AG 55: Why This Guideline Could Redefine Asset-Intensive Reinsurance

By Stewart Foley, CFA

In insurance investing, it’s not every day that a regulatory change truly shifts the ground under your feet. But that’s exactly what the NAIC’s newly adopted Actuarial Guideline LV — better known as AG 55 — is poised to do.

For years, offshore asset-intensive reinsurance has been a powerful, if somewhat opaque, tool in the life insurance space. The deals were complex, the asset portfolios backing them even more so — and transparency was in short supply. AG 55 changes that. Starting with 2025 year-end reporting, life insurers and their asset management partners will be asked to pull back the curtain, delivering clear, comparable disclosures that give regulators — and by extension, the market — a sharper view of the risks and resilience of these treaties.

In our latest white paper, we break down exactly what AG 55 demands, who it impacts, and why the first year of disclosure is your best chance to position your assets and strategy for the future. Whether you’re an insurer, asset manager, or reinsurer, understanding the implications now could be the edge you need when — not if — this guideline grows sharper teeth.