European and UK insurers’ outsourced assets doubled to $2.1trn since 2021, Clearwater survey shows

Assets managed for European and UK insurers by third-party managers rose from $1.0trn in 2021 to $2.1trn in 2025, growing 32% in the latest year, according to Clearwater Analytics’ 2026 Insurance Investment Outsourcing Report, produced with DCS Financial Consulting. Europe and the UK now account for 38% of outsourced insurance assets worldwide, and the report says the increase reflects both organic growth and broader manager participation in the survey.

The mandates have kept arriving since the report was published on 20 May. Standard Life named Ninety One a core manager in a release dated 3 September, awarding a £3bn mandate across the firm’s emerging markets and Asia ex-Japan equity strategies, as Insurance Asset News reported.

Globally, the report captures $5.5trn in third-party general account insurance assets across 96 asset managers, a 23% increase year-on-year and 65% since 2021, alongside $1.8trn under advisement across 12 investment consultants. Third-party private insurance assets have more than doubled since 2021 to $947bn, approaching one-third of outsourced allocations, and 67% of participating managers now offer private fixed income alongside public strategies. Insurers have moved beyond traditional private placements into middle-market lending, infrastructure debt and structured credit, the report says.