What we'd rather do is have the flexibility to buy as expansive a set of investments as we can, define our risk appetite very clearly, and then give our asset managers, who are in the market every single day, the flexibility to deploy that risk appetite across that broad set of opportunities. If we go to our investment committee when it looks attractive, it's going to be very hard to get that pushed through the governance process and get everyone educated in a real-time manner. We don't want to be in a situation where, for example, we see an opportunity to invest in below investment-grade private placements and our investment guidelines prohibit us from doing so. And we try to fill that toolbox up independent of the timing in the market.
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It's about trying to make sure that we have as full a toolbox as we possibly can of asset classes to deploy. What's Voya's philosophy regarding insurance AUM?įor our portfolios, it's about taking a very long-term view to strategic asset allocation. That's led to a fantastic outsourcing opportunity for investors with access to these markets and capacity to share. We've seen a great deal of activity in some specialty asset classes, commercial mortgage loans, and private placement particularly, which formerly had been a challenge for certain companies to invest in because of the infrastructure and investment capabilities required to invest in them. Many of the insurers we work with find that there are parts of the market they were missing as a result of some prior asset class biases or preferences. Companies are re-examining not just their risk budget and their risk appetite, but also the universe of securities they are willing to invest in when deploying that risk appetite. Lower yields and tighter spreads continue to create a significant headwind for insurance companies with new money rates that are persistently below their portfolio rates. How do you see insurance portfolios evolving?
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