Neuberger Berman is probing a possible expansion into direct ownership of insurance-related assets, including life policies, sources with knowledge of the discussions said. The individuals, who requested anonymity because the deliberations are private, described the process as exploratory and emphasized there is no guarantee the firm will move forward.
The firm declined to comment on the discussions. Those close to the matter say one option under consideration would be the creation of a distinct entity that would permit Neuberger to buy life insurance assets.
Acquiring life insurance and related products, such as annuities, has grown into a playbook for some asset managers in recent years. The appeal lies in two primary benefits: earning management fees for overseeing the insurance assets and achieving elevated returns by allocating those assets across the manager's broader investment strategies.
Neuberger Berman already has a longstanding relationship with insurance-linked investing, traditionally managing such assets on behalf of insurance company clients. The firm reported $563 billion of assets under management at the end of 2025.
Its insurance solutions unit has expanded notably in recent quarters, holding $98 billion of assets at the end of December, up from $86 billion at the end of September, according to information on the firm's website. The growth comes as insurance companies look to gain exposure to a wider range of financial instruments, including asset-based financing and private credit.
Earlier this month, Neuberger announced an agreement to acquire the investment manager for McKinsey & Company. MIO Partners manages $26 billion on behalf of current and former employees of the consulting firm.
While the exploration of a life-asset purchasing vehicle signals how insurance assets remain attractive to money managers, the sources stressed that such strategic reviews do not always lead to established operations. The firm’s historical role as a manager of insurance assets and the recent expansion of its insurance solutions business provide context for why Neuberger might consider moving into direct ownership, but the outcome remains uncertain.