Research

ETFs in Insurance
General Accounts –2024
Contributors
Kelsey Stokes
Sales Head
Insurancekelsey.stokes@spglobal.com
Anu R. Ganti
U.S. Head
Index Investment Strategy
anu.ganti@spglobal.com
Raghu Ramachandranindex_services@spglobal.com

Introduction
In 2023, U.S. insurers held USD 34.4 billion in exchange-tradedfunds (ETFs). For the second year in a row, we saw large outflows
from large insurers. In 2022, the bear market exacerbated theoutflows to decrease AUM by 23%. In 2023, the market acted
against the outflows and AUM only decreased by 6%.
One company selling fixed income ETFs accounted for 50% of theoutflows. These outflows accounted for most of the fixed income
outflows. A more diversified set of companies selling equities
accounted for the other half of the outflows. The combined outflows
over 2022 and 2023 has altered the profile of ETF holdings by
insurers. In our ninth annual study of ETF usage by U.S. insurance
general accounts, we review ETF usage across various types ofcompanies and across different asset classes. We also analyze how
trading patterns have varied over the years.

Holding Analysis
As of year-end 2023, U.S. insurers invested USD 34.4 billion in
ETFs. This is a fraction of the USD 8.1 trillion in U.S. ETF AUM, aswell as the USD 8.4 trillion in insurance general account assets.
Exhibit 1 shows the use of ETFs by U.S. insurers over the past 20
years.

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ETFs in Insurance General Accounts – 2024

May 2024

Exhibit 1: ETF AUM Growth60

AUM (USD Billions)

50

40

30

20

10

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

0

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

In 2023, AUM decreased 6%. This is the first time ETF AUM had decreased two years in arow. This turned the three-year compound annual growth rate (CAGR) negative (see Exhibit
2).
Exhibit 2: CAGR of ETF AUM
14.00%
11.54%

12.00%
10.24%
10.00%
8.00%

CAGR

6.00%

5.01%

4.00%
2.00%
0.00%
-2.00%-4.00%-4.51%-6.00%-6.07%-8.00%
1-Year

3-Year

5-Year

10-Year

Inception

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

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ETFs in Insurance General Accounts – 2024

May 2024

In 2023, insurers took out USD 6.9 billion in ETFs. This is the largest selloff since we began
analyzing insurance usage of ETFs (for the year 2015). The selloff of Equity ETFs that began
in 2022 continued in the first quarter of 2023. Over 90% of the sales in the second quarter
were from one company selling Fixed Income ETFs. Without that one insurer, flows would
have been nominal. There was a pause in the third quarter, and the selloff in Equity ETFs
picked back up in the fourth quarter (see Exhibit 3).
Exhibit 3: Insurance ETF Net Flows
Historical ETF Flows

2023 ETF Flows6

1
EquityFixed Income

4

Net Flows (USD Billions)

Net Flows (USD Billions)

0
2
0
-2
-4

-1

-2

-3

-6
-8

Q4 2023

Q3 2023

Q2 2023

Q1 2023

2023

2022

2021

2020

2019

2018

2017

2016

2015

-4

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Table is provided for illustrative purposes.

2023 also saw a decline in the number of tickers used by insurers—down to 657—as well as adecline in the number of companies using ETFs—down to 646, which is only 35% of all
insurers (see Exhibit 4).
Exhibit 4: ETF Usage
800

40%

2023

2022

2021

2020

2019

0%

2018

0

2017

5%

2016

100

2015

10%

2014

200

2013

15%

2012

300

2011

20%

2010

400

2009

25%

2008

500

2007

30%

2006

600

2005

35%

Companies Using ETFs (%)

Companies Using ETFs (%)

700

2004

Tickers

Ticker Count

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Charts are provided for illustrative purposes.
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ETFs in Insurance General Accounts – 2024

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Analysis by Company Type and Size
In 2023, S&P Global Market Intelligence began reporting ETF usage from Fraternal insurancecompanies. They appear in this report for the first time, but we do not have historical data on
their ETF usage. Life insurers have a larger invested asset base, but P&C companies havemuch higher investments in ETFs (see Exhibit 5).
Exhibit 5: ETF AUM and Invested Assets by Company TypeETF AUM

Invested Assets

HealthFraternal

HealthFraternal
P&C

Life
P&C

Life

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Charts are provided for illustrative purposes.

After the declines in 2022, ETF AUM from P&C companies increased slightly in 2023;
however, there was a significant drawdown in Life and Health companies (see Exhibit 6).
Exhibit 6: ETF AUM Growth by Company Type
30
P&C

Life

Fraternal

HealthETF AUM (USD Billions)

25

20

15

10

5

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

0

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.
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ETFs in Insurance General Accounts – 2024

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P&C and Health companies each took out USD 2.0 billion in ETFs, and Life companies took
out USD 2.9 billion. However, if we exclude one life company, the remaining life insurers
increased Fixed Income ETF usage by USD 1.2 billion and overall ETF usage by USD 235
million (see Exhibit 7).
Exhibit 7: ETF Flows by Company Type
Excluding One Company

All Companies
22
EquityFixed Income

Equity

Other

Other

1

ETF Flows (USD Billions)

1

ETF Flows (USD Billions)Fixed Income

0

-1

-2

0

-1

-2

-3

-3
P&C

Life

HealthP&C

Life

HealthSource: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

The recent selloff in ETFs has been concentrated in larger insurers. Small and Medium sizedcompanies have continued to increase their use of ETFs (see Exhibit 8).
Exhibit 8: ETF AUM Growth and CAGR by Company Size
AUM Growth

CAGR

15%

25

5%
0%

15

CAGR

ETF AUM (USD Billions)

10%
20

10

-5%

-10%
5

-15%
-20%

2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

0

Small

Medium

Large

Mega

-25%
Small
1-YearMedium
3-YearLarge
5-YearMega
10-Year

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

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ETFs in Insurance General Accounts – 2024

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As a percentage of invested assets, smaller companies had more ETFs (see Exhibit 9).
Exhibit 9: ETF AUM and ETF AUM as Percentage of Invested Assets by Company Size
18

2.5%
ETF AUMETF AUM as a Percent of Invested Assets

16

ETF AUM (USD Billions)

12
1.5%
10
8
1.0%
6
4

% of Invested Assets

2.0%

14

0.5%

2
0

0.0%
Small

Medium

Large

Mega

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

In 2023, companies of all sizes sold both Equity and Fixed Income ETFs. However, if we
exclude one carrier, Mega companies actually added to Fixed Income ETFs and were the only
category to do so (see Exhibit 10).
Exhibit 10: ETF Net Flows by Company Size
All Companies

2

Fixed Income

Other

1

EquityNet Flows (USD Billions)

Net Flows (USD Billions)

EquityExcluding One Company

2

0

-1

-2

Fixed Income

Other

1

0

-1

-2
Small

Medium

Large

Mega

Small

Medium

Large

Mega

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Charts are provided for illustrative purposes.

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ETFs in Insurance General Accounts – 2024

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Analysis by Asset ClassIn the overall U.S. ETF market at the end of 2023, Equities made up 79% of all ETF AUM;
however, in the insurance general accounts, they only comprised 63% (see Exhibit 11). Equity
ETF usage by insurers was, proportionally, higher than the previous year’s 58%, but lower thanit was in 2015 (85%).
Exhibit 11: Insurance and U.S. Market ETF AUM by Asset Class
Insurance ETF AUM

U.S. Market ETF AUM

Other

Other
Fixed
IncomeFixed

EquityEquitySource: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

Equity AUM increased slightly from last year, while Fixed Income AUM continued its decline.
However, without the one Mega insurer, Fixed Income flows were relatively flat. Equities, on
the other hand, saw USD 3.7 billion in outflows but showed an increase in AUM on valuation
changes (see Exhibit 12).
Exhibit 12: ETF AUM by Asset Class35
EquityFixed Income

Other

ETF AUM (USD Billions)

30
25
20
15
10
5

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

0

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.
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ETFs in Insurance General Accounts – 2024

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In terms of market capitalization, insurance investment was roughly in line with the overallmarket (see Exhibit 13). Large Cap dominated, with Blended ETFs making up about one-third
and Small Cap and Mid Cap splitting the remainder.
Exhibit 13: Insurance and U.S. Market Equity ETF AUM by Capitalization
Insurance ETF AUM

U.S. Market ETF AUM

Small Cap

Small CapMid Cap

Mid Cap

Blend

Blend

Large Cap

Large Cap

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Charts are provided for illustrative purposes.

While the use of sector-specific ETFs has remained relatively constant, the use of sectors has
continuously varied (see Exhibit 14). From 2022 to 2023, Financials declined while Information
Technology soared, largely driven by valuation, as Information Technology ETFs have seen
outflows.
Exhibit 14: Sector ETF AUM
600

Communication Services
Financials
Real Estate

ETF AUM (USD Millions)

500

Consumer Discretionary
Healthcare
Information Technology

Consumer Staples
Industrials
Utilities

EnergyMaterials

400

300

200

100

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

0

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

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ETFs in Insurance General Accounts – 2024

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Corporate ETFs dominate insurance usage of Fixed Income ETFs, even though they are onlya small part of the overall U.S. ETF market (see Exhibit 15).
Exhibit 15: Insurance and U.S. Market Fixed Income ETF AUM by Bond Type
Insurance ETF AUM

U.S. Market ETF AUM
InflationProtected

InflationProtected Other
Municipal
Treasury

Broad
MarketOther

Municipal
Broad
MarketTreasuryCorporate

Corporate

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

As expected for insurers, Investment Grade dominated Fixed Income ETF usage, but
Investment Grade has shown a greater nominal decline, while High Yield has declined more
proportionally (see Exhibit 16).
Exhibit 16: Fixed Income ETF AUM by Credit Quality
16
Investment GradeHigh Yield

Blend

Other

ETF AUM (USD Billions)

14
12
10
8
6
4
2

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

0

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

Although the use of Systematic Valuation (SV) was expected to make the use of Fixed Income
ETFs easier for insurers, the amount and percentage of Fixed Income ETFs designated as SV
continued to decline (see Exhibit 17).
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ETFs in Insurance General Accounts – 2024

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Exhibit 17: Use of Systematic Valuation
4.0

40%

1.5

15%

1.0

10%

0.5

5%

0.0

0%

2023

20%

2022

2.0

2021

25%

2020

2.5

2019

30%

2018

3.0

SV as % of ETF AUM

% SV
35%

2017

ETF AUM (USD Billons)ETF AUM
3.5

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

Trade Analysis
2023 saw a 27% decline in ETF trading volume by insurance companies (see Exhibit 18).
Exhibit 18: ETF Trading Volume
70

60

Trades (USD Billions)

50

40

30

20

10

2023

2022

2021

2020

2019

2018

2017

2016

2015

0

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

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ETFs in Insurance General Accounts – 2024

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Although volume was down considerably, P&C companies still did most of the ETF trading byinsurers (see Exhibit 19).
Exhibit 19: ETF Trading Volume by Company Type
45
Life

P&C

Health40

Trades (USD Billions)

35
30
25
20
15
10
5

2023

2022

2021

2020

2019

2018

2017

2016

2015

0

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

In a reversal from 2022, insurers traded more Fixed Income ETFs than Equity ETFs (seeExhibit 20).
Exhibit 20: ETF Trading Volume by Asset Class40
EquityFixed Income

Other

35

Trades (USD Billions)

30
25
20
15
10
5

2023

2022

2021

2020

2019

2018

2017

2016

2015

0

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2022. Chart is provided for illustrative purposes.

As was done in our last report, we combined the holding and trade data to analyze the amountof trading relative to holding. We define “trade ratio” as the amount traded in a given year
divided by the amount of ETFs held at the beginning of the same year. The overall trade ratio
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continued to decline for insurers, but the trade ratio for Fixed Income did slightly increase in
2023 (see Exhibit 21).
Exhibit 21: Trade Ratio and Trade Ratio by Asset Class
Trade Ratio by Asset Class

2.5

5.0

2.0

4.0

Other

2023

2022

2021

2020

2019

2018

2015

2023

2022

0.0

2021

0.0

2020

1.0

2019

0.5

2018

2.0

2017

1.0

2016

Fixed Income

3.0

2017

1.5

Equity2016

Trade Ratio

6.0

2015

Trade Ratio

Industry Trade Ratio
3.0

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

Historically, most of the trades were reported in Schedule D, Part 5; i.e., securities that werebought and sold in the same year. However, in 2023, trades from purely selling ETFs
exceeded this value (see Exhibit 22).
Exhibit 22: ETF Trades by NAIC Schedule
35
BoughtSold

Bought & Sold

Trades (USD Billions)

30
25
20
15
10
5

2023

2022

2021

2020

2019

2018

2017

2016

2015

0

Source: NAIC via S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

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Appendix 1: Methodology
The National Association of Insurance Commissioners (NAIC) requires all U.S. insurancecompanies to file an annual statement with state regulators. This filing includes a detailed
holdings list of all securities held by insurance companies. S&P Global Market Intelligence(SPGMI) compiled this data from the NAIC and makes it available in a usable format. From
this database, we extracted all insurance ETF holdings and trades, both current and historical.
In addition, CFRA ETF Data, which is an ETF data and analytics company, provided us with alist of U.S. ETFs, as well as characteristics of each ETF—such as asset class, stock strategy,
bond credit quality, etc. We combined CFRA ETF classifications with SPGMI statutory filingdata to gain insight into how insurance companies use ETFs.

Appendix 1.1: S&P Global Market Intelligence Data
For U.S. insurance companies, we used NAIC data as compiled by SPGMI. U.S. insurancecompanies filed the data with the NAIC at the end of February 2024. SPGMI retrieved the data
and loaded it into its database. The completeness of the database depended on the timelinessof SPGMI receiving the data from the NAIC and the amount of quality control SPGMI performs.
To get timely yet complete information, we retrieved the data for this analysis on April 24,
2024.
SPGMI classified companies in various ways. For companies that are members of a group, weclassified all companies the same way as a group; for example, if a group contained individualcompanies of various ownership structures (Stock, Reciprocal Exchange, Lloyd’s Syndicate,etc.), but SPGMI classified the group as a Stock company. For this analysis, we assigned theownership structure of the parent organization to all the subsidiaries. We do a similar
assignment across all the features in this report.
We segregated companies by size, based on their invested assets as of Dec. 31, 2023.
−−−−

Small: Invested assets < USD 500 million
Medium: USD 500 million ≤ invested assets < USD 5 billion
Large: USD 5 billion ≤ invested assets < USD 50 billion
Mega: Invested assets ≥ 50 billion

Historically, invested assets were concentrated in Mega companies.
SPGMI classified the ownership of each company in 16 different ways, which we condensed
into four ownership structures.
− Stock: Stock companies− Mutual: Mutual companies
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ETFs in Insurance General Accounts – 2024

May 2024− Fraternal: Fraternal companies− Other: BC/BS Not for Profit; BC/BS Stock; Hospital, Medical, and Dental Service or
Indemnity Corp; Limited Liability Corporation; Lloyd’s Organization; Non Profit;
Partnership (All Types); Proprietorship; Reciprocal Exchange; Risk Retention Group;
Syndicate; U.S. Branch of Alien Insurer; and Other

Appendix 1.2: CFRA ETF Data
We used CFRA ETF Data (CFRA) as the source of ETF data in this analysis. We used thecategorization labels developed by CFRA in this analysis. For example, we used CFRA’s
definition of bond type. We also relied on CFRA to classify every Fixed Income ETF. We
assume consistency and completeness of the data provided by CFRA.
We note that insurance companies do not invest in a vast majority of these funds. While werefer to these funds as ETFs, the funds have varying legal structures. The vast majority of thefunds in the list are open-ended ETFs. However, a few large funds have a Unit Investment
Trust or Grantor Trust. The remaining legal structures, including semi-transparent ETFs, do
not represent a material amount of assets. For this reason, we do not analyze ETF usage bylegal structure and refer to all these funds as ETFs.
Often, CFRA classified ETFs in more granular detail than was needed for this analysis. In
these instances, we combined fields to make our analysis more meaningful.
For example, the CFRA field of asset class contained six different categories. We collapsed
these into three.
− Equity: Equities− Fixed Income: Bonds− Other: Commodities & Metals, Currency, Target Date/Multi Asset and Other Asset types
CFRA segregated Equity ETFs into eight buckets by market capitalization. We consolidated
these into four buckets.
−−−−

Blend: Broad Market/Multi Cap
Large Cap: Large Cap and Mega Cap
Mid Cap: Mid Cap, Large & Mid Cap and Small & Mid Cap
Small Cap: Small Cap and Micro Cap

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CFRA classified individual sector fields for Equity ETFs. CFRA also identified whether an ETF
was not sector specific or rotated through different sectors. Using this field, we identified
whether an Equity ETF was a Sector ETF or not.
− Not Sector: Not Applicable, Sector Rotation/Combination− Sector: All Other
CFRA classified Fixed Income ETFs into eight types. We narrowed this into the following six
bond types.
−
−
−
−
−
−

Broad Market: Broad Market
Corporate: Corporate
Treasury: Treasury & Government
Municipal: Municipal
Inflation-Protected: Inflation Protected
Other: Convertible, Mortgages and Not Applicable

In terms of credit quality, CFRA classified Fixed Income ETFs as Investment Grade, High
Yield, Blend or Not Applicable.

Appendix 1.3: Data Extraction Methodology
In 2022, SPGMI introduced two templates to extract data for both ETF Holdings and ETF
Transactions from their database. This methodology is slightly different than the extraction
methodology previously used in reports published prior to 2023. There is minimal variation in
the data extracted by the two methods. In this report, we used the SPGMI templates to extract
ETF usage by insurers. For consistency across S&P Global divisions, we used the templates
for the production of the 2024 report and will continue to do so in future reports.
In order to publish this paper in a timely manner, we extracted the data from the SPGMI
database in April 2024. However, as noted above, some of the data remains incomplete.
When we began the analysis for this year, the data was updated.

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