With a ~30% share of the outstanding US public corporate credit market, life insurers are among the largest holders of public corporate bonds. While their allocation to corporate bonds has modestly declined in percentage terms, the absolute dollar investment has grown substantially due to the expansion in AUM. Between 2022 and 2025, insurers absorbed nearly 40% of the net expansion in corporate credit, far outpacing mutual funds, ETFs, and foreign investors. - Morgan Stanley(zerohedge)