2022 Focus Series Press Release: Asset Manager Re/Insurers: The Ongoing Quest for More Assets


Conning Announces its Newest Focus Series -

Asset Manager Re/Insurers: The Ongoing Quest for More Assets


HARTFORD, CT – May 10, 2022 – Asset manager-affiliated annuity insurers (“AM-affiliated annuity insurers”) have acquired a noticeable market share of individual fixed and indexed annuity direct premiums and reserves. A key challenge will be capturing more assets in the face of increasing competition. This report is the latest in Conning’s ongoing series examining the restructuring tsunami affecting the annuity industry.

The Conning Focus Series, “Asset Manager Re/Insurers: The Ongoing Quest for More Assets” provides insight into how the quest for more assets is broadening the target markets for the AM-affiliated annuity insurers. The study looks at new growth opportunities within the individual annuity space as well as growth opportunities outside individual annuities.

“AM-affiliated annuity insurers have captured a significant share of individual annuity direct premiums and reserves. However, that market share may have plateaued. As a result, it may be difficult for new AM-affiliated annuity insurers to achieve continued growth in individual annuity-based AuM or premium,” said Steve Webersen, a Managing Director, Insurance Research at Conning.

“We’ve seen some AM-affiliated annuity insurers pursuing PRTs (pension risk transfers), variable annuities, and annuity-like income solutions for 401(k)s while others are acquiring credit origination platforms and issuing funding-agreement backed securities,” stated Scott Hawkins, Head of Insurance Research. He added, “moving beyond annuities can capture more assets but may also push these AM-affiliated annuity insurers outside their comfort zone and introduce new risks.”

The study’s analysis examines what attracts the AM-affiliated annuity insurers to these growth opportunities, the size of the market, case studies of current activity by AM-affiliated annuity insurers, and the how the development of these affiliations is changing the AM-affiliated annuity landscape.

Asset Manager Re/Insurers: The Ongoing Quest for More Assets” is available for purchase from Conning by calling (888) 707-1177 or by visiting https://www.conning.com/insurance-research.

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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.

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Alyssa Gittleman