BlackRock Says Insurers Expect to Keep Ramping Up Private Bets

Insurers overseeing $23 trillion plan to add even more to their private market holdings as part of a strategy to smooth long-term returns, according to a BlackRock Inc. survey.

Of 463 senior insurance executives surveyed by BlackRock, 93% said they expect to increase their exposure to private assets in response to market movements over the next 12 months. Investment-grade private credit, including infrastructure debt and private placements, remains a preferred asset class.

Only 3% expect to reduce private investments, according to the survey published Monday.

Insurers have been embracing alternative assets for years, and private equity firms have been buying ...