This more complicated macro and investing environment is not causing insurance CIOs to abandon risk. Rather, it is changing how they take risk. Nearly 80% expect to maintain or accelerate their pace of private capital investment, while 91% plan to maintain or increase credit exposure, despite broad recognition that the credit cycle is more mature and that a credit event remains an important, underpriced macro risk.
At the same time, insurers are increasingly high-grading portfolios. CIOs are rotating towards private, structured, and collateral-backed investments, with Asset-Based Finance, Infrastructure, Real Estate Credit, Private Investment Grade Credit, and Direct Lending among the areas drawing the greatest interest. Every major Private Credit category is a net add in the survey, led by Asset-Based Finance. The 2026 survey suggests the next leg of that rotation is toward more structured, collateral-backed, and higher quality forms of credit.
Importantly, we believe portfolio construction and implementation are becoming as important as asset allocation itself. Asset-liability matching, illiquidity limits, regulatory capital, reinvestment risk, and rising portfolio complexity all rank prominently among CIO concerns. In this environment, we think selectivity, manager selection, non-correlation, proprietary origination, and disciplined implementation will matter more.
EXHIBIT 1a: KKR 2026 Insurance Survey: Respondents by Insurer Type
