Private Credit Makes Up a Third of US Life Insurance Assets

Insurers in Europe and the United States are ramping up their exposure to private credit, according to two new reports from Moody’s Ratings.

As much as a third of the $6 trillion worth of cash and invested assets held by US life insurers was allocated to various types of private credit investments at the end of 2024, Moody’s estimates based on a survey of insurers it rates.

Though exposure in Europe is lower at about €500 billion ($578 billion), its cumulative growth over the past five years is close to 30%. The vast majority of insurers’ chief financial officers ...