Driven to do more.

Athene® BCA® 12 2.0

(05/29/20)83133

Family Endowment Rider®

Optional Rider

The Product Brochure is required to be used in conjunction with the Additional Information Insert (83151). This material is provided by Athene Annuity and Life Company (61689) headquartered in West Des Moines, Iowa, which issues annuities in 49 states (excluding NY) and D.C., and Athene Annuity & Life Assurance Company of New York (68039) headquartered in Pearl River, New York, which issues annuities in New York.

Enhance Your Legacy

Todayʼs financial landscape looks different from a generation ago. If youʼve set aside a portion of your retirement savings as a legacy for loved ones, you may need a plan to help address challenges such as:

Protect Your Legacy

1 Required Minimum Distribution (RMD) as defined by Internal Revenue Code Section 401(a)(9). Federal tax law generally requires IRA owners to start taking RMDs each year once they reach the required beginning age. The required beginning age is 70½ for those reaching 70½ in 2019 or earlier. For those who did not reach 70½ in 2019 or earlier, the required beginning age is 72.

2 The guaranteed compound annual growth rate is 1.5% if the Balanced Allocation Lifetime Income Rider® – SGO Max or Flex Growth option is also elected. The 3% annual Enhanced Death Benefit interest rate applies until the later of the Contract Anniversary following the Owner's age 85 or the 8th anniversary. After this term, the benefit will not grow any further but will continue to be in place, and will be reduced for withdrawals, subject to the terms of the rider.

3 If withdrawals exceed 3% of the Accumulation Value at the beginning of the contract year (1.5% if SGO Max or Flex Growth is also elected), they are considered excess withdrawals and any withdrawals above the limit will reduce the Enhanced Death Benefit proportionally.

Low Yield, Rising Interest Rate bond environment

Required Minimum Distributions (RMDs) from your Individual Retirement Accounts (IRAs)1

BCA 12 2.0 fixed indexed annuity can help you take control of your retirement. It offers an up-front Premium Bonus and growth potential based in part on the positive movement of an index while protecting your retirement savings from downside market risk.

Guaranteed Legacy GrowthThe Family Endowment Rider® (FER™), an optional rider available with BCA 12 2.0 for an additional charge, offers an Enhanced Death Benefit guaranteed to grow daily at a 3% compound annual rate, regardless of what happens in the markets.2 Beneficiaries receive the greatest of the Cash Surrender Value, Balanced Allocation Value or Enhanced Death Benefit value.

BCA 12 2.0 with the FER also offers two powerful benefits to help protect your legacy: All RMDs associated with this contract can be taken without additional charges, and withdrawals up to 3% of the Accumulation Value, including RMDs, reduce the Enhanced Death Benefit Value on a dollar-for-dollar basis (1.5% if SGO® Max or Flex GrowthSM is also elected).3

2

Objective: John and Patty recently retired and want to protect their legacy while planning for RMDs.

Solution: John allocates $1 million of his retirement savings to BCA 12 2.0 with FER. Even if his contract earns no interest, from age 72 to 85, John can take $523,921 in RMDs. If John passes away at age 85, his beneficiary, Patty, would receive a death benefit of $986,043.

This is a hypothetical example to show how BCA 12 2.0 and the Family Endowment Rider can work. Your experience will differ. Past performance is no guarantee of future performance. Hypothetical Assumptions: $1 million premium in BCA 12 2.0 with FER with Premium Bonus, 0.00% Annual Strategy Charge, 0.85% annual Enhanced Death Benefit Rider Charge Rate, no interest credits and no other optional riders elected.

John and Patty Ages 65 and 62

$1,000,000 premium

3

The Benefit of Legacy Optimization

Hypothetical Assumptions: $1 million premium in BCA 12 2.0 with FER with Premium Bonus, 0.00% Annual Strategy Charge, 0.85% annual Enhanced Death Benefit Rider Charge Rate, no interest credits and no other optional riders elected.3 The actual death benefit paid out is the greatest of the Cash Surrender Value, Balanced Allocation Value or the Enhanced Death Benefit value.

Hypothetical Example Based on Guaranteed Values

End of Year Age RMD Paid

to ClientTotal

IncomeCash

Surrender Value

Accumulation Value

Death Benefit3

1 66 $0 $0 $875,204 $1,091,500 $1,100,0002 67 $0 $0 $875,154 $1,082,745 $1,100,0003 68 $0 $0 $874,839 $1,073,727 $1,100,0004 69 $0 $0 $874,249 $1,064,439 $1,125,5095 70 $0 $0 $873,372 $1,054,872 $1,159,2746 71 $0 $0 $872,199 $1,045,019 $1,194,0527 72 $0 $0 $870,717 $1,034,869 $1,229,8738 73 $40,425 $40,425 $828,489 $983,991 $1,224,0579 74 $39,838 $80,262 $790,536 $933,749 $1,217,802

10 75 $39,233 $119,495 $755,888 $884,164 $1,210,95611 76 $38,610 $158,105 $721,013 $835,261 $1,203,34912 77 $37,966 $196,072 $735,894 $836,568 $1,195,93813 78 $39,461 $235,532 $864,468 $786,942 $1,185,08814 79 $42,585 $278,117 $821,883 $734,284 $1,166,87615 80 $42,148 $320,265 $779,735 $682,218 $1,146,05616 81 $41,697 $361,962 $738,038 $630,779 $1,122,20017 82 $41,231 $403,193 $696,807 $580,009 $1,094,83418 83 $40,749 $443,942 $656,058 $529,954 $1,063,42619 84 $40,249 $484,191 $615,809 $480,666 $1,027,38420 85 $39,730 $523,921 $576,079 $432,204 $986,04321 86 $38,924 $562,845 $537,155 $393,280 $912,82622 87 $38,096 $600,941 $499,059 $355,184 $838,91523 88 $37,243 $638,184 $461,816 $317,940 $764,34224 89 $36,363 $674,548 $425,452 $281,577 $689,14925 90 $35,454 $710,002 $389,998 $246,123 $613,39426 91 $34,210 $744,212 $355,788 $211,912 $537,91427 92 $32,943 $777,156 $322,844 $178,969 $462,80728 93 $31,651 $808,807 $291,193 $147,317 $388,18329 94 $30,333 $839,140 $260,860 $116,985 $314,17230 95 $28,666 $867,806 $232,194 $88,319 $241,792

By age 85, John took $523,921 in RMDs. If John passed away, Patty would receive a death benefit of $986,043.

4

Hypothetical Example Based on 3.67% Annual Interest Earnings

End of Year Age RMD Paid

to ClientTotal

IncomeCash

Surrender Value

Accumulation Value

Death Benefit3

1 66 $0 $0 $875,204 $1,091,500 $1,131,5582 67 $0 $0 $933,598 $1,163,677 $1,163,6773 68 $0 $0 $936,082 $1,154,659 $1,197,0354 69 $0 $0 $997,739 $1,230,984 $1,230,9845 70 $0 $0 $1,005,240 $1,221,417 $1,266,2436 71 $0 $0 $1,076,855 $1,302,124 $1,302,1247 72 $0 $0 $1,084,517 $1,291,975 $1,339,3908 73 $50,468 $50,468 $1,111,259 $1,326,843 $1,326,8439 74 $53,718 $104,186 $1,072,991 $1,264,679 $1,311,093

10 75 $53,138 $157,324 $1,106,280 $1,295,099 $1,295,09911 76 $56,555 $213,878 $1,064,311 $1,230,470 $1,275,62812 77 $55,930 $269,809 $1,104,567 $1,255,862 $1,255,86213 78 $59,239 $329,048 $1,191,323 $1,188,974 $1,232,60914 79 $58,686 $387,733 $1,208,895 $1,208,895 $1,208,89515 80 $61,995 $449,728 $1,141,823 $1,139,738 $1,181,56616 81 $61,060 $510,788 $1,154,057 $1,154,057 $1,154,05717 82 $64,472 $575,260 $1,084,763 $1,082,960 $1,122,70518 83 $63,436 $638,697 $1,091,176 $1,091,176 $1,091,17619 84 $66,943 $705,640 $1,019,701 $1,018,208 $1,055,57620 85 $65,787 $771,427 $1,019,817 $1,019,817 $1,019,81721 86 $68,907 $840,334 $954,521 $953,350 $988,33822 87 $67,697 $908,030 $956,913 $956,913 $956,91323 88 $71,411 $979,442 $888,890 $888,030 $920,62124 89 $69,991 $1,049,433 $884,416 $884,416 $884,41625 90 $73,701 $1,123,135 $813,846 $813,324 $843,17326 91 $71,390 $1,194,525 $802,727 $802,727 $802,72727 92 $74,327 $1,268,851 $731,242 $731,032 $757,86128 93 $71,690 $1,340,542 $713,984 $713,984 $713,98429 94 $74,373 $1,414,915 $642,243 $642,243 $665,81430 95 $70,576 $1,485,491 $619,673 $619,673 $619,673

Hypothetical Assumptions: $1 million premium in BCA 12 2.0 with FER, 10% Premium Bonus, 0.85% annual Enhanced Death Benefit Rider Charge Rate, WisdomTree Siegel Strategic Value Index™️ with 62% Participation, 0.00% Annual Strategy Charge. Hypothetical 3.67% annual Interest Earnings based on the average back-tested movement of the WisdomTree Siegel Strategic Value Index™️from 12/31/02 to 12/31/19. The WisdomTree Siegel Strategic Value Index was established on 12/3/18. Performance shown before this date is back-tested by applying the index strategy, which was designed with the benefit of hindsight, to historical financial data. Back-tested performance is hypothetical and has been provided for informational purposes only. Past performance is not a guarantee of future performance. Assumes withdrawals are not subject to a Withdrawal Charge, Premium Bonus Vesting Adjustment or a Market Value Adjustment (MVA).Annual Interest Earnings: The average annual return assumption is based on the average annualized return of every possible 12-year contract hold beginning 12/31/02 to 12/31/19, using the closing price of the index each day and with rates held consistent for each renewal.

By age 85, John took $771,427 in RMDs. If John passed away, Patty would receive a death benefit of $1,019,817.

5

What is a Fixed Indexed Annuity?A fixed indexed annuity is a contract issued by an insurance company. In exchange for your premium, the insurance company provides the opportunity for growth based in part on the performance of an underlying index, or group of indices, within a larger strategy while protecting your money from downside market risk. All guarantees are backed by the claims paying ability of the issuing carrier and may be subject to annual charges. Fixed indexed annuities are not stock market investments and do not directly participate in any stock or equity investments or index. It is not possible to invest directly in an index. Other restrictions and limitations may apply. For more information, please see the BCA 12 2.0 product brochure.Balanced Allocation Value (BAV)The BAV is calculated daily and is the greater of the sum of the Strategy BAV of all Strategy Options or the Return of Charge amount. Each Strategy BAV accounts for any additional interest from the beginning of the current Strategy Term Period that has not yet been credited to the Strategy Value of that Strategy Option. The BAV is utilized for the Terminal Illness Waiver, Confinement Waiver and Death Benefit. The BAV is not available upon Surrender or at the Annuity Date, nor is it the basis for the Free Withdrawal amount. Family Endowment Rider (FER) Enhanced Death BenefitAn Enhanced Death Benefit is available through an optional rider. The FER pays a minimum amount equal to the initial premium accumulated at a guaranteed fixed interest rate (minus withdrawals). The Enhanced Death Benefit Crediting Base accumulates until the Enhanced Death Benefit Interest Stop Date, which is the later of 8 years or Contract Owner age 85. At death, your beneficiary will receive the greater of the base contract death benefit or the Enhanced Death Benefit.The FER provides a one-time Premium Bonus, which enhances the Accumulation Value on the Contract Date.The Enhanced Death Benefit Rider Charge of 0.85% is calculated at the beginning of every contract year based on the Enhanced Death Benefit Crediting Base multiplied by the Enhanced Death Benefit Rider Charge Rate. The charge is deducted at the beginning of each month at a rate of 1/12th of the annual Enhanced Death Benefit Rider Charge from the Accumulation Value and in certain states, the Minimum Guaranteed Contract Value, until the Rider Charge Stop Date, which is the later of 8 years or Contract Owner age 85. FER cannot be terminated once it has been purchased and attached to the contract; the rider will terminate upon the Annuity Date or payment of a death benefit under the provisions of the contract. FER Withdrawals and Tax ConsiderationsWithdrawals of any type will reduce the Enhanced Death Benefit. The first 3% of the Accumulation Value withdrawn in any contract year will reduce the Enhanced Death Benefit on a dollar-for-dollar basis. If the Balanced Allocation Lifetime Income Rider is also attached, the dollar-for-dollar limits may reduce. Withdrawals in excess of that percentage in any contract year (including Required Minimum Distributions) will reduce the Enhanced Death Benefit proportionally. Any amounts withdrawn in excess of the Free Withdrawal amount will be subject to Withdrawal Charges, Premium Bonus Vesting Adjustments and MVAs. For more information, please see the Certificate of Disclosure. The FER is not life insurance, and any benefit payable under the rider will be taxable. The information contained herein is based on our understanding of current tax law. The tax and legislative information may be subject to change and different interpretations. Free Withdrawals and Required Minimum DistributionsThe Free Withdrawal amount is 5% of the Accumulation Value in the first year and 10% of the Accumulation Value for all remaining years. Withdrawals in excess of the Free Withdrawal amount (excluding Required Minimum Distributions) will not receive gains to-date and will be subject to any applicable Withdrawal Charges, Premium Bonus Vesting Adjustments and MVAs. Gains to-date are not credited on Lifetime Income Withdrawals or to withdrawals in excess of the Free Withdrawal amount. The contract waives Withdrawal Charges, MVA and Premium Bonus Vesting Adjustments, if applicable, on Required Minimum Distributions.Withdrawal Charges may vary by state. Withdrawals and the surrender of the Contract may be subject to federal and state income tax and, except under certain circumstances, will be subject to an additional tax if taken prior to age 59½. For more information, please see the Additional Information Insert and Certificate of Disclosure.Market Value Adjustment (MVA)The MVA feature applies during the Withdrawal Charge period to a surrender or Withdrawals in excess of the Free Withdrawal amount. This adjustment is in addition to any Withdrawal Charge amount. The MVA does not apply to Free Withdrawals, RMDs or payments made under the Confinement and Terminal Illness Waivers. Not applicable in MO.Premium Bonus Vesting Adjustment (PBVA)The optional, for a charge, Family Endowment Rider and Family Endowment Rider Max provides an Enhanced Death Benefit as well as a 10% Premium Bonus that enhances the Accumulation Value. While the Premium Bonus is added to the Accumulation Value, it is not added to the Enhanced Death Benefit. Withdrawals taken in excess of the Free Withdrawal amount will incur a Premium Bonus Vesting Adjustment (PBVA) in addition to any applicable Withdrawal Charges and MVA. The PBVA is equal to the portion of the Accumulation Value withdrawn in excess of the Free Withdrawal amount which is attributable to the Premium Bonus, multiplied by (100% minus the PBVA).

Contract Year 1 2 3 4 5 6 7 8 9 10 11 12 13Premium Bonus Vesting 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 100%

Key Terms and Definitions

6

The WisdomTree Siegel Strategic Value Index™️ (the “Index”) is the exclusive property of Canadian Imperial Bank of Commerce (Canadian Imperial Bank of Commerce, together with its affiliates, “CIBC”). CIBC has engaged Bloomberg Finance L.P. (“Bloomberg”) to maintain and to make certain calculations related to the Index. “Canadian Imperial Bank of Commerce”, “CIBC” and “Index” (collectively, the “CIBC Marks”) are trademarks or service marks of CIBC. CIBC has licensed use of the Index and the CIBC Marks to Athene Annuity and Life Company (“Athene”) for use in one or more fixed indexed annuities offered by Athene (the “Product(s)”). CIBC is not the issuer of the Products and its sole contractual relationship with Athene is to license the Index and the CIBC Marks to Athene. CIBC, Jeremy Siegel (Siegel”), senior research advisor to WisdomTree Investments, Inc. (“WisdomTree”), and WisdomTree each contributed to the development of the index without considering the needs of Athene or any annuitant. Neither CIBC, Siegel nor WisdomTree make any representation or warranty, express or implied, regarding the Index or its development and have no responsibilities, obligations or liabilities with respect to the inception, adjustment, maintenance, operation or calculation. None of CIBC, WisdomTree, Bloomberg or Siegel are affiliated with each other or control or are controlled by each other. “WisdomTree®” is a registered trademark of WisdomTree. WisdomTree and Siegel have licensed certain rights to CIBC to use their names in connection with the Index.None of CIBC, Bloomberg, Siegel and WisdomTree or any other third-party licensor (collectively, the “Index Parties”) to CIBC is acting, or has been authorized to act, as an agent of Athene or has in any way sponsored, promoted, solicited, negotiated, endorsed, offered, sold, issued, supported, structured or priced any Products or provided investment advice to Athene. No Index Party is a fiduciary or agent of any purchaser, seller or holder of any Product, or has made any representation or warranty, express or implied, regarding the advisability of purchasing, selling or holding any Product or the ability of the Index to track corresponding or relative market performance. Purchasers of any Product neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with any of the Index Parties. No Index Party guarantees the timeliness, accurateness, or completeness of the Index or any data or information relating thereto and shall have no liability in connection with the Index or any data or information relating thereto. No Index Party shall have any liability with respect to any Product, nor any liability for any loss relating to any Product, whether arising directly or indirectly from the use of the Index, its methodology, or otherwise. The selection of the Index as a crediting option under any Product does not obligate Athene to invest annuity premiums in the components of the Index. Any obligation to invest annuity premiums received under the Products are determined solely by Athene.BLOOMBERG is a trademark and service mark of Bloomberg. Bloomberg and its affiliates are not affiliated with Athene or CIBC. Bloomberg’s association with CIBC is to act as the administrator and calculation agent of the Index, which is the property of CIBC. Bloomberg does not guarantee the timeliness, accurateness, or completeness of the Index or any data or information relating thereto and shall have no liability in connection with the Index or any data or information relating thereto.In calculating the level of the Index, the index methodology deducts a maintenance fee of 0.20% per year, calculated daily. This fee will reduce the level of the Index and thus the amount of interest, if any, that will be credited to any Product. Furthermore, while the volatility control applied by CIBC as part of the index methodology may result in less fluctuation in rates of return as compared to indices without volatility controls, it may also reduce the overall rate of return for products referencing the Index as compared to other indices not subject to volatility controls.

Contact your Insurance Professional today for more information on BCA 12 2.0

7

83133 (05/29/20)

Athene Annuity and Life Company 7700 Mills Civic Parkway West Des Moines, IA 50266-3862

Athene.com

We are Athene. And we are relentless when it comes to creating an innovative portfolio of fixed annuities to meet your accumulation and retirement income needs.

At Athene, we see every day as a new opportunity to measure ourselves against the best — and then we don’t stop until we’ve set the bar even higher. We stand ready to help you achieve more.

Athene BCA 2.0 [ANN19 (01/19), ANN19CS12 (01/19)] or state variation, Family Endowment Rider [PBEDB (01/19), PBEDBRS (01/19)] or state variation, BALIR [ANNIRS (01/19), ANNIRSRS (01/19), ANNIRF (01/19), ANNIRFRS (01/19)] or state variation are issued by Athene Annuity and Life Company, West Des Moines, IA. Product features, limitations and availability vary; see Certificate of Disclosure for full details. Products not available in all states.This material is a general description intended for general public use. Athene Annuity and Life Company (61689), headquartered in West Des Moines, Iowa, and issuing annuities in 49 states (excluding NY) and D.C., and Athene Annuity & Life Assurance Company of New York (68039), headquartered in Pearl River, New York, and issuing annuities in New York, are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. Please reach out to your financial professional if you have any questions about Athene products or their features.

ATHENE ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSUREDBY FDIC OR NCUA/NCUSIF. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BYANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.This brochure contains highlights only — for a full explanation of these annuities, please refer to the Certificate of Disclosure which provides more detailed product information including all charges or limitations as well as definitions of capitalized terms. © 2020 Annexus®BCA® and Family Endowment Rider® Max are registered trademarks of Annexus. All rights reserved.