US insurers’ bank loan investments increase to $123.4bn

Written by Adam Cadle

23/09/2025

US insurers’ bank loan investments totalled $123.4bn in book/adjusted carrying value (BACV) at year-end 2024, representing a small increase from about $122bn at year-end 2023, according to the National Association of Insurance Commissioners (NAIC).

From 2022 through to 2024, bank loans were 1.4% of US insurers’ total cash and invested assets; in comparison, they were less than 1% of total cash and invested assets in 2019.

Almost 90% of US insurers’ bank loan investments were acquired, and 94% were unaffiliated.

Large insurers, or those with more than $10bn in AuM, accounted for 91% of US insurers’ bank loan exposure, up from 82% in 2023.

Half of US insurers’ bank loan investments were high quality or investment grade based on NAIC 1 and NAIC 2 designations, which coincided with a decrease in below investment grade quality bank loans.

At year-end 2024, and similar to the year prior, 25 insurance companies accounted for 75% of US insurers’ total bank loan investment, and the top 10 accounted for about 60%.

Related Articles