BELLEVUE, Wash.–(BUSINESS WIRE)–
Symetra Life Insurance Company announced that Fortune® magazine and Great Place to Work®, the global authority on workplace culture, have recognized Symetra on the 2025 Fortune Best Workplaces for Women List. This is Symetra’s fourth consecutive appearance on the list, coming in at No. 32 among the top 100 organizations in the large workplace category.
Symetra was named to the Fortune Best Workplaces for Women list for the fourth consecutive year. It was ranked No. 32 among the top 100 organizations in the large workplace category.
To determine the Best Workplaces for Women, Great Place To Work (GPTW) analyzed the survey responses of nearly 605,000 women who work for Great Place To Work Certified companies that were eligible for the list. To be considered, a company must employ at least 50 women, have at least 20 percent of non-executive managers who are women, and at least one female C-suite executive.
“Symetra is incredibly proud to be recognized once again by Fortune and Great Place to Work as a best workplace for women,” said Chief Human Resources Officer Anne-Marie Diouf. “Like GPTW CEO Michael Bush, we believe that ‘when women thrive in the workplace, everybody else does too. That’s what it means to be a ‘For All’ company, where the expectation is that every employee can have a great experience and reach their full potential.’”
Company rankings are derived from 60 employee experience questions within the Great Place To Work Trust Index Survey. Survey responses reflect a comprehensive picture of the workplace experience. Honorees were selected based on their ability to offer positive outcomes for women regardless of job role, race, sexual orientation, work status, or other demographic identifier (full methodology here).
Great Place To Work measured the experience of women at participating companies and compared those results to their peers within the organization. The best companies create great work experiences for all women, from the frontline to the C-Suite.
In addition to its Fortune Best Workplaces for Women honors, Symetra’s recent workplace awards and recognition include Fortune Best Workplaces in Financial Services & Insurance (2025, 2024, 2023), Fortune Best Workplaces for Millennials (2024), Fortune Best Workplaces for Parents (2024) and Forbes America’s Best Midsize Employers (2023). The company has been Great Place to Work certified since 2022.
To learn more about working at Symetra, its remote-first environment and current opportunities, visit https://www.symetra.com/careers/.
About Symetra
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers. For more information, visit www.symetra.com.
About Great Place To Work
As the global authority on workplace culture, Great Place To Work brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Its proprietary platform and Great Place To Work Model help companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified and receiving recognition on a coveted Best Workplaces List.
About Fortune
Fortune upholds a legacy of award-winning writing and trusted reporting for executives who want to make business better. Independently owned, with a global perspective and digital agility, Fortune tells the stories of a new generation of innovators, builders, and risk takers. Online and in print, Fortune measures corporate performance through rigorous benchmarks and holds companies accountable. Fortune creates communities by convening true thought leaders and iconoclasts — those who shape industry, commerce, and society – through powerful and prestigious lists, events, and conferences, such as the iconic Fortune 500, the CEO Initiative, and Most Powerful Women. For more information, visit fortune.com.
Inflation tops insurers’ risk concerns (63%), while overall risk appetite remains low (12% planning to increase exposure)
Private markets continue to gain importance, with 30% of insurers planning to increase their allocations and 58% intending to maintain current levels
85% of insurers are open to, and actively planning, a shift toward more flexible asset management models
Capital Management priorities include utilizing reinsurance sidecars, (67%), increasing usage of third-party capital (54%), and enhancing captive capabilities (53%)
Technology investments are focused on AI-related software (74%), portfolio and risk management (70%), and liability and analytical tools (56%)
NEW YORK–(BUSINESS WIRE)–
Insurers are bracing for another year of uncertainty, with inflation once again cited as one of the top macroeconomic risks, according to BlackRock’s 14th annual Global Insurance Report. The report surveyed 463 senior investment professionals across 33 markets—representing $23 trillion in assets under management—shows a sector adapting with caution but also seizing opportunities in both public and private markets.
Even as risk appetite remains low – just 12% of insurers plan to increase their overall investment risk exposure in 2025 – allocations to private markets continue to rise. Nearly a third (30%) of insurers expect to increase private allocations with 58% intending to maintain their current exposure. 79% of respondents expect their private markets exposure to change by 1 to 5%, 13% anticipate a change between 6 and 9%, and 1% expect a change of 10% or more over the next 12 months, influenced by market movements and asset allocation over the next 12 months, signaling the continued structural shift toward private assets that has persisted across rate cycles. Private credit, infrastructure, and multi-alternative strategies remain the most cited opportunities.
At the same time, public markets remain foundational to portfolios: 73% of insurers plan to maintain their current allocations and 21% plan to increase them.
“The story of 2025 is one of caution amid volatility, but also of conviction in the long-term opportunities private markets can offer,” said Mark Erickson, Global Insurance Strategist of BlackRock’s Financial Institutions Group. “Insurers are navigating the environment with discipline while many are embracing new operating models, such as hybrid solutions to access private assets, and adopting investment, risk, and AI software to strengthen their portfolios.”
As the report highlights, insurers are focused not only on navigating current market volatility, but also on positioning their portfolios for long-term competitiveness. Many are rethinking their investment strategies and operating models. Private credit, infrastructure and technology continue to serve as useful tools to support insurers’ strategic initiatives.
“Insurers are sophisticated allocators across public and private markets, operating in a highly competitive and regulated environment. Today, we’re witnessing an accelerated transformation, particularly among life insurers, toward long-term private capital deployment, especially in areas like private credit and infrastructure. Their deep expertise, disciplined approach, and long-term investment horizon uniquely position them to offer valuable perspectives to other institutional investors navigating similar challenges,” said Charles Hatami, Global Head of the Financial & Strategic Investors Group and Co-Head of the Global Partners Office at BlackRock.
A defining feature of this year’s report is the shift toward more flexible operating models. As the competitive and market dynamics continue to evolve, insurers are adapting. Regarding their asset management operating model, 87% of insurers are changing their approach. Rather than solely relying on their in-house capabilities, many are adopting hybrid models that combine their internal expertise with external partners, supported by major investments in technology. In addition, we’ve observed a growing emphasis on capital management across all types of insurers. Over the next 12 months, 67% anticipate utilizing reinsurance sidecars, 54% expect to increase their use of third-party capital, and 53% plan to expand their captive management capabilities. This heightened focus on capital management is largely driven by insurers’ need to diversify balance sheet income through greater fee-based revenue, optimize balance sheets and capital structures, differentiate asset mixes via sidecars, and access non-dilutive sources of capital.
Insurers also remain committed to their long-term sustainable and transition investing goals. For the second year in a row, insurers most commonly cited clean energy infrastructure (55%) as the most attractive opportunity for sustainable and transition investing, followed by core infrastructure (51%) and green bonds (38%).
The BlackRock Global Insurance Survey, now in its fourteenth year, provides industry-leading insight into the thinking and plans of the insurance industry through independently conducted interviews of senior insurance executives across the globe. This year’s survey conducted in July – September 2025 encapsulates the views of 463 senior industry executives in 33 markets with the following regional distribution: 37% from EMEA, 29% from North America, 25% from Asia-Pacific, and 9% from Latin America. Taken together these companies represent investable assets of approximately US$ 23 trillion. The associated interactive report complements the global findings with regional results, comments from industry peers and insights from BlackRock experts.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
Important information
BlackRock: This document is marketing material: Before investing please read the Prospectus and the KIID available on www.blackrock.com/it, which contain a summary of investors’ rights.
All statistics cited in this paper are sourced from the 2025 Global Insurance Report.
Capital at risk
The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.
This material is provided for educational purposes only and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are subject to change. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations. Reliance upon information in this material is at the sole risk and discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any investor.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, and estimates of yields or returns. No representation is made that any performance presented will be achieved by any BlackRock funds, or that every assumption made in achieving, calculating or presenting either the forward-looking information or any historical performance information herein has been considered or stated in preparing this material. Any changes to assumptions that may have been made in preparing this material could have a material impact on the investment returns that are presented herein.
The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all inclusive and are not guaranteed as to accuracy. Unless otherwise stated, all information is as at end of August 2024.
The report summarizes the results of a survey of senior representatives of global insurance companies by an external agency on behalf of BlackRock conducted through a series of online and telephone interviews from July to September 2024. The gathered data and opinions provided by specific insurers are indicative in nature only and do not represent a scientific or exhaustive study of the state of the insurance industry and insurers’ asset allocation and investment intentions. Data sets may be incomplete or inconclusive and third-party opinions should not be construed as forecasts or indicative of any future intention. BlackRock does not endorse or necessarily agree with the third-party opinions expressed in this report. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy.
This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) and qualified investors only and should not be relied upon by any other persons.
In the UK and Non-European Economic Area (EEA) countries:
This is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44(0)20 7743 3000. Registered in England and Wales No. 02020394.
For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
In the European Economic Area (EEA):
This is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.
For qualified investors in Switzerland: This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services (“FinSA”). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa.
For investors in Israel: BlackRock Investment Management (UK) Limited is not licenced under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder.
For investors in the Kingdom of Saudi Arabia: This material is for distribution to Institutional and Qualified Clients (as defined by the Implementing Regulations issued by Capital Market Authority) only and should not be relied upon by any other persons.
For investors in Dubai (DIFC): The information contained in this document is intended strictly for Professional Clients as defined under the Dubai Financial Services Authority (“DFSA”) Conduct of Business (COB) Rules. BlackRock Advisors (UK) Limited – Dubai Branch is a DIFC Foreign Recognised Company registered with the DIFC Registrar of Companies (DIFC Registered Number 546), with its office at Unit L15 – 01A, ICD Brookfield Place, Dubai International Financial Centre, PO Box 506661, Dubai, UAE, and is regulated by the DFSA to engage in the regulated activities of ‘Advising on Financial Products’ and ‘Arranging Deals in Investments’ in or from the DIFC, both of which are limited to units in a collective investment fund (DFSA Reference Number F000738).
For investors in the UAE: The information contained in this document is intended strictly for Professional Clients. For investors in Abu Dhabi Global Market (ADGM): The information contained in this document is intended strictly for Authorised Persons.
In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.
In the U.S.: This material is for institutional use only – not for public distribution.
In Canada: This material is intended for institutional investors only, is for educational purposes only, are subject to change and does not constitute investment advice.
In Latin America: For institutional investors and financial intermediaries only (not for public distribution). This material is for educational purposes only and does not constitute investment advice or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund or security and it is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of your relevant jurisdiction. If any funds are mentioned or inferred in this material, such funds may not been registered with the securities regulators of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus, may not be publicly offered in any such countries. The securities regulators of any country within Latin America have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the general public in Latin America. The contents of this material are strictly confidential and must not be passed to any third party.
In Argentina: only for use with Qualified Investors under the definition as set by the Comisión Nacional de Valores (CNV).
In Brazil, this private offer does not constitute a public offer, and is not registered with the Brazilian Securities and Exchange Commission, for use only with professional investors as such term is defined by the Comissão de Valores Mobiliários.
In Colombia,
In Colombia, the promotion of each product discussed herein is carried out through the Representative Office of BlackRock Fund Advisors, authorized by the Colombian Financial Superintendence.
The transmission of this information does not constitute a securities public offering in Colombia. The products discussed herein may not be promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities related products or services in Colombia.
With the receipt of these materials, and unless the Client contacts BlackRock with additional requests for information, the Client agrees to have been provided the information for due advisory required by the marketing and promotion regulatory regime applicable in Colombia.
In Chile: The securities if any described in this document are foreign securities, therefore: i) their rights and obligations will be subject to the legal framework of the issuer’s country of origin, and therefore, investors must inform themselves regarding the form and means through which they may exercise their rights; and that ii) the supervision of the Commission for the Financial Market (Comisión para el Mercado Financiero or “CMF”) will be concentrated exclusively on compliance with the information obligations established in General Standard No. 352 of the CMF and that, therefore, the supervision of the security and its issuer will be mainly made by the foreign regulator;
In the case of a fund not registered with the CMF is subject to General Rule No. 336 issued by the SVS (now the CMF). The subject matter of this sale may include securities not registered with the CMF; therefore, such securities are not subject to the supervision of the CMF. Since the securities are not registered in Chile, there is no obligation of the issuer to make publicly available information about the securities in Chile. The securities shall not be subject to public offering in Chile unless registered with the relevant registry of the CMF.
In Peru, this private offer does not constitute a public offer, and is not registered with the Securities Market Public Registry of the Peruvian Securities Market Commission, for use only with institutional investors as such term is defined by the Superintendencia de Banca, Seguros y AFP.
In Uruguay, the Securities are not and will not be registered with the Central Bank of Uruguay. The Securities are not and will not be offered publicly in or from Uruguay and are not and will not be traded on any Uruguayan stock exchange. This offer has not been and will not be announced to the public and offering materials will not be made available to the general public except in circumstances which do not constitute a public offering of securities in Uruguay, in compliance with the requirements of the Uruguayan Securities Market Law (Law Nº 18.627 and Decree 322/011).
In Mexico: FOR INSTITUTIONAL AND QUALIFIED INVESTORS USE ONLY. INVESTING INVOLVES RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. THIS MATERIAL IS PROVIDED FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SHARES OF ANY FUND OR SECURITY. This information does not consider the investment objectives, risk tolerance or the financial circumstances of any specific investor. This information does not replace the obligation of financial advisor to apply his/ her best judgment in making investment decisions or investment recommendations. It is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of Mexico. If any funds, securities or investment strategies are mentioned or inferred in this material, such funds, securities or strategies have not been registered with the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, the “CNBV”) and thus, may not be publicly offered in Mexico. The CNBV has not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services (“Investment Services”) is a regulated activity in Mexico, subject to strict rules, and performed under the supervision of the CNBV. These materials are shared for information purposes only, do not constitute investment advice, and are being shared in the understanding that the addressee is an Institutional or Qualified investor as defined under Mexican Securities (Ley del Mercado de Valores). Each potential investor shall make its own investment decision based on their own analysis of the available information. Please note that by receiving these materials, it shall be construed as a representation by the receiver that it is an Institutional or Qualified investor as defined under Mexican law. BlackRock México Operadora, S.A. de C.V., Sociedad Operadora de Fondos de Inversión (“BlackRock México Operadora”) is a Mexican subsidiary of BlackRock, Inc., authorized by the CNBV as a Mutual Fund Manager (Operadora de Fondos), and as such, authorized to manage Mexican mutual funds, ETFs and provide Investment Advisory Services.
For more information on the Investment Services offered by BlackRock Mexico, please review our Investment Services Guide available in www.blackrock.com/mx. This material represents an assessment at a specific time and its information should not be relied upon by the you as research or investment advice regarding the funds, any security or investment strategy in particular. Reliance upon information in this material is at your sole discretion. BlackRock México is not authorized to receive deposits, carry out intermediation activities, or act as a broker dealer, or bank in Mexico.
For more information on BlackRock México, please visit: www.blackRock.com/mx. BlackRock receives revenue in the form of advisory fees for our advisory services and management fees for our mutual funds, exchange traded funds and collective investment trusts.
Any modification, change, distribution or inadequate use of information of this document is not responsibility of BlackRock or any of its affiliates. Pursuant to the Mexican Data Privacy Law (Ley Federal de Protección de Datos Personales en Posesión de Particulares), to register your personal data you must confirm that you have read and understood the Privacy Notice of BlackRock México Operadora. For the full disclosure, please visit www.blackRock.com/mx and accept that your personal information will be managed according with the terms and conditions set forth therein.
For investors in Central America: these securities have not been registered before the Securities Superintendence of the Republic of Panama, nor did the offer, sale or their trading procedures. The registration exemption has made according to numeral 3 of Article 129 of the Consolidated Text containing of the Decree-Law No. 1 of July 8, 1999 (institutional investors). Consequently, the tax treatment set forth in Articles 334 to 336 of the Unified Text containing Decree-Law No. 1 of July 8, 1999, does not apply to them. These securities are not under the supervision of the Securities Superintendence of the Republic of Panama. The information contained herein does not describe any product that is supervised or regulated by the National Banking and Insurance Commission (CNBS) in Honduras. Therefore any investment described herein is done at the investor’s own risk.
For investors in Central America, these securities have not been registered before the Securities Superintendence of the Republic of Panama, nor did the offer, sale or their trading procedures. The registration exemption has made according to numeral 3 of Article 129 of the Consolidated Text containing of the Decree-Law No. 1 of July 8, 1999 (institutional investors). Consequently, the tax treatment set forth in Articles 334 to 336 of the Unified Text containing Decree-Law No. 1 of July 8, 1999, does not apply to them. These securities are not under the supervision of the Securities Superintendence of the Republic of Panama. The information contained herein does not describe any product that is supervised or regulated by the National Banking and Insurance Commission (CNBS) in Honduras. Therefore any investment described herein is done at the investor’s own risk. In Costa Rica, any securities or services mentioned herein constitute an individual and private offer made through reverse solicitation upon reliance on an exemption from registration before the General Superintendence of Securities (“SUGEVAL”), pursuant to articles 7 and 8 of the Regulations on the Public Offering of Securities (“Reglamento sobre Oferta Pública de Valores”). This information is confidential, and is not to be reproduced or distributed to third parties as this is NOT a public offering of securities in Costa Rica. The product being offered is not intended for the Costa Rican public or market and neither is registered or will be registered before the SUGEVAL, nor can be traded in the secondary market. If any recipient of this documentation receives this document in El Salvador, such recipient acknowledges that the same has been delivered upon their request and instructions, and on a private placement basis. In Guatemala, this communication and any accompanying information (the “Materials”) are intended solely for informational purposes and do not constitute (and should not be interpreted to constitute) the offering, selling, or conducting of business with respect to such securities, products or services in the jurisdiction of the addressee (this “Jurisdiction”), or the conducting of any brokerage, banking or other similarly regulated activities (“Financial Activities”) in the Jurisdiction. Neither BlackRock, nor the securities, products and services described herein, are registered (or intended to be registered) in the Jurisdiction. Furthermore, neither BlackRock, nor the securities, products, services or activities described herein, are regulated or supervised by any governmental or similar authority in the Jurisdiction. The Materials are private, confidential and are sent by BlackRock only for the exclusive use of the addressee. The Materials must not be publicly distributed and any use of the Materials by anyone other than the addressee is not authorized. The addressee is required to comply with all applicable laws in the Jurisdiction, including, without limitation, tax laws and exchange control regulations, if any.
For investors in the Caribbean, any funds mentioned or inferred in this material have not been registered under the provisions of the Investment Funds Act of 2003 of the Bahamas, nor have they been registered with the securities regulators of Bermuda, Dominica, the Cayman Islands, the British Virgin Islands, Grenada, Trinidad & Tobago or any jurisdiction in the Organisation of Eastern Caribbean States, and thus, may not be publicly offered in any such jurisdiction. The shares of any fund mentioned herein may only be marketed in Bermuda by or on behalf of the fund or fund manager only in compliance with the provision of the Investment Business Act 2003 of Bermuda and the Companies Act of 1981. Engaging in marketing, offering or selling any fund from within the Cayman Islands to persons or entities in the Cayman Islands may be deemed carrying on business in the Cayman Islands. As a non-Cayman Islands person, BlackRock may not carry on or engage in any trade or business unless it properly registers and obtains a license for such activities in accordance with the applicable Cayman Islands law.
In Singapore: In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N) for use only with accredited/institutional investors as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
In Hong Kong: This material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. This material is for distribution to “Professional Investors” (as defined in the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong) and any rules made under that ordinance) and should not be relied upon by any other persons or redistributed to retail clients in Hong Kong.
In South Korea: This information is issued by BlackRock Investment (Korea) Limited. This material is for distribution to the Qualified Professional Investors (as defined in the Financial Investment Services and Capital Market Act and its sub-regulations) and for information or educational purposes only, and does not constitute investment advice or an offer or solicitation to purchase or sells in any securities or any investment strategies.
In Taiwan: Independently operated by BlackRock Investment Management (Taiwan) Limited. Address: 28F., No. 100, Songren Rd., Xinyi Dist., Taipei City 110, Taiwan. Tel: (02)23261600
In Australia and New Zealand: Issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL) for the exclusive use of the recipient, who warrants by receipt of this material that they are a wholesale client as defined under the Australian Corporations Act 2001 (Cth) and the New Zealand Financial Advisers Act 2008 respectively. BlackRock Investment Management (Australia) Limited (“BIMAL”) is not licensed by a New Zealand regulator to provide ‘Financial Advice Service’ or ‘Keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons’. BIMAL’s registration on the New Zealand register of financial service providers does not mean that BIMAL is subject to active regulation or oversight by a New Zealand regulator.
This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should therefore assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL’s Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdiction. This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. BIMAL is a part of the global BlackRock Group which comprises of financial product issuers and investment managers around the world. BIMAL is the issuer of financial products and acts as an investment manager in Australia. BIMAL does not offer financial products to persons in New Zealand who are retail investors (as that term is defined in the Financial Markets Conduct Act 2013 (FMCA)). This material does not constitute or relate to such an offer. To the extent that this material does constitute or relate to such an offer of financial products, the offer is only made to, and capable of acceptance by, persons in New Zealand who are wholesale investors (as that term is defined in the FMCA). BIMAL, its officers, employees and agents believe that the information in this material and the sources on which it is based (which may be sourced from third parties) are correct as at the date of publication. While every care has been taken in the preparation of this material, no warranty of accuracy or reliability is given and no responsibility for the information is accepted by BIMAL, its officers, employees or agents. Except where contrary to law, BIMAL excludes all liability for this information.
Any investment is subject to investment risk, including delays on the payment of withdrawal proceeds and the loss of income or the principal invested. While any forecasts, estimates and opinions in this material are made on a reasonable basis, actual future results and operations may differ materially from the forecasts, estimates and opinions set out in this material. No guarantee as to the repayment of capital or the performance of any product or rate of return referred to in this material is made by BIMAL or any entity in the BlackRock group of companies.
No part of this material may be reproduced or distributed in any manner without the prior written permission of BIMAL.
In China: For recipients in China: This material may not be distributed to individuals resident in the People’s Republic of China (“PRC”, for such purposes, not applicable to Hong Kong, Macau and Taiwan) or entities registered in the PRC unless such parties have received all the required PRC government approvals to participate in any investment or receive any investment advisory or investment management services.
For Southeast Asia: This document is issued by BlackRock and is intended for the exclusive use of any recipient who warrants, by receipt of this material, that such recipient is an institutional investors or professional/sophisticated/qualified/accredited/expert investor as such term may apply under the relevant legislations in Southeast Asia (for such purposes, includes only Malaysia, the Philippines, Thailand, Brunei and Indonesia).
BlackRock does not hold any regulatory licenses or registrations in Southeast Asia countries listed above, and is therefore not licensed to conduct any regulated business activity under the relevant laws and regulations as they apply to any entity intending to carry on business in Southeast Asia, nor does BlackRock purport to carry on, any regulated activity in any country in Southeast Asia. BlackRock funds, and/or services shall not be offered or sold to any person in any jurisdiction in which such an offer, solicitation, purchase, or sale would be deemed unlawful under the securities laws or any other relevant laws of such jurisdiction(s).
This material is provided to the recipient on a strictly confidential basis and is intended for informational or educational purposes only. Nothing in this document, directly or indirectly, represents to you that BlackRock will provide, or is providing BlackRock products or services to the recipient, or is making available, inviting, or offering for subscription or purchase, or invitation to subscribe for or purchase, or sale, of any BlackRock fund, or interests therein.
This material neither constitutes an offer to enter into an investment agreement with the recipient of this document, nor is it an invitation to respond to it by making an offer to enter into an investment agreement. The distribution of the information contained herein may be restricted by law and any person who accesses it is required to comply with any such restrictions. By reading this information you confirm that you are aware of the laws in your own jurisdiction regarding the provision and sale of funds and related financial services or products, and you warrant and represent that you will not pass on or utilize the information contained herein in a manner that could constitute a breach of such laws by BlackRock, its affiliates or any other person.
For other countries in APAC: This material is provided for your informational purposes only and must not be distributed to any other persons or redistributed. This material is issued for Institutional Investors only (or professional/sophisticated/qualified investors as such term may apply in local jurisdictions) and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, BlackRock funds or any investment strategy nor shall any securities be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.
The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation. Investment involves risk including possible loss of principal. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are often heightened for investments in emerging/developing markets or smaller capital markets.
FOR PROFESSIONAL AND QUALIFIED CLIENTS AND QUALIFIED INVESTORS, INSTITUTIONAL AND PROFESSIONAL INVESTORS, FINANCIAL PROFESSIONAL, PERMITTED CLIENT, ACCREDITED INVESTORS AND WHOLESALE INVESTOR USE ONLY. THIS MATERIAL IS NOT TO BE REPRODUCED OR DISTRIBUTED TO PERSONS OTHER THAN THE RECIPIENT.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
The enhancements address evolving employee needs and help employers offer more inclusive, sought-after workplace benefits.
ST. PAUL, Minn.–(BUSINESS WIRE)–
Securian Financial is adding new reproductive health benefits to its group critical illness insurance product, part of its growing suite of supplemental health insurance available through workplace benefit packages. The enhancements bring modern, inclusive support to employees navigating some of life’s most personal journeys.
Critical illness insurance provides employees with a lump-sum cash benefit when they are diagnosed with a covered medical condition. The benefit is paid directly to the employee, who can use it to offset out-of-pocket medical bills, household expenses or other financial needs. Employers can offer this coverage as a voluntary benefit, providing meaningful protection to employees with little to no employer cost.
With the new enhancements, Securian’s critical illness insurance—issued by Securian Life Insurance Company—now provides coverage for key reproductive health conditions, including:
Premature menopause
Egg and sperm harvesting
Abnormalities of the uterus, fallopian tubes or ovaries
Disorders of the reproductive organs (for both men and women)
Viral or bacterial reproductive infections
“Reproductive health is an essential part of overall well-being, yet employees often struggle to find affordable, accessible support when they need it most,” said Lydia Jilek, Securian Financial vice president for Employee Benefits Solutions. “By enhancing our critical illness insurance, we’re helping employers provide benefits that meet the realities of today’s workforce—support that is inclusive, compassionate and competitive in attracting and retaining talent.”
Meeting a growing workforce demand
The need for reproductive health benefits is clear and growing:
One in six people worldwide and one in eight U.S. couples face fertility challenges1
Premature menopause is 3-4 times more prevalent than once thought and often goes untreated2
83% of Gen Z and 77% of Millennials say family-building benefits are important when considering an employer3
Employees with access to fertility benefits are 1.5 times more likely to recommend their employer to others1
“Delays in starting families due to career and financial priorities, coupled with medical realities, are driving increased reliance on reproductive health services,” said Jilek. “At the same time, reducing stigma around infertility and menopause means more employees are seeking care—and turning to workplace benefits for support.”
A competitive edge for employers
“By expanding coverage to include reproductive health, Securian Financial is helping employers differentiate their benefit offerings in a competitive labor market,” added Jilek. “These enhancements reflect our continued investment in supplemental health benefits and our commitment to supporting the diverse needs of today’s workforce.”
Securian Financial offers supplemental health benefits, including accident, critical illness and hospital indemnity insurance, to employers nationwide issued by its subsidiary, Securian Life Insurance Company. The company is also the nation’s third-largest direct writer of group life insurance.4
FOR USE IN ALL STATES EXCEPT AZ AND GA.
ABOUT SECURIAN FINANCIAL
To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 140 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.
1. “Why you need to offer infertility support for your employees—and how to design better benefits,” Maven Clinic, 2024.
2. “The overlooked and untreated perils of premature ovarian insufficiency,” Cleveland Clinic Journal of Medicine, 2025.
4. As of December 31, 2024, based on direct group life insurance in force on a consolidated basis. Source: S&P Global Market Intelligence. This statistic reflects the insurance subsidiaries of Securian Financial Group, Inc., Minnesota Life Insurance Company and Securian Life Insurance Company.
Limitations and exclusions apply. This policy has exclusions, limitations and terms under which the policy may be continued in force or discontinued.
Products are offered under the policy form series 23-32606 or state variation thereof. Benefit for covered conditions will be payable upon a diagnosis of a covered condition that satisfies the requirements of the policy and when all other policy requirements are met.
Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligation under the policies or contracts it issues.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.
Americans lack knowledge about Social Security and its role for retirement income.
KEY FINDINGS:
55% say they don’t know much about Social Security or how it will fit into their retirement plan
46% worry about maximizing their Social Security income in retirement
39% say they have a plan for how they will take Social Security in retirement
MINNEAPOLIS–(BUSINESS WIRE)–
While Social Security is an important source of income in retirement, most Americans lack basic knowledge of the program and could risk misusing the benefit, according to the 2025 Annual Retirement Study* from the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Company of North America (Allianz Life).
The majority of Americans (55%) admit they don’t know much about Social Security or how it will fit into their retirement plan. That lack of understanding could lead to Americans missing out on strategically using the benefit as part of their overall retirement strategy. At the same time, many Americans (46%) worry about maximizing their Social Security income in retirement.
“Social Security is a key part of a retirement strategy – the benefits provide guaranteed income for a lifetime that increases with cost-of-living adjustments and is tax advantaged,” says Kelly LaVigne, VP of consumer insights, Allianz Life. “But, taking full advantage of the program to best suit your retirement strategy involves careful planning and making informed decisions. Without a plan for Social Security, a retirement strategy is not complete.”
Just 39% of Americans say they have a plan for how they will take Social Security in retirement. Boomers, who are generally between age 60 and 80, are the most likely to say they have a plan for Social Security in retirement (77%). Just 30% of Gen Xers and 23% of millennials said the same.
Worries about the future of Social Security are also on the rise. Two in three (67%) worry that Social Security will not be available throughout their retirement, up from 57% last year.
Americans’ Social Security knowledge gap
Many Americans have misconceptions about how Social Security works and its role in a retirement plan. A few critical knowledge gaps exist for Americans:
The majority of Americans (53%) say Social Security will be a major source of their retirement income. And some believe that the benefit alone will fund their retirement with 21% saying Social Security is all they need in retirement. Yet, Social Security replaces only about 40% of the average worker’s wages when retiring at age 651.
Most Americans (55%) think the age for receiving full Social Security benefits is 65. In fact, the full retirement age varies between 66 and 67, depending on birth year. Americans are first eligible for the retirement benefit as early as age 62.
Three in four (73%) say it is best to wait as long as possible to claim Social Security benefits. While delaying claiming Social Security benefits increases the payments, there are other factors to consider. To make an informed decision around when to claim Social Security benefits, Americans need to take into account their health, possible life expectancy, taxes, other sources of retirement income, among other factors. The majority (54%) say they are not sure when it will be best for them to start taking Social Security
“A financial professional can help educate you on Social Security and how it could fit into a retirement income plan for you,” LaVigne says. “You may want to also consider a source of guaranteed lifetime income in addition to Social Security to ensure you can cover your essential expenses.”
*Allianz Center for the Future of Retirement conducted an online survey, the 2025 Annual Retirement Study in January/February 2025 with a nationally representative sample of 1,000 Respondents age 25+ in the contiguous U.S. with an annual household income of $50k+ (single) / $75k+ (married/partnered) OR investable assets of $150k+.
The Allianz Center for the Future for Retirement produces insights and research as a part of Allianz Life Insurance Company of North America.
1 Social Security Administration, Replace rates for hypothetical retired workers, May 2025
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America (Allianz Life), one of the Ethisphere World’s Most Ethical Companies®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2024, Allianz Life provided additional value to its policyholders via distributions of more than $18.6 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and indexed universal life insurance. Additionally, Allianz Investment Management LLC (AllianzIM), a wholly owned subsidiary of Allianz Life, is a registered investment adviser and adviser to AllianzIM ETFs, which offers a suite of exchange-traded funds (ETFs). Allianz Life and AllianzIM are part of Allianz SE, a global leader in the financial services industry with more than 157,000 employees in nearly 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.
A public comment period ended on Thursday, with insurance regulators no closer to a final decision on a controversial proposal to limit the publication of risk-based capital (RBC) data.
More than 300 people participated in a joint conference call between the Capital Adequacy Task Force and the Risk-Based Capital Model Governance Task Force. Regulators spent an hour discussing comment letters and hearing from those authors.
“I think everyone recognizes that industry and many others have used RBC for purposes beyond [what it is intended for],” said Mike Yanacheak, chief actuary at the Iowa Insurance Division. “It is an indicator that is used for other items, whether that is for capital sufficiency to support dividend pay up to a holding company and on to shareholders, or if it is used in other manners, to be just one element at looking at the strength of a company.”
RBC numbers are a regular feature of public companies’ financial reports and earnings calls with Wall Street analysts. RBC requirements provide for a ratio to assess the level of risk associated with an insurance company’s assets.
The concern is that the wide dissemination of RBC figures is leading to a misunderstanding of insurance companies’ financial strength, Ohio regulators have claimed. A proposal prohibits any insurer from putting its RBC ratio in its earnings releases, press releases, webcast materials, or presentations.
“Because the [National Association of Insurance Commissioners] formula develops threshold levels of capitalization rather than a target level, it is neither useful nor appropriate to use the RBC formula to compare the RBC ratio developed by one insurance company to the RBC ratio developed by another,” the proposal reads. “Comparisons of amounts that exceed the threshold standards do not provide a reliable assessment of their relative financial strength.”
What RBC confusion?
The RBC debate has industry trade groups and consumer representatives on the same side, a rare occurrence. Scott Harrison is a former regulator and current CEO of the National Alliance of Life Companies.
“I’m trying to identify in my own mind, going back to the early days of RBC, when there’s ever been confusion around what a representation or statement of a particular company’s RBC meant,” Harrison said. “[I]f you go in the direction suggested to eliminate or prevent or prohibit the use of RBC, people are going to find alternatives.”
Peter Gould is an annuity owner from Indiana who frequently joins the calls to provide a consumer voice. He suggested a wider dissemination of RBC, up to five past years’ worth, readily available for consumers to read.
“The only way I can find it is to dig into annual reports, and that’s not very consumer-friendly,” Gould said. “While I understand that RBC is just a metric, it’s not a be-all, end-all means of ranking companies; it’s an important metric, and it ought to be out there where we can find it.”
‘Not actually weaker’
Yanacheak offered a simple example of how RBC can be misinterpreted: Two identically situated companies, but Company A opts to be more conservative and sets up additional reserves in support of its policyholder obligations. Company A is going to show less capital and have a lower RBC ratio.
“[T]he company is not actually weaker,” Yanacheak explained. “In fact, they’ve shown responsibility, and I think regulators would prefer to encourage that. But their RBC ratio has come down by setting up the additional reserves.”
Regulators plan to meet one more time to discuss comment letters before the NAIC fall meeting, December 8-11.
Indexed universal life insurance has continued to generate interest over the last decade as consumers seek principal protection and investment-linked growth potential in an uncertain equity market environment. Most recently, LIMRA reported that new IUL premiums shot up 31% in the second quarter of 2025, reaching $1.2 billion.
Randy Pierson
The popularity can largely be attributed to IUL’s hybrid functionality, the release of new and enhanced products, innovation in tools that simplify the sales process, and an expanded distribution approach from insurers. However, critics point to unethical or misleading marketing tactics that inflate the application numbers to the detriment of beneficiaries.
It’s our duty to disprove this negative perception by adopting the best ethical practices when marketing or selling IUL to our clients.
Addressing the problem of IUL complexity
The growing demand for IUL products has attracted the attention of some less-than-scrupulous actors, who have aggressively marketed IULs with less-than-accurate messaging that doesn’t adequately inform consumers about the potential risks or downsides.
The truth is, IULs are complex products that can’t be adequately explained in catchy sales pitches or unrealistic illustrations. Some agents and brokers have used these dubious tactics to market IUL as a “one-size-fits-all” solution to reliable retirement income, with upside potential and no risk of losses.
However, these overly simplified projections and illustrations can be misleading or downright deceptive if not presented with complete transparency and realistic expectations. Many clients mistakenly believe these optimistic illustrations represent a guaranteed return or may agree to complicated premium financing schemes they don’t truly understand.
Policyholders can be left in a worse financial position when those high expectations meet reality. They may contribute to the many lawsuits seeking damages against unethical producers and insurers. It’s no surprise that this bad publicity has attracted increased regulatory oversight, especially regarding fees, illustrations and interest crediting. For example, the National Association of Insurance Commissioners’ updated AG 49-A guidelines cap IUL projections at around 6%-7%, pushing carriers to stick to realistic scenarios in their illustrations.
Leading with ethical considerations
Changing this negative perception requires us to commit to transparency, full disclosure and a client-centric approach. Here are some key ethical factors that should lead your IUL sales and marketing activities.
Policyholder suitability: Understanding your audience is crucial to ethically selling IUL. Not everyone needs permanent life insurance. Although IUL is often marketed as a retirement income solution, it may work best for younger, healthier clients with a longer time horizon. It can still be a retirement vehicle, but it should be built into a more comprehensive financial plan. Engage in detailed discussions to assess your clients’ goals. Don’t be afraid to have conversations that might disqualify IULs from being the right recommendation.
Full disclosure: Agents must clearly explain all fees and limits associated with the IUL policy. Although IULs offer a 0% floor to protect from losses, they also have restrictions on their upside potential, such as caps or participation rates. Be sure to fully disclose all information on these limits or additional fees. Transparency about these costs helps clients understand the actual cost of the policy up front.
Realistic expectations and illustrations: When using IUL illustrations, be conservative with the premiums and rates you use, especially for clients concerned about price or affordability. Agents should focus on setting realistic expectations, especially regarding premium payments and index history or performance. It’s crucial to emphasize that illustrations are not guaranteed, and results may vary.
Three steps to a more ethical IUL sales process
The following are common sense and practice for most agents, but not all.
Assess the value: The first step of a compliant and ethical IUL sale is a thorough suitability assessment and client intake process. Dive into client-focused conversations to gather information on clients’ goals and risk tolerance. You can only properly assess the value of IUL policies for their unique circumstances by understanding their holistic financial planning needs.
Explain the details: Transparency is key when selling IULs ethically; often, the devil is in the details. Agents should present a comprehensive analysis of policy factors, not only the ones that sound attractive to consumers. These include cap rates, floor rates, participation rates, surrender fees and other associated costs to ensure clients can make informed decisions and won’t feel deceived down the road.
Reinforce realistic expectations: Agents should set clear expectations regarding premium payments, market performance and growth potential throughout the sales process. Using conservative projections and avoiding sales-oriented jargon will help manage policyholders’ expectations.
The future requires transparency
As the industry and regulatory landscape evolve, the immediate future of IUL sales is still projected to be bright. However, in the long run, the success and reputation of IUL products will depend on the transparency and ethical practices.
That means we can make all the difference. Embracing these best practices will benefit us individually as trusted financial professionals, while giving a more positive impression on our entire industry. Doing it the right way will lead to better future client outcomes.
The insurance industry continues to rocket through perhaps the most dynamic era of change in its history, with technology, climate change, consolidation, and legal/regulatory demands creating relentless pressure.
Insurers that are responding will survive, and even thrive, Deloitte reports. Those that don’t will fall behind.
“The future of insurance is here, and carriers will need to decide how to most effectively transform business models, infrastructure, and talent to remain profitable,” Deloitte concluded in its 2026 Global Insurance Outlook.
Deloitte projects a “bifurcated industry” in which tech-forward carriers thrive while laggards struggle under cost and compliance pressures.
The firm conducts its global insurance outlook annually via conversations with industry executives from around the world. With insurers having to meet so many challenges it isn’t surprising that Deloitte is not projecting as much financial growth as in recent years.
“[W]e think the growth will be moderating,” explained Joe DeSantis, U.S. national insurance sector leader for Deloitte. “While there will still be growth in commercial auto and still be growth probably in the property lines as well … we won’t see it to the extent that we saw it in 2025.”
Climate change impacts
Property and casualty insurers face unrelenting impacts from increasingly poor weather events. From the devastating California wildfires to hurricanes in Florida, the high-intensity climate-fueled events are costing insurers billions. Premiums have skyrocketed and many P&C companies are pulling back on coverage.
Weather events are making it more expensive for primary firms to transfer their risk, Deloitte said. Tightening reinsurance terms and increased risk retention are driving up loss ratios, adding to a $183 billion global protection gap, the outlook found.
“We do believe that the severity of these catastrophes will be escalated going forward,” DeSantis said.
P&C insurers face additional pressures from more lawsuits funded by international investors, and broker consolidation that makes it harder to stay competitive. Yet, advanced technology (drones, satellite imagery and real-time monitoring) may help to minimize losses and improve risk awareness and management.
Life insurance growth slowing
Global life insurance growth is slowing as “U.S. policy and ongoing distribution consolidation are forcing carriers to rethink go-to-market strategies,” Deloitte concluded. Investing in private credit and strategic alliances with relevant partners such as homecare providers, TPAs, and tech companies may unlock new growth opportunities, the report said.
Two trends are expected to continue, DeSantis noted: booming sales of annuities, along with the strong interest from investment firms wanting a piece of life insurance companies.
Giant investment firms like Apollo Global Management and Brookfield continue to be drawn to life insurers for new sources of capital they can invest, Deloitte said.
Likewise, Lincoln Financial and Bain Capital formed a partnership to help the insurer accelerate its portfolio transformation and capital allocation priorities while leveraging the asset managers’ platform across asset classes. Guardian Life and Janus Henderson announced a strategic partnership in April of this year.
Other 2026 opportunities
Other key opportunities for insurers in 2026 include:
Opportunities for group insurance: As healthcare costs rise, participation levels in employer benefit programs are declining, Deloitte found. Group insurers may find growth by capitalizing on rising demand for customized employee benefits such as wellness products and daycare, and prioritizing seamless digital connectivity. A recent survey found that 40% of employers would switch insurers if products cannot be integrated with their online HR platform.
Real Business Impact of AI: Insurers are realizing real-world business impact of AI as they move from testing to integration such as AI-driven, real time fraud analytics, which could save P&C insurers up to $160 billion by 2032, Deloitte said. However, the same innovative technology is also widening risk of cyber-attacks that demand stronger data foundations, modern systems, and compliance to ensure cyber resiliency.
Advantages and uncertainties with new OBBBA (One Big Beautiful Bill Act): U.S. insurers benefit from a reduced corporate tax rate of 21% and other tax breaks under new tax rules, but details around international tax provisions that impact multinational insurers remain unclear, Deloitte said.
Private credit has become a core, and likely permanent, component of insurer general accounts. With it now firmly established as a key investment tool, is public credit now the “alternative” asset class that warrants more focus?
Private credit makes sense
Jeff Berman
Private debt has grown exponentially with the evolution of bank financing regulations, and a (now gone) low-yield environment that helped jump-start the sector’s growth.
Insurers are natural owners of private debt. Yield-oriented buyers need constant origination sources, have less need for liquidity and have a self-fulfilling industry dynamic to stay competitive on new underwriting, particularly those with private equity backed ownership models.
But with Moody’s reporting one-third of U.S. life insurers’ assets (or around $2 trillion) now in private debt, do the tradeoffs of private credit relative to public credit start to warrant further consideration in the asset allocation mix?
At some point, liability mismatch risk could start to creep in, as a significant part of the private credit universe has weighted-average lives shorter than the typical life liability but longer than the typical property/casualty liability.
Credit risk could also start to creep up, as JP Morgan announced in August that 60% of leveraged buyouts were funded in the private credit market last year, while Bloomberg noted a trend of lower-rated issuers using private credit to refinance outstanding public credit.
Valuations may become less appealing as further demand for private credit is fueled by retail segments, the growth of business development companies, new access vehicles (such as exchange-traded funds) and defined contribution retirement plans.
In short, valuation, due diligence and structuring risks may be increasing.
Bonds can offer yield, liquidity, diversification and flexibility
Absolute public credit yields remain historically attractive, even with the Federal Reserve cutting rates. Meanwhile, private credit’s Illiquidity premium has compressed, making relative yield considerations less significant.
Bonds offer exposure across the credit universe, including to well-capitalized companies that are leading in the new economy.
Bonds also offer the potential to more precisely match against liabilities, the liquidity to meet unexpected needs, participate in opportunistic market events, and deploy illiquidity budgets in other private market sectors.
We believe the opportunity set in bonds is attractive, notably in nontraditional asset-backed securities, global bonds and diversified high yield.
A nontraditional or “esoteric” ABS allocation can be viewed as a “cousin” of private credit. One of the faster growing areas of the nontraditional credit market, this sector offers exposure to uniquely structured and well-collateralized investment grade debt at current spreads 50-300 basis points higher than comparably rated corporate credit.
This sector can include bonds backed by data centers, music royalties and receivables, among other idiosyncratic sectors. It can offer many of the advantages of private credit but in a format compatible with the National Association of Insurance Commissioners’ capital efficient framework, with greater liquidity and transparency, at a fraction of the fees of private credit.
The current rate and currency environment may make global bonds attractive, with currency-hedged investment grade average yields at 6%-8%.
Evolution in trading and access to other sectors opens additional opportunities. For example, basket trading in below-investment-grade bonds can turn a once less liquid and more concentrated sector allocation into the most diversified and liquid component of a portfolio, with high yields.
Public and private credit should both be part of the solution
Private credit plays an important role in general accounts and is here to stay. But so do bonds, and it may be time to give them another look.
Humana USAA Honor Giveback Plans Elevate Mental Health Support
LOUISVILLE, Ky.–(BUSINESS WIRE)– Humana Inc. (NYSE HUM) and USAA Life Insurance Company (USAA Life) today reaffirm their shared commitment to veterans’ well-being with the continuation of co-branded Medicare Advantage plans for 2026 – with new mental health benefits to help elevate behavioral health as a cornerstone of aging with dignity and strength.
The Humana USAA Honor Giveback plans, available to anyone eligible for Medicare, are co-created by Humana’s experts in Medicare Advantage and USAA’s experts in veteran needs to provide coverage options that offer veterans access to non-VA providers.
Addressing the Unique Needs of Veterans
Nearly half of all U.S. veterans are age 65 or older, sometimes facing unique physical and mental health challenges, including chronic conditions, sensory loss, and increased emotional distress.1 For some veterans, conditions such as PTSD, survivor’s guilt, or moral injury can intensify with age.2 Recent data shows the veteran suicide rate is 60% higher than the national average3, underscoring the urgent need for accessible, compassionate and veteran-informed mental health services.
$0 Copays for In-Network Mental Health Services
For 2026, every Humana USAA Honor Giveback plan features a $0 copay for in-network mental health services, including therapy and specialist visits, both virtually and in-person.
“Veterans embody strength and resilience, and they deserve healthcare that reflects that,” said Mary Story, USAA SVP & GM of Retirement Solutions. “Together with Humana, we’re helping veterans get access to the behavioral health resources they need to stay strong, connected and resilient in every season of life.”
Robust Benefits, Maximum Flexibility
In 2026, all Humana USAA Honor Giveback plans include a Part B giveback, a benefit that adds money back in the beneficiary’s Social Security check for the Part B premium, as well as a $0 monthly plan premium, $0 copay for in-network primary care visits, and dental, vision and hearing coverage.
“Veterans and their families are often looking for flexibility when it comes to healthcare,” said George Renaudin, Humana’s President of Insurance. “We have worked alongside our partners at USAA to create Medicare Advantage plans (available to anyone with Medicare) that give our veteran members access to benefits they have told us matter to them in addition to the option to choose civilian doctors and specialists that may be closer to home.”
These plan features reflect Humana’s broader commitment to mental health – an area where the company continues to invest through national collaborations, community programs and specialized training for its customer care teams.
More than Insurance: Making a Difference
Humana supports veterans through a range of initiatives aimed at reducing isolation, improving access to care, and fostering community resilience.
Face the Fight – A national coalition – including USAA and Humana – mobilizing businesses, nonprofits and veteran advocates to confront the crisis of veteran suicide through bold awareness efforts and united community action.
Uniting for Veterans– A national partnership with the Veterans of Foreign Wars (VFW) focused on addressing food insecurity and other social determinants of health that impact veterans, by mobilizing local communities and trusted veteran networks to deliver meaningful support.
Humana Community Navigator – A digital resource platform that connects people to local services addressing food, housing, transportation and mental health needs, helping them navigate life’s challenges with dignity and support.
Customer Care – Humana USAA Honor Giveback Plan members have access to Humana Customer Care specialists who collaborated with USAA to receive special training to answer questions about how this plan works if you have veteran benefits.
Availability of Humana USAA Honor Giveback Plans
In 2026, the Humana USAA Honor Giveback plan will be available for Medicare beneficiaries in 2,541 counties in 46 states and Washington, D.C. The Humana USAA Honor Giveback with Rx plan will be available to Medicare beneficiaries in 517 counties in nine states, for individuals who would like prescription drug coverage included in their plan.
While these plans are designed with veterans in mind, anyone with Medicare can choose the Humana USAA Honor Giveback plan or the Humana USAA Honor Giveback with Rx plan if it is available in their area. Medicare-eligible individuals are able to make their health plan selection for 2026 during the Medicare Advantage and Prescription Drug Plan Annual Election Period Oct. 15 – Dec. 7.
Individuals can visit Humana.com/Medicare/Veterans or call toll-free 1-833-585-8387 (VETS) (TTY: 711) 8 a.m.-8 p.m., seven days a week, to speak to a licensed sales agent about Humana plans. Agents specifically trained to understand and support veterans’ healthcare needs are available.
About Humana
Humana Inc. is committed to putting health first – for our teammates, our customers, and our company. Through our Humana insurance services, and our CenterWell health care services, we strive to make it easier for the millions of people we serve to achieve their best health – delivering the care and service they need, when they need it. The goal of these efforts is a better quality of life for people with Medicare, Medicaid, families, individuals, military service personnel, and communities at large. Learn more about what we offer at Humana.com and at CenterWell.com.
About USAA
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and retirement solutions and serves 14 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has offices in eight U.S. cities and three overseas locations and employs more than 38,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook, Instagram or X (@USAA), or visit usaa.com.
Additional Information
Humana is a Medicare Advantage HMO and PPO organization with a Medicare contract. Enrollment in any Humana plan depends on contract renewal. Other providers are available in the Humana network. Limitations on telehealth services, also referred to as virtual visits or telemedicine, vary by state. These services are not a substitute for emergency care and are not intended to replace your primary care provider or other providers in your network. Any descriptions of when to use telehealth services are for informational purposes only and should not be construed as medical advice. Please refer to your evidence of coverage for additional details on what your plan may cover or other rules that may apply. The Part B Giveback Benefit pays part or all of your Part B premium and the amount may change based on the amount you pay for Part B. The Humana USAA Honor plans are available to anyone eligible for Medicare and veterans should consider all of their health plan options. Humana Insurance Company pays royalty fees to USAA for the use of its intellectual property. USAA means United Services Automobile Association and its affiliates. Use of the term “USAA member” or “USAA membership” refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA. Restrictions apply and are subject to change. USAA and the USAA Logo are registered trademarks of the United Services Automobile Association. All rights reserved. No Department of Defense or government agency endorsement.
HONG KONG–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Luen Fung Hang Insurance Company Limited (LFH) (Macau). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect LFH’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
LFH’s risk-adjusted capitalisation remained at the strongest level at year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR). The company has maintained organic growth in capital and surplus over the past few years through profit retention. LFH’s investment strategy remains conservative, with a majority of its investment portfolio composed of bonds, fixed deposits, and cash and cash equivalents. Other supporting factors include low underwriting leverage and prudent reinsurance arrangements.
LFH’s operating performance remained strong in 2024, attributable to its strong underwriting profitability and stable investment income. While the company’s gross premiums written (GPW) were flat in 2024, its underwriting results stayed highly profitable, with a lower-than-industry-average loss ratio and moderate expense ratio. Over the past five years (2020 to 2024), LFH’s average combined ratio was 60.1%. Additionally, its prudent investment strategy has secured a stable stream of interest and dividend income.
AM Best assesses LFH’s business profile as neutral. LFH remains the second-largest non-life insurer in Macau, with a market share of over 20% based on domestic GPW in 2024. The company continues to benefit from the distribution support from its bank shareholders and maintains a competitive edge in securing high-quality business via its bancassurance channel. LFH’s underwriting portfolio remains moderately diversified, with premiums mainly concentrated in fire and medical lines. A partially offsetting factor is the company’s geographic concentration in Macau.
LFH is well-positioned for its current ratings. Negative rating actions could occur if its risk-adjusted capitalisation experiences significant deterioration, for example, due to unexpected large underwriting or investment losses, or if its operating performance exhibits a material and deteriorating trend in profitability such that it no longer supports a strong assessment. Although unlikely in the intermediate term, positive rating actions could occur if LFH achieves sustained improvement in its operating performance while maintaining a robust level of risk-adjusted capitalisation.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
List. This is Symetra’s fourth consecutive appearance on the list, coming in at No. 32 among the top 100 organizations in the large workplace category.
