mortgagetape™Reference Tools · Insurer Mortgage Portfolio Directory
What it does
US life insurers are the second-largest end holder of US mortgages behind banks — roughly half a trillion dollars of residential and commercial exposure across whole loans and CUSIP-level MBS/CMBS/RMBS. This directory covers 15 NAIC filers at Dec-2025, with a composition-and-history page for every one.
What’s in it:
- Overview directory — one row per filer with whole-loan UPB, mortgage-securities BACV, total exposure, loan count, CUSIP count, average loan size, median note rate, top state, and 5-year Δ UPB. Sortable, CSV-exportable, and with a subsidiary roll-up toggle (Nationwide combined, MetLife combined, Corebridge combined).
- Per-insurer drill-down — KPI strip, size-bucket composition (conforming / jumbo / commercial using 2025 FHFA thresholds), vintage mix by acquisition year, top-15 states by UPB, securities class split (agency MBS / CMBS / RMBS / other), agency-MBS pool characteristics (WA FICO, WA LTV, WAC) on the matched subset, historical UPB trend 2020–2025, and recent 2025 bond acquisitions where loaded.
- 15 filers covered — Northwestern Mutual, MetLife (MLIC + MTL), Athene, Corebridge (AGL + VALIC + USL), TIAA, New York Life (NYLIC + NYLIAC), Pacific Life (PLIC + PLA), Prudential, Nationwide (NLIC + NLAIC).
Sample questions this answers in one click:
- “Which insurer holds the most mortgage exposure?”
- “What’s inside Northwestern Mutual’s commercial mortgage book?”
- “Compare Athene’s state concentration vs MetLife’s.”
- “Which life insurers bought the most agency MBS in 2025?” — new trade-flow coverage
- “Top 10 insurers by new commercial mortgage originations in 2025 and average note rate.” — new whole-loan flow
- “Which insurers back Blackstone-sponsored CRE debt and mezz funds?” — new private-partnership coverage
- “What did MetLife sell this year, excluding scheduled maturities?”
- “How has MetLife’s whole-loan portfolio changed between 2020 and 2025?”
Who finds this useful: fixed-income and whole-loan desks mapping end-buyer demand for residential and commercial mortgages; cap-markets teams targeting insurers for private-placement CRE deals; competitive-intelligence work on insurer appetite for non-agency product; housing-finance researchers tracking how private credit flows through insurance balance sheets.
Coverage caveats: whole-loan historical panel runs 2020–2025 for MetLife, Pacific Life group, and Corebridge subsidiaries; Northwestern Mutual, New York Life, Prudential, and Athene are 2025 snapshot only. Securities (mortgage) is Dec-2025 only; 2024 queued. Bond acquisition- and disposition-flow data (Schedule D Parts 3 & 4) now covers the MetLife, Nationwide, Corebridge, and Pacific Life families with 2020–2025 history; Athene, TIAA, and Prudential run 2023–2025; New York Life and Northwestern Mutual remain 2025-only pending separate Investment Schedules exhibits. Non-securitized positions (Schedule BA Part 1 — joint ventures, real-estate partnerships, LIHTC, private-fund LP interests across Apollo, Blackstone, Carlyle, KKR, Blue Owl, Ares and others) are loaded for 13 filers with $28B of mortgage-related book value tagged by NAIC category; Pacific Life, TIAA and NYLIC/NYLIAC detail is subtotal-only pending template-variant handling. Agency-MBS pool-detail match rate is ~42% of positions / ~28% of agency BACV; composition stats on the matched subset only.