Houlihan Lokey says PE-owned US insurers hold $704.3 billion in invested assets at end-2024
HLI•Private equity-owned U.S. insurers held $704.3 billion in invested assets at year-end 2024, equal to 7.8% of the industry’s balance sheet and more than double their 2018 share, Houlihan Lokey said.
1. Insurer assets grow
Private equity-owned U.S. insurers held $704.3 billion in invested assets at year-end 2024, equal to 7.8% of the U.S. insurance industry’s balance sheet and more than double their share since 2018. Houlihan Lokey described the life and annuity model as a “flywheel” linking insurance liabilities with alternative asset management economics, and highlighted deal activity including minority stakes, full acquisitions and reinsurance sidecars.
2. Governance scrutiny
The analysis highlighted scrutiny of affiliated transactions and emphasized independent fairness opinions and valuation work for boards or conflict committees.
