Summary

• Public credit remains essential, not least because liquidity, collateral needs, and regulatory requirements still matter enormously for insurers.
• Technology is reshaping how fixed-income portfolios are built and managed. Credit markets are large, complex, and highly data rich.
• European insurers are entering a phase in which public fixed income still does the heavy lifting - but in more varied ways.

By Bob Sharma, Gerry Anderson and Souheir Asba

The search for yield, diversification, and capital-efficient income is driving change.

Powerful forces are reshaping insurance investment portfolios, ranging from lower forecast public-market returns through regulatory change