The industry also is expanding its exposure to stocks and alts, amid rising rates.
Some strategists say pandemic spending and other factors have severed the historic sequence.
Milliman index shows that insurers’ appetite for interest-rate risk may be waning.
In 2035, emerging markets will gain a slight edge, and they will have a clear lead by 2050: 47% to 27% of global capitalization.
Investors are sensing a regime shift in the market, but capturing it will take careful planning.