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Investments, Life/Annuity Insurers, 2022-2024 (1)

($ billions, end of year)
Amount Percent of total investments
Investment type 2022 2023 2024 2022 2023 2024
Bonds $3,617.6 $3,644.5 $3,787.6 69.61% 68.14% 67.38%
Stocks $126.0 $131.7 $135.9 2.42% 2.46% 2.42%
     Preferred stock 17.1 17.6 18.5 0.33 0.33 0.33
     Common stock 108.9 114.1 117.4 2.09 2.13 2.09
Mortgage loans on real estate $694.4 $733.0 $786.3 13.36% 13.71% 13.99%
     First lien real estate mortgage loans 685.1 723.6 775.7 13.18 13.53 13.80
     Real estate loans less first liens 9.3 9.4 10.7 0.18 0.18 0.19
Real estate $22.6 $22.7 $21.9 0.43% 0.42% 0.39%
     Occupied properties 5.7 5.4 5.3 0.11 0.10 0.09
     Income generating properties 16.6 16.8 15.8 0.32 0.31 0.28
     Properties for sale 0.3 0.5 0.8 0.01 0.01 0.01
Cash, cash equivalent and short term investments 143.0 189.1 196.4 2.75 3.54 3.49
Contract loans including premium notes 131.4 138.5 147.1 2.53 2.59 2.62
Derivatives 95.4 102.0 121.6 1.84 1.91 2.16
Other invested assets 320.4 340.9 368.3 6.17 6.37 6.55
Receivables for securities 9.9 8.7 9.7 0.19 0.16 0.17
Securities lending reinvested collateral assets 14.3 15.4 24.5 0.27 0.29 0.44
Write-ins for invested assets 21.8 22.1 21.3 0.42 0.41 0.38
Total cash and invested assets  $5,196.8 $5,348.5 $5,620.8 100.0% 100.0% 100.0%

(1) Data are net admitted assets of life/annuity insurers.

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

Investments, Life/Annuity Insurers, 2021-2023 (1)

($ billions, end of year)
  Amount Percent of total investments
Investment type 2021 2022 2023 2021 2022 2023
Bonds  $3,532.5 $3,618.0 $3,644.5 70.01% 69.61% 68.14%
Stocks $141.6 $126.0 $131.6 2.81% 2.42% 2.46%
     Preferred stock  20.5 17.1 17.6 0.41 0.33 0.33
     Common stock  121.0 108.8 113.9 2.40 2.09 2.13
Mortgage loans on real estate $639.9 $694.4 $732.9 12.68% 13.36% 13.70%
     First lien real estate mortgage loans  631.9 685.1 723.5 12.52 13.18 13.53
     Real estate loans less first liens  8.0 9.3 9.4 0.16 0.18 0.18
Real estate $22.8 $22.6 $22.7 0.45% 0.43% 0.42%
     Occupied properties  6.0 5.7 5.4 0.12 0.11 0.10
     Income generating properties  16.4 16.6 16.8 0.33 0.32 0.31
     Properties for sale  0.4 0.3 0.5 0.01 0.01 0.01
Cash, cash equivalent and short term investments  147.8 143.2 189.0 2.93 2.75 3.53
Contract loans including premium notes  131.5 131.4 138.5 2.61 2.53 2.59
Derivatives 96.8 95.4 102.0 1.92 1.83 1.91
Other invested assets  292.3 320.5 340.9 5.79 6.17 6.37
Receivables for securities  9.3 9.9 8.7 0.18 0.19 0.16
Securities lending reinvested collateral assets 19.5 14.3 15.4 0.39 0.28 0.29
Write-ins for invested assets  11.9 21.8 22.1 0.24 0.42 0.41
Total cash and invested assets  $5,045.8 $5,197.4 $5,348.2 100.0% 100.0% 100.0%

(1) Data are net admitted assets of life/annuity insurers.

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

Investments, Life/Annuity Insurers, 2020-2022 (1)

($ billions, end of year)
  Amount Percent of total investments
Investment type 2020 2021 2022 2020 2021 2022
Bonds $3,272.1 $3,415.5 $3,497.6 70.24% 69.88% 69.42%
Stocks $117.1 $133.5 $120.5 2.51% 2.73% 2.39%
     Preferred stock  14.6 19.2 16.0 0.31 0.39 0.32
     Common stock  102.5 114.3 104.5 2.20 2.34 2.07
Mortgage loans on real estate $587.2 $625.9 $679.5 12.60% 12.81% 13.49%
     First lien real estate mortgage loans  579.2 617.9 670.2 12.43 12.64 13.30
     Real estate loans less first liens  8.0 8.0 9.3 0.17 0.16 0.18
Real estate $22.6 $22.5 $22.3 0.49% 0.46% 0.44%
     Occupied properties  6.1 5.8 5.5 0.13 0.12 0.11
     Income generating properties  16.0 16.3 16.5 0.34 0.33 0.33
     Properties for sale  0.6 0.4 0.3 0.01 0.01 0.01
Cash, cash equivalent and short term investments  151.0 143.6 140.7 3.24 2.94 2.79
Contract loans including premium notes  130.4 128.7 128.5 2.80 2.63 2.55
Derivatives 121.5 96.6 95.2 2.61 1.98 1.89
Other invested assets  227.4 281.6 308.4 4.88 5.76 6.12
Receivables for securities  7.0 9.0 9.8 0.15 0.18 0.19
Securities lending reinvested collateral assets 16.2 18.8 13.6 0.35 0.38 0.27
Write-ins for invested assets  6.1 11.9 21.8 0.13 0.24 0.43
Total cash and invested assets  $4,658.6 $4,887.7 $5,038.1 100.0% 100.0% 100.0%

(1) Data are net admitted assets of life/annuity insurers.

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

Investments, Life/Annuity Insurers, 2019-2021 (1)

($ billions, end of year)
  Amount Percent of total investments
Investment type 2019 2020 2021 2019 2020 2021
Bonds  $3,087.8 $3,272.1 $3,415.5 71.11% 70.24% 69.88%
Stocks 105.3 117.1 133.5 2.43 2.51 2.73
     Preferred stock 12.9 14.6 19.2 0.30 0.31 0.39
     Common stock 92.4 102.5 114.3 2.13 2.20 2.34
Mortgage loans on real estate 565.5 587.2 625.9 13.02 12.60 12.81
     First lien real estate mortgage loans 557.3 579.2 617.9 12.83 12.43 12.64
     Real estate loans less first liens 8.3 8.0 8.0 0.19 0.17 0.16
Real estate 23.0 22.6 22.5 0.53 0.49 0.46
     Occupied properties 5.9 6.1 5.8 0.14 0.13 0.12
     Income generating properties 16.0 16.0 16.3 0.37 0.34 0.33
     Properties for sale 1.1 0.6 0.4 0.03 0.01 0.01
Cash, cash equivalent and short term investments 118.7 151.0 143.6 2.73 3.24 2.94
Contract loans including premium notes 131.0 130.4 128.7 3.02 2.80 2.63
Derivatives 79.5 121.5 96.6 1.83 2.61 1.98
Other invested assets 206.0 227.4 281.6 4.74 4.88 5.76
Receivables for securities 5.0 7.0 9.0 0.11 0.15 0.18
Securities lending reinvested collateral assets 15.5 16.2 18.8 0.36 0.35 0.38
Write-ins for invested assets 5.3 6.1 11.9 0.12 0.13 0.24
Total cash and invested assets $4,342.5 $4,658.6 $4,887.7 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/annuity insurers.

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

Investments, Life/Annuity Insurers, 2018-2020 (1)

($ billions, end of year)
Amount Percent of total investments
Investment type 2018 2019 2020 2018 2019 2020
Bonds $2,989.1 $3,087.8 $3,272.1 72.48% 71.11% 70.24%
Stocks $94.1 $105.3 $117.1 2.28% 2.43% 2.51%
     Preferred stock 12.3 12.9 14.6 0.30 0.30 0.31
     Common stock 81.8 92.4 102.5 1.98 2.13 2.20
Mortgage loans on real estate $521.5 $565.5 $587.2 12.65% 13.02% 12.60%
     First lien real estate mortgage loans 512.6 557.3 579.2 12.43 12.83 12.43
     Real estate loans less first liens 8.9 8.3 8.0 0.22 0.19 0.17
Real estate $20.4 $23.0 $22.6 0.50% 0.53% 0.49%
     Occupied properties 5.8 5.9 6.1 0.14 0.14 0.13
     Income generating properties 14.1 16.0 16.0 0.34 0.37 0.34
     Properties for sale 0.5 1.1 0.6 0.01 0.03 0.01
Cash, cash equivalent and short term investments 104.7 118.7 151.0 2.54 2.73 3.24
Contract loans including premium notes 129.2 131.0 130.4 3.13 3.02 2.80
Derivatives 56.4 79.5 121.5 1.37 1.83 2.61
Other invested assets 187.1 206.0 227.4 4.54 4.74 4.88
Receivables for securities 4.5 5.0 7.0 0.11 0.11 0.15
Securities lending reinvested collateral assets 12.6 15.5 16.2 0.30 0.36 0.35
Write-ins for invested assets 4.5 5.3 6.1 0.11 0.12 0.13
Total cash and invested assets  $4,124.1 $4,342.5 $4,658.6 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/annuity insurers.

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

Investments, Life/Annuity Insurers, 2017-2019 (1)

($ billions, end of year)
  Amount Percent of total investments
Investment type 2017 2018 2019 2017 2018 2019
Bonds $2,973.5 $2,989.1 $3,087.8 72.97% 72.48% 71.11%
Stocks $104.9 $94.1 $105.3 2.57% 2.28% 2.43%
     Preferred stock 10.5 12.3 12.9 0.26 0.30 0.30
     Common stock 94.5 81.8 92.4 2.32 1.98 2.13
Mortgage loans on real estate $477.0 $521.5 $565.5 11.71% 12.65% 13.02%
     First lien real estate mortgage loans 468.5 512.6 557.3 11.50 12.43 12.83
     Real estate loans less first liens 8.6 8.9 8.3 0.21 0.22 0.19
Real estate $23.5 $20.4 $23.0 0.58% 0.50% 0.53%
     Occupied properties 6.0 5.8 5.9 0.15 0.14 0.14
     Income generating properties 17.0 14.1 16.0 0.42 0.34 0.37
     Properties for sale 0.5 0.5 1.1 0.01 0.01 0.03
Cash, cash equivalent and short term investments 104.7 104.7 118.7 2.57 2.54 2.73
Contract loans including premium notes 128.9 129.2 131.0 3.16 3.13 3.02
Derivatives 58.7 56.4 79.5 1.44 1.37 1.83
Other invested assets 175.1 187.1 206.0 4.30 4.54 4.74
Receivables for securities 5.3 4.5 5.0 0.13 0.11 0.11
Securities lending reinvested collateral assets 16.9 12.6 15.5 0.41 0.30 0.36
Write-ins for invested assets 6.4 4.5 5.3 0.16 0.11 0.12
Total cash and invested assets $4,074.8 $4,124.1 $4,342.5 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/annuity insurers.

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

Investments, Life/Annuity Insurers, 2016-2018 (1)

($ billions, end of year)
  Amount  Percent of total investments
Investment type 2016 2017 2018 2016 2017 2018
Bonds $2,860.6 $2,973.5 $2,989.1 73.50% 72.97% 72.48%
Stocks $96.0 $104.9 $94.1 2.47% 2.57% 2.28%
     Preferred stock  9.6 10.5 12.3 0.25 0.26 0.30
     Common stock  86.4 94.5 81.8 2.22 2.32 1.98
Mortgage loans on real estate $437.7 $477.0 $521.5 11.25% 11.71% 12.65%
     First lien real estate mortgage loans 430.1 468.5 512.6 11.05 11.50 12.43
     Real estate loans less first liens  7.6 8.6 8.9 0.20 0.21 0.22
Real estate $24.5 $23.5 $20.4 0.63% 0.58% 0.50%
     Occupied properties  6.0 6.0 5.8 0.15 0.15 0.14
     Income generating properties  17.6 17.0 14.1 0.45 0.42 0.34
     Properties for sale  0.9 0.5 0.5 0.02 0.01 0.01
Cash, cash equivalent and short term investments 101.4 104.7 104.7 2.61 2.57 2.54
Contract loans including premium notes  126.9 128.9 129.2 3.26 3.16 3.13
Derivatives 62.0 58.7 56.4 1.59 1.44 1.37
Other invested assets  158.3 175.1 187.1 4.07 4.30 4.54
Receivables for securities  3.9 5.3 4.5 0.10 0.13 0.11
Securities lending reinvested collateral assets 12.6 16.9 12.6 0.32 0.41 0.30
Write-ins for invested assets  8.0 6.4 4.5 0.20 0.16 0.11
Total cash and invested assets  $3,891.9 $4,074.8 $4,124.1 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/annuity insurers.

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

Investments, Life Insurers, 2015-2017 (1)

($ billions, end of year)
  Amount Percent of total investments
Investment type 2015 2016 2017 2015 2016 2017
Bonds  $2,734.0 $2,860.7 $2,973.5 73.82% 73.50% 72.98%
Stocks $84.9 $96.0 $104.9 2.29% 2.47% 2.57%
     Preferred stock  9.6 9.6 10.5 0.26 0.25 0.26
     Common stock  75.3 86.4 94.4 2.03 2.22 2.32
Mortgage loans on real estate $404.2 $437.7 $477.0 10.91% 11.25% 11.71%
     First lien real estate mortgage loans  397.4 430.1 468.5 10.73 11.05 11.50
     Real estate loans less first liens  6.8 7.6 8.6 0.18 0.20 0.21
Real estate $23.7 $24.5 $23.5 0.64% 0.63% 0.58%
     Occupied properties  5.5 6.0 6.0 0.15 0.15 0.15
     Income generating properties  17.8 17.6 17.0 0.48 0.45 0.42
     Properties for sale  0.4 0.9 0.5 0.01 0.02 0.01
Cash, cash equivalent and short term investments  103.3 101.4 104.6 2.79 2.61 2.57
Contract loans including premium notes  126.8 126.9 128.9 3.42 3.26 3.16
Derivatives 53.8 62.0 58.7 1.45 1.59 1.44
Other invested assets  154.9 158.3 174.7 4.18 4.07 4.29
Receivables for securities  2.3 3.9 5.3 0.06 0.10 0.13
Securities lending reinvested collateral assets 11.7 12.6 16.9 0.32 0.32 0.41
Write-ins for invested assets  4.1 8.0 6.4 0.11 0.20 0.16
Total cash and invested assets  $3,703.9 $3,891.9 $4,074.4 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/annuity insurers. Excludes investments of separate accounts.

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

Investments, Life/Health Insurers, 2014-2016 (1)

($ billions, end of year)
  Amount Percent of total investments
Investment type 2014 2015 2016 2014 2015 2016
Bonds $2,684.9 $2,734.1 $2,860.7 73.93% 73.82% 73.50%
Stocks $86.2 $84.9 $96.0 2.37% 2.29% 2.47%
     Preferred stock 9.1 9.6 9.6 0.25 0.26 0.25
     Common stock 77.0 75.2 86.4 2.12 2.03 2.22
Mortgage loans on real estate $373.0 $404.2 $437.7 10.27% 10.91% 11.25%
     First lien real estate mortgage loans 368.4 397.4 430.1 10.14 10.73 11.05
     Real estate loans less first liens 4.6 6.8 7.6 0.13 0.18 0.20
Real estate $21.9 $23.7 $24.5 0.60% 0.64% 0.63%
     Occupied properties 5.5 5.5 6.0 0.15 0.15 0.15
     Income generating properties 16.0 17.8 17.6 0.44 0.48 0.45
     Properties for sale  0.4 0.4 0.9 0.01 0.01 0.02
Cash, cash equivalent and short term investments 100.0 103.3 101.4 2.75 2.79 2.61
Contract loans including premium notes 130.1 126.8 126.9 3.58 3.42 3.26
Derivatives 56.5 53.8 62.0 1.56 1.45 1.59
Other invested assets 161.8 154.9 158.3 4.46 4.18 4.07
Receivables for securities 2.2 2.3 3.9 0.06 0.06 0.10
Securities lending reinvested collateral assets 11.2 11.7 12.6 0.31 0.32 0.32
Write-ins for invested assets 4.0 4.1 8.0 0.11 0.11 0.20
Total cash and invested assets $3,631.7 $3,703.9 $3,891.9 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/health insurers.

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

Investments, Life/Health Insurers, 2013-2015 (1)

($ billions, end of year)
  Amount Percent of total investments
Investment type 2013 2014 2015 2013 2014 2015
Bonds $2,601.2 $2,684.9 $2,734.1 74.70% 73.93% 73.82%
Stocks 80.4 86.2 84.9 2.31 2.37 2.29
     Preferred stock 8.3 9.1 9.6 0.24 0.25 0.26
     Common stock 72.1 77.0 75.2 2.07 2.12 2.03
Mortgage loans on real estate 353.1 373.0 404.2 10.14 10.27 10.91
     First lien real estate mortgage loans 350.1 368.4 397.4 10.05 10.14 10.73
     Real estate loans less first liens 3.1 4.6 6.8 0.09 0.13 0.18
Real estate 22.4 21.9 23.7 0.64 0.60 0.64
     Occupied properties 5.4 5.5 5.5 0.16 0.15 0.15
     Income generating properties 16.0 16.0 17.8 0.46 0.44 0.48
     Properties for sale 0.9 0.4 0.4 0.03 0.01 0.01
Cash, cash equivalent and short term investments 94.8 100.0 103.3 2.72 2.75 2.79
Contract loans including premium notes 128.4 130.1 126.8 3.69 3.58 3.42
Derivatives 37.8 56.5 53.8 1.09 1.56 1.45
Other invested assets 145.5 161.8 154.9 4.18 4.46 4.18
Receivables for securities 3.2 2.2 2.3 0.09 0.06 0.06
Securities lending reinvested collateral assets 13.8 11.2 11.7 0.40 0.31 0.32
Write-ins for invested assets 1.6 4.0 4.1 0.05 0.11 0.11
Total cash and invested assets $3,482.2 $3,631.7 $3,703.9 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/health insurers.

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

INVESTMENTS, LIFE/HEALTH INSURERS, 2012-2014 (1)

($ billions, end of year)
  Amount Percent of total investments
Investment type 2012 2013 2014 2012 2013 2014
Bonds $2,543.5 $2,601.5 $2,685.2 74.65% 74.61% 73.85%
Stocks 79.3 82.0 87.8 2.33 2.35 2.42
     Preferred stock 7.8 8.3 9.1 0.23 0.24 0.25
     Common stock 71.5 73.8 78.7 2.10 2.12 2.16
Mortgage loans on real estate 335.6 353.2 373.0 9.85 10.13 10.26
     First lien real estate mortgage loans 333.1 350.1 368.4 9.78 10.04 10.13
     Real estate loans, less first liens 2.5 3.1 4.6 0.07 0.09 0.13
Real estate 20.9 21.4 21.5 0.61 0.61 0.59
     Occupied properties 5.5 5.4 5.5 0.16 0.16 0.15
     Income generating properties 15.4 16.0 16.0 0.45 0.46 0.44
     Properties for sale 0.5 1.0 0.4 0.02 0.03 0.01
Cash, cash equivalent and short term investments 106.6 94.8 100.0 3.13 2.72 2.75
Contract loans including premium notes 127.6 128.5 130.2 3.74 3.69 3.58
Derivatives 41.6 37.8 56.5 1.22 1.08 1.55
Other invested assets 138.6 147.7 164.2 4.07 4.23 4.51
Receivables for securities 2.1 3.2 2.2 0.06 0.09 0.06
Securities lending reinvested collateral assets 10.8 13.8 11.2 0.32 0.40 0.31
Write-ins for invested assets -0.3 1.7 4.0 -0.01 0.05 0.11
Total cash and invested assets $3,407.0 $3,486.6 $3,636.2 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/health insurers.

Source: SNL Financial LC.

INVESTMENTS, LIFE/HEALTH INSURERS, 2011-2013 (1)

($ billions, end of year)
  Amount Percent of total investments
Investment type 2011 2012 2013 2011 2012 2013
Bonds  $2,531.8 $2,543.3 $2,601.3 75.34% 74.65% 74.70%
Stocks 78.4 78.0 80.3 2.33 2.29 2.31
     Preferred stock  8.1 7.8 8.3 0.24 0.23 0.24
     Common stock  70.3 70.2 72.1 2.09 2.06 2.07
Mortgage loans on real estate 323.1 335.6 353.1 9.61 9.85 10.14
     First lien real estate mortgage loans  321.1 333.1 350.1 9.56 9.78 10.05
     Real estate loans less first liens  2.0 2.5 3.1 0.06 0.07 0.09
Real estate 20.6 21.4 22.4 0.61 0.63 0.64
     Occupied properties  5.7 5.5 5.4 0.17 0.16 0.16
     Income generating properties  14.6 15.4 16.0 0.43 0.45 0.46
     Properties for sale  0.3 0.5 0.9 0.01 0.02 0.03
Cash, cash equivalent and short term investments  96.5 106.6 94.8 2.87 3.13 2.72
Contract loans including premium notes  126.0 127.5 128.4 3.75 3.74 3.69
Derivatives 44.4 41.6 37.8 1.32 1.22 1.09
Other invested assets  124.0 136.6 145.5 3.69 4.01 4.18
Receivables for securities  2.1 2.1 3.2 0.06 0.06 0.09
Securities lending reinvested collateral assets 10.1 10.8 13.8 0.30 0.32 0.40
Write-ins for invested assets  0.2 -0.3 1.6 0.01 -0.01 0.05
Total cash and invested assets  $3,360.5 $3,407.1 $3,482.2 100.00% 100.00% 100.00%

(1) Includes cash and net admitted assets of life/health insurers.

Source: SNL Financial LC.

INVESTMENTS, LIFE/HEALTH INSURERS, 2010-2012 (1)

($ billions, end of year)
Amount Percent of total investments
Investment type 2010 2011 2012 2010 2011 2012
Bonds  $2,426.5 $2,536.2 $2,547.2 75.92% 75.47% 74.77%
Stocks 77.9 78.4 77.5 2.44 2.33 2.27
     Preferred stock  9.1 8.1 7.8 0.29 0.24 0.23
     Common stock  68.7 70.3 69.7 2.15 2.09 2.05
Mortgage loans on real estate 307.4 323.1 335.6 9.62 9.61 9.85
     First lien real estate mortgage loans  305.2 321.1 333.1 9.55 9.56 9.78
     Real estate loans less first liens  2.1 2.0 2.5 0.07 0.06 0.07
Real estate 19.7 20.6 21.4 0.62 0.61 0.63
     Occupied properties  5.7 5.7 5.5 0.18 0.17 0.16
     Income generating properties  13.6 14.6 15.4 0.43 0.43 0.45
     Properties for sale  0.3 0.3 0.5 0.01 0.01 0.02
Cash, cash equivalent and short-term investments  95.1 96.5 106.6 2.97 2.87 3.13
Contract loans including premium notes  123.5 126.0 127.5 3.86 3.75 3.74
Derivatives 21.6 44.4 41.6 0.68 1.32 1.22
Other invested assets  111.4 124.0 136.6 3.48 3.69 4.01
Receivables for securities  1.8 2.1 2.1 0.06 0.06 0.06
Securities lending reinvested collateral assets 10.6 10.1 10.8 0.33 0.30 0.32
Write-ins for invested assets  0.5 0.2 -0.3 0.02 0.01 -0.01
Total cash and invested assets  $3,196.2 $3,360.5 $3,406.7 100.00% 100.00% 100.00%

(1) Includes cash and net admitted assets of life/health insurers.

Source: SNL Financial LC.

INVESTMENTS, LIFE/HEALTH INSURERS, 2009-2011 (1)

Amount ($ billions) Percent of total investments
Investment type 2009 2010 2011 2009 2010 2011
Bonds $2,291.2 $2,426.5 $2,536.3 74.59% 75.92% 75.47%
Stocks 73.9 77.9 78.4 2.41 2.44 2.33
     Preferred stock 11.7 9.1 8.1 0.38 0.29 0.24
     Common stock 62.2 68.7 70.3 2.03 2.15 2.09
Mortgage loans on real estate 316.0 307.4 323.1 10.29 9.62 9.61
     First lien real estate mortgage loans 313.2 305.2 321.1 10.20 9.55 9.56
     Real estate mortgage loans less first liens 2.8 2.1 2.0 0.09 0.07 0.06
Real estate 19.5 19.7 20.6 0.63 0.62 0.61
     Occupied properties 6.2 5.7 5.7 0.20 0.18 0.17
     Income generating properties 12.9 13.6 14.6 0.42 0.43 0.43
     Properties for sale 0.4 0.3 0.3 0.01 0.01 0.01
Cash, cash equivalent and short-term investments 122.0 95.1 96.5 3.97 2.97 2.87
Contract loans including premium notes 120.0 123.5 126.0 3.91 3.86 3.75
Derivatives NA 21.6 44.4 NA 0.68 1.32
Other invested assets 105.3 111.4 124.0 3.43 3.48 3.69
Receivables for securities 2.0 1.8 2.1 0.07 0.06 0.06
Securities lending reinvested collateral assets NA 10.6 10.1 NA 0.33 0.30
Write-ins for invested assets 21.2 0.5 0.2 0.69 0.02 0.01
Total cash and invested assets  $3,071.9 $3,196.2 $3,360.5 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/health insurers.

NA=Data not available.

Source: SNL Financial LC.

INVESTMENTS, LIFE/HEALTH INSURERS, 2008-2010 (1)

Amount ($ billions) Percent of total investments
Investment type 2008 2009 2010 2008 2009 2010
Bonds $2,149.6 $2,291.4 $2,425.9 71.22% 74.59% 75.93%
Stocks 113.2 73.9 76.9 3.75 2.41 2.41
     Preferred stock 64.0 11.7 9.1 2.12 0.38 0.28
     Common stock 49.2 62.2 67.7 1.63 2.03 2.12
Mortgage loans on real estate 328.0 316.0 307.2 10.87 10.29 9.61
     First lien real estate mortgage loans 325.7 313.2 305.0 10.79 10.20 9.55
     Real estate loans less first liens 2.3 2.8 2.1 0.08 0.09 0.07
Real estate 20.0 19.5 19.7 0.66 0.63 0.62
     Occupied properties 5.9 6.2 5.7 0.20 0.20 0.18
     Income generating properties 13.8 12.9 13.6 0.46 0.42 0.43
     Properties for sale 0.4 0.4 0.3 0.01 0.01 0.01
Cash, cash equivalent and short term assets 146.3 122.7 95.1 4.85 3.99 2.98
Contract loans including premium notes 119.3 120.0 123.5 3.95 3.91 3.86
Derivatives NA NA 21.6 NA NA 0.68
Other invested assets 102.8 105.3 112.2 3.40 3.43 3.51
Receivables for securities 3.0 2.0 1.8 0.10 0.07 0.06
Securities lending reinvested collateral assets NA NA 10.6 NA NA 0.33
Write-ins for invested assets 36.0 21.2 0.5 1.19 0.69 0.02
Total cash and invested assets  $3,018.3 $3,071.9 $3,194.9 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/health insurers.

NA=Data not available.

Source: SNL Financial LC.

INVESTMENTS, LIFE/HEALTH INSURERS, 2005-2009 (1)

Amount ($ billions) Percent of total investments
Investment type 2005 2008 2009 2005 2008 2009
Bonds $2,145.2 $2,150.7 $2,291.1 76.61% 71.25% 74.62%
Stocks 98.7 112.3 72.7 3.52 3.72 2.37
     Preferred stock 25.6 63.8 11.7 0.91 2.11 0.38
     Common stock 73.1 48.5 61.0 2.61 1.61 1.99
Mortgage loans on real estate 276.5 327.8 315.7 9.87 10.86 10.28
     First lien real estate mortgage loans 275.2 325.4 313.0 9.83 10.78 10.19
     Real estate loans less first liens 1.3 2.3 2.8 0.05 0.08 0.09
Real estate 19.1 20.0 19.5 0.68 0.66 0.63
     Occupied properties 5.3 5.9 6.2 0.19 0.20 0.20
     Income generating properties 12.8 13.8 12.9 0.46 0.46 0.42
     Properties for sale 0.9 0.4 0.4 0.03 0.01 0.01
Cash, cash equivalent and short term assets 61.9 146.8 122.8 2.21 4.86 4.00
Contract loans including premium notes 106.4 119.2 120.0 3.80 3.95 3.91
Long-term investments 77.0 102.8 105.3 2.75 3.41 3.43
Receivables for securities 3.0 3.0 2.0 0.11 0.10 0.06
Write-ins for invested assets 12.5 36.0 21.2 0.45 1.19 0.69
Total cash and invested assets  $2,800.3 $3,018.6 $3,070.3 100.00% 100.00% 100.00%

(1) Data are net admitted assets of life/health insurers.

Source: SNL Financial LC.

INVESTMENTS, LIFE/HEALTH INSURERS, 2004-2008

   Amount ($ billions)  Percent of total investments
Investment type 2004 2007 2008 2004 2007 2008
Bonds $2,049.4 $2,164.1 $2,147.1 75.88% 73.26% 71.27%
Stocks 99.3 141.2 114.2 3.68 4.78 3.79
     Preferred stocks 32.5 65.6 63.7 1.20 2.22 2.12
     Common stocks 66.8 75.6 50.5 2.47 2.56 1.68
Mortgage loans on real estate 266.1 315.1 327.4 9.85 10.67 10.87
     First liens 265.0 313.1 325.1 9.81 10.60 10.79
     Other than first liens 1.1 2.0 2.3 0.04 0.07 0.08
Real estate 19.6 19.6 20.0 0.72 0.66 0.67
     Properties occupied by company 5.8 5.9 5.9 0.22 0.20 0.20
     Properties held for income production 12.3 12.7 13.8 0.46 0.43 0.46
     Properties held for sale 1.4 0.9 0.4 0.05 0.03 0.01
Cash, cash equivalent and short-term investments 74.7 79.2 146.5 2.76 2.68 4.86
Contract loans 105.6 113.5 118.1 3.91 3.84 3.92
Other invested assets 70.2 102.5 103.2 2.60 3.47 3.42
Receivables for securities 2.5 2.4 3.0 0.09 0.08 0.10
Aggregate write-ins for invested assets 13.5 16.4 36.0 0.50 0.56 1.20
Total cash and invested assets $2,700.8 $2,954.0 $3,012.8 100.00% 100.00% 100.00%

Source: National Association of Insurance Commissioners (NAIC) Annual Statement Database, via Highline Data, LLC. Copyrighted information. No portion of this work may be copied or redistributed without the express written permission of Highline Data, LLC.

Investments, Life/Annuity Insurers, 2023-2025 (1)

($ billions, end of year)
Amount Percent of total investments
Investment type 2022 2023 2024 2022 2023 2024
Bonds $3,642.0 $3,786.2 $3,987.6 68.12% 67.39% 66.80%
Stocks 138.2 142.0 161.5 2.59 2.53 2.71
     Preferred stock 17.0 18.4 22.7 0.32 0.33 0.38
     Common stock 121.2 123.6 138.8 2.27 2.20 2.33
Mortgage loans on real estate 732.3 785.9 832.1 13.70 13.99 13.94
     First lien real estate mortgage loans 722.9 775.2 818.6 13.52 13.80 13.71
     Real estate loans less first liens 9.4 10.7 13.6 0.18 0.19 0.23
Real estate 22.7 21.9 21.6 0.42 0.39 0.36
     Occupied properties 5.4 5.3 5.3 0.10 0.09 0.09
     Income generating properties 16.8 15.8 15.3 0.31 0.28 0.26
     Properties for sale 0.5 0.8 1.1 0.01 0.01 0.02
Cash, cash equivalent and short term investments 187.9 195.2 214.6 3.52 3.47 3.60
Contract loans including premium notes 138.5 147.2 150.8 2.59 2.62 2.53
Derivatives 101.9 121.6 125.5 1.91 2.16 2.10
Other invested assets 336.5 363.0 408.9 6.29 6.46 6.85
Receivables for securities 8.7 9.7 13.1 0.16 0.17 0.22
Securities lending reinvested collateral assets 15.4 24.5 31.7 0.29 0.44 0.53
Write-ins for invested assets 22.1 21.3 21.8 0.41 0.38 0.37
Total cash and invested assets  $5,346.1 $5,618.6 $5,969.3 100.0% 100.0% 100.0%

(1) Data are net admitted assets of life/annuity insurers.

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

Investments, Life/Health Insurers, 2003-2007

INVESTMENTS, LIFE/HEALTH INSURERS, 2003-2007
Amount ($ billions) Percent of total investments
Investment type 2003 2006 2007 2003 2006 2007
Bonds $1,889.8 $2,134.6 $2,164.1 75.09% 74.12% 73.17%
Stocks 95.1 143.5 142.5 3.78 4.98 4.82
     Preferred stocks 29.9 64.7 65.7 1.19 2.25 2.22
     Common stocks 65.2 78.7 76.8 2.59 2.73 2.60
Mortgage loans on real estate 253.7 294.0 315.1 10.08 10.21 10.65
     First liens 252.8 292.9 313.1 10.04 10.17 10.58
     Other than first liens 0.9 1.1 2.0 0.04 0.04 0.07
Real estate 19.9 18.8 19.6 0.79 0.65 0.66
     Properties occupied by company 5.8 5.7 5.9 0.23 0.20 0.20
     Properties held for income production 12.5 12.4 12.8 0.50 0.43 0.43
     Properties held for sale 1.6 0.7 0.9 0.06 0.02 0.03
Cash, cash eqivalent and short-term investments 76.8 79.8 79.2 3.05 2.77 2.68
Contract loans 104.0 109.8 113.5 4.13 3.81 3.84
Other invested assets 58.9 81.2 105.0 2.34 2.82 3.55
Receivables for securities 4.1 3.0 2.4 0.16 0.11 0.08
Aggregate write-ins for invested assets 14.3 15.1 16.5 0.57 0.52 0.56
Total cash and invested assets $2,516.6 $2,879.7 $2,957.9 100.00% 100.00% 100.00%
Source: National Association of Insurance Commissioners (NAIC) Annual Statement Database, via Highline Data, LLC. Copyrighted information. No portion of this work may be copied or redistributed without the express written permission of Highline Data, LLC.