PE-owned US insurer investments increase by 16%

Written by Adam Cadle

14/08/2025

Total cash and invested assets for the 137 PE-owned US insurers at year-end 2024 increased about 16% based on year-end 2024 NAIC annual statement filings to $704.3bn, representing 7.8% of all US insurers’ total cash and invested assets.

As reported by US insurers and published by the NAIC, bonds and mortgages continue to be the two largest asset types for PE-owned US insurers, at 61% and 20% of their total cash and invested assets, respectively, at year-end 2024.

Consistent with previous years, corporate bonds were the largest bond type in terms of book/adjusted carrying value (BACV), but they continued declining as a proportion of total bonds to 47% at year-end 2024 from 48% at year-end 2023.

From 2023 to 2024, the BACV of asset-backed securities and other structured securities increased, as well as their percentage of total bonds held by PE-owned insurers.

As in prior years, and similar to the overall US insurer bond investments portfolio, more than 90% of PE-owned insurers’ bond investments carried NAIC 1 and NAIC 2 designations, implying high credit quality.

Investment in other long-term invested assets reported in Schedule BA increased by double digits for PE-owned insurers, while short-term investments reported in Schedule DA decreased.

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