Around 54% of all US insurers reported outsourcing investment management to an unaffiliated firm in the annual statement filings at year-end 2025, slightly higher than year-end 2024, according to the National Association of Insurance Commissioners (NAIC).
While the percentage of insurers that outsourced investment management to a nonaffiliate has been increasing over the last five years, it increased at a more rapid pace from 2023 to 2025.
Consistent with prior years, P&C companies were the largest insurer type that outsourced to unaffiliated investment managers at year-end 2025, at almost 60% of the total.
In addition, the percentage of life, health and title insurers that outsourced investment management also remained relatively unchanged over this same five-year period.
Small insurers, or those with less than $250m AUM, accounted for two-thirds of the total number of US insurers that outsourced investment management, the same as in prior years.
