A Firm Foundation: How Insurance Supports the Economy

Property/casualty (P/C) insurer cash and invested assets were $2.1 trillion in 2022. In 2022, P/C insurers invested 27 percent of their assets in stocks, and 55 percent in bonds.

Investments, Property/Casualty Insurers, 2021-2023 (1)

($ millions, end of year)

  Amount Percent of total investments
Investment type 2021 2022 2023 2021 2022 2023
Bonds $1,184,282 $1,221,425 $1,276,346 53.1% 55.6% 54.5%
Stocks 657,184 593,865 663,654 29.5% 27.0% 28.3%
     Preferred 17,447 16,440 15,173 0.8 0.7 0.6
     Common 639,737 577,425 648,481 28.7 26.3 27.7
Mortgage loans on real estate 27,021 29,372 31,976 1.2% 1.3% 1.4%
     First liens 26,526 28,752 31,182 1.2 1.3 1.3
     Other than first liens 495 620 794 (2) (2) (2)
Real estate 13,334 13,017 12,686 0.6% 0.6% 0.5%
     Properties occupied by company 8,891 8,499 8,086 0.4 0.4 0.3
     Properties held for income production 4,023 4,153 4,084 0.2 0.2 0.2
     Properties held for sale 420 365 516 (2) (2) (2)
Cash, cash equivalent and short-term investments 156,898 156,160 194,960 7.0 7.1 8.3
Derivatives 609 1,288 2,446 (2) 0.1 0.1
Other invested assets 180,231 174,181 150,475 8.1 7.9 6.4
Receivable for securities 3,177 2,834 2,468 0.1 0.1 0.1
Securities lending reinvested collateral assets 6,520 6,051 5,570 0.3 0.3 0.2
Aggregate write-in for invested assets -711 -539 756 (2) (2) (2)
Total cash and invested assets $2,228,546 $2,197,655 $2,341,336 100.0% 100.0% 100.0%

(1) Includes cash and net admitted assets of property/casualty insurers.
(2) Less than 0.1 percent.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Bonds

Property/casualty insurers invest primarily in safe, liquid securities, mainly bonds. These provide stability against underwriting results, which can vary considerably from year to year. The majority of bonds are government issued or are high-grade corporates.

Investments, Property/Casualty Insurers, 2023

 

(1) Cash and invested net admitted assets, as of December 31, 2023.
(2) Bonds represents 54.5% of total investments.
(3) Includes mortgage loans on real estate.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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