Shakeup at Athene as insurer names veteran Grant Kvalheim CEO

Athene, the retirement giant owned by Apollo Global Asset Management, has announced a slate of changes to the most senior levels of its leadership.

Among those changes, which will take effect July 1, Athene said it has appointed company veteran Grant Kvalheim as chief executive.

Kvalheim, who joined Athene in 2011 and has served as president since 2022, will take over from Jim Belardi, the firm’s co-founder, who will transition to executive chair while continuing in his role as chief investment officer.

The announcement reflects what the company described as a leadership evolution aligned with its five-year growth plan. Kvalheim will step into the top executive position after leading Athene’s US operations and growth strategy for the past several years. His prior experience includes a leading role growing the investment-grade credit business at Barclays Capital, as well as senior executive roles in the investment banking divisions of Deutsche Bank and Merrill Lynch.

“There is a massive opportunity ahead for Athene, driven by the growing retirement crisis in the US and the need for guaranteed lifetime income,” Kvalheim said in a statement. “I look forward to leading Athene as our team meets this unprecedented need by expanding market share, prioritizing innovation, entering new markets and accelerating growth in the defined contribution channel.”

Belardi, who has guided Athene’s investment strategy since its founding, praised the incoming CEO’s track record. He argued "no one [is] better positioned ... to lead the company through its next phase of growth."

As part of the leadership changes, Mike Downing and Sean Brennan have been named co-presidents of Athene USA. Downing will retain his title as chief operating officer, and Brennan will continue as chief commercial officer. Both have held senior executive roles at the company since the mid-2010s, with prior experience at The Allstate Corporation and Marsh & McLennan, respectively.

The appointments were announced months after Athene laid out its five-year plan during its investor day in 2024. According to the company, the promotions are intended to deepen executive alignment as it seeks to capitalize on growing demand for retirement income solutions – something other players have also clocked onto as an opportunity.

Athene, a subsidiary of Apollo Global Management, reported total assets of more than $380 billion as of March 31. It operates across the United States, Bermuda, Canada, and Japan.

It has led the industry in annuity sales for the past two years – including nearly $36 billion in fixed products in 2024, according to data gathered by LIMRA  – though it also experienced an 11 percent decline in profits in the second quarter of 2024. Executives attributed that dip to reduced income from alternatives and higher interest-rate hedging costs, and the roll-off of higher annuities contracts from recent years, but said they expect a return to double-digit growth in 2025.

Athene started this year on strong footing, with its Q1 2025 results featuring $26 billion in organic inflows – a new quarterly record, according to the firm, which also represented an impressive 80% quarter-on-quarter growth pace.