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Fifty per cent of the total number of US insurers that filed annual statements with the NAIC at year-end 2020 reported outsourcing investment management, which for the most part was consistent with that of year-end 2019.
Consistent with prior years, small insurers, or those with less than $250m in assets under management, accounted for the largest percentage, or 63% of the total number of US insurers, that outsourced investment management.
P&C companies continue to account for almost 60% of the total number of US insurers that outsource to unaffiliated investment managers.
For US insurers that named the unaffiliated investment management firms that they utilise, BlackRock, Conning, and New England Asset Management (NEAM) have been the top three most-named investment managers over the last few years.