"The impact of the pandemic on the US economy was severe and we should expect that repercussions will be felt for some time, with some sectoral changes perhaps being permanent. As will be discussed later in greater detail, capital markets were also heavily impacted. While many market indices have seen substantial recovery, those broader indicators that are commonly relied on do not tell the entire story. Looking only modestly below the surface, we can see continuing vulnerabilities and weakness in many sectors. As we seek to understand the impact on US insurer investments, it makes sense to remind ourselves of what US insurers are invested in as well as consider related investment practices."