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INSURERS AS INVESTORS |
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OWNERSHIP OF U.S. CORPORATE AND FOREIGN BONDS
The insurance industry's holdings of corporate and foreign bonds totalled $2.1 trillion in 2005.
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HOLDINGS OF U.S. CORPORATE AND FOREIGN BONDS, 2003-2007
($ billions, end of year)
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2003 |
2004 |
2005 |
2006 |
2007 |
Percent change, 2003-2007 |
| Total | $6,986.6 | $7,860.0 | $8,585.2 | $9,747.0 | $10,711.4 | 53.3% |
| Household sector | 1,138.3 | 1,282.7 | 1,311.9 | 1,542.0 | 1,627.3 | 43.0 |
| State and local governments | 111.3 | 118.2 | 125.6 | 133.6 | 140.4 | 26.1 |
| Rest of the world (1) | 1,330.6 | 1,559.1 | 1,764.0 | 2,201.4 | 2,497.7 | 87.7 |
| Commercial banking | 481.2 | 563.6 | 687.0 | 780.3 | 978.7 | 103.4 |
| Savings institutions | 71.9 | 59.2 | 80.2 | 89.2 | 138.3 | 92.4 |
| Credit unions | 24.3 | 25.0 | 23.5 | 30.6 | 34.6 | 42.4 |
| Property/casualty insurance companies | 218.9 | 245.3 | 262.8 | 277.0 | 285.6 | 30.5 |
| Life insurance companies | 1,620.2 | 1,768.0 | 1,840.7 | 1,841.9 | 1,889.7 | 16.6 |
| Private pension funds | 274.8 | 267.1 | 288.1 | 297.0 | 313.6 | 14.1 |
| State and local govt retirement funds | 207.4 | 213.5 | 227.9 | 265.6 | 257.5 | 24.2 |
| Federal govt retirement funds | 3.2 | 3.0 | 2.9 | 2.9 | 3.0 | -6.3 |
| Money market mutual funds | 258.7 | 261.0 | 263.2 | 368.3 | 377.1 | 45.8 |
| Mutual funds | 548.3 | 622.8 | 699.2 | 813.3 | 972.3 | 77.3 |
| Closed-end funds | 58.8 | 67.6 | 68.7 | 75.1 | 74.6 | 26.9 |
| Exchange-traded funds | 2.4 | 3.3 | 5.3 | 7.6 | 13.8 | 475.0 |
| Government-sponsored enterprises | 277.4 | 414.8 | 465.7 | 482.7 | 464.4 | 67.4 |
| REITs (2) | 19.2 | 36.8 | 63.6 | 80.9 | 37.3 | 94.3 |
| Brokers and dealers | 228.3 | 252.2 | 337.7 | 397.2 | 435.6 | 90.8 |
| Funding corporations | 111.3 | 96.8 | 67.5 | 60.4 | 170.0 | 52.7 |
(1) Holdings of U.S. issues by foreign residents.
(2) Real Estate Investment Trusts.
Source: Board of Governors of the Federal Reserve System, June 5, 2008. |
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