US life insurers switch to FHLB loans from Fabs

US life insurers have more than tripled their borrowings from Federal Home Loan Banks (FHLBs) since the financial crisis, while dramatically cutting their reliance on funding-agreement-backed securities (Fabs).

FHLB advances, or loans, to US life carriers stood at $76 billion at end-June, compared with just $24 billion in the first quarter of 2008. Over the same period, Fabs – loans issued by financial institutions to life insurers in exchange for deposit-like contracts – declined to $88

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