North American Insurance "Investment portfolio handbook - 2026" Ward

Research evidence excerpt

North American Insurance "Investment portfolio handbook - 2026" Ward

Global Research

8 June 2026ab

North American Insurance Equities

North AmericaInvestment portfolio handbook - 2026

Insurance

Michael Ward

Annual investment portfolio deep dive for public insurers Analyst

We update portfolio data for 24 life and property/casualty insurers, examining michael.ward@ubs.com

allocations and asset leverage (investments/tangible equity) based on asset class, credit +1-212-713 3518

quality, region, sector. This year we include Private Credit in addition to our drill-downs Brian Meredith

asset-backed securities, collateralized debt, and mortgage loans. Trends underscore Analyst

ongoing shift from public corporate and government bonds and towards RMBS and brian.meredith@ubs.com

more illiquid/volatile exposure like alternative/equities. Aggregate quality by rating has +1-212-713 2492

improved modestly as interest rates have risen post-pandemic. This report is functionally Justin Tucker

most relevant for life insurers due to structurally higher recessionary/credit cycle tail risk Associate Analyst

and invested asset leverage inherent to spread-based financial products. justin.tucker@ubs.com

+1-212-713 2325

Private Credit exposure varies but appears manageable given illiquid liabilities Kristina Milanovic

and track record of Lifecos Associate Analyst

Private credit has been highly topical this year, and although the absolute level of panic kristina.milanovic@ubs.com

+1-212-713 3955

has subsided, concern remains as it is a key area of discussion in our conversations with

longer-term investors in the US and abroad. Life stocks have generally rebounded much Leandro Leite

faster than we saw in 2023 however, with macroeconomic/credit cycle opinion key to Associate Analyst

most theses.