Is the Athene Performance Elite 15 a Good Annuity?
The Athene Performance Elite 15 is a 15-year fixed index annuity issued by Athene Annuity and Life Company, designed for accumulation with a premium bonus. If your goal is lifetime income, see our Athene Agility 10 or Athene Ascent Pro 10 Bonus review instead. The verdict: a 25% bonus and higher rates than the Performance Elite 10, but the bonus is 0% vested until year 12.
- Best for: 401(k) rollovers by career changers in their 40s to mid-50s, who face a 10% IRS penalty before 59½ anyway.
- Not for: anyone who may need more than 5% a year, or who wants lifetime income or a shorter commitment.
Athene Performance Elite 15 at a Glance
| Feature | Details |
|---|---|
| Purpose | Accumulation with a premium bonus (no income rider) |
| Carrier | Athene Annuity and Life Company (AM Best A+, S&P A+, Fitch A+, Moody’s A1) |
| Premium bonus | 25% at issue (20% at ages 71+); 0% vested through year 11, then 20% a year until fully vested in year 16 |
| Surrender schedule | 15% / 15% / 14% / 14% / 13% / 13% / 12% / 11% / 10% / 9% / 8% / 7% / 6% / 5% / 4%, then 0% |
| Market value adjustment | Yes, during the surrender period (how an MVA works) |
| Premium | $10,000 minimum, $2,000,000 maximum without home office approval |
| Issue ages | 0 to 73 (owner and annuitant); lower in some states |
| Free withdrawal | None in year 1; 5% of accumulated value per year from year 2; RMDs count toward it |
| Waivers | Confinement (60+ days) and terminal illness, after year 1 |
| Death benefit | Greater of accumulated value (full bonus, no vesting cut) or guaranteed minimum |
| Guaranteed minimum value | 87.5% of premium, growing at 1.9% per year |
| Income rider / optional rider | None / Performance Elite 15 Plus liquidity rider, 0.95% per year |
| Illustration basis | Live illustration October 11, 2026: male, 60, Arizona, $100,000 non-qualified |
Full details are in the official Athene Performance Elite brochure.
What Does the Athene Performance Elite 15 Pay?
| Index | 1-yr, no fee | 1-yr, 1.25% fee | 2-yr, no fee | 2-yr, 1.25% fee | Backtest, 1-yr no fee |
|---|---|---|---|---|---|
| S&P 500 (cap) | 7% | 9.5% | n/a | n/a | 5.56% |
| Nasdaq FC | 97% | 127% | 150% | 200% | 9.50% |
| BNP Paribas MAD 5 | 165% | 215% | 225% | 300% | 7.38% |
| UBS Innovative Balanced | 120% | 155% | 160% | 210% | 9.26% |
| S&P 500 FC (0.50% decrement) | 75% | 97% | 100% | 135% | 8.87% |
| AI Powered Global Opportunities | 120% | 155% | 160% | 210% | 13.14% |
| AI Powered US Equity | 130% | 170% | 175% | 230% | 4.91% |
| 1-year fixed account | 3.7% (0.25% minimum on renewal) | ||||
Athene rate sheet via Annuities Genius, October 11, 2026 (age 60, $100,000, Arizona). Backtest = 10-year average at today’s rates; hypothetical. Rates vary by state.
What stands out:
- Better rates than the Performance Elite 10: 165% BNP Paribas and a 7% S&P 500 cap, versus 130% and 5.5% on the 10’s October 9 sheet.
- The 1.25% fee buys about 30 to 75 points of participation, and Athene refunds net fees at year 15 if fees exceed credits.
- Participation isn’t return: AI Powered US Equity at 130% backtested only 4.91%.
- Proprietary-heavy menu: six of the seven indices are proprietary or volatility-controlled; only the S&P 500 cap is plain vanilla.
Compare them with current fixed index annuity rates from other carriers.
Hypothetical Historical Rate of Return
Our illustration put 100% in the 1-year BNP Paribas MAD 5 strategy at 215% with the 1.25% fee, applying today’s rates to 2016 through 2025.
| Year | Hypothetical value | Cash surrender value | Guaranteed cash value |
|---|---|---|---|
| 1 | $139,201 | $94,656 | $89,163 |
| 10 | $274,709 | $203,257 | $105,621 |
| 15 | $454,048 | $422,903 | $116,043 |
- Backtest caveat: BNP Paribas MAD 5 went live in January 2016, so this decade is real index data, but at today’s 215% rate, which Athene resets each year.
- Weaker decade: the same strategy credited 7.99% a year over 2015 to 2024, before the fee.
- Our planning range is 4% to 7% a year in credits, plus the bonus once it vests.
- MYGA benchmark: At today's top 10-year rate of 6.30% (compound), $100,000 grows to about $184,218 over 10 years, a gain of $84,218. See current MYGA rates.
Hypothetical vs. guaranteed
Use our fixed annuity calculator to compare this hypothetical value to the guaranteed growth you would earn in a fixed annuity.
Get your Athene Performance Elite 15 illustration for your age and state
Send us your premium amount, your state, and when you need the money. We will come back with current numbers on this contract and comparable ones from the 90+ top annuity companies on our platform, in writing.
Athene Performance Elite 15 Strengths and Red Flags
What it does well
- 25% bonus on day one, with higher participation rates than the 10-year version.
- Death benefit keeps the full bonus, with no vesting adjustment at death.
- Seven indices in 1-year and 2-year terms, with and without fees, plus a fixed account.
Red flags
- 15-year surrender period starting at 15%, plus an MVA on excess withdrawals and surrenders.
- Bonus is 0% vested through year 11: year-1 cash value is $94,656 against a $139,201 contract value.
- 87.5% floor: guaranteed cash value stays below premium until year 8.
- Tight liquidity: nothing free in year 1, then 5% a year.
- Rates aren’t guaranteed; Athene can change them at every index term.
Jason Caudill’s take: I have never sold an annuity longer than 10 years, because 15 years is a long time to tie up money. The exception is a 401(k) rollover in your 40s, money you can’t touch before 59½ without a penalty anyway.
Final verdict: the Athene Performance Elite 15 is built for bonus accumulation. It earns our 4.0 rating for buyers who can commit 15 years, like a 401(k) rollover in your 40s. For a shorter commitment, consider the Athene Performance Elite 7; for lifetime income, the Athene Agility 10.
Compare live rates on 137 fixed index annuities or visit our annuity review database.
Other Athene Reviews
Also based on: Athene rate sheet and illustration via Annuities Genius, October 11, 2026; BNP Paribas; NAIC Consumer Information Source.
This review is for educational purposes only and is not a recommendation or an offer to sell any annuity. Product features, index options, and rates can and do vary by state, and this product is not available for sale in every state. Always request a carrier illustration and work with a licensed annuity agent before you buy.
Frequently Asked Questions
What happens to the bonus if I surrender the Performance Elite 15 early?
You lose the unvested part of the bonus plus the surrender charge and MVA. Free withdrawals, RMDs and the death benefit are not reduced.
Can I add an income rider to the Athene Performance Elite 15?
No. It is built for accumulation. The Athene Agility 10 pairs with income riders.
What is the Athene Performance Elite 15 Plus?
The same contract with a 0.95% liquidity rider: 10% free from year 1, return of premium after year 4, and penalty-free annuitization after year 9.
Is Athene a good annuity company?
Athene is rated A+ by AM Best, S&P and Fitch, and A1 by Moody's. See our Athene company review.
