保险业私人信贷持仓达1.21万亿美元：监管报告聚焦5440亿复杂资产
全美保险监督官协会（NAIC）11月5日发布《美国保险业私人信贷分析》报告，依据2025年末全美保险公司投资数据，首次系统梳理并分类保险业的私人信贷持仓。报告显示，按宽口径定义，全美保险业持有1.21万亿美元私人信贷资产，约占现金与投资资产的13%。
报告指出，其中过半数属于信用风险与结构相对简单的资产，包括私募配售债券、银行贷款与中等市场担保贷款债务凭证，这些类别保险公司已投资数十年、监管者也有长期监测经验。分析人员真正聚焦的是结构更复杂、或带有另类资产敞口的部分：私募评级债券、商业发展公司与私人信贷基金，合计5440亿美元，约占现金与投资资产的6%、债券总持仓的9%。
NAIC主席、弗吉尼亚州保险专员斯科特·怀特（Scott White）表示，各州监管者正以数据为中心，随着保险公司的投资策略、所有权结构与风险转移安排演变，持续更新监管框架。NAIC预期，2026年采纳的强化披露要求纳入2026年末年报后，监管者对私人信贷配置的识别与分类将更加精确。（来源：全美保险监督官协会）
Insurers Hold $1.21 Trillion in Private Credit: NAIC Report Focuses on $544 Billion in Complex Assets
The National Association of Insurance Commissioners (NAIC) released its Private Credit Analysis of the U.S. Insurance Industry on November 5, drawing on insurer investment data as of year-end 2025 to identify and categorize holdings across distinct private credit categories. Under a broad definition, the entire U.S. insurance industry held $1.21 trillion in private credit assets, representing approximately 13 percent of cash and invested assets.
More than half of that total sits in assets with more straightforward credit risks and structures, including private placement bonds, bank loans and middle-market collateralized loan obligations, classes insurers have held for decades and regulators have long monitored. The analysts' primary focus is on holdings with greater structural complexity or alternative asset exposure, privately rated bonds, business development companies and private credit funds, which totaled $544 billion, about 6 percent of cash and invested assets and 9 percent of total bond holdings.
Virginia Insurance Commissioner and NAIC President Scott White said state regulators are taking a data-centric approach and continuing to evolve regulatory frameworks alongside insurers' changing investment strategies, ownership structures and risk-transfer arrangements. The NAIC expects enhanced reporting disclosures adopted in 2026, to be included in year-end 2026 annual statement filings, to sharpen the identification and classification of private credit investments. (Source: National Association of Insurance Commissioners)
来源：全美保险监督官协会
发布：GSM·美国（发布链接）
图片来源：图片来源：NAIC总部所在地堪萨斯城夜景（Wikimedia Commons，CC BY-SA 3.0） / Image: Downtown Kansas City, Missouri, home of the NAIC, Wikimedia Commons (CC BY-SA 3.0)
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