Private Credit Is Top Choice for Insurers Managing $13 Trillion

For the first time, a fixed-income sector — private credit — topped the list of favored assets in Goldman Sachs Asset Management’s annual survey of global insurance companies.

Of the 359 executives polled, 53% ranked private creditamong the top five asset classes in terms of expected 12-month returns. Now in its 13th year, the survey encompassed firms managing roughly $13 trillion combined, or about half of the industry’s balance-sheet assets, according to GSAM.

“One of the most surprising things about this survey was for the first time we’ve been doing the survey, we’re seeing credit or fixed-income assets ...