Insurers Hold $1.21 Trillion in Private Credit: NAIC Report Focuses on $544 Billion in Complex Assets
The National Association of Insurance Commissioners (NAIC) released its Private Credit Analysis of the U.S. Insurance Industry on November 5, drawing on insurer investment data as of year-end 2025 to identify and categorize holdings across distinct private credit categories. Under a broad definition, the entire U.S. insurance industry held $1.21 trillion in private credit assets, representing approximately 13 percent of cash and invested assets.
More than half of that total sits in assets with more straightforward credit risks and structures, including private placement bonds, bank loans and middle-market collateralized loan obligations, classes insurers have held for decades and regulators have long monitored. The analysts' primary focus is on holdings with greater structural complexity or alternative asset exposure, privately rated bonds, business development companies and private credit funds, which totaled $544 billion, about 6 percent of cash and invested assets and 9 percent of total bond holdings.
Virginia Insurance Commissioner and NAIC President Scott White said state regulators are taking a data-centric approach and continuing to evolve regulatory frameworks alongside insurers' changing investment strategies, ownership structures and risk-transfer arrangements. The NAIC expects enhanced reporting disclosures adopted in 2026, to be included in year-end 2026 annual statement filings, to sharpen the identification and classification of private credit investments. (Source: National Association of Insurance Commissioners)
Source: National Association of Insurance Commissioners
Published by GSM · USA (original Chinese edition)
Photo: 图片来源：NAIC总部所在地堪萨斯城夜景（Wikimedia Commons，CC BY-SA 3.0） / Image: Downtown Kansas City, Missouri, home of the NAIC, Wikimedia Commons (CC BY-SA 3.0)
