Insurance Outsourcing: $4.5T in Assets Managed (2024)
Insurance companies are actively outsourcing asset management, reaching a staggering $4.5 trillion in unaffiliated general account insurance assets managed by third-party firms in 2024. This represents a substantial threefold increase as 2015, reflecting the growing trend of insurance investment outsourcing. Fixed-income strategies still lead the way, but private assets are experiencing explosive growth, signaling insurers’ efforts to diversify. Key players like blackrock and Goldman Sachs are managing significant portions of these assets. Investment consultants are also advising on trillions more. For insights and trends, News Directory 3 has the latest facts. Discover what’s next in the dynamic world of insurance asset management.
Insurance Assets Surge to $4.5T Amid Outsourcing Trend
Updated June 3, 2025
Insurance companies are increasingly turning to third-party firms to manage their assets, driving unaffiliated general account insurance assets under management to $4.5 trillion by the close of 2024. According to Clearwater Analytics’ “2025 Insurance Investment Outsourcing Report,” this represents a threefold increase from the $1.7 trillion recorded in 2015.
The report highlights the growing trend of insurance investment outsourcing and also notes that investment consultants are advising on $2 trillion in insurance assets. This surge reflects insurers’ efforts to diversify into new asset classes.
fixed-income strategies remain the dominant choice for third-party insurance assets under management (AUM). Public fixed income accounts for 68.4%, followed by private fixed income at 14.2%,public equities at 10.6%, and private equity at 6.9%.
Although representing a smaller portion of the total, private assets have experienced significant growth, climbing from less than $50 billion a decade ago to over $800 billion. This shift indicates insurers’ pursuit of higher yields and greater portfolio diversification through private markets.
Key players in insurance asset management include BlackRock, with $711.3 billion in insurance AUM; Goldman Sachs, managing $459.8 billion; ostrum Asset Management, overseeing $260.4 billion; J.P. Morgan Asset Management, with $231.5 billion; and Amundi Investment Solutions, handling $174.9 billion. Among consultants, Mercer leads by advising 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).
What’s next
the Clearwater Analytics report aims to provide insurers with valuable insights, drawing from data collected from over 100 managers and consultants. It offers details on service offerings and AUM,helping insurers navigate the evolving landscape of insurance investment outsourcing.