Athene Group's financial strength rating has been upgraded to A+ by ratings agency AM Best, which praised its expansion of distribution channels to its retail markets and increased use of flow reinsurance in Japan. The outlook has been revised to stable from positive. AM Best said Athene Holding Ltd, which is headquartered in the US but has several affiliated Bermuda-based reinsurance companies, had also expanded its pension risk transfer business in the US. It added: "The ratings reflect Athene's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. "The rating upgrades reflect a continuing trend of Athene's improving balance sheet strength. AM Best views Athene's consolidated risk-adjusted capitalisation as strongest, as measured by Best's Capital Adequacy Ratio (BCAR), supported by favourable financial flexibility, including significant excess liquidity.