The life insurance industry's structural transformation since the GFC is being heavily influenced by the growing nexus between life insurers and Private Equity (PE) firms according to a recent paper by the Bank of International Settlements. This relationship has driven a significant shift in investment strategy toward riskier, less liquid private assets , such as structured credit and private credit/direct lending. PE-linked insurers are significantly more likely to hold thes

The insurance industry is undergoing a fundamental transformation as insurers increasingly leverage their balance sheets to invest in private markets, fundamentally changing the relationship between asset managers and insurance companies. Phil Waldeck, PGIM's Head of Multi-Asset and Quantitative Solutions overseeing nearly $140 billion in AUM, brings a unique perspective.

What's New According to S&P Global Ratings analysts Carmi Margalit and Neil R. Stein in their October 2025 report , private credit investments now represent approximately 6% of U.S. life insurers' total portfolios (roughly $289 billion), while property/casualty insurers maintain minimal exposure at just 1%. Despite this growth, no insurer ratings have been downgraded due to private credit exposure, as S&P assesses that companies are adequately managing the heightened illiquid

Alternative asset managers are experiencing their highest levels of optimism about exit activity and IPO markets since before the 2022 rate hikes, with several industry leaders signaling that the pause in activity is behind them. Glenn Schorr, senior managing director and senior research analyst at Evercore ISI who has covered alternative asset managers since the first firms went public.

Asset managers acquire $1T in insurance products, transforming from episodic fundraising to permanent capital with lower valuations.

The Carlyle Group delivered record Q2 2025 Fee-Related Earnings of $323 million (up 18% YoY) and Assets Under Management of $465 billion, while announcing a leadership restructure naming three Co-Presidents. The private equity giant raised full-year FRE growth guidance to 10% from 6% as its diversification into credit and solutions businesses now generates 55% of firm-wide FRE, up from less than 30% two years ago. CEO Harvey Schwartz highlighted the firm's industry-leading ca

According to S&P Global Market Intelligence's 2025 US Insurance Investments Market Report, life insurers accelerated their shift toward alternative investments in 2024, with other long-term invested assets and mortgage loans each gaining portfolio share for the fourth consecutive year.

Lincoln Financial CIO Jayson Bronchetti explains how insurance companies' patient capital and distribution networks are democratizing private markets for mainstream investors through strategic partnerships with firms like Bain Capital and Partners Group.RetryClaude can make mistakes. Please double-check responses.

The three largest players in private equity—Blackstone, Apollo, and KKR—are pursuing dramatically different business models after decades of similar strategies, according to the Financial Times. While all three firms dominated the industry using comparable approaches through 2020, the post-pandemic era has revealed sharp strategic divergences that could determine their resilience during market downturns.

Insurance giants pivot 62% into private assets as inflation fears drive $14T sector away from traditional investments toward illiquid markets.

PitchBook's "2029 Private Market Horizons" report forecasts global private capital assets under management (AUM) will reach $24.1 trillion by 2029, up from nearly $19 trillion today, reflecting a more moderate 5.2% annual growth rate compared to the rapid expansion of the previous decade.

KKR reported Q1 2025 results on its 49th anniversary, delivering record fee-related earnings of $0.92 per share (up 22% YoY) while deploying over $10 billion in new investments since recent tariff announcements. The alternative asset manager raised $31 billion in new capital during the quarter, showcasing resilience amid market volatility driven by trade concerns.

Lincoln Financial is partnering with Bain Capital and Partners Group to launch two private-market funds for individual investors

Apollo transformed from scrappy upstart to $750B powerhouse by embracing complexity. How its "perpetual motion machine" is redefining financ

Insurance companies now fund 43% of private credit assets, driving a $2 trillion market that's reshaping traditional banking relationships.

Huw van Steenis discussed with Bloomberg Surveillance how private credit is transforming traditional banking relationships.

What's Happening Bloomberg reports private credit firms are creating new "rated feeder" structures that transform fund stakes into...

KKR's fourth quarter 2024 financial results shoed significant growth across its asset management, insurance, and strategic holdings segment.

T. Rowe Price and its alternative credit arm Oak Hill Advisors have formed a strategic partnership with life insurance provider Aspida.

Blackstone reports record Q4 earnings of $2.2B, eyes private wealth push as infrastructure and insurance drive growth