Apollo subsidiary Athene has just released its Q4 and FY results for 2021, revealing that the company’s net income between 2020 and 2021 more than doubled.
According to the firm’s latest results, its net income in 2020 was $1,446m. This increased over 2021 to $3,718m. However, net income recorded for Q4 2021 showed a small dip—from $1,065m to $1,060m—from the same point in the previous year.
An accompanying statement from the firm quoted Jim Belardi, its CEO, saying that the company had generated more than $9bn in inflows in Q4 2021, which he said completed a record year of organic growth totalling $37bn, which was up 34% on 2020.
Belardi added: “This is a remarkable achievement that demonstrates our leadership position within the retirement services marketplace. 2021 also marked a record level of profitability for Athene, with $2.3bn of full year adjusted operating earnings, excluding notable items and appreciation in our AOG investment, an increase of 124% year-over-year.”
The Q4 and FY results for 2021 are an ongoing boon to Athene, which completed its merger with Apollo about six weeks ago to create a company with an implied capitalisation of $43bn. When the merger was originally announced in March 2021, the deal terms valued Athene at roughly $11bn and suggested the combined company could be valued at $29bn.
The two firms then followed this up by entering into a strategic relationship with BNP Paribas to provide a platform based around working capital and supply chain needs. The two companies also teamed up in November to pick up a majority portion of Aqua Finance.
