Insurance Assets Managed by Third Parties Soared to $4.5T in 2024
Unaffiliated general account insurance assets managed by third-party firms reached $4.5 trillion by the end of 2024, a threefold increase from $1.7 trillion in 2015, as insurers increasingly outsource investment management. This growth is detailed in Clearwater Analytics’ “2025 Insurance Investment Outsourcing Report.”
The report also highlighted $2 trillion in insurance assets under advisement by investment consultants, driven by efforts to diversify into new asset classes. Fixed-income strategies dominate third-party insurance assets under management (AUM), with 68.4% in public fixed income, 14.2% in private fixed income, 10.6% in public equities, and 6.9% in private equity.
Private assets, though a smaller portion, have seen explosive growth, rising to over $800 billion from less than $50 billion a decade ago. The report noted, “Private asset class managers are entering the insurance space and insurers are investing. This shift toward private markets demonstrates insurers’ search for yield and portfolio diversification.”
Leading insurance asset managers include BlackRock ($711.3 billion in insurance AUM), Goldman Sachs ($459.8 billion), Ostrum Asset Management ($260.4 billion), J.P. Morgan Asset Management ($231.5 billion), and Amundi Investment Solutions ($174.9 billion). Among consultants, Mercer advises on $1.5 trillion in insurance assets, followed by Mariner Institutional ($268.1 billion), Callan ($66.3 billion), NEPC ($57.9 billion), and Wilshire Advisors ($32 billion).
The report serves as a resource for insurers, offering insights from over 100 managers and consultants, including service offerings and AUM details.
