Note that every carrier’s investment strategy is different but, typically, the general account portfolio predominantly consists of investment=grade bonds and mortgages. According to SNL Financial as of year-end 2022, life insurance carriers investment portfolio consisted of 67.58% bonds and 6.28% mortgage loans. Of the bond portfolios, 44% had maturities less than 5 years; 40% had maturities between 5 and 20 years; and 15.39% had maturities greater than 20 years.
Note that due to volatility, common stock and other equity investments are limited in the general account and last year comprised less than 1% (median) of the overall investment portfolio for carriers.