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Tag Archives: Insurance General Accounts

May 31, 2022

Insurance General Accounts See Increased Fixed Income ETF Adoption in 2021

As of year-end 2021, insurance companies held USD 45.4 billion in ETFs in their general accounts—a 15% increase over 2020. We recently published a research piece on the use of ETFs by insurance companies. In this blog post, we explore the increased use of fixed income ETFs in these portfolios. Fixed income securities comprise the…

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Apr 21, 2022

Revisiting ETF Usage in Insurance General Accounts

S&P Dow Jones Indices annually publishes an in-depth report that examines ETF usage within insurance general account portfolios, leveraging the Schedule D data from annual insurance company filings. Following a generally consistent upward trend, from 2019 to 2020, U.S. insurance companies increased their ETF AUM by 18% to USD 36.9 billion.1 An early look at…

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Jul 15, 2021

How Liquid Alternatives Deliver Diversification

Examine the potential pros and cons of liquid alternatives and how index innovations may help insurers diversify and protect against risk with S&P DJI’s Rupert Watts and Kelsey Stokes. Watch S&P DJI’s Annual Insurance Summit: https://www.spglobal.com/spdji/en/events/annual-insurance-investment-summit-how-are-insurers-staying-ahead-of-the-curve/#summary

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Jul 12, 2021

Why ETFs Held Up to 2020’s Pressure Test

What could 2020’s liquidity lessons mean for the insurance investment landscape moving forward? S&P DJI’s Tim Brennan joins State Street Global Advisors’ Ben Woloshin, Citadel’s Katie Stiner, and One America’s Brian Matthews for a closer look at this evolving landscape. Watch S&P DJI’s Annual Insurance Summit: https://www.spglobal.com/spdji/en/events/annual-insurance-investment-summit-how-are-insurers-staying-ahead-of-the-curve/#summary

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Jun 15, 2021

Will Inflation Actually Be Transitory?

“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.” – Milton Friedman  “If we do see what we believe is likely a transitory increase in inflation … I expect that we will…

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May 12, 2021

Equity: Diversity and Inclusion

We can think of an active equity portfolio as a combination of a benchmark (the S&P 500®, for example) and a set of active bets that measure the portfolio’s deviation from the benchmark. The relative size of the active bets is sometimes called “active share,” and is a convenient way to judge a manager’s aggressiveness….

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May 6, 2021

How Are Insurers Staying Ahead of the Curve?

Environmental, social, and governance (ESG) has been a nearly ubiquitous topic of conversation among investors in recent years, bringing to light important questions: How do you measure it? How do you report it? Why should you use it? However, to date, few U.S. insurance companies have incorporated ESG into their policy guidelines, and the practicalities…

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Mar 30, 2021

Opportunity Does Not Equal Attainment

We’ve previously argued that most managers should prefer above-average correlation, because the incremental volatility a manager accepts to pursue an active strategy will be lower when correlations are high. In addition, active managers should prefer above-average dispersion, because stock selection skill is worth more when dispersion is high. Both correlation and dispersion rose in 2020….

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Mar 25, 2021

Risk-Adjusted SPIVA Year-End 2020 Scorecard: No Evidence to Support Superior Risk Management Skills of Active Managers

Modern Portfolio Theory tells us that higher returns tend to be associated with higher risk. Active managers tend to boast about their risk management skills and claim that they can generate higher returns than passive funds on a risk-adjusted basis. The Risk-Adjusted SPIVA® Scorecard assesses the risk-adjusted returns of actively managed funds against their benchmarks…

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Mar 18, 2021

Highlights of the SPIVA Canada Year-End 2020 Scorecard

Although 2020 was a year that offered ample opportunities for stock pickers to shine, most Canadian active fund managers in five of the seven categories tracked by the SPIVA® Canada Year-End 2020 Scorecard underperformed their benchmarks over the past year. The Canadian equity market was not spared from the COVID-19 shock in 2020. Nevertheless, major…

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