Financial Accounts of the United States - Z.1
F.116.s Life insurance companies: separate accounts
Billions of dollars; quarterly figures are seasonally adjusted annual rates
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Net acquisition of financial assets | FA544090085 | -58.3 | -85.3 | -56.2 | -105.2 | -87.5 | -122.8 | -27.7 | -54.6 | -19.8 |
| Line 2 | Checkable deposits and currency | FA543020083 | 0.9 | 5.5 | 3.4 | 12.2 | 0.1 | 3.2 | 3.6 | 3.2 | 3.5 |
| Line 3 | Money market fund shares | FA543034385 | 1.4 | 0.9 | 2.0 | 4.0 | 2.2 | 11.0 | -0.4 | -2.9 | 0.3 |
| Line 4 | Debt securities | FA544022085 | 31.5 | 58.8 | 106.4 | 60.0 | -54.4 | 26.0 | 100.2 | 107.3 | 192.0 |
| Line 5 | Open market paper | FA543069183 | 0.7 | 1.0 | -8.6 | 3.0 | -2.5 | -10.5 | -6.5 | -8.8 | -8.7 |
| Line 6 | Treasury securities | FA543061183 | -5.2 | 2.8 | 8.4 | 2.5 | -5.0 | 0.8 | 8.7 | 9.4 | 14.7 |
| Line 7 | Agency- and GSE-backed securities | FA543061783 | -2.4 | -1.5 | 15.7 | 3.5 | -20.5 | 4.9 | 14.6 | 17.7 | 25.6 |
| Line 8 | Municipal securities | FA543062083 | 0.6 | -1.7 | 3.0 | -0.7 | -5.5 | 2.2 | 3.2 | 2.1 | 4.5 |
| Line 9 | Corporate and foreign bonds | FA543063085 | 37.9 | 58.2 | 87.9 | 51.7 | -20.9 | 28.5 | 80.2 | 86.9 | 156.0 |
| Line 10 | Loans | FA544023085 | 11.2 | 13.0 | 18.2 | 25.1 | 3.4 | 10.3 | 18.2 | 22.4 | 22.0 |
| Line 11 | Other loans and advances | FA543069483 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 12 | Mortgages | FA543065083 | 11.2 | 13.0 | 18.2 | 25.1 | 3.4 | 10.3 | 18.2 | 22.4 | 22.0 |
| Line 13 | Corporate equities | FA543064185 | -73.3 | -5.1 | -101.5 | -2.5 | -42.4 | -16.4 | -72.3 | -134.6 | -182.8 |
| Line 14 | Mutual fund shares | FA543064385 | -107.5 | -127.9 | -135.2 | -145.0 | -91.2 | -171.1 | -142.0 | -134.1 | -93.5 |
| Line 15 | Life insurance reserves | FA543040085 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 16 | Pension entitlements | FA543050085 | -0.3 | -0.3 | -0.0 | -0.3 | -0.3 | -0.0 | -0.0 | -0.0 | -0.0 |
| Line 17 | Trade receivables | FA543070085 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 18 | Miscellaneous assets | FA543090085 | 77.8 | -30.2 | 50.6 | -58.6 | 95.2 | 14.3 | 65.1 | 84.1 | 38.8 |
| Line 19 | Net increase in liabilities | FA544190085 | -65.3 | -80.3 | -55.4 | -89.4 | -82.6 | -127.6 | -20.2 | -48.6 | -25.1 |
| Line 20 | Life insurance reserves | FA543140085 | -27.4 | 48.3 | -45.5 | 48.3 | 48.0 | -108.7 | -12.0 | -36.6 | -24.9 |
| Line 21 | Pension entitlements1 | FA543150085 | -78.4 | -40.6 | -53.4 | -47.4 | -42.7 | -132.4 | -5.4 | -37.8 | -38.1 |
| Line 22 | Trade payables | FA543170085 | -0.1 | -0.6 | 0.0 | -0.6 | -0.6 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 23 | Miscellaneous liabilities | FA543190085 | 40.5 | -87.4 | 43.6 | -89.7 | -87.2 | 113.4 | -2.8 | 25.8 | 37.8 |
Note:
- Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds which are included in miscellaneous liabilities (line 23).
Last Update: 2026-03-19