With earnings under pressure, the search for investment yields continues to be a big challenge faced by U.S. life insurers, and it will be for years to come. As companies focus on generating higher returns after a prolonged low-interest-rate environment, this report summarizes the findings of an analysis of U.S. life insurers’ asset allocation and investment strategies. Its main sections include:

• Introduction and executive summary
• Overview of U.S. life insurers’ investment portfolios
• Strategies deployed in an inflationary environment after period of low interest rates