Houlihan Lokey says PE-owned US insurers hold $704.3 billion in invested assets at end-2024

By Public Technologies
  • Houlihan Lokey analysis flagged rapid growth in private equity-owned U.S. insurers, reaching $704.3 billion in invested assets at year-end 2024.
  • That footprint equaled 7.8% of the U.S. insurance industry balance sheet, more than doubling since 2018.
  • Report framed the life and annuity model as a “flywheel” linking insurance liabilities with alternative asset management economics.
  • Deal activity focus included minority stakes, full acquisitions, reinsurance sidecars.
  • Governance risk highlighted via affiliated transaction scrutiny, emphasizing independent fairness opinions, valuation work for boards or conflict committees.


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