Securitized Products Insurance Quarterly Update

Research evidence excerpt

Securitized Products Insurance Quarterly Update

Isabella Lee AC (1-212) 834-4148 Terrell Bobb AC (1-212) 834-5947 North America Securitized J P M O R G A Nisabella.lee@jpmorgan.com terrell.bobb@jpmchase.com Products Research

J.P. Morgan Securities LLC J.P. Morgan Securities LLC

John Sim AC (1-212) 834-3124 Sanjana Prasad AC (1-212) 834-5720 16 June 2026

john.sim@jpmorgan.com sanjana.t.prasad@jpmchase.com

Securitized Products Insurance Quarterly

Update

1Q26

• In this publication, we provide an overview of insurance bond and loan hold-

ings by securitized products sector

• As a reminder, effective 2025 year-end reporting, NAIC implemented signifi-

cant changes to reporting, including shifting from a rules-based to principles-

based bond definition and reclassifying asset-backed securities. Please see last

quarter’s publication for more information

• Quarterly holdings are S&P estimations based on reported acquisitions and

disposals and may differ from actual holdings

• 1Q26 overall bond acquisitions totaled $488bn, a slight decrease from 3Q25

acquisitions. Of this, bond acquisitions within securitized products was $141bn

• This reflected an uptick in corporate bond and US govt obligation acquisitions

and a smaller share in other segments

• Meanwhile, loan acquisitions in 1Q26 totaled $34bn, shifting out of some com-

mercial mortgage segments into farm and mezz loans

• We provide a breakdown of holdings by top 50 insurance entity for each SPG

sector and product

• These are estimates based on S&P insurance filings and are subject to a margin

of error where insurers have miscategorizations. Prior quarterly holdings were

S&P estimates derived from year-end data plus quarterly acquisitions/dispos-

als; year-end results revise holdings to actual reported figures

J.P.