The strength of an insurer’s promise

When investment firms buy insurers · Article 8/8 · Research cutoff: 24 October 2026

Apollo, KKR and Brookfield have brought insurance and asset management closer together. Their policies, accounts and protection rules identify the obligations owed to policyholders and put the guarantees of French life insurance into perspective.

The brochure for Athene MaxRate, a US savings annuity with a guaranteed interest rate, assigns contractual responsibility to the issuing insurer. It expressly excludes Apollo Global Management and Athene Holding from that responsibility. The group’s name may attract the customer; the insurer’s promise establishes who owes the money. ¹

That distinction is the starting point for this final article. An asset manager’s arrival can change investments, service providers, group revenues and the resources available to support the insurance business. Assessing the promise made to the customer then requires a closer look at its terms: capital at a specified date, access to withdrawals, income for life, perhaps inflation protection. These commitments require different assets and safeguards. ^{2, 3, 4}

Three groups examined in the series let us trace these relationships through named companies: Apollo and Athene, KKR and Global Atlantic, and Brookfield and Just. Their documents establish ownership, management and payment responsibilities. They also reveal the limits of a verdict based on ownership alone: none of the material collected calculates the probability that each policy considered here will deliver its payments twenty years from now.

The obligation belongs to a named insurer

Apollo’s merger with Athene took effect on 1 January 2022. The MaxRate policy examined here is issued by Athene Annuity and Life Company. The transaction brought that business into the Apollo group, while the product brochure continues to identify the subsidiary responsible for the policy and the financial capacity supporting its guarantees. Other policies and certain states may involve different subsidiaries, so the issuer has to be identified for the particular contract. ^{5, 6, 1}

KKR completed its purchase of the remaining stake in Global Atlantic on 2 January 2024. SecureFore II, the product encountered in our article on the distribution of investment returns, is issued by Forethought Life Insurance Company. Its brochure states that each Global Atlantic subsidiary is responsible for its own financial and contractual obligations. The commercial brand identifies a product range; the insurer’s legal name identifies the debtor. ^{7, 8}

In Britain, Just joined Brookfield Wealth Solutions on 1 April 2026. Its half-year results, published in September, describe the subsequent management of its assets by Brookfield Asset Management. For the individual Pension Annuity, the June 2026 key features document names Just Retirement Limited. Ownership, asset management and policy issuance therefore occupy separate positions, even when the activities operate within the same wider business. ^{3, 4}

Method and scope

Ownership and asset-management links remain separate from obligations to policyholders. AHL capital support is a separate undertaking. The cases identify particular products and dated documents; corporate charts do not establish a solvency ranking.

Reinsurance adds another relationship to this map. It allows an insurer to transfer specified risks to another company, creating recoverables and, depending on the arrangement, collateral or assets withheld by the original insurer. The International Association of Insurance Supervisors distinguishes this from a legal substitution of the debtor: the ceding insurer remains responsible to its policyholders. In France, Article L111-3 of the Insurance Code states that responsibility directly. ^{9, 10}

For the reader, the distinction has a practical use. A corporate chart explains control; a reinsurance treaty explains funding and risk allocation; the insurance policy identifies the benefit owed. Reading these documents together shows how a payment is meant to reach its recipient.

A group can support the insurer and earn revenue from it

Separate legal entities can still enter into support arrangements. Athene’s 2025 annual report describes a capital maintenance agreement between Athene Holding and Athene Annuity and Life Company. The holding company commits to provide capital if the subsidiary falls below a level agreed with its domestic regulator. The agreement has its own purpose, conditions and parties. It is relevant to the insurer’s resources without turning MaxRate into a policy generally guaranteed by Apollo. ^{11, 1}

Global Atlantic’s accounts show another form of support provided over a defined period. During the first half of 2026, consolidated Global Atlantic Limited (Delaware) received $247 million in capital contributions of debt securities and interests in investment funds from its ultimate parent, recognised at fair value on the contribution dates. The same report records $351 million in KKR investment management fees for the half-year. These amounts describe different transactions: assets contributed and services remunerated. ²

Subtracting one from the other would create a misleading measure of net extraction. The contribution does not promise future support, fees need to be assessed against the services provided, and the consolidated accounts cover more than Forethought alone. The document’s value is that it makes transactions in both directions visible.

Just’s integration offers a further example of the economic relationship. The group says it has begun investing in assets originated by Brookfield. An investment manager can supply access to investments while expanding its own business. Assessing the benefit to policyholders requires the investments’ prices, risks, maturities and fees, considered alongside the insurer’s payment obligations. Affiliation on its own leaves that assessment unresolved. ³

Time can provide an economic advantage

The strongest argument for these combinations starts with asset-liability management, or ALM: matching expected resources to the payments that fall due. A company that can reasonably predict its payments can hold assets whose cash flows arrive on a compatible schedule. It may also be able to accept an investment that is difficult to sell, provided it has sufficient liquidity when obligations fall due. Under those conditions, the time horizon of insurance can usefully finance that of borrowers.

A working paper by Ralf Meisenzahl, Jackson Overpeck and Andy Polacek, published by the Federal Reserve Bank of Chicago and revised on 27 April 2026, provides a specific finding: certain private placements offer a better maturity and cash-flow match for US indexed annuities. The researchers link these investments to the market-share gains of private-equity-owned insurers in that market and connect the yield premium to illiquidity and restructuring costs. In their sample, private corporate bonds enter distress more often and default less often than public corporate bonds; private asset-backed securities (ABS) and floating-rate placements show higher distress and default rates than their public counterparts. Their working paper identifies a funding advantage that has to be considered alongside risk; its conclusions express their own views. ^{12, 13}

The scope matters when moving between products. Indexed annuities, the five-year fixed annuities in our US comparison, and British lifetime annuities involve different schedules and guarantees. The research provides an economic reason to examine the investments closely; it does not measure a safety improvement applicable to every policy in the series. ^{12, 1, 8, 4}

The assessment also has to consider payments arriving earlier than expected. Withdrawals and amounts required under certain guarantee arrangements can bring funding needs forward. Delayed reinsurance recoveries can create further demands. An asset’s quality over a long holding period and its ability to provide cash tomorrow then meet different, complementary needs. ^{1, 8, 9}

Stress tests illuminate part of the journey

Britain’s Life Insurance Stress Test (LIST) 2025, conducted by the Prudential Regulation Authority (PRA) using year-end 2024 balance sheets, offers one observation. All eleven participating entities continue to meet their capital requirements under the core scenario. In the exploratory scenario, the simulated recapture of £12.3 billion in reinsured liabilities reduces the relevant subset’s capital coverage ratio from 154% in the core comparator to 144%. The PRA considers the effect absorbable on the exposures tested, while drawing attention to the risks of further growth and complexity. ¹⁴

This establishes resilience under specified conditions and a cost of recapture. A regulatory ratio cannot be read as a payment probability, or an aggregate result as an individual outcome for Just. Portfolios change, so the assumptions and balance-sheet date belong beside the number.

The British consultation of 29 April 2026, the starting point for this series, continues the work on the prudential treatment of funded reinsurance. Responses closed on 31 July, and the paper proposes implementation on 1 July 2027. Targeted checks of PRA publications and the SS5/24 register on 24 October identified no final decision on that proposal. It is therefore presented here as a proposal, with its own timetable. ^{15, 16}

In France, the investment option defines the guarantee

French assurance-vie can combine several forms of saving within a single insurance policy. The policy’s fonds en euros, or euro fund, carries an insurer’s capital commitment whose terms, including fees, need to be read. For unit-linked investments, the euro value depends on the selected assets and can fall. Any commitment expressed in a number of units also has to be read alongside deductions and policy options. France’s AMF and Assurance Banque Épargne Info Service emphasise this distinction. ^{17, 18}

A recent document makes it tangible. The Linxea Spirit 2 policy terms dated 1 September 2026 identify Spirica as the insurer. The policy allows surrender, lump-sum or annuity benefits, and different investment options. For the euro allocation examined here, the guarantee covers payments net of contribution charges, reduced each year by management charges. The Fonds Euro Nouvelle Génération carries an annual management charge of up to 2%; the policy lists no contribution or exit charges. ^{19, 20}

The guarantee therefore becomes meaningful through a formula. Over a full year, assuming zero gross profit-sharing and the maximum contractual charge, €10,000 becomes €9,800. The policy document itself illustrates €3,000 becoming €2,940 on those assumptions; our calculation simply rescales it. This explains the contractual mechanism, without claiming to measure the charge actually applied in 2026 or a future return. ¹⁹

Method and scope

Two alternative €10,000 allocations over one full year, self-directed, without transactions or optional death-floor cover. Taxes and social levies excluded. Euro fund: assumed zero gross profit-sharing and the maximum 2% contractual charge. Unit-linked: four 0.125% deductions from units and an illustrative final unit value of €90, versus €100 initially, without special transaction charges. Underlying-fund expenses are already reflected in that unit value. These are contractual illustrations, rounded in currency only at the end, rather than observed or forecast returns.

For the same policy’s unit-linked investments, the ordinary management charge is deducted quarterly at 0.125%, by reducing the number of units. Starting with 100 units, four deductions leave approximately 99.50094 units. If each unit’s value falls from €100 to €90 in our constructed example, the final value is €8,955.08. That 10% fall is an illustrative assumption for a generic holding, rather than an observed fund performance. ¹⁹

Each path starts separately with €10,000. Both assume self-directed allocation, no transactions or optional death-floor cover, and exclude taxes and social levies. The unit-linked example omits special transaction charges; the assumed unit value already incorporates expenses within the underlying investment. The euro-fund path illustrates a contractual floor under the stated conditions, while the unit-linked path illustrates one of many possible market outcomes. The comparison explains the promise without treating the two risk profiles as equivalent. ¹⁹

This is a named policy with dated terms. Other euro funds may define their fees and guarantees differently. The 98% floor should neither be generalised to all French life insurance nor described as a permanent, multi-year guarantee of 98% of the original payment. ^{17, 19}

An annuity changes the relationship with capital

Just’s individual annuity reveals a further distinction. Its key features document describes guaranteed lifetime income, with level payments, a fixed annual increase, or inflation-linked payments that either allow decreases or include protection against them. The thirty-day cancellation period runs from receipt of the cancellation form sent with the policy documents. Once that period has ended and the annuity is in force, the customer cannot cash it in. Part of the initial decision is therefore to exchange a pool of capital for income whose duration follows the customer’s life. ⁴

A French life insurance policy retained as surrenderable savings preserves a different relationship with capital. Surrender payments follow the policy’s terms, within a statutory maximum of two months after all required documents have been received. If it is later converted into an annuity, the conversion terms and options need examination. An individual French retirement savings plan (PER) requires another distinction: it can take an insurance or securities-account form. Savings normally become available at retirement, subject to statutory early-release grounds; withdrawal options depend in part on the origin of the contributions. The retirement label alone identifies neither the debtor nor the product’s liquidity. ^{21, 22, 23}

International comparison becomes useful after this translation. A five-year crediting rate, a monthly income for life and an accessible surrender value meet different needs. Their security has to be considered against the benefit actually expected and the date on which it becomes due.

Protection after failure has its own boundaries

Protection schemes operate at a further stage: when an insurer cannot meet covered commitments and the legal conditions for intervention are satisfied. They sit alongside the policy, the insurer’s assets and the procedures for handling its failure. Understanding them starts with the authorised entity, the benefit involved and the eligibility rules. ^{24, 25, 26}

A life insurance policy distributed by a bank remains an insurance contract. Its protection follows the issuing entity and the applicable insurance rules; FGDR bank deposit protection is a separate scheme. ^{34, 24}

France’s personal insurance guarantee fund (FGAP) is commonly described as providing up to €70,000 per person with the same insurer. The regulation adds an essential qualification: for future benefits, the limit concerns technical provisions to be restored, with policies relating to the same person at the failed company aggregated. The higher €90,000 threshold concerns incapacity and disability annuities, and annuities arising from death insurance; an ordinary retirement annuity falls under the general threshold. Benefits already due at notification have a separate full-restoration rule. ^{27, 24}

The ACPR decides whether to call on the fund under the statutory process, which includes seeking a portfolio transfer. The intervention limit alone therefore does not establish the total amount each person will recover. The ACPR also explains that the French FGAP does not cover insurers from another EU or EEA state operating in France under passporting arrangements. A French-authorised subsidiary and a foreign branch must be distinguished, even when a familiar distributor sells the policy. ^{24, 28, 29}

Method and scope

Different measurement bases and eligibility conditions, without currency conversion or country ranking. France: future technical provisions restored, aggregated under R423-7; €90,000 applies to the annuity categories in paragraph4, while ordinary retirement annuities use the general threshold. Britain: eligible long-term insurance claims. Florida: a resident owner with an eligible deferred annuity, net cash surrender and withdrawal values per owner and member insurer, subject to statutory exclusions. Each regime has its own procedures and timing.

In Britain, the Financial Services Compensation Scheme (FSCS) provides 100% protection without a monetary cap for eligible long-term insurance claims, including qualifying annuities. Subject to the relevant conditions, the framework provides for continuity or transfer of the policy. Eligibility depends on matters including the contract, the entity and territorial rules; the word pension alone is insufficient. The insurer’s own reinsurance contract belongs to a separate relationship between businesses and is excluded from this policyholder protection. ^{30, 25, 31}

For the US comparison, we use an owner resident in Florida at the date of the liquidation order, under the general rule described by FLAHIGA, and an eligible individual deferred annuity with a member insurer. The Florida Life & Health Insurance Guaranty Association (FLAHIGA) states that protection can extend to $250,000 of net cash surrender and withdrawal values, per owner and member company. Coverage depends on the law, the policy and the applicable circumstances; it excludes unguaranteed portions where the policyholder bears the risk and certain portions of interest above the statutory benchmarks. The limit consequently cannot be read as an automatic guarantee of every dollar shown on a policy statement. ^{26, 32, 33}

These three figures describe different mechanisms, measurement bases and conditions. Converting them into one currency would give an appearance of comparability without explaining the insurer’s financial condition, the terms of the promise or how a transfer might work.

Following the policy’s payment chain

For Apollo–Athene, the documents connect an obligation borne by a subsidiary, investment management within the group and a separate capital maintenance agreement. For KKR–Global Atlantic, they identify management fees and asset contributions while leaving Forethought responsible for its product. For Brookfield–Just, they establish changes in control and asset management, while the individual annuity examined remains issued by Just Retirement Limited. These findings describe how the promise is organised and the economic interests surrounding it. ^{11, 6, 1, 2, 8, 3, 4}

Establishing that one of these changes has made a particular policyholder safer or less safe would require following the chain further: investments and their possible losses, relevant fees, support and reinsurance terms, rights over collateral, and cash available when payments fall due. The public material examined illuminates parts of that assessment. It does not supply the complete demonstration for the individual policies considered here.

That requirement for continuity brings the series to its conclusion. Investment managers can contribute financing capabilities, assets and capital while finding several sources of revenue in insurance. The promise retains its value when the resources and legal rights behind it enable the policy to be honoured over time. For someone awaiting the next pension payment, as for a saver in France, the decisive document is the one that allows the expected sum to be traced back to the company obliged to pay it.

Further reading

The previous article on risks returning to the insurer follows liquidity needs and obligations taken back onto the balance sheet. Our guide to assessing a life insurer’s financial position explains how to read accounts, ratios and policy rights together.

Sources

The notices identify each document, its period, the relevant passage and its limits. Statements by companies and regulators are attributed to them.

1. S01 · Athene Annuity and Life Company · Accessed: 2026-10-24Athene MaxRate : Asset growth you can depend on (76046)
   Passages and scope

   Brochure version dated 22 April 2026; no personalised rate quotation.

   PDF p. 1 issuer; pp. 3–6 mechanism; p. 8 responsibility and version04/22/26.

   Issued by Athene Annuity and Life Company. Initial premium earns a fixed rate for the chosen term; income conversion follows settlement options. Policy obligations belong to the issuing subsidiary, separately from Apollo/AHL.

   General brochure; the policy and Certificate of Disclosure govern exact terms. A five-year accumulation rate is not an already-priced lifetime-income payment.

2. S02 · Global Atlantic Limited (Delaware) · Accessed: 2026-10-24Global Atlantic Limited (Delaware) : Interim unaudited consolidated financial statements, June 30, 2026
   Passages and scope

   Unaudited accounts at 30 June 2026; available to be issued on 10 August 2026.

   Note 14, printed pp. 69–70 / PDF70–71; Note 16 p. 73 / PDF74.

   $351m H1 KKR management-agreement expenses; $247m ultimate-parent capital contributions in debt securities and fund interests, at fair value on contribution. Available to be issued on10 August 2026.

   Consolidated GALD scope; expenses and capital contributions are not a net cash outflow. Neither is attributable solely to Forethought or a guarantee of future support. Public release date unconfirmed.

3. S03 · Just Group plc · Accessed: 2026-10-24Just Group : Results for the six months ended 30 June 2026
   Passages and scope

   Acquisition closed1 April 2026; results at 30 June 2026

   p. 1; p. 4 note 3; p. 6; p. 9

   Confirms acquisition, portfolio management by Brookfield Asset Management from1 April, and investment in Brookfield-originated assets.

   These investments and fees are not quantified. Scope includes Blumont;171% regulatory differs from183% investor ratio.

4. S04 · Just Retirement Limited · Accessed: 2026-10-24Pension Annuity : Key features (JM00317.34,06/2026)
   Passages and scope

   June 2026 edition, after acquisition

   pp. 2–3 product and purchase; p. 5 cancellation; p. 7 law and FSCS; p. 8 issuer

   Identifies JRL as Pension Annuity insurer; lifetime income, English law and conditional FSCS cover.

   A product brochure, not an individual policy schedule. Exact publication day unestablished.

5. S05 · Apollo Global Management, Inc. · Accessed: 2026-10-24Apollo Global Management, Inc. : Form 8-K12B, merger completion
   Passages and scope

   Merger effective on 1 January 2022.

   Explanatory Note; Item2.01.

   Merger effective1 January 2022; AHL became a direct subsidiary of the new parent AGM.

   Historical closing date/structure; current control checked by S06 and S47. Upload date not separately confirmed here.

6. S06 · Athene Holding Ltd. · Accessed: 2026-10-24Athene Holding Ltd. : Form 10-Q, quarter ended June 30, 2026
   Passages and scope

   Balance sheet at 30 June 2026; half-year ended on that date; common shares as of 7 August 2026.

   Cover (shares at 7 August 2026); p. 81 related-party investments; Note 11 “Related Parties”, p. 58.

   Apollo holds all AHL common shares; $44.0bn related-party investments on net invested assets, including $24.8bn managed vehicles and $19.2bn affiliated companies/funds; $785m H1 management fees.

   Common stock only: preferred shares remain outstanding. Consolidated/non-GAAP figures cannot be attributed to MaxRate or treated as a default-probability measure.

7. S07 · KKR / Global Atlantic · Accessed: 2026-10-24KKR Completes Acquisition of Remaining 37% of Global Atlantic
   Passages and scope

   Acquisition of the remaining stake completed on 2 January 2024.

   Opening paragraph; About Global Atlantic.

   Acquisition of the remaining37% closed2 January 2024, bringing KKR ownership to100%; KKR has managed assets since 2021.

   Closing announcement; synergy claims are the companies’ own. Current ownership is cross-checked in S51.

8. S08 · Forethought Life Insurance Company / Global Atlantic · Accessed: 2026-10-24SecureFore II 5-Year Fixed Annuity : Product Highlights (FA8658,04-26)
   Passages and scope

   April 2026 brochure version; five-year product.

   PDF p. 1 issuer, term, withdrawals/MVA; p. 2 each subsidiary’s responsibility and policy forms.

   SecureFore II5-year is issued by Forethought Life Insurance Company; Global Atlantic is a group marketing name and each subsidiary is responsible for its own obligations.

   Marketing summary, to be read with the policy; state/distributor variations; unavailable in California and issuing entities not authorised in NewYork.

9. S09 · International Association of Insurance Supervisors · Accessed: 2026-10-24Insurance Core Principles and ComFrame : December 2024
   Passages and scope

   Compilation adopted in December 2024. ICP 13 itself had been revised in November 2017.

   ICP 13.0.4, PDF p. 146; ICP 13.5.2–13.5.5, PDF p. 153; ICP 14.1.5, PDF p. 161

   Reinsurance and novation differ. The cedant remains liable to policyholders; delayed recoveries can create a cash-flow need.

   International supervisory framework, not legal advice on a contract or jurisdiction. 5 December 2024 is the announced adoption date; publication of this consolidated file is not separately confirmed.

10. S10 · République française / Légifrance · Accessed: 2026-10-24Code des assurances : article L111-3
    Passages and scope

    Documentary position checked on 24 October 2026.

    Article L111-3, version in force since 15 June 2008, consolidated as of 24 October 2026.

    Reinsurance and the specified transfer of risks to a securitisation vehicle leave the insurer solely liable to its policyholder.

    This provision concerns reinsurance; a legal portfolio transfer is a different mechanism. It does not establish the insurer’s financial condition.

11. S11 · Athene Holding Ltd. · Accessed: 2026-10-24Athene Holding Ltd. : Form 10-K, year ended December 31, 2025
    Passages and scope

    Year and balance sheet ended 31 December 2025.

    Schedule II, Note 3 “Debt and Guarantees”, p. 227; Note 1 “Business and Basis of Presentation”; Item 1 “Investment Management”.

    AHL describes a capital-maintenance commitment to Athene Annuity and Life Company, with a threshold agreed with its regulator. Apollo manages substantially all invested assets.

    The summary supplies neither the numerical threshold nor a general policyholder claim against Apollo. Year-end 2025 accounts are distinct from an individual policy.

12. S12 · Federal Reserve Bank of Chicago; Ralf R.Meisenzahl, Jackson Overpeck, Andy Polacek · Accessed: 2026-10-24Life Insurers’ Private Credit Investments and Annuity Market Share Capture : WP 2025-09, revised April 27,2026
    Passages and scope

    June 2025 working paper, revised 27 April 2026; data through 2024.

    Abstract; printed pp. 3–4 and31–32 (PDF5–6 and33–34); sections4.4–4.5 and Tables7–8.

    The authors link new private-placement forms to market-share gains and better cash-flow matching for indexed annuities; they also find illiquidity, distress and default risk in certain segments.

    Authors’ research, not a supervisory position. Results concentrate on indexed products; no safety or individual net-benefit test for these two fixed MYGAs.

13. S13 · Federal Reserve Bank of Chicago · Accessed: 2026-10-24Life Insurers’ Private Credit Investments and Annuity Market Share Capture : publication page
    Passages and scope

    Page confirming the working paper revision of 27 April 2026.

    Revised April 27,2026 notice; abstract; working-paper status.

    Verifies title, authors, revision and research status.

    Revision date differs from the first June 2025 publication date.

14. S14 · Bank of England / Prudential Regulation Authority · Accessed: 2026-10-24Life Insurance Stress Test: 2025 Results
    Passages and scope

    Balance sheets at 31 December 2024; LIST 2025 modelled scenarios

    Executive summary; §§1.3–1.4, 2.1–2.2; Annex 2; Annex 3; footnotes 4 and 7

    Primary aggregate results. Annex 2 reports £12.3bn of liabilities recaptured; SCR coverage 154% to 144%; SCR +6% and eligible own funds −1%. Separately, the core scenario reports estimated prescribed sales of £3.4bn and additional trades of £0.9bn of sub-investment-grade bonds.

    Recapture covers the material-exposure subset, whose firm count is not disclosed in Annex 2. No target probability or FX shock for recapture. £12.3bn measures liabilities; no aggregate amount of received assets or recapture cash needs is published. Core sales do not measure recapture-specific sales.

15. S15 · Prudential Regulation Authority · Accessed: 2026-10-24CP8/26 : Funded reinsurance
    Passages and scope

    Consultation closed31 July 2026; proposed implementation1 July 2027

    §§1.5,1.15–1.16,3.30–3.35

    Proposed risk treatment; proposed savings provision for complete risk transfers on or before30 September 2026.

    No final decision found at 24 October 2026 through targeted searches andSS5/24 register; not exhaustive proof of absence.

16. S16 · Prudential Regulation Authority · Accessed: 2026-10-24SS5/24 : Funded reinsurance: current-version register
    Passages and scope

    Current version published23 October 2025; effective27 October 2025

    Current version

    At24 October 2026 the register still shows the October 2025 version as current.

    Version register; does not alone prove absence of every other communication.

17. S17 · Autorité des marchés financiers · Accessed: 2026-10-24Investir dans une assurance-vie
    Passages and scope

    Documentary position checked on 24 October 2026.

    Contract-type comparison table, Guarantee row; opening a policy; withdrawals and termination.

    AMF notes that some guarantees exclude management fees. Whatever the distributor, the policy is contracted with an insurer. It distinguishes a lump-sum withdrawal from lifelong annuity income.

    General educational page: the particular product notice governs exact fees and terms.

18. S18 · Assurance Banque Épargne Info Service (Banque de France / ACPR / AMF) · Accessed: 2026-10-24Que faut-il savoir avant de souscrire ? Bénéficier d’un conseil adapté, comprendre et comparer les contrats d’assurance vie et les supports financiers
    Passages and scope

    Documentary position checked on 24 October 2026.

    Sections on euro funds, unit-linked funds and asset-based management fees.

    Unit-linked holdings fluctuate in value. Policy fees and underlying investment fees must be distinguished; notices and KIDs describe the guarantees.

    The policy terms determine how fees affect the euro-fund guarantee. The page’s general reference to a “very low return” is educational context, separate from a measured assessment of current returns.

19. S19 · Spirica, diffusé par Linxea · Accessed: 2026-10-24Linxea Spirit 2 : Note d’information valant Conditions générales CG4445, 01/09/2026
    Passages and scope

    Documentary position checked on 24 October 2026.

    Printed pp. 1 (guarantees/fees),4 (insurer),14–15 (§12.1,12.1.1,12.2),17 (§15.5,16),18 (§17.1.1). PDF pp. 2,5,15–16,18–19.

    Currently documented product: insurer Spirica; no policy entry/exit fees; Euro Nouvelle Génération annual management fee up to 2%, deducted from the guarantee. Unit-linked policy fee is 0.125% per quarter, taken in units. The notice illustrates €3,000 in the euro fund becoming €2,940 with zero gross profit-sharing and a 2% fee.

    Contractual fee maximum, not observed actual fees. Illustration excludes optional death cover, taxes and transactions; a generic unit-linked holding, not a named fund. The policy offers other investment options and features; the illustrated 98% floor is specific to the terms and assumptions used for this policy.

20. S20 · Linxea · Accessed: 2026-10-24Documentation Linxea Spirit 2
    Passages and scope

    Documentary position checked on 24 October 2026.

    Introduction; policy subscription links to terms and KID; insurance-broker registration in footer.

    The page links the September 2026 notice used in this research and identifies Spirica as insurer.

    Distribution page read on 24 October 2026, without a displayed publication date. Links can change; the PDF was archived and hashed.

21. S21 · Assurance Banque Épargne Info Service · Accessed: 2026-10-24Que faut-il savoir si vous avez conclu un contrat d’assurance vie ?
    Passages and scope

    Documentary position checked on 24 October 2026.

    Sections on surrender, payment deadlines and restrictions on surrender.

    Partial surrender withdraws part of savings; full surrender ends the policy. The stated maximum payment period is two months after required documentation is received. Contractual conditions and statutory restrictions may constrain access.

    Access through surrender follows contractual and statutory procedures and deadlines. Accepted-beneficiary and pledge rules can matter; this research provides no personalised advice.

22. S22 · Assurance Banque Épargne Info Service · Accessed: 2026-10-24PER : un compte-titres pour préparer sa retraite ?
    Passages and scope

    Documentary position checked on 24 October 2026.

    Types of retirement savings plans; two individual-plan legal wrappers.

    An individual PER may be a securities account or a life insurance contract. The PER label alone therefore does not establish who bears the obligations.

    A securities account is not itself a guaranteed annuity promise or an insurance-covered policy; tax and estate issues are outside this article.

23. S23 · Assurance Banque Épargne Info Service · Accessed: 2026-10-24Transfert, déblocage anticipé ou liquidation des droits à la date de la retraite : que faut-il savoir ?
    Passages and scope

    Documentary position checked on 24 October 2026.

    When can benefits be accessed; PER insurance at retirement.

    PER access normally begins at retirement, subject to statutory early-release grounds. At drawdown, cash or annuity depends on contribution origin and choices: mandatory contributions normally produce annuity benefits, and an initial irrevocable annuity choice restricts lump-sum access.

    The page also describes small-annuity commutation. Annuity payments and access to capital depend on the origin of the contributions and the applicable options.

24. S24 · Autorité de contrôle prudentiel et de résolution · Accessed: 2026-10-24Fonds de garantie compétents en cas de défaillance d’entreprises d’assurance
    Passages and scope

    Documentary position checked on 24 October 2026.

    Sections “FGAP : Généralités” and “FGAP et passeport européen”.

    ACPR specifies aggregation for each insured, policyholder, member or beneficiary across policies with the failed insurer. ACPR decides whether to call on the fund after written consultation. The FGAP does not cover incoming EEA/EU insurers operating in France under freedom of services or establishment.

    A French-authorised subsidiary, a branch and a cross-border provider have distinct legal positions. A French distributor’s brand does not determine the applicable fund.

25. S25 · Financial Services Compensation Scheme · Accessed: 2026-10-24Insurance : Protection and exclusions
    Passages and scope

    Current page at 24 October 2026

    Insurance claims entitled to100% payment; Insurance claims not eligible

    Annuities among protected claims; insurers’ reinsurance contracts excluded.

    PRA conditions and failure event apply; transfer/compensation does not imply immediate payment.

26. S26 · FLAHIGA · Accessed: 2026-10-24Florida Life & Health Insurance Guaranty Association : Frequently Asked Questions
    Passages and scope

    Page and protection rules checked on 24 October 2026.

    Questions1–6,8–10,20,26.

    Conditional protection upon insolvency/liquidation; residence generally at liquidation; $250000 annuity surrender value per owner and member insurer; excess may be claimed against the estate.

    Guidance: the statute and actual circumstances determine coverage. Multiple policies with one insurer share the cap.

27. S27 · République française / Légifrance · Accessed: 2026-10-24Code des assurances : article R423-7
    Passages and scope

    Documentary position checked on 24 October 2026.

    Article R423-7, opening paragraph and points 1–4; version in force since 24 February 2004.

    Reconstitution of provisions for the same person: benefits already due at notification have a separate full-restoration rule; future benefits have a €70,000 technical-provision threshold, increased to €90,000 for disability/incapacity annuities and annuities arising from death cover.

    The threshold is neither annual annuity income, nor per policy, nor a safety rating. The higher €90,000 limit is reserved for incapacity and disability annuities, and annuities arising from death cover; ordinary retirement annuities and death lump sums fall outside those categories.

28. S28 · République française / Légifrance · Accessed: 2026-10-24Code des assurances : chapitre FGAP, articles L423-1 à L423-8
    Passages and scope

    Documentary position checked on 24 October 2026.

    L423-1 scope; L423-2 I–V triggering and transfer; L423-3 payments to transferee or beneficiaries; L423-5 subrogation.

    Protection can support a portfolio transfer: within the regulatory limits, the fund pays the transferee for rights it has not covered. Failed transfer or the specified liquidation route leads to payment for protected persons.

    Protection can support a portfolio transfer or operate through liquidation, following the statutory procedures. Total recovery also depends on transfer and assets; conditions and exclusions apply.

29. S29 · République française / Légifrance · Accessed: 2026-10-24Code des assurances : chapitre FGAP, articles R423-1 à R423-18
    Passages and scope

    Documentary position checked on 24 October 2026.

    R423-4 reductions and transfer; R423-5 transferee request; R423-6 liquidator request; R423-7 provisions.

    The two-month FGAP payment period starts upon receipt of the transferee’s or liquidator’s request, subject to verification. ACPR can grant an exceptional extension of up to three months.

    The statutory payment period is tied to receipt of the transferee’s or liquidator’s request and the verification procedure. Its starting point is distinct from the date of failure.

30. S30 · Financial Services Compensation Scheme · Accessed: 2026-10-24Pensions : Pension provider failures
    Passages and scope

    Current page at 24 October 2026

    Pension provider failures section

    100% without cap for eligible long-term insurance; distinguishes OPS and other pensions.

    Policy, claim and insurer eligibility required; no uniform cover for every pension.

31. S31 · Prudential Regulation Authority · Accessed: 2026-10-24PRA Rulebook : Policyholder Protection
    Passages and scope

    Rules displayed as at 24 October 2026; individual rules have different effective dates

    3.1;4.1–4.4;6.1;7.2 and8.1;9.2A–9.5A;17.2(2);19–20

    Basis for100% without monetary cap, continuity/transfer and territorial conditions; reinsurance excluded.

    Eligibility depends on date and contract.9.5A can preserve cover for certain occupational pension members abroad.

32. S32 · Florida Legislature · Accessed: 2026-10-24Florida Statutes2026 §631.717 : Powers and duties of the association
    Passages and scope

    2026 Florida Statutes version displayed and checked on 24 October 2026.

    §631.717(2)–(4),(12)(b)–(c).

    $250000 for net surrender/withdrawal values of deferred annuities; administration/transfer options; court-approved moratoria or liens subject to conditions.

    Coverage cap, not an assurance of immediate payment or a US-wide limit.

33. S33 · Florida Legislature · Accessed: 2026-10-24Florida Statutes2026 §631.713 : Application of part
    Passages and scope

    2026 Florida Statutes version displayed and checked on 24 October 2026.

    §631.713(1),(2),(3)(a)–(c),(l),(n),(o).

    Defines eligible policies/persons and exclusions; certain interest portions are excluded using Moody’s Corporate Bond Yield Average benchmarks.

    An individual future recovery cannot be calculated from the cap alone: residence, policy, status, interest and law at liquidation matter.

34. S34 · Fonds de garantie des dépôts et de résolution · Accessed: 2026-10-24Je détiens des comptes et des livrets bancaires : quelles sont mes garanties ?
    Passages and scope

    Documentary position checked on 24 October 2026.

    Products not covered; protection of life policies, capitalisation contracts and insurance savings plans.

    A life policy sold by a bank remains an insurance contract, subject to the applicable insurance mechanism rather than FGDR deposit protection.

    FGDR’s general FGAP wording must be read with ACPR scope rules (authorisation, cross-border provision). Buying the product in France is insufficient.

35. S35 · Assurance Banque Épargne Info Service · Accessed: 2026-10-24Quelles garanties en cas de défaillance d’un organisme d’assurance ?
    Passages and scope

    Documentary position checked on 24 October 2026.

    Introduction; personal insurance; European insurer.

    The entity underwriting the contract : insurance company, provident institution or mutual : determines the scheme. Sale in France does not automatically provide FGAP cover.

    Legal status under France’s Mutuality Code is distinct from mutual ownership or the everyday label “mutual”. Detailed FGMU rules fall outside this comparison.

36. S36 · Spirica, diffusé par Linxea · Accessed: 2026-10-24Linxea Spirit 2 : Document d’informations clés, 01/07/2026
    Passages and scope

    Documentary position checked on 24 October 2026.

    p. 1 product/insurance benefits; p. 2 insurer failure.

    Corroborates the euro guarantee after fees and Spirica’s identity.

    The failure section summarises €90,000 protection for annuities without restating the precise categories in R423-7. The legal scope of this limit is therefore drawn from R423-7 and the ACPR (S27 and S24).

37. S37 · Just Group plc · Accessed: 2026-10-24Annual Report and Accounts2025
    Passages and scope

    At31 December 2025; approved26 February 2026

    note 27(c)(iii),p. 205/PDF207; note 31,p. 209/PDF211

    Distinct collateral arrangements; JRL and PLACL100%-owned indirect subsidiaries at end2025.

    Note 27 leaves the reinsurers unnamed; any link between these arrangements and Warwick remains unverified. The publication index dates the annual report to 27 February 2026, while the half-year results cite 7 March 2026. Its publication date therefore remains unresolved.

38. S38 · The Pensions Regulator · Accessed: 2026-10-24New models and options in defined benefit pensions schemes
    Passages and scope

    Current guidance accessed24 October 2026

    Insurance solutions: Buy-ins; Buy-outs

    Buy-in: trustees remain liable; buy-out: insurer directly liable for insured benefits.

    Residual risks and discretionary benefits need review; insuring an entire scheme via buy-in does not itself create a buy-out.

39. S39 · Just Retirement Limited · Accessed: 2026-10-24Bulk annuity buy-in policy : pensioner and deferred pensioner transactions
    Passages and scope

    January 2025 edition

    pp. 1,3,6–7,11–12

    JRL trustee policy; payments to scheme, then individuals upon buy-out conversion; conditionalFSCS cover.

    Brochure predates acquisition; no particular buy-in treaty supplied.

40. S40 · Warwick Re Ltd. via PR Newswire · Accessed: 2026-10-24Warwick Re Ltd. Announces First Reinsurance Transaction
    Passages and scope

    Transaction completed December 2023; internal dateline6 February 2024

    Release paragraphs1–3

    Just/Warwick Re agreement, Bermuda, approximately$500m, asset and longevity risks.

    Cedant subsidiary and treaty not supplied; no mapping to an individual annuity or unnamed2025 partner; predates Brookfield acquisition.

41. S41 · Just Group plc · Accessed: 2026-10-24Just Group : Company News
    Passages and scope

    Current page;1 April 2026 announcement

    Company News : Brookfield acquisition

    Official index of the closing announcement (S43).

    This page serves as a navigation index; the full release provides the details of the closing (S43).

42. S42 · Just Group plc · Accessed: 2026-10-24Results, Reports and Presentations : 2026 index
    Passages and scope

    2026index accessed24 October 2026

    Rows22Sep2026 and27Feb2026

    ConfirmsH1date22 September; annual indexed under27 February.

    This dynamic index was captured as HTML. It dates the annual report to 27 February 2026, while the half-year results cite 7 March 2026. The annual report’s publication date therefore remains unresolved.

43. S43 · Just Group plc / Brookfield Wealth Solutions Ltd. · Accessed: 2026-10-24Scheme of arrangement becomes effective : Just acquisition by BWS Holdings Ltd.
    Passages and scope

    Acquisition completion1 April 2026

    p. 1, heading and paragraphs1–4

    BWS Holdings Ltd., wholly owned byBWS, now owns allJust Group shares.

    Share acquisition; does not itself constitute individual policy novation.

44. S44 · Bank of England / Prudential Regulation Authority · Accessed: 2026-10-24Who’s concentrating? : speech by Charlotte Gerken
    Passages and scope

    Speech20 September 2022

    Last paragraph of Funded reinsurance

    Insurers remain liable for their promises to annuitants after reinsurance.

    General explanation, not a description ofJust-specific terms.

45. S45 · Apollo Global Management, Inc. · Accessed: 2026-10-24Apollo Global Management, Inc. : Form 10-Q, quarter ended June 30, 2026
    Passages and scope

    Accounts at 30 June 2026 and for the half-year then ended.

    Segment information; retirement-services relationships; earnings definitions.

    Consolidation cross-check; intragroup fees and insurance earnings represent separate relationships.

    Collected as a cross-check, without a new ranking or contract-level calculation; each measure retains its own definition and scope; adding heterogeneous measures would produce a misleading total.

46. S46 · KKR & Co. Inc. · Accessed: 2026-10-24KKR & Co. Inc. : Form 10-Q, quarter ended June 30, 2026
    Passages and scope

    Accounts at 30 June 2026 and for the half-year then ended.

    Note 1; segment information, pp. 88–89; signature dated6 August 2026.

    Insurance earnings include investment-management costs earned by Asset Management; presentation differs from consolidated GALD.

    This filing does not identify SecureFore II-specific profitability or capital.

47. S47 · Athene Holding Ltd. · Accessed: 2026-10-24Athene Holding Ltd. : Form 8-K, preliminary third-quarter 2026 alternative investment income
    Passages and scope

    Preliminary estimate for one component of third-quarter 2026 earnings; published 5 October 2026.

    Items2.02 and7.01; Preliminary Estimates for Alternative Net Investment Income.

    Reports an estimate for one component of Q3 earnings and schedules full results for3 November 2026. Identifies Apollo as parent.

    Estimated $375m,10% annualised on alternative net investments; unreviewed, incomplete figures. They replace neither H1 accounts nor a Q3 solvency balance sheet.

48. S48 · Athene · Accessed: 2026-10-24Fixed Annuities for Retirement Investment : Athene MaxRate resources
    Passages and scope

    Product range page checked on 24 October 2026.

    MaxRate section and brochure links; final guarantee statements.

    Official provenance of the brochure distributed through Widen.

    Changing, undated page; not a substitute for the issued policy.

49. S49 · Global Atlantic · Accessed: 2026-10-24SecureFore II : product page
    Passages and scope

    Product page checked on 24 October 2026.

    Product description and final legal notices.

    Cross-check of current product family and issuer.

    Changing page; no new personalised rate or policy terms verified.

50. S50 · KKR · Accessed: 2026-10-24KKR : Events & Presentations
    Passages and scope

    Calendar checked on 24 October 2026; Q3 2026 earnings scheduled for 9 November 2026.

    Upcoming Events: Third Quarter 2026 Financial Results Conference Call,9 November 2026,10amET.

    Official calendar places full Q3 reporting after the research cutoff.

    Original HTTP capture is a JavaScript shell; visible content was checked with web retrieval. The schedule may change.

51. S51 · Global Atlantic · Accessed: 2026-10-24About Us : Global Atlantic
    Passages and scope

    Group profile checked on 24 October 2026.

    Introduction and Global Atlantic and KKR section.

    Current page identifies Global Atlantic as wholly owned by KKR.

    Changing page; group relationship, not a guarantee of every issuer obligation.