The US insurance industry’s reported cash and invested assets have grown to $9.6trn as of year-end 2025, an increase of 6.7% YoY, according to the National Association of Insurance Commissioners (NAIC).
The increase in 2025 represented the largest annual growth in cash and invested assets since 2021.
Bonds, common stocks, mortgages, and other long-term invested assets reported in Schedule BA continued to represent the four largest asset classes.
Common stock and schedule BA assets were the investment portfolio’s drivers of growth, each increasing by around 11% compared to the prior year.
The share of bonds in the US insurance industry’s investment portfolio fell slightly, to below 60% at year-end 2025, while the share of common stocks and Schedule BA assets rose modestly to 13.6% and 6.7% respectively.
