21% of assets held in insurance unaffiliated general accounts invested in private markets

Written by Adam Cadle

07/07/2025

Twenty-one per cent of assets held in insurance unaffiliated general accounts are now invested in private markets, a significant increase from 15% in 2022, new analysis from Clearwater Analytics has revealed.

In 2020 and 2015, the figures were 9% and 7% respectively.

Of the amount insurers have invested in fixed income assets through these accounts, 17% is in private credit holdings. The corresponding figures in 2022, 2020 and 2015 are 12%, 7% and 4%, respectively.

In terms of their investment into equities overall through unaffiliated general accounts, insurers have around 39% held in private equity/equity alternatives. The corresponding figures for 2022, 2020 and 2015 are 29%, 23% and 30%, respectively.

Further analysis of insurers’ private market fixed income investments held in unaffiliated general accounts reveals that 31% is via private placements, followed by 28% in mortgages and other real estate fixed income investments and 17% in middle market credit.

In terms of their allocation to private equities and equity alternatives through insurance unaffiliated general accounts, 42% is held in private equity and venture capital funds, and 33% in real estate funds.

“The insurance sector is undergoing a period of significant transformation and that is underlined by how organisations continue to turn their attention towards private markets and alternatives, said Sandeep Sahai, CEO of Clearwater Analytics.

“The data we collect on the insurance industry has seen outsourced AuM almost triple to $4.5trn in the past decade and the private asset class AuM surge from less than $50bn to over $800bn.”

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