top more often, especially on the 5 and 7 year terms shoppers ask about most. Athene usually prices in the upper range of the market without leading it in a given week. These rankings move as both repriced their sheets, so pull current numbers before you lock in a term with either one.
Are F&G and Athene related?
No, they are separate companies with different owners. F&G's parent is a large, publicly traded title insurance and financial services company. Athene is owned by Apollo Global Management, an alternative asset manager. Both sell through the same independent agent channel, but their ownership, balance sheets and rating histories are entirely separate.
Can you buy a single premium immediate annuity (SPIA) from either F&G or Athene?
Only Athene sells one. It rounds out its indexed and multi-year guaranteed products with an immediate annuity option. F&G has skipped that category so far, sticking to its guaranteed-rate and indexed lineup. Anyone who wants a lifetime income annuity alongside a fixed or indexed contract from a single carrier would look to Athene, or pick up a separate carrier for that piece if F&G is the main choice.
What does the buying process look like for F&G or Athene annuities?
Neither carrier sells direct to consumers. Purchases run through a licensed independent insurance agent, who pulls current rate sheets, checks that the contract fits your goals, and submits the application electronically once you sign off.
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.
