US insurers’ investments in Schedule BA—other long-term investments increased by double-digits for the first time since 2021, reaching $637bn at year-end 2025 and representing almost 7% of the industry’s total cash and invested assets, according to the National Association of Insurance Commissioners (NAIC).
Growing 10.3% year-over-year, exposure to Schedule BA assets grew at a faster pace than the overall US insurance industry’s investment portfolio (i.e. 6.7%).
Life insurers continue to account for the largest share of Schedule BA assets at 65% of the total, followed by P&C companies at 30%.
Private equity, hedge fund, and real estate investments continued to represent the majority of US insurers’ Schedule BA assets at 70% of total exposure, with collateral loans, mortgage loans, and fixed income accounting for another 30%.
For a second consecutive year, unaffiliated Schedule BA assets have exceeded the percentage of affiliated Schedule BA assets and were 53% of total Schedule BA assets as of year-end 2025.
