US life insurers’ IR swaps usage hits $1.2trn in Q4 2022

Counterparty Radar: MassMutual is largest user of the instrument, finds our new analysis of industry filings


The notional value of interest rate swaps held by US life insurers rose to $1.16 trillion in Q4 2022, up 3.6% compared to Q3, as carriers looked to lock in high rates for the long term, according to an analysis of the industry’s disclosures.

Just over half of the swaps held by life insurers in the quarter were received-fixed trades, which can help to protect insurers against falling rates. has aggregated the derivatives filings of US life insurers and made their data available on its

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