Athene US Life has emerged as the most dominant player in the foreign exchange forwards market for US life insurers, growing the size of its positions to a quarter of the total space as of Q4 last year.
The life insurance arm of private equity behemoth Apollo Global Management held $14.4 billion in notional of the instrument at the end of 2022, which translates to 26% of the $56.2 billion market, according to data from industry filings aggregated and analysed by FX Market’s Counterparty Radar platform.
That was up from the $9.1 billion Athene had in its book in Q1 2022, which represented roughly one-fifth of the sector at the time.
Athene’s growth…
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