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July 2025

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.  

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RIJ and ChatGPT Discuss the Interest on the National Debt

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.

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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.

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TPG and Aquarian Holdings Vie to Acquire Brighthouse

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.

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Corebridge sheds the risks of its $51 billion VA business

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.

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