Investment management company Neuberger Berman is investigating ways to expand its insurance business operations, according to individuals with knowledge of the situation, as financial firms continue pursuing insurance-related opportunities for additional income and improved investment returns.
The financial services company is evaluating various approaches, including establishing a new division that would enable it to purchase life insurance assets, the sources revealed. However, they emphasized that these discussions remain in early stages with no certainty that Neuberger will move forward with such an initiative.
The sources requested anonymity when discussing these private business conversations.
When contacted for comment, Neuberger representatives declined to provide a statement.
Acquiring life insurance policies and related financial products like annuities has become an increasingly popular strategy among asset management companies in recent years. This approach allows money managers to collect fees for overseeing the underlying insurance investments while also achieving better returns by incorporating these assets into their broader investment portfolios.
With $563 billion in managed assets as of the end of 2025, Neuberger has extensive experience working with insurance-related investments, primarily serving insurance company customers.
The company’s insurance solutions division has experienced significant expansion recently, managing $98 billion in assets by December’s end, representing growth from $86 billion at the conclusion of September, company website data shows. This growth coincides with insurance companies’ increasing demand for diverse financial products, including specialized areas like asset-based financing and private credit investments.
Earlier this month, the New York-headquartered Neuberger revealed its agreement to acquire MIO Partners, the investment management arm of consulting giant McKinsey & Company. MIO Partners oversees $26 billion in investments for current and former McKinsey employees.
