The New York State Department of Financial Services fined Athene Holding Ltd. and unit Athene Annuity & Life Co. $45 million related to a probe into the subsidiary's unlicensed pension risk transfer business in the state.

The regulator noted that Athene Annuity & Life entered into 14 pension risk transfer transactions and engaged in thousands of unauthorized communications with New York-based plan sponsors.

As part of its agreement with the regulator, Athene Annuity & Life will transfer the handling of its transactions to its New York-based subsidiary, Athene Annuity & Life Assurance Co. of New York.

As of Dec. 31, 2019, Athene established an accrued liability in the amount of the fine, which was reflected in its consolidated balance sheet as of such date.