A Firm Foundation: How Insurance Supports the Economy

Property/casualty (P/C) insurer cash and invested assets were $2.1 trillion in 2022. In 2022, P/C insurers invested 27 percent of their assets in stocks, and 55 percent in bonds.

Investments, Property/Casualty Insurers, 2020-2022 (1)

($ millions, end of year)

  Amount Percent of total investments
Investment type 2020 2021 2022 2020 2021 2022
Bonds $1,111,622 $1,178,226 $1,144,666 55.38% 53.02% 55.31%
Stocks $536,272 $657,175 $574,911 26.71% 29.58% 27.78%
     Preferred 16,515 17,447 15,968 0.82 0.79 0.77
     Common 519,757 639,728 558,943 25.89 28.79 27.01
Mortgage loans on real estate $23,660 $27,021 $25,729 1.18% 1.22% 1.24%
     First liens 23,298 26,526 25,114 1.16 1.19 1.21
     Other than first liens 362 495 615 0.02 0.02 0.03
Real estate $13,739 $13,301 $12,655 0.68% 0.60% 0.61%
     Properties occupied by company 9,151 8,875 8,151 0.46 0.40 0.39
     Properties held for income production 4,297 4,017 4,143 0.21 0.18 0.20
     Properties held for sale 290 409 361 0.01 0.02 0.02
Cash, cash equivalent and short-term investments 140,244 156,464 148,026 6.99 7.04 7.15
Derivatives 537 609 1,274 0.03 0.03 0.06
Other invested assets 175,007 180,263 157,110 8.72 8.11 7.59
Receivable for securities 2,326 3,177 2,680 0.12 0.14 0.13
Securities lending reinvested collateral assets 4,537 6,520 3,085 0.23 0.29 0.15
Aggregate write-in for invested assets -547 -711 -749 NA NA NA
Total cash and invested assets $2,007,396 $2,222,046 $2,069,387 100.00% 100.00% 100.00%

(1) Includes cash and net admitted assets of property/casualty insurers.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Bonds

Property/casualty insurers invest primarily in safe, liquid securities, mainly bonds. These provide stability against underwriting results, which can vary considerably from year to year. The majority of bonds are government issued or are high-grade corporates.

Investments, Property/Casualty Insurers, 2022

 

(1) Cash and invested net admitted assets, as of December 31, 2022.
(2) Includes mortgage loans on real estate.
*Bonds represents 55.31% of total investments.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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