Asset Manager-Affiliated Insurers' Impact in Life Annuity Market 2026
Conning's 2026 Report Sheds Light on Asset Manager–Affiliated Insurers' Market Influence
Hartford, Conn., February 12, 2026—In its latest industry report, Conning examines the evolving role of asset manager–affiliated insurers in the life annuity sector. The study revisits insights from 2021 and details significant shifts within the market landscape, highlighting the rise of these insurers as influential players.
The analysis outlines how these insurers have diversified investment strategies, integrating private credit into portfolios and increasing their reliance on reinsurance for growth and capital optimization. These strategies, initially a response to the post-2008 financial landscape, have now become a core competence influencing market dynamics and attracting regulatory attention.
Industry Evolution and Strategic Changes
Scott Hawkins, Managing Director and Head of Insurance Research at Conning, states, "Asset manager–affiliated insurers have transitioned from disruptive newcomers to key strategic players within the annuity industry. Their innovative integration of investment management and balance sheet strategies has redefined approaches to annuity liability management and pricing."
Initially gaining traction after the financial crisis, firms such as Apollo-owned Athene were pioneers in leveraging the structural benefits of having an asset management parent or partnership. Conning's report identifies primary models within this segment: reinsurer-focused carriers, supporting both closed block and flow reinsurance, and origination carriers that issue new annuities often underpinned by affiliated reinsurers.
Convergence of Traditional and Innovative Entities
Further, the report includes private equity-backed insurers under the broader classification of asset manager partnerships. The convergence of innovative entrants and traditional insurers is marked by the adoption of these methodologies by more established players.
Conning’s findings indicate that the life annuity industry is increasingly characterized by strategic experimentation and competition focusing on scale, investment acumen, and balance sheet optimization. Firms are differentiating themselves based on investment capabilities, operational efficiencies, and strategic partnerships rather than traditional franchise and distribution strengths.
The comprehensive study, "Transforming an Industry: Asset Manager Backed Insurers," is available for purchase through Conning.
About Conning
Conning is a respected investment management firm with deep roots in the insurance industry, providing a range of investment solutions, risk management tools, and market research. Part of the Generali Group, Conning operates investment centers across Asia, Europe, and North America.