Athene Ascent Pro 10 vs North American Income Pay Pro 10 (2026): Income FIA Head-to-Head

Which Income FIA Pays More: Athene Ascent Pro 10 or North American Income Pay Pro 10?

1. Five Headline Differences

Everything else – 10-year surrender, $10,000 minimums, 10% free withdrawals, embedded mandatory rider, nursing home doubler, BNPIMAD5/Barclays vol-controlled indices – is roughly comparable. The five rows above are where the products actually diverge.

2. Roll-Up Math: 8% Compound vs. 20% Bonus + 10% Simple Tie (it depends)

The two products use fundamentally different math to grow your income base during deferral.

North American: Your $100,000 premium becomes a $100,000 GLWB value on Day 1 and grows at 8% compound annually for 10 years. After 10 years: $100,000 × 1.08¹⁰ = $215,892.

Athene Option 1: Your $100,000 premium gets a 20% upfront bonus, making your income base $120,000 on Day 1, then grows at 10% simple interest ($12,000/yr) for 10 years. After 10 years: $120,000 + ($12,000 × 10) = $240,000.

Athene’s income base looks bigger ($240K vs. $216K) but here’s the catch: income base is not income. What matters is the Lifetime Payment Percentage (LPP) applied to that base. North American’s 7.80% level LPP at age 70 multiplied by $215,892 produces $16,840/yr. Athene’s published LPP at the same age and product would need to be in the 7.0-7.5% range on a $240,000 base to match – and at typical Athene LPPs (Level option around 6.0-6.5% at age 70), the actual level paycheck is meaningfully lower.

3. Lifetime Income at Ages 65 / 70 / 75 Depends on payment type

Hypothetical: $100,000 single premium at age 60, defer to age 65, 70, or 75, then activate Level Lifetime Income. Numbers below are directional based on currently published roll-up structures and typical industry LPP ranges – always run a current carrier illustration before purchase.

Athene LPPs estimated based on typical industry payout factors for the Level option. North American’s age-70 figure is confirmed from carrier illustration; ages 65 and 75 are estimated. Athene wins age 65 because its 20% bonus + simple roll-up front-loads more growth in early years; North American wins age 70 because compound interest catches up by then; at age 75 the two converge.

Key pattern: on level income, North American wins decisively at the most common activation age (70). Athene wins at very early activation (age 65 or earlier) because the 20% upfront bonus does the heavy lifting before compound interest catches up.

If the buyer plans to take Increasing or Inflation-Adjusted income, Athene wins materially. The starting paycheck is lower (typically 70-80% of the level amount), but the post-zero-AV continuation feature means the increase mechanism keeps working for the buyer’s entire life – even after withdrawals and rider fees have fully depleted the contract’s accumulation value. North American’s increasing LPA also grows over time but stops growing once AV reaches zero. Over a 25-30 year retirement, that difference compounds.

4. Index Options and Crediting Athene

Both products credit interest based on index strategies, but the lineups differ:

• Athene Ascent Pro 10: Uncapped strategies on BNP Paribas Multi-Asset Diversified 5, Nasdaq FC (BOFANFCC), AiPex, and S&P 500. The BNPIMAD5 posted 8.69% annualized at 100% participation in Athene’s 10-year backtest. Uncapped means full participation above any ceiling.
• NA Income Pay Pro 10: S&P 500 (cap-rate strategies, monthly or annual PTP), Barclays Transitions 6 VC and Transitions 12 VC (volatility-controlled, par-rate strategies). Limited to six total crediting strategies vs. Athene’s deeper bench.

For an income FIA, index credits are not the primary value driver – the embedded rider’s roll-up does most of the work. But over a 10-year deferral, strong index credits boost the accumulation value (your residual asset) and on Athene’s Option 2 directly accelerate the income base via the 200% credit multiplier. Athene’s uncapped, more diverse lineup is the better engine if you want index credits to do meaningful work.

For more on participation rates and crediting design, see FIA Participation Rates: What Counts as Good.

5. Surrender, Waivers, and Liquidity Tie

Both products run a 10-year surrender schedule that functions almost identically. Both:

• Allow 10% annual free withdrawals of accumulation value after Year 1 (no surrender charge)
• Apply a Market Value Adjustment on excess withdrawals during the surrender period
• Include nursing home and terminal illness waivers at no additional cost (state-dependent)
• Double the annual income payment during qualifying nursing home stays

Athene’s 9% Year 1 surrender charge is slightly lower than North American’s typical 10% (verify your state-specific schedule). Athene also includes a unique Renewal Rate Bailout Waiver: if Athene cuts your renewal rates below a contractual floor, you can surrender penalty-free. That is meaningful protection over a 10-year contract that most competitors do not offer.

North American includes the LPA Reserve – if you take less than your full annual lifetime income payment in any year, the unused portion accumulates to a reserve account you can draw from later. That is genuinely flexible and uncommon among competing GLWBs.

Net: roughly equivalent, with each product offering one quirky benefit the other does not.

6. Carrier Financial Strength North American

Both carriers are top-tier. North American carries a slightly higher AM Best rating (A+ vs. A) but Athene is dramatically larger by total assets (Apollo Global Management’s annuity affiliate). For an income product where claims will be paid for potentially 25-30 years after activation, both pass the “will they be there in 30 years” test comfortably. See our full Athene company review and North American Company review for deeper financial detail.

7. Who Should Pick Which

Pick North American Income Pay Pro 10 if:

• You want the highest guaranteed level paycheck activating around age 70 (the most common scenario).
• You prefer compound roll-up math – 8% compound is mathematically cleaner than 10% simple.
• You want a slightly higher carrier rating (A+).
• The LPA Reserve feature matters to you (delay income, accumulate the unused portion).
• You’re decisive about wanting Level income and don’t need the flexibility to choose payment type later.

Pick Athene Ascent Pro 10 if:

• You want flexibility to decide between Level, Earnings-Indexed, or Inflation-Adjusted income at activation – not at issue.
• You’re particularly worried about inflation over a long retirement and want a payment design specifically targeted at that risk.
• You may defer income past 10 years – Athene’s roll-up continues at 5% simple in Years 11-20, North American’s stops at Year 10.
• You want uncapped index strategies (BNPIMAD5, AiPex) and the Option 2 200% credit multiplier on the income base.
• You’ll likely activate income earlier than age 70, where Athene’s 20% upfront bonus pays off.
• You value the post-zero-AV continuation on increasing income – the rare structural feature most competitors don’t match.

Pick neither if:

• You don’t want to pay an income rider fee on funds you might not use for income (1.00% Athene / 1.15% NA – both are mandatory).
• You need accumulation only – shorter-surrender no-rider FIAs like Athene Performance Elite 7 or F&G Power Accumulator are better fits.
• You need significant liquidity in years 1-7 beyond the 10% annual free withdrawal.

8. Bottom Line

If your only goal is the largest possible level guaranteed paycheck starting around age 70 from a single deposit today, North American Income Pay Pro 10 wins. The 8% compound roll-up plus the 7.80% LPP combine to produce one of the highest level income payouts in the FIA market today. The math is hard to beat.

If your goal is income that grows over time – especially income you might not activate for 12+ years, or income you want to keep up with inflation over a long retirement – Athene Ascent Pro 10 wins. The three payment types decided at activation, the post-zero-AV continuation, and the 5% roll-up in Years 11-20 give Athene structural advantages that compound over a long retirement horizon.

For most buyers planning to activate income near age 70 with a Level payment, North American’s design is more efficient. For buyers under 60 today who might defer to 72-75 and want flexibility plus inflation protection, Athene is the better long-term vehicle. Pick on income type and deferral horizon, not on the headline roll-up percentage.

Compare against the broader market in our Best FIAs with Income Riders guide.

9. Full Spec Sheet