F-H-L-B Spells Cheap Cash for Big Annuity Issuers

By Kerry Pechter
The largest borrower from the Federal Home Loan Bank (FHLB) system in 2024 was Athene Annuity and Life, at more than $15 billion. For at least 16 other top annuity issuers, FHLB loans are a key source of "fungible," low-cost borrowed capital.

RIJ and ChatGPT Discuss the Interest on the National Debt

By Editorial Staff
With the interest on the national debt reaching $1 trillion, many smart people worry that it will eventually crowd out all other federal spending. In another installment of RIJ's series of chats with ChatGPT, we address this apparent paradox.
Anecdotal Evidence

Social Security Needs a More Positive Spin

By Kerry Pechter
Our conceptual logjam over the future of Social Security comes partly from mistaking "stocks" for "flows," as the economist Michal Kalecki once warned.

TPG and Aquarian Holdings Vie to Acquire Brighthouse

By Editorial Staff
Brighthouse is a top-10 annuity issuer, with over $100 billion in assets. But neither Brighthouse (or its predecessor, MetLife) ever sold many of the fixed indexed deferred annuities whose issuers asset managers have been acquiring as sources of capital for their private credit businesses.

Corebridge sheds the risks of its $51 billion VA business

By Editorial Staff
The transaction will generate about $2.1 billion of net distributable proceeds after-tax for Corebridge, whose board authorized a $2 billion increase in share repurchases, said president and CEO Kevin Hogan.

COVER STORIES YOU MAY HAVE MISSED

June 2025

RIJ and ChatGPT Discuss ‘Funding Short’

By Kerry Pechter
Life insurers used to be known as champions of 'asset-liability matching,' or ALM. Today, many of them are doing the opposite by 'funding short.' Here's a transcript of RIJ's recent conversation with ChatGPT about...
May 2025

Warring Watchdogs: NAIC and FIO

By Kerry Pechter
'The Federal Insurance Office conflicts with the states’ role as primary regulators, complicates their engagement with fellow insurance regulators globally, duplicates data collection from our industry,' said state insurance commissioners in asking Congress...
April 2025

ChatGPT: Social Security Is No ‘Ponzi Scheme’

By Kerry Pechter
'Ponzi schemes are private frauds that collapse when new investors stop joining. Social Security is managed by the U.S. government, backed by legal mandates and payroll tax revenues,' ChatGPT told me. (Art: 1980s Social...