1、Global Macro Trends April 202414.2InsightsNo Turning BackKKR 2024 Insurance Survey Contents04 Introduction 06 Whats Changed?08 Section I:Where Did We Get Our Data?10 Section II:Big Ideas On Which to Focus 16 Section III:Key Asset Allocation Conclusions 19 Section IV:Regulatory Considerations 22 Sect

2、ion V:Where Are We Headed?24 Section VI:Big Topics of Discussion 24 Topic A:What is the risk of recession?26 Topic B:Geopolitical complexity 26 Topic C:How are we thinking about the path of inflation?27 Topic D:How do you approach currency hedging?28 Section VII:Key Themes 28 Collateral-Based Cash F

3、lows 28 AI/The Digitalization of Everything 29 Productivity 30 Section VIII:ConclusionHenry H.McVeyHead of Global Macro&Asset Allocation,CIO of KKR Balance S Rebecca J.RamseyGlobal Macro,Balance Sheet,and Risk Ezra MaxGlobal Macro,Balance Sheet,and Risk Scott JeffreysHead of Insurance A Special Than

4、ksCraig Lee,Mitch Lee,Vikram Govindan,Haining Yin,Go Yamashita,Jae Ko,Angela Pflug,Irene Yeung,Kei Ando,Jungwoo Kim,Gabrielle Bausano,Yasu Goto,and Alice MelnikInsights|Volume 14.2 3No Turning BackKKR 2024 Insurance SurveyAt the time of our last insurance survey in 2021,there were fully$15 trillion

5、in aggregate assets with negative interest rates.Today,by comparison,there are literally none,as interest rates have spiked in record fashion across the global capital markets,especially in the United States.The good news is that insurance CIOs have navigated these wild swings gracefully through tho

6、ughtful asset allocation and risk management.Now,against a backdrop of higher interest rates,these CIOs have built pools of highly liquid assets that can deliver overall returns in support of loss reserves when they write new business(which most want to do more of).Moreover,the most recent investing