Where’s My Premium

Your insurer may be owned by a private equity firm. See who owns it, where your premiums are sent, and what they are invested in.

Private equity is buying up US life insurance

137US insurers owned by private equity at the end of 2024. 139 by June 2025.
$704bnof cash and investments they hold for policyholders.
7.8%of everything US insurers have invested.
+16%growth in those assets in a single year.

Source: NAIC Capital Markets Bureau, PE-owned insurers, year-end 2024

What is at stake for policyholders

  • Your policy may be reinsured offshore

    Athene, for example, reinsures 80–100% of the business of its US companies with its own companies in Bermuda, where capital rules and reporting differ from US states.

  • The owner can earn on both sides

    Athene paid Apollo $1.44bn in 2025 to manage its money, and held $35.4bn in investments tied to Apollo.

  • Investments are harder to value

    PE-owned insurers increased their asset-backed and structured securities and their other long-term investments in 2024, according to the NAIC.

  • Less of it is public

    US insurers list every holding in a yearly statement filed with state regulators. Offshore reinsurers do not file these statements.

  • Owners change without asking you

    Your insurer can be sold, merged or renamed. Your contract stays the same, but the people managing your money do not.

  • Protection has limits

    If an insurer fails, your state’s guaranty association steps in, but only up to a set amount per person.

In the news: private credit, AI and your insurer

Life insurers are among the biggest buyers of private credit, including the debt that pays for AI data centers. Regulators and journalists are starting to ask what that means for policyholders.

Links open the original articles and reports. Headlines are the publishers’ own.

An example: Athene

Owned by Apollo. Independence from the owner: Low.

See Athene’s full page →

Of every $100 of new money Athene took in during 2025

$76Kept by Athene
$22ACRA’s outside investors: funds managed by Apollo
$2Outside reinsurers
  • $35.4bninvested with companies and funds tied to Apollo
  • 80–100%of US business reinsured with its own Bermuda companies
  • A+from AM Best and S&P

Source: Athene Holding 10-K, 2025, AM Best, 27 Aug 2026

Your insurer isn’t PE-owned, but…

Many well-known insurers pass part of their business to reinsurers backed by investment firms. Your contract stays the same, but the risk and the money that backs it move.

Amounts at the end of 2025, from the insurers’ 10-Ks and the reinsurers’ statements.

How we follow your premium

  1. Who owns it

    State approval filings show which firm controls your insurer.

  2. Where it’s sent

    Insurers can pass your policy to a reinsurer, often an affiliate in Bermuda.

  3. What it buys

    Yearly statements list every bond, loan and fund the insurer holds.

  4. Who benefits

    We check which of those investments link back to the owner’s own funds and companies.

Find your insurer

Questions

Plain answers about your policy and this site. Nothing here is financial advice.

What is a private equity-owned insurer?

An insurance company controlled by a private equity firm or another investment firm. The firm often also manages the insurer’s money and earns fees for doing so.

Does this change my policy?

No. Your contract terms stay the same when an insurer changes owner or reinsures your policy. The company that issued your policy still owes you the benefits.

What does it mean when my policy is reinsured?

Your insurer pays another company to carry part of the risk of your policy. You keep dealing with your insurer. The question this site asks is who that other company is, and where the money backing your policy ends up.

Why does Bermuda come up so often?

Athene, for example, reinsures most of the business of its US companies with its own companies in Bermuda. Capital rules and public reporting there differ from US states.

What protects me if my insurer fails?

Every state has a guaranty association that covers policyholders up to set limits. The limits vary by state and by type of policy. Each insurer page lets you check your state.

Should I cancel or move my annuity?

Not because of this site alone. Moving an annuity can trigger surrender charges and taxes. Talk to a licensed adviser before changing a policy.

I can’t find my insurer. Why?

Your policy may carry an older company name. Search the sidebar for the name on your contract: former names are included. We add insurers as their filings are checked.

Where does the data come from?

Public filings: SEC annual reports, state insurance department exams, NAIC reports and rating agency announcements. Every section on an insurer page links to its sources.

What is this site for?

More and more US insurers are owned by investment firms, and the details sit in long regulatory filings few people read. We pull the key facts together so policyholders can see who owns their insurer and where their money goes. The site is for information only, free to use for now, and not linked to any insurer or investment firm.

Prosperity Life

Owns S.USA Life, National Western, SBLI USA and Shenandoah Life. JAB bought it from Elliott in September 2025. The capital of its two largest insurers fell by about half in the first half of 2026.

Owner
JAB (100%)
Sells
Fixed and fixed index annuities, income annuities, universal and indexed universal life; reinsurance
Owned since
2025

As of year-end 2025 filings, unless a figure says otherwise.

Is this your policy?

Company names

  • S.USA Life Insurance Company, Inc. (Arizona; not licensed in New York)
  • National Western Life Insurance Company (Arizona, offices in Austin, Texas; a subsidiary of S.USA)
  • SBLI USA Life Insurance Company, Inc. (New York; the group’s only New York insurer; not linked to the SBLI companies of Massachusetts or Connecticut)
  • Shenandoah Life Insurance Company (Virginia)
  • Prosperity Life Assurance Limited (Bermuda reinsurer)

Former names

  • SBLI USA Mutual Life Insurance Company, Inc. (renamed SBLI USA Life Insurance Company when it became a stock company in 2014)
  • Savings Bank Life Insurance Fund (New York; became SBLI USA Mutual in 2000)
  • National Western Life Group, Inc. (National Western’s former Nasdaq-listed parent; bought in 2024)
  • National Western Life Insurance Company was a Colorado company until 2024
  • Ozark National Life Insurance Company (Missouri; in the group from 2024 until its sale on 30 May 2025)

Products

  • Prosperity PathPro and PathPro Max (fixed index annuities, S.USA)
  • S.USA and SBLI USA Select Choice and Select Choice Plus
  • S.USA and SBLI USA Safe Solution
  • NWL Ultra Classic, Ultra Future and Ultra Value
  • NWL Impact 10, Impact 7 and Impact 7S
  • NWL Pro Dynamic and Core Dynamic
  • NWL Protector One (immediate annuity)
  • S.USA Legacy Benefit (indexed universal life)
  • NWL Lifetime Returns Select and Lifetime Returns Solutions
  • S.USA and SBLI USA Legacy Solution (single premium universal life)

Source [5] [6] [7] [8] [9] [10] [11]

Quick check

Independence from JABNot assessedFewer than 3 of the 5 indicators are published.
Financial strengthFigureWhat it means
RatingGrade from rating agencies; the A range means strongAM Best A-, S&P A-, KBRA A- [4] [9] [14] [15]A range
CapitalCapital compared with the minimum regulators set; they step in below 100%$669mStatutory capital and surplus, S.USA Life (parent of National Western) [2] [1] [16] [13] [4]
Independence factorsFigureReliance on the owner
Money managed by the ownerShare of its investments run by the owner’s own firmNot publishedNot published
Business reinsured with own companiesShare of its policies passed to reinsurers in the owner’s groupNot publishedNot published
Investments tied to the ownerShare of its investments put into the owner’s own funds and companiesNot publishedNot published
Fees paid to the ownerWhat it pays the owner each year to manage its money$46m0.19% of its investments a year [1] [2]Low
Hard-to-sell investmentsLoans and complex securities that are not traded on a market42.0% [2] [1] [12] [13]High

Low, Medium and High show how much the insurer relies on its owner, using the thresholds in our methodology. Our own reading of the filings, not a credit rating or financial advice. If an insurer fails, your state’s guaranty association protects policyholders up to a set limit (nolhga.com).

Who owns it

  1. Registration not statedUltimate parent of JAB Holding CompanyAgnaten SE
  2. Registration not statedMajority shareholder of JAB Holding Company; Lucresca SE holds a minority stakeJoh. A. Benckiser S.à r.l.
  3. LuxembourgLuxembourgInvestment holding company; owner of JAB InsuranceJAB Holding Company S.à r.l.
  4. United KingdomUnited KingdomHolding company; bought 100% of ProsperityJAB Holdings UK Ltd.
  5. United StatesUnited StatesHolding company; received Prosperity Holding Company from JAB Holdings UKJAB Insurance US Holdings, Inc.
  6. United StatesDelaware, United StatesHolding company for S.USA, SBLI USA and Shenandoah (as of 2020)Prosperity Holding Company
  7. United StatesArizona, United StatesInsurer; parent of National WesternS.USA Life Insurance Company, Inc.
  8. United StatesArizona, United StatesYour insurer (or S.USA, SBLI USA or Shenandoah above it)National Western Life Insurance Company

JAB bought Prosperity through JAB Holdings UK Ltd. Its 2025 report says “certain individuals retained a non-controlling equity stake in certain non-insurance subsidiaries of Prosperity.” Above JAB Holding Company: Agnaten SE is the ultimate parent and the majority shareholder of Joh. A. Benckiser S.à r.l., which in turn is the majority shareholder of JAB Holding Company. Lucresca SE, a minority shareholder, is “controlled closely by members of the family of the shareholders of Agnaten SE.” JAB calls its money a “permanent capital base”. Prosperity’s own investment manager, Prosperity Asset Management, came with the deal. JAB sold it on 31 Dec 2025 to 1823 Partners, a related party “due to common management and common ownership”, for a $300m secured note. 1823 manages assets for JAB Insurance, which paid it $46.0m in 2025 and $49.6m in the first half of 2026. The share of assets it manages is not stated. At closing, JAB Insurance US Holdings and Prosperity took a $1.5bn bank credit line. $1.2bn was drawn by end-2025: $604.8m repaid Prosperity’s notes and $587.0m went toward the purchase price. KBRA notes the holding companies’ “material reliance on third parties such as its owner and credit facility providers for near-term cash resources”. When Elliott’s vehicle bought the group, New York approved it on condition that it follow a capital management plan for seven years after closing (to about January 2026). JAB also owns Family Life Insurance Company (Texas), bought separately as a shell company in April 2025. In September 2026 it completed the purchase of Columbian Financial Group. The filings do not say where two of these companies are registered.

Changes of control

1916
Shenandoah Life founded in Roanoke, Virginia
2000
The Savings Bank Life Insurance Fund of New York becomes SBLI USA Mutual Life Insurance Company, which owns S.USA
2012
Prosperity Life Insurance Group, set up in 2009 by Black Diamond Capital Partners and Reservoir Capital, buys Shenandoah Life when it becomes a stock company
2014
Prosperity buys SBLI USA, with S.USA, when it becomes a stock company (approved 8 Oct)
2019
Irizaba LP, run by people from the Elliott group, buys 100% of Prosperity for $462m (1 Jan). It is renamed Prosperity Group Holdings in 2020
2024
S.USA buys National Western Life Group for about $1.9bn, $500 a share (9 Jul). National Western moves its home state from Colorado to Arizona
2025
Ozark National Life sold (30 May). JAB buys 100% of Prosperity from Elliott for net consideration of about $3.3bn (5 Sep). Prosperity Asset Management sold to 1823 Partners (31 Dec) [1] [2] [17] [3] [15] [8] [4]

Where your premium goes

  1. 1 · You payPremiumFixed and fixed index annuities, income annuities, universal and indexed universal life; reinsurance
  2. 2 · Your insurerNational Western Life Insurance Co.Arizona (offices in Austin, Texas)
  3. 3 · Reinsured withAspida Life Re Ltd. and others not namedAspida is a Bermuda reinsurer outside the group
  4. 4 · Money managed byJAB (share not published)$46m in fees in 2025
  5. 5 · Invested in$23.7bn of assetsSee below

Its filings do not say what share of its business it reinsures with its own companies. [1] [18]

What it invests in

42.0%in hard-to-sell investments. Down from 44.6% in 2024.
$46mpaid to JAB in fees in 2025.
Prosperity Life’s portfolio, 2024 to 202520252024
Corporate bonds
24.4%
24.3%
Government and municipal bonds
5.5%
4.7%
Mortgage-backed (RMBS and CMBS)
8.0%
9.6%
Asset-backed and CLOs
20.3%
21.7%
Mortgage loans
6.6%
6.6%
Partnerships and other invested assets
7.0%
6.8%
Funds withheld receivables
23.1%
22.2%
Real estate
2.4%
1.7%
Policy loans
2.0%
1.9%
Stocks
0.6%
0.5%

Source [2] [1] [12] [13]

Links back to the owner

Your insurer invests part of your premiums in businesses tied to JAB: its own funds, companies those funds own, and lenders it controls.

Where the money wentHow it is tied to JABAmount, end of 2025
Secured note from 1823 PartnersPayment for Prosperity Asset Management, sold 31 Dec 2025; 1823 shares management and owners with JAB$300m
Partnership interests in an entity controlled by 1823 PartnersBought in the first half of 2026$4m

Source [1] [2]

Sources

  1. [1]JAB Holding Company S.à r.l., Annual Report 2025 (audited consolidated financial statements; JAB Insurance notes)
  2. [2]JAB Holding Company S.à r.l., Half-Year Report 2026 (condensed consolidated statements to 30 Jun 2026)JAB Annual Report 2025, Note 23; Half-Year Report 2026. The note’s balance was $315.3m at 30 Jun 2026. The reports do not say which JAB Insurance company holds it, or whether the insurers hold other investments tied to JAB or 1823
  3. [3]JAB Insurance, press release: JAB Insurance completes acquisition of Prosperity Life Group (Business Wire, 5 Sep 2025)
  4. [4]AM Best, rating action on Prosperity Life Group members and National Western Life (Business Wire, 5 Nov 2025)Half-Year Report Note 23; Annual Report Note 24; Moody’s Credit Opinion p. 3; National Western’s $787.8m at end-2025 is confirmed by its South Dakota statement summary
  5. [5]Prosperity Life Group, About page (underwriting companies, timeline, ratings)
  6. [6]Prosperity Life Group, Annuities page (product list)
  7. [7]Prosperity Life Group, Universal Life Insurance page (product list)
  8. [8]New York Department of Financial Services, examination report of SBLI USA Life Insurance Company, Inc. as of 31 Dec 2020
  9. [9]AM Best, rating action on National Western Life Group and subsidiaries (Business Wire, 23 Aug 2024)
  10. [10]KBRA, rating action on Ozark National Life Insurance Company (3 Jun 2025)
  11. [11]National Western and Prosperity Life Group, press release on closing of the $1.9 billion cash merger (PR Newswire, 9 Jul 2024)
  12. [12]National Western Life Insurance Company, Financial Highlights, 31 Dec 2024 (from its statutory annual statement)
  13. [13]South Dakota Division of Insurance, statement summary from the 2025 annual statement of National Western Life Insurance Company (NAIC 66850), published in the Garretson Gazette, May 2026Our calculation: shares of JAB Insurance’s total investments under US GAAP, $23,370m at 30 Jun 2026 (this year) and $23,671m at 31 Dec 2025 (last year), from JAB’s reports. JAB Insurance is mainly Prosperity; it also includes the small Family Life. Cash is not included. No full statutory statement is published. The private share adds mortgage loans, RMBS, CMBS, asset-backed bonds, CLOs and other invested assets. JAB does not split agency from non-agency RMBS, so this share may be slightly too high. Funds withheld receivables are left out of the private share because the reports do not say what assets back them. For comparison, National Western alone had 6.8% in mortgage loans and 76.6% in investment-grade bonds at end-2024, under statutory rules and before JAB. At end-2025 its statement summary shows $5,320m of bonds, $571m of mortgage loans and $1,694m of cash and bank deposits, 20.3% of its $8,341m of total assets (our calculation)
  14. [14]Prosperity Life Group, news post of S&P Global Ratings action (6 Nov 2025)
  15. [15]KBRA, rating action on JAB Holdings UK Ltd. and Prosperity subsidiaries (6 Nov 2025)
  16. [16]Moody’s Ratings, Credit Opinion: JAB Holding Company S.a r.l., update to credit analysis following affirmation of Baa1 rating (28 Aug 2026), as posted by JAB
  17. [17]JAB, Elliott and Prosperity, press release: JAB Holding Company to acquire Prosperity Life Group (Business Wire, 5 Feb 2025)
  18. [18]Prosperity Life Group, Supplemental Financial Reporting: Schedule S Part 8 as of 30 Jun 2026 for S.USA, National Western and Shenandoah Life

Methodology

How we measure an insurer’s independence from its owner.

What it is

A credit rating tells you whether an insurer can pay its claims. It does not tell you how much the insurer depends on the firm that owns it. When one firm owns the insurer, manages its money, reinsures its policies and sells it investments, the policyholder’s money stays inside one group. This indicator shows how far that goes.

It is our own assessment, built only from public filings. It is not a credit rating and not financial advice.

The five indicators

IndicatorWhat we measureLowMediumHighWhere it comes from
Money managed by the ownerShare of investments managed by the owner or its affiliatesBelow 25%25–75%Above 75%Investment management agreement in the annual report or statutory filing
Business reinsured with own companiesShare of the insurer’s business reinsured with companies in the same groupBelow 20%20–50%Above 50%Reinsurance note of the annual report; Schedule S of the statutory statement
Investments tied to the ownerRelated-party investments as a share of all investmentsBelow 3%3–10%Above 10%Related-party note; affiliated holdings in Schedules D and BA
Fees paid to the ownerInvestment management fees paid to the owner, as a share of invested assetsBelow 0.2%0.2–0.5%Above 0.5%Related-party note of the annual report
Hard-to-sell investmentsInvestments that are not traded on a market and are hard to value or sell quickly: mortgage loans, asset-backed, mortgage-backed and CLO securities, and alternatives, as a share of investmentsBelow 20%20–40%Above 40%Investment tables of the annual report; Schedules D and BA

How the overall result is set

Each indicator scores 2 for Low, 1 for Medium and 0 for High reliance on the owner. The five scores are added up, for a total between 0 and 10. A higher score means a more independent insurer.

When a filing does not publish what an indicator needs, that indicator is left out and the total is scaled to 10. We give an overall result only when at least three of the five indicators can be assessed.

  • 7–10Independence: High
  • 4–6Independence: Medium
  • 0–3Independence: Low

Example: Athene scores High on three indicators and Medium on two, for a total of 2 out of 10. Its independence from Apollo is Low.

Limits

  • Thresholds are our own. We will review them once enough insurers are covered to compare.
  • Group filings can mix the insurer with its offshore reinsurers. We say which entity each figure covers.
  • When a figure is not published, the indicator is marked as not assessed rather than guessed.
  • Figures are as of the latest annual filing and can change during the year.
32 insurers