The returns have been impressive. By investing in private debt, which includes illiquid instruments that yield higher yields than publicly traded bonds, these operators have been able to outperform traditional insurers in terms of the rates offered to customers. But critics, including researchers at the Center for Economic and Policy Research, have raised sharp questions about what lies beneath. A March 2026 analysis found that about a fifth of investments made by Athene, Apollo’s insurance arm, and KKR’s Global Atlantic are now made up of loans made to affiliated funds – a form of self-dealing that regulators acknowledge is difficult to evaluate given the opacity of the underlying assets.
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