Insurance Life
Net Investment Yield: 2018-2025
Assets under management and separate-account assets
Operating ROE: 2024 vs 2025
Alt Managers' Insurance Balance Sheets
| Manager | Insurance platform | Reported segment | Insurance assets | Insurance earnings (FY2025) | Inflows (FY2025) |
|---|---|---|---|---|---|
APO Apollo Global Management | Athene Merged Jan 2022 | Retirement Services | $292B Athene net invested assets at 12/31/25 | $3,361M Spread Related Earnings (SRE), FY2025. Net investment spread $4,368M, up 5.3% on FY2024. | $83B Retirement Services gross inflows, FY2025. A record year, including $14B in Q4. |
KKR KKR & Co. | Global Atlantic Bought in the rest Jan 2024, $2.7B | Insurance | $219B Global Atlantic AUM at 12/31/25, of which $164B is credit AUM and $58B sits in Ivy and other sponsored reinsurance vehicles. | $1,109M Insurance operating earnings, FY2025, up from $1,015M in FY2024. Segment net investment income was $7,224M against $5,229M net cost of insurance. | Not disclosed Not broken out as a figure. Q4 inflows attributed to individual-markets annuity sales, a block reinsurance transaction, and institutional flow business. |
ARES Ares Management | Aspida Launched 2020, managed by Ares Insurance Solutions | None | Not disclosed Aspida's balance sheet does not appear in Ares SEC filings. Ares reports Aspida-managed assets inside the Credit group rather than as a separate insurance line. | Not disclosed No insurance segment earnings reported. Ares reports firm-level fee related earnings only. | $7.1B Capital raised into the Insurance line of Other Businesses, FY2025, described as additional managed assets. This is not annuity inflows and not Aspida's balance sheet. |
US Individual Annuity Sales by Product
Life Insurer Statutory Capital Ratios
| Carrier | Metric | Ratio | Kind | As of |
|---|---|---|---|---|
MET MetLife | NAIC-based combined RBC (CAL) | >380% | Floor (in excess of) | 2024-12-31 |
PRU Prudential (PICA) | PICA RBC (CAL) | 435% | Filed point | 2023-12-31 |
AFL Aflac US | Combined US RBC (CAL) | 677% | Filed point | 2024-12-31 |
AFL Aflac Japan | Japan SMR | 1,221% | Filed point | 2024-12-31 |
GL Globe Life | Consolidated CAL RBC | ~310% | Expected | 2024-12-31 |
- MET: 10-K: combined NAIC-based RBC 'in excess of 380%' at 12/31/24 (in excess of 400% at 12/31/23). Statement-based combined RBC was in excess of 360% at 12/31/24.
- PRU: PICA RBC 435% at 12/31/23, the latest filed point estimate in the 2024 10-K. Management said 2024 domestic RBC ratios were expected to remain above AA-rating targets.
- AFL: Combined RBC of Aflac's US life entities as if one RBC filer. 710% at 12/31/23. Target range over time is 350% to 450%.
- AFL: Japan FSA solvency margin ratio, not US RBC. 1,219% at 12/31/23. A 200% SMR is the typical regulatory concern threshold.
- GL: 2024 10-K: consolidated Company Action Level RBC 'expected to be approximately 310%' for 2024. 2025 target range 300% to 320%.
Aflac US RBC vs Japan Solvency Margin
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