Private credit has quietly taken over life insurer bond portfolios

Private credit as a share of US life insurer bond holdings, %, top 30 insurers

Private credit includes private placement bonds, CLOs and other non-publicly-traded debt. Data covers top 30 US life insurers by assets. 2023 is the latest available year in this source.
Chart: The Macroprudential ViewSource: Milliman / S&P GlobalGet the dataCreated with Datawrapper