Note that every carrier’s investment strategy is different but, typically, the general account portfolio predominantly consists of investment-grade bonds and mortgages. According to SNL Financial as of year-end 2020, life insurance carriers investment portfolio consisted of 72.74% bonds and 13.09% mortgage loans. 33.52% of the bond portfolio had maturities less than 5 years; 45.28% had maturities between 5 and 20 years; and 21.02% had maturities greater than 20 years. 

Note that due to volatility, common stock and other equity investments are limited in the general account and last year comprised less than 1.5% of the overall investment portfolio for carriers.