Insurers ‘Live and Die’ With $2.2 Trillion in Corporate Bonds
This article is for subscribers only.
Insurance investors are betting the corporate bond rally that bolstered industry stocks can withstand concern that the Greek rescue plan will be insufficient to stabilize debt markets.
Prudential Financial Inc., American International Group Inc., MetLife Inc. and Allstate Corp. had a net unrealized gain of $13.2 billion on the securities on March 31, compared with a $38.6 billion loss a year earlier. The figures reflect market fluctuations that aren’t counted toward earnings and are tracked by investors and rating firms as a gauge of financial strength.