Conning Releases 2026 Annuity Industry Study - Transforming an Industry: Asset Manager Backed Insurers

HARTFORD, Conn., Feb. 12, 2026 /PRNewswire/ -- Conning is pleased to announce the release of its latest strategic study, Transforming an Industry: Asset Manager Backed Insurers. This comprehensive report revisits Conning's 2021 analysis of the restructuring wave that reshaped the annuity industry and examines how asset manager–affiliated insurers have emerged as a defining force in the life annuity market as of 2026.

The study finds that asset manager–affiliated insurers have significantly transformed the industry by diversifying investment portfolios in the search for higher returns, establishing private credit as a cornerstone asset class, elevating reinsurance as a central growth and capital management strategy, and contributing to increased regulatory scrutiny of these structural changes. What began as a post financial crisis innovation has evolved into a durable business model influencing both new entrants and long established insurers.

"Asset manager–affiliated insurers have moved from being viewed as disruptive newcomers to setting the strategic benchmark for much of the annuity industry," said Scott Hawkins, Managing Director and Head of Insurance Research at Conning. "Their integration of investment management, reinsurance, and scalable balance sheet strategies has reshaped how annuity liabilities are sourced, managed, and priced—and has accelerated a broader convergence across the life annuity sector."

Asset manager–affiliated insurers first emerged following the 2008 financial crisis, pioneered by firms such as Apollo owned Athene. These insurers are either owned by an asset manager or have a significant asset management partner, enabling them to leverage proprietary investment capabilities to support annuity liabilities. Conning's study identifies two primary business models within this group: reinsurer focused carriers, often supporting closed block and flow reinsurance, and origination carriers that sell new annuity contracts, frequently supported by affiliated reinsurers.

The report also incorporates private equity–backed insurers under the broader asset manager–affiliated category, reflecting similar ownership structures and strategic objectives. Over time, many traditional mutual and publicly traded insurers have adopted elements of these models, signaling a growing convergence between "new entrants" and established players.

This year's study includes:

• An updated market overview assessing how asset manager–affiliated insurers reshaped the annuity landscape between 2021 and 2026
• Analysis of asset diversification trends, including the growing role of private credit in annuity portfolios
• An examination of reinsurance's expanding role in supporting growth, capital efficiency, and liability management
• Discussion of increased regulatory attention tied to asset intensive and offshore reinsurance structures
• A forward looking perspective on how these trends may influence industry structure and competition through the end of the decade

The study concludes that the life annuity industry is far from static. Instead, it is increasingly characterized by strategic experimentation, investment led competition, and a clearer segmentation between firms competing on scale, investment capability, and balance sheet efficiency versus those leveraging franchise strength, ratings, and distribution.

The Conning study, Transforming an Industry: Asset Manager Backed Insurers, is available for purchase here or by calling (888) 707-1177.

ABOUT CONNING

Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe, and North America. Conning is part of the Generali Group.

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