US insurers’ exposure to ABS and other structured securities increases by 9%

Written by Adam Cadle

08/01/2025

US insurers’ exposure to asset-backed securities (ABS) and other structured securities increased by 9% in 2023 to a total of $626bn in book/adjusted carrying value (BACV), according to latest figures published by the NAIC.

Life companies accounted for the majority of ABS and other structured securities exposure at 79% of the total, consistent with year-end 2022.

Almost 80% of US insurers’ ABS and other structured securities investments were high credit quality, evidenced by NAIC 1 designations, a small improvement from 77% the year prior.

Consumer ABS comprised 9% of total ABS and other structured securities, or about $53bn in BACV at year-end 2023, a small increase from $50bn at year-end 2022.

Within US insurers’ total consumer ABS exposure, auto ABS accounted for the majority at about $33bn, or 62% of total ABS and other structured securities.

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