Question 1

What is the $66.5 billion secret referenced in the video title?

Accepted Answer

Based on Tom Gober's analysis of Athene's public financial filings, approximately $66.5 billion in reserve credits were taken by Athene with a single offshore affiliate — meaning that amount of liability has been subtracted from Athene's books with the assumption that an affiliated offshore company is covering it. Tom's concern is that the transparency of what is actually on the other end of those transactions is limited.

Question 2

Who is Tom Gober and why does his opinion matter?

Accepted Answer

Tom Gober is a former insurance examiner and Certified Fraud Examiner who spent more than 40 years reviewing insurance company financial statements. He worked alongside the FBI, helped investigate insurance fraud, and testified before government agencies about problems he believed were developing inside the insurance industry. His career was built on finding problems — not selling products.

Question 3

What is Athene and why is it being discussed?

Accepted Answer

Athene is one of the largest annuity providers in America. According to LIMRA, Athene has led the industry in fixed indexed annuity sales since 2020. Tom Gober repeatedly points to Athene's public financial filings as an illustration of broader trends he has been warning about for decades — thin surplus, offshore reinsurance, and complex investments.

Question 4

What is surplus in insurance and why does it matter?

Accepted Answer

Surplus is the financial cushion that remains after an insurance company accounts for every promise it has made to policyholders. Think of it as an emergency fund — assets minus liabilities equals surplus. It is the only buffer between a solvent company and an insolvent one. The larger the surplus the more room a company has to absorb unexpected losses.

Question 5

What is Athene's surplus ratio compared to the industry average?

Accepted Answer

According to Tom Gober's analysis of Athene's 2025 statutory financial statement, Athene reported more than $336 billion in liabilities backed by approximately $4.1 billion in surplus — a ratio of approximately 1.2%. The industry average is closer to 7%. Traditional mutual companies like New York Life and Guardian carry surplus ratios as high as 15 to 20%.

Question 6

Is Athene insolvent?

Accepted Answer

No — and Tom Gober does not claim that. He is not saying Athene is insolvent or that policyholders are in immediate danger. His concern is specifically about the size of the financial cushion relative to liabilities and the transparency of how risk has been transferred. This video and article are educational and are not a claim that Athene is failing.

Question 7

What is reinsurance and how does it work?

Accepted Answer

Reinsurance allows an insurance company to transfer part of its risk to another independent company so the burden is shared. If one company experiences unusually large claims it is not carrying the entire burden alone. Tom describes legitimate reinsurance as an excellent thing that has made the insurance industry work well for generations.

Question 8

Why do financial advisors discourage annuities?

Accepted Answer

Because Wall Street makes 8 to 10 times more money putting your money in the market and charging ongoing management fees than selling you a safe annuity product. The commission on the right annuity products does not even come out of your money — it comes from the insurance company. Individual advisors steer clients away from annuities because they personally make significantly less from them, not because annuities are bad for the client.

Question 9

What is offshore reinsurance and why does Tom Gober raise concerns about it?

Accepted Answer

Offshore reinsurance occurs when an insurance company transfers risk to a company based outside the United States — often in jurisdictions like Bermuda. Tom's concern is not with reinsurance itself but with the shift from transferring risk to independent outside companies toward transferring it to affiliated companies offshore. When risk is moved to affiliated offshore entities it becomes much harder for regulators and policyholders to verify what is actually backing the promises.

Question 10

What percentage of Athene's reinsurance is with an offshore affiliate?

Accepted Answer

According to Tom Gober's analysis of Athene's public filings, approximately 97.5% of Athene's reinsurance is with a single offshore affiliate based in Bermuda. Traditional companies like New York Life have zero of this type of arrangement and instead use multiple unaffiliated independent reinsurers.

Question 11

What is a CLO and why does it matter for annuity owners?

Accepted Answer

A CLO — collateralized loan obligation — is a bundle of business loans sold as an investment. Owning CLOs is not automatically a problem. Tom's concern is liquidity — how quickly these investments could be converted to cash if an insurance company suddenly needed it. Unlike treasuries or tradable bonds, private credit and CLOs can be difficult to value or sell during periods of financial stress.

Question 12

What does the Federal Reserve say about these investment structures?

Accepted Answer

The Federal Reserve has studied how some life insurance companies increase their exposure to CLOs through affiliated asset managers. The Fed report does not accuse Athene of wrongdoing and does not say policyholders are in danger. It indicates that federal economists consider these investment structures and their transparency implications important enough to study.

Question 13

Should I panic if I own an Athene annuity?

Accepted Answer

No. That is not what Tom Gober says and it is not what this video recommends. Tom's consistent message is that policyholders deserve more transparency and should ask questions before buying or keeping any annuity — not that they should make immediate decisions based on his analysis alone. Do your own due diligence and consult a fiduciary advisor.

Question 14

What questions should I ask my advisor about my annuity company?

Accepted Answer

Tom recommends asking your advisor for the total amount of risk transferred offshore or to captive reinsurers and comparing that to the company's surplus. Specifically he suggests asking for line 38 from the balance sheet. Most advisors will not know the answer — and that is part of his point. When enough policyholders ask these questions companies begin to realize that transparency matters.

Question 15

What is the difference between Athene and traditional mutual insurance companies?

Accepted Answer

Traditional mutual insurance companies like New York Life, Guardian, and Teachers Insurance are owned by their policyholders rather than shareholders or private equity. They typically carry much higher surplus ratios — 15 to 20% compared to Athene's 1.2% — use multiple independent unaffiliated reinsurers, and have zero affiliated offshore reinsurance arrangements. Tom consistently points to these companies as examples of how the industry has traditionally operated.

Question 16

Not every insurance company is the same — what should I look for?

Accepted Answer

Look at the company's surplus ratio relative to liabilities. Ask about their reinsurance arrangements — specifically how much is with independent unaffiliated companies versus affiliated entities. Understand what types of investments are backing the promises. And look for A+ rated companies with long track records — not one A+ rated life and annuity company has failed since 1900.

Question 17

How do I get a second opinion on my annuity?

Accepted Answer

Book a free 15-minute Retirement Plan Clarity Session at retirementrenegade.com/retirement-plan-clarity-session. One of our Certified Financial Fiduciaries will review your specific annuity, the company behind it, and whether it aligns with your overall retirement plan. Your retirement. Your situation. No obligation.

Question 18

What is a Retirement Plan Clarity Session?

Accepted Answer

A free 15-minute conversation with one of our Certified Financial Fiduciary. Your retirement. Your situation. What is protected and what is not. No obligation. Book a free Clarity Session at retirementrenegade.com/retirement-plan-clarity-session to understand the specific carve-outs available for your situation.

Question 19

How do I book a free Clarity Session?

Accepted Answer

Visit retirementrenegade.com/clarity to book your free 15-minute session with one of our certified financial fiduciaries.

Question 20

How do I watch The Retirement Reset for free?

Accepted Answer

Go to retirementrenegade.com/reset and use promo code CLARITY at checkout for free instant access. Watch on any device anytime.

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