F-H-L-B Spells Cheap Cash for Big Annuity Issuers
The largest borrower from the Federal Home Loan Bank (FHLB) system in 2024 was Athene Annuity and Life, at more than $15 billion. For at least 16 other top annuity issuers, FHLB loans are a key source of "fungible," low-cost borrowed capital.