US insurers take different paths to hedge FX

Counterparty Radar: Maturity and size of FX forwards trades vary significantly between firms

FX-forwards

An analysis of the past six quarters of filings by US life insurers shows that while they all use foreign exchange forwards almost exclusively to hedge G10 currency exposures, the way they trade differs significantly between firms.

Life insurers use FX forwards to hedge against currency movements in their portfolios of foreign currency bonds. Athene US Life has been the largest user of the instrument since the first quarter of 2022, when FX Markets’ Counterparty Radar service began analysing

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