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April 07, 2026
Partner, Chief Economist
The chart below shows exposure to below investment grade bank loans across a representative sample of US insurers.
The average is 1%.
The bottom line is that sub-investment grade levered lending is a very small part of the balance sheet for the US insurance industry.
Note: Data as of December 31, 2024, or December 31, 2025, based on latest available. Above insurers constitute a representative sample of US market participants. Represents unaffiliated and affiliated below investment grade bank loans (rated NAIC 3 and lower) in US statutory entities (from Schedule D statutory investment schedule), as aggregated by SNL financial, divided by total general account US statutory assets (from US statutory summary balance sheet). Excludes assets outside US statutory entities (e.g., asset in international entities). The data in this page is pulled from the publicly available S&P Market Intelligence SNL Insurance Regulatory Data dataset.
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