US life insurers’ interest rate swaps usage surged in Q2
Counterparty Radar: John Hancock, Principal Financial expanded books by more than half
The aggregate notional of US life insurers’ interest rate swaps positions grew 12% in the second quarter to $1.3 trillion as carriers raced to hedge their books after the Federal Reserve adopted a “higher-for-longer” stance on rates.
The jump in volumes was propelled by significant increases in swaps usage by John Hancock Life Insurance and Principal Financial, according to data from industry
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