MassMutual maintains lead in IR swaps market for life insurers

Counterparty Radar: Bank of America heads dealer rankings as sector’s notional drops 1% in Q1


Massachusetts Mutual remained comfortably the largest user of interest rate swaps among US life insurers during the first quarter of 2023, despite a slight decrease in its book.

The notional value of the Boston-based firm’s positions dropped 2% to $275 billion compared with Q4 2022, representing 24% of all swaps holdings in the space.

Overall, US life insurers held $1.1 trillion of interest rate swaps by notional value in Q1, a 1% drop on the previous quarter, according to data compiled from

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