Privately placed bonds, as defined under the NAIC’s broad bond classification framework, reached 48.4% of total life industry bonds at year-end 2025, up from 37.4% five years earlier, according to the S&P Global Market Intelligence 2026 US Insurance Investments Market Report. The shift extends a decade-long trend. Bonds’ share of total life insurer assets has fallen nearly 7 percentage points since 2015.