U.S. Life Insurer Exposure to Affiliated Investments – September 2026
In this review, we discuss the history of affiliated investments for life insurance companies (including annuity issuers) and the changes in the composition of industry affiliated investments over the last 26 years. We frame the reasons these assets have grown for life insurance companies, with a focus on the rise in affiliated investments during the 2020s, as well as the benefits and risks associated with the growth in these assets.