Insurance Assets Under Management by Third Parties Hit $4.5 Trillion in 2024

Insurance assets managed by third parties have reached $4.5 trillion by the end of 2024, marking a threefold increase over the last decade as insurers increasingly outsource asset management.

Fixed-income strategies dominate these third-party assets, with 68.4% in public fixed income and growing interest in private assets, which have surged to over $800 billion from less than $50 billion in ten years, reflecting insurers' pursuit of yield and portfolio diversification.

Key players managing these insurance assets include BlackRock, Goldman Sachs, and J.P. Morgan, while Mercer leads as the primary investment consultant advising on $1.5 trillion of insurance assets. The Clearwater Analytics report offers valuable data on more than 100 asset managers and consultants, serving as a resource for insurers in evaluating asset management and advisory services.