This is Exchanges Goldman Sachs, where we discuss developments currently shaping markets, industries, and the global economy.

I'm Jake Seward, global head of corporate communications here at the firm.

My guest today is Mike Siegel, global head of the insurance, asset management, and liquidity solutions business within the asset management. Asset Management and Liquidity Solutions Business

within the Asset Management Division of Goldman Sachs.

Mike and his team have just released their annual insurance report

which looks at how the insurance companies are allocating capital,

which gives us, of course, an insight into the investment universe

more broadly. On this episode, we're going to talk to Mike about the findings of this

year's report now and its 10th year. Mike, thank you very much for joining us. Jake, good to see you. Thank you for having me back. Mike, a decade into this report. But last time we spoke, it was in the midst of the pandemic and CIOs were dealing with sharply higher levels of market

volatility and a lot of uncertainties about the trajectory of the virus and the vaccine.

So give us a background on this year's report now that the situation somewhat stabilized and how insurers have

weathered the past year. Well Jake no doubt about this last year was difficult

for the insurers, for their employees, for their clients,

like all of the companies and individuals around the world.

You know, these companies had a difficult time

going to a full work-at-home environment.

They had to do it quickly, and it was not easy. They experienced a lot of claims in terms of mortality, health care. They experienced claims in terms of worker compensation and also business interruption.

Having said all that, with all of the market volatility,

they were able to take advantage of that volatility

and put a lot of capital to work.

So on the investing side of the business while very volatile, they came out of it in really good shape.

So, Mike, the title of this year's survey is running the risks. Explain to all of us what that means exactly.

...