US insurers’ Schedule BA assets decrease to $533.7bn

Written by Adam Cadle

06/02/2025

US insurance companies have reported a small YOY decrease in other long-term investments reported on Schedule BA, to $533.7bn in BACV to year-end 2023, compared to $534.8bn at year-end 2022.

The NAIC said the decline in Schedule BA assets occurred after strong double-digit YOY growth between 2019 and 2021, which was followed by lesser, single-digit increase from 2021 to 2022.

Private equity, hedge fund, and real estate investments continued to represent the majority of the US insurers’ Schedule BA assets, accounting for 73% of total exposure.

Life insurers’ share of Schedule BA assets increased YOY and was 65% of the total, while P&C insurers’ share, which has been declining over the last few years, was 31% of the total at year-end 2023. •

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 2023.

Related Articles