As insurers enter 2026, investment decision-making is being shaped by a combination of cautious confidence and meaningful structural change. Firms are balancing heightened risk awareness with the need to adapt to shifting market conditions, evolving interest rate dynamics, and the expanding role of private markets. Conning’s 2025 Investment Risk Survey provides insight into how U.S. insurers are responding—positioning portfolios, reassessing risk appetite, and aligning investment strategies with long-term objectives.

U.S. insurers remain optimistic about investment conditions for 2026 (Figure 1), with a majority expecting to take on additional investment risk in the year ahead. While uncertainty has increased, carriers continue to see meaningful opportunities to improve their portfolio outcomes. These findings are based on Conning’s annual survey of 201 investment decision-makers in the U.S. insurance industry.¹

Private assets remain a key focus of insurance company investment strategy. The majority of respondents (83%) currently have private asset allocations in excess of 10% of their portfolios. Respondents expect growth in their overall private asset allocations, accompanied by broader diversification across private investment strategies. 

Uncertainty about the future of interest rates is drawing increased attention among insurers. After several years of elevated yields, there is a renewed focus on Federal Reserve policy and expectations for lower interest rates in 2026. Against this backdrop, survey results provide additional insight into how insurers are responding to a more complex investment environment. 

Footnote:
¹Results may not be representative of any one respondent’s experience as they reflect an average of all, or a sample of all, of the experiences of surveyed U.S. insurance company decision makers. In 2025, surveys were sent to approximately 3,300 U.S. insurance company investment professionals and yield 201 responses. In 2024, surveys were sent to approximately 2,000 U.S. insurance company investment professionals and yield 310 responses. In 2023, surveys were sent to approximately 2,000 U.S. insurance company investment professionals and yielded 300 responses. In 2022, surveys were sent to approximately 4,000 U.S. insurance company decision makers with 303 qualified responses. 2021 survey was sent to approximately 7,000 U.S. insurance company decision makers with 280 qualified responses. Qualtrics, LLC was paid a fee for services rendered.

About Conning
Conning (www.conning.com) is a leading investment management firm with a long history of serving insurance companies and other institutional investors. Conning supports clients 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 Generali Investments Holdings S.p.A.

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