The 2026 Insurance Investment Outsourcing Report (IIOR)

$5.5 trillion AUM. 96 Insurance focused asset managers. 12 investment consultants. One authoritative view of where insurance investing moves next.

For over a decade, the IIOR has been the definitive resource for insurers researching managers and consultants, benchmarking their asset allocation, and understanding the insurer-specific services available in the market. Now in its 13th edition — produced by Clearwater Analytics and DCS Financial Consulting — the report profiles 96 managers and the $5.5 trillion in AUM they oversee, with granular breakdowns by asset class.

New for 2026: Institutional Investor joins as Industry Engagement Partner, bringing its publications and conferences to bear on education and insight across the insurance asset management community.

Key 2026 IIOR insights:

• Private credit’s continued surge. Insurer allocations to private credit keep climbing — and they’re going deeper. Middle market lending and structured debt are displacing traditional private placements as insurers reposition portfolios for what comes next.
• Global growth across every region. Insurance outsourcing is expanding on every continent. North America, Europe/UK, APAC, and offshore markets are all growing — but the regions accelerating fastest may surprise you.
• Concentration of insurance AUM. The largest managers dominate, but specialized and mid-sized firms are winning mandates in ways the headline numbers don’t reveal. Understand the concentration dynamics shaping manager selection today.
• Insurance-specific capabilities drive selection. Customized reporting, investment accounting, ALM expertise, liability-aware portfolio construction — insurers know exactly what they need.
• See which capabilities are separating winners from the rest of the field.

Inside the report:

• Profiles of all 96 participating managers and 12 consultants
• Detailed rankings of insurance investment leaders, globally and by region
• Aggregated data on asset allocations, client profiles, and regional flows
• The trends and forces reshaping insurance investment strategy in 2026 and beyond

Get the 2026 IIOR — a free industry resource.