Milliman：2024年通胀利率环境下美国寿险公司资产配置与投资策略研究报告（英文版）

As of December 2023, the life industry held a carrying value of nearly $5.2 trillion in cash and invested assets with an average net yield of 4.28%. After a 39-basis-point drop from 2018 to 2021, average yield experienced an uptrend in 2023 with an increase of 28 basis points, compared with a 22-basis-point decrease noticed in 2022. However, net yield still has not reached the level seen during most of the 2010s and is now the highest yield rate since 2020. This has led the life insurance ind