The Financial Times recently published a piece entitled “If Private Credit Breaks, Insurers Will Fall Under the Microscope” (November 11, 2025):

Life insurers’ investments, including private credit, are really always under a “microscope.” State insurance regulators continually test and retest companies’ assets to validate they are financially strong and able to meet their commitments to policyholders. 

An October S&P Global Ratings report said, “So far, our ratings on insurers have not been affected by the growth in private credit investments because they are still a relatively small portion of total investments, and we think the added risks are well managed.”

Private credit investments have been a part of life insurers' portfolios for decades. They support the very long-term commitments that insurers make to their policyholders. The long history of our industry has shown that strong regulations and prudent governance practices have enabled life insurers to continually meet their obligations effectively.

David Chavern
President & CEO 
American Council of Life Insurers