## figure1-10

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**Canonical URL:** [figure1-10](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-10.pdf)

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### 1. Average Investment Returns and Guaranteed Returns
- Facing investment spread compression, life insurers in Germany, Japan, and the United States have reduced guaranteed returns.
- Time labels and scales shown: 2008–16; 2009–15; 2007–15; 2004–16 (as presented on the figure).
- Basis point markers shown: 100 bps, 50 bps, 25 bps.
- Note: bps = basis points.

### 2. Changes in Insurance Product Mix
- "... and have been gradually changing their product mix."
- Product categories shown: Unit linked; Nonlinked; Fixed annuities; Variable annuities; Life insurance; Annuities.
- Timeline labels shown: 2006 07 08 09 10 11 12 13 14 15 16 (as presented on the figure).

### 3. European and US Life Insurers: Bond Asset Allocation
- "Searching for yield, US and European life insurers have invested more in lower-rated bonds ..."
- Rating categories shown on the figure: AAA/AA/A BBB Not IG NR and other
- Clarifying note from figure: Not IG = noninvestment grade: bonds with ratings lower than BBB–; NR = not rated. NR and other may include some loans.
- Data sources cited on the figure for this panel: SNL Financial; and IMF staff estimates.

### 4. Japanese Life Insurers’ Investment Portfolio
- "... and Japanese life insurers have increased duration and holdings of foreign bonds."
- Asset categories shown: Cash, loans, real estate, and other; Equities; Foreign bonds; Domestic bonds, maturity > 10 years; Domestic bonds, maturity < 10 years.
- Country labels appearing in the panel: United States; Europe; Japan; Germany.
- Data source cited on the figure for this panel: Bank of Japan.

*Sources: Bundesbank; NLI Research Institute; Office of Financial Research; European Insurance and Occupational Pension Authority; Life Insurance Association of Japan; Life Insurance and Market Research Association; SNL Financial; IMF staff estimates; Bank of Japan.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-10.pdf_