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.

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 the risks and rewards of funding short, and its role in today's annuity business.

'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 to eliminate the FIO.