Insurance

Insurance Life

Premiums + Fees vs Net Investment Income

How life insurers earn money: premiums and fees customers pay vs net investment income (NII) from investing those premiums, across five major carriers.

MetLifeMET

PrudentialPRU

ManulifeMFC

AflacAFL

Globe LifeGL

Premiums & FeesNet Investment Income

Net Investment Yield: 2018-2025

Net investment yield (annual investment income over average invested assets), 2018-2025, the main profitability driver for life insurers. Yields rose from ~3.5% to ~4.5% after 2022.

AUM / Separate-Account Assets

Assets Under Management / separate-account assets by carrier (Q4 2025). Captures the fee-generating asset-management arm beyond the insurance book, from Ameriprise and PGIM at the top to pure underwriters with none at all.

Operating ROE: 2024 vs 2025

Operating ROE (adjusted operating earnings divided by shareholders' equity) for major life carriers, 2024 vs 2025, against the 12% long-term target line.

Alt Managers' Insurance Balance Sheets

How Apollo, KKR, and Ares each fund private credit origination with annuity liabilities (Q4 2025), and how differently the three disclose it.

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.