Carrier Comparison
Athene vs Allianz Life Annuities: 2026 Comparison
Compare AM Best ratings, Comdex scores, product lineups, and current annuity rates side-by-side. Independent analysis from a licensed producer who places business with both carriers.
Athene and Allianz are the two largest fixed indexed annuity carriers in the United States, and they got there with different playbooks. Allianz Life built the modern FIA category through volatility-controlled custom indices, the flagship 222 contract, and a five-year run at #1 from 2015 through 2019. Athene, backed by Apollo Global Management, took the top spot in 2020 and has held it every year since, growing annual FIA sales from $2.4 billion in 2015 to $15.0 billion in 2025. This is the marquee FIA decision for accumulation-focused and guaranteed-income buyers in 2026.
Should I buy Athene or Allianz Life annuities?
Whether Athene or Allianz Life is the right fit comes down to your age, state of residence, and what role the annuity plays in your retirement plan. We graded both carriers head-to-head on financial strength, product lineup, current MYGA rates, and customer service. Here’s how they stack up.
Carrier background
An annuity’s guarantees are only as strong as the insurance company backing them. Because annuities are long-term contracts (sometimes lasting decades), assessing a provider’s background ensures they have the reserves and longevity to pay out your future income. (Source: California Department of Insurance.)
| Athene | Allianz Life | |
|---|---|---|
| Founded | 2009 | 1896 |
| Headquarters | West Des Moines, Iowa | Minneapolis, Minnesota |
| Parent company | Apollo Global Management | Allianz SE (Munich, Germany) |
| Total assets | $300+ billion | $75+ billion |
| States served | 50 | 51 |
What are the Financial Ratings for Athene and Allianz Life?
| Athene | Allianz Life | |
|---|---|---|
| AM Best | A+ | A+ |
| S&P | A+ | AA |
| Moody’s | A1 | Aa3 |
| Fitch | — | — |
| Comdex score | 87 | 93 |
What annuity products do Athene and Allianz Life offer?
Athene Winner
Focused FIA + MYGA shelf.
FIA anchor: Performance Elite, MaxRate, and the Aviator 5 (which added Index Lock to the lineup in 2026).
Income anchor: Ascent Pro 10 Bonus with a 20% income base bonus at issue and a guaranteed 10% simple roll-up.
MYGA shelf: yes, distributed through independent agents, with rates competitive at the top of the market.
Allianz Life
FIA + RILA only.
FIA anchor: the Allianz 222 / 222+ (two-year point-to-point + 52% Protected Income Value premium bonus), the Accumulation Advantage+, the Allianz Benefit Control (ABC) and Benefit Control+, and the Core Income 7.
No MYGAs through independent distribution. If you want a straight multi-year guaranteed rate, this comparison ends here and Athene wins by default.
| Athene | Allianz Life | |
|---|---|---|
| Annuity types offered | Multi-Year Guaranteed (MYGA), Fixed Indexed (FIA), Immediate (SPIA), Registered Index-Linked (RILA) | Fixed Indexed (FIA), Variable (VA) |
| Flagship product | Athene Performance Elite 7 | — |
| Known for | MYGA rate leadership and high-volume FIA distribution | — |
What are Athene and Allianz Life's current MYGA rates?
Live rates pulled from our carrier feed. State availability varies; rates change without notice.
Athene
Allianz Life
No live MYGA rates from Allianz Life right now.
Product reviews
In-depth, independent reviews of individual annuity products from each carrier.
Athene
- Athene Agility 10 Annuity Review (2026)
- Athene Ascent Pro 10 Annuity Review
- Athene Ascent Pro 10 Bonus Annuity Review (2026): $16,500 Guaranteed Income on $100K
- Athene Ascent Pro 10 vs North American Income Pay Pro 10 (2026): Income FIA Head-to-Head
- Athene Aviator 5 Review: Strong Participation Rates, New in 2026
- Athene Performance Elite 7 Annuity Review (2026)
- Athene Performance Elite 7 vs EquiTrust MarketPower Bonus Index (2026): FIA Head-to-Head
How do Athene and Allianz Life rates compare to the market? (updated 06/15/2026)
On the things that matter most to FIA buyers, Athene wins on all three. We ran matched live illustrations on May 23, 2026 for a male annuitant age 60 with $100,000 premium and a 10-year deferral to age 70, single life, on Athene's Ascent Pro 10 Bonus, Allianz's 222+, and Nationwide's Peak 10. Here are the guaranteed numbers each carrier put on paper:
Live illustrations run May 23, 2026 for a male annuitant. Guaranteed values assume zero indexed-interest credits in all years and are subject to each carrier's claims-paying ability. Nationwide Peak 10 included as a benchmark third carrier.
Athene guarantees the largest annual lifetime income of the three by a meaningful margin. The reasons stack:
1. Highest guaranteed roll-up. Athene credits the income base at 10% simple interest every contract year regardless of index performance, taking the base to $220,000 by age 70. Nationwide credits 8% simple for 10 years and lands at a $225,000 base. Allianz uses a performance-driven roll-up of 150% of interest rate, which only grows the Protected Income Value when the indices earn positive interest. In the guaranteed scenario (zero index credits assumed) the Allianz PIV stays flat at its $152,000 starting bonus.
2. Highest withdrawal rate at age 70. Athene 7.5%, Nationwide 6.85%, Allianz 5.5%. Combined with the larger benefit base, Athene's product produces a $16,500 annual lifetime income floor.
3. Enhanced Income Benefit for care events. Athene's Ascent Pro 10 Bonus doubles the lifetime income withdrawal for up to 60 months if the annuitant is confined to a qualified care facility or unable to perform at least 2 of 6 activities of daily living. That doubles the $16,500 to $33,000 per year during a qualifying care window, a meaningful safety net for late-life expenses. Allianz's 222 has a similar Allianz Income Multiplier benefit. Nationwide's Peak 10 does not include an equivalent built-in care-event doubler.
For pure accumulation buyers (no income rider, just cap rate shopping), Athene is also competitive at the top of the market. The Ascent Pro 10 Bonus pairs a 5.5% S&P 500 annual point-to-point cap with a 140% participation rate on the BNP Paribas Multi-Asset Diversified 5 index. Allianz's 222+ uses a 4.5% S&P 500 cap. Nationwide's Peak 10 sits at a 6.25% S&P 500 cap on a single-index contract.
In our own large-balance placement work this year (six figures and up), the Athene Performance Elite 7 and Ascent Pro 10 Bonus have repeatedly won the accumulation-and-income comparisons against both Allianz and Nationwide, with the closest competitive pressure on the pure-accumulation side coming from Corebridge rather than Allianz.
How do Athene and Allianz Life handle customer service and complaints?
Athene
NAIC complaint index: 0.34
Well below the 1.00 industry average — Athene policyholders complain at roughly one-third the rate of the average annuity buyer. Above-average service quality. The slightly higher number relative to Allianz is small in practical day-to-day terms.
Allianz Life Winner
NAIC complaint index: 0.20
The best in this matchup — roughly one complaint for every five at the industry average. Consistent with the higher Comdex score and the brand's continuous A+ history. Above-average service quality across recent reporting periods.
Should you choose Athene or Allianz Life?
Choose Athene if
You are buying an FIA for accumulation or guaranteed lifetime income, you want the highest contractually guaranteed numbers available at A+ financial strength, and you are comfortable with a publicly traded carrier under Apollo Global Management. This is the right call for most six-figure and seven-figure accumulation-and-income buyers in the current rate environment. You also want a single carrier solution across MYGA, FIA, and SPIA, since Allianz does not offer competitive MYGA rates.
Choose Allianz Life if
You want category-leading FIA product design with the broadest set of crediting strategies (cap, participation, fixed, and volatility-controlled custom indices), you value the higher Comdex 93 rating depth and the multi-decade continuous A+ history, or your plan favors a performance-driven income story over a guaranteed floor. Allianz's Protected Income Value can outperform Athene's guaranteed base over a 10-year-plus deferral if the underlying indices credit positive interest in most years. You are willing to bet on index performance for upside rather than lock in a higher contractual guarantee today.
Look elsewhere if
You want the highest available 5-year MYGA rate (other PE-backed carriers may price slightly higher in any given week), you want a long-duration FIA with a 10% premium bonus and a higher guaranteed income floor than either Athene or Allianz (Nationwide Peak 10 is typically the strongest income contender in this profile), or you want a fee-only annuity placement through a registered investment advisor rather than a commission-based independent agent.
Which is better: Athene or Allianz Life?
For most retirees buying a fixed indexed annuity for accumulation or guaranteed lifetime income in 2026, Athene is the cleaner pick. On an identical $100,000 illustration at age 60 with income deferred to age 70, Athene's Ascent Pro 10 Bonus guarantees $16,500 per year for life while Allianz's 222+ guarantees $8,360, roughly half. The cap rate spread for pure accumulation has been wide enough through 2025 and 2026 that Athene's Performance Elite or Ascent Pro typically wins large-balance comparisons outright, with competitive pressure coming from Corebridge and Nationwide rather than Allianz.
Allianz remains the right answer for buyers who specifically want a performance-driven income story that can outperform Athene's guaranteed floor if the indices cooperate over a long deferral, or who weight the higher Comdex 93 rating depth above current crediting. But for raw guaranteed income or accumulation in the current rate environment, Athene wins. Both carriers will be here in 30 years and both pay claims; the choice comes down to whether you are buying a contract you understand on its guarantees today or one you are betting on for upside tomorrow.
Get a real quote from both carriersFrequently asked questions
Does Allianz guarantee less lifetime income than Athene?
On matched live illustrations (May 23, 2026, $100,000 premium, male age 60, 10-year deferral), Athene Ascent Pro 10 Bonus guarantees $16,500 per year for life beginning at age 70, while Allianz 222+ guarantees $8,360, roughly half. The gap exists because Athene credits the income base at a guaranteed 10% simple roll-up regardless of index performance, while Allianz uses a performance-driven roll-up at 150% of the interest rate, which only grows the PIV when the indices actually credit interest. Allianz can outperform Athene if real-world index credits are strong over the deferral period, but the contractually guaranteed floor is approximately half.
Is Athene or Allianz a better annuity company?
Both are A+ rated by AM Best and both pay claims. Allianz scores higher on the Comdex composite (93 vs 87) and has the deeper continuous rating history. Athene offers higher guaranteed income floors on income rider products and competitive MYGA rates that Allianz does not offer. The right pick depends on whether you are optimizing for rating depth and product variety (Allianz) or for the highest contractually guaranteed income and current cap rates (Athene).
Why is Allianz Life's Comdex score higher than Athene's?
Comdex is a composite of all four major rating agencies on a 0 to 100 scale. Allianz Life is a U.S. subsidiary of Allianz SE, with continuous A+ ratings going back decades and a parent company holding over $1 trillion in assets globally. Athene is a wholly owned subsidiary of Apollo Global Management with a shorter standalone rating history. Both carriers are A+ rated by AM Best; the Comdex gap reflects the depth and history of the secondary agency ratings.
Does Allianz Life sell MYGAs?
No. Allianz Life does not sell multi-year guaranteed annuities through independent distribution. Buyers shopping for a straight multi-year guaranteed rate should compare Athene, Corebridge, F&G, and other carriers active in the MYGA market.
What is the Allianz 222 income rider?
The Allianz 222 (and the newer 222+) is a fixed indexed annuity with a Protected Income Value rider that includes a 52% bonus on premium credited to the PIV in the first 18 months, plus a performance-driven roll-up of 150% of any interest credited to the underlying contract. After a 10-year wait period, the PIV converts to guaranteed lifetime withdrawals at a rate that scales with age. The product is built for buyers who want long-deferral income with index-driven upside potential rather than a fixed guaranteed roll-up.
What is the Athene Ascent Pro 10 Bonus?
The Ascent Pro 10 Bonus is Athene's flagship income-focused fixed indexed annuity with a 10-year surrender schedule, a 10% premium bonus to the accumulation value, a 20% income base bonus at issue, and a guaranteed 10% simple interest roll-up on the income base for years 1 through 20. The annuity also offers Enhanced Income Benefit doubling for qualifying long-term care events and election of joint or single rider income at activation.
More carrier comparisons
Considering a different pair? Compare AM Best ratings, product lineup, and live MYGA rates side-by-side.
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Reviewed by Jason Caudill, MBA · Founder, MyAnnuityStore.com. Editorial last updated 06/15/2026. We may earn commissions from carriers we recommend; this does not influence which products we cover. Editorial policy.
