Delaware Life Insurance Company relabeled $16.4 billion of investments this year, with funds primarily coming from annuities and life policies sold to ordinary savers. The US Attorney’s Office in Manhattan issued grand jury subpoenas in February, and the Securities and Exchange Commission opened a parallel investigation. Both are examining whether loans extended to affiliated companies should have been flagged as related-party transactions. Rating agencies A.M. Best, Standard & Poor’s and Fitch all downgraded Delaware Life with a negative outlook. The case highlights the growing opaqueness of private loans backing retirement promises in the United States, a market that grew from 90 insurer-owned private equity firms in 2018 to 137 in 2024, holding a combined $704.3 billion.
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