Quarterly

L.116.s Life Insurance Companies: Separate Accounts

The Financial Accounts (formerly known as the Flow of Funds accounts) are a set of financial accounts used to track the sources and uses of funds by sector. They are a component of a system of macroeconomic accounts including the National Income and Product accounts (NIPA) and balance of payments accounts, all of which serve as a comprehensive set of information on the economy’s performance.(1) Some important inferences that can be drawn from the Financial accounts are the financial strength of a given sector, new economic trends, changes in the composition of wealth, and development of new financial instruments over time.(1)
Sectors are compiled into three categories: households, nonfinancial businesses, and banks. The sources of funds for a sector are its internal funds (savings from income after consumption) and external funds (loans from banks and other financial intermediaries). (1) Funds for a given sector are used for its investments in physical and financial assets. Dividing sources and uses of funds into two categories helps the staff of the Federal Reserve System pay particular attention to external sources of funds and financial uses of funds.(2) One example is whether households are borrowing more from banks—or in other words, whether household debt is rising. Another example might be whether banks are using more of their funds to provide loans to consumers. Transactions within a sector are not shown in the accounts; however, transactions between sectors are.(2) Monitoring the external flows of funds provides insights into a sector’s health and the performance of the economy as a whole.
Data for the Financial accounts are compiled from a large number of reports and publications, including regulatory reports such as those submitted by banks, tax filings, and surveys conducted by the Federal Reserve System.(2) The Financial accounts are published quarterly as a set of tables in the Federal Reserve’s Z.1 statistical release.
(1) Teplin, Albert M. “The U.S. Flow of Funds Accounts and Their Uses.” Federal Reserve Bulletin, July 2001; http://www.federalreserve.gov/pubs/bulletin/2001/0701lead.pdf.
(2) Board of Governors of the Federal Reserve System. “Guide to the Flow of Funds Accounts.” 2000, http://www.federalreserve.gov/apps/fof/.

For questions on the data, please contact the data source: https://www.federalreserve.gov/apps/ContactUs/feedback.aspx?refurl=/releases/z1/%
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    Q4 1945    
 
 
    Q4 2025
Line Name Period Value Preceding
Period 		Year Ago
from Period 		Units
line 1
Total financial assets 		Q4 2025 3,512,063 Millions of U.S. Dollars 3,479,781 Millions of U.S. Dollars 3,239,980 Millions of U.S. Dollars Mil. of U.S. $
line 2
Checkable deposits and currency 		Q4 2025 50,992 Millions of U.S. Dollars 50,123 Millions of U.S. Dollars 47,627 Millions of U.S. Dollars Mil. of U.S. $
line 3
Money market fund shares 		Q4 2025 38,995 Millions of U.S. Dollars 38,921 Millions of U.S. Dollars 37,010 Millions of U.S. Dollars Mil. of U.S. $
line 4
Debt securities 		Q4 2025 729,475 Millions of U.S. Dollars 682,930 Millions of U.S. Dollars 602,741 Millions of U.S. Dollars Mil. of U.S. $
line 5
Open market paper 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 6
Treasury securities 		Q4 2025 53,238 Millions of U.S. Dollars 49,562 Millions of U.S. Dollars 43,235 Millions of U.S. Dollars Mil. of U.S. $
line 7
Agency- and GSE-backed securities 		Q4 2025 93,254 Millions of U.S. Dollars 86,672 Millions of U.S. Dollars 75,606 Millions of U.S. Dollars Mil. of U.S. $
line 8
Municipal securities 		Q4 2025 16,342 Millions of U.S. Dollars 15,115 Millions of U.S. Dollars 13,186 Millions of U.S. Dollars Mil. of U.S. $
line 9
Corporate and foreign bonds 		Q4 2025 564,628 Millions of U.S. Dollars 527,387 Millions of U.S. Dollars 460,053 Millions of U.S. Dollars Mil. of U.S. $
line 10
Loans 		Q4 2025 105,109 Millions of U.S. Dollars 99,612 Millions of U.S. Dollars 86,894 Millions of U.S. Dollars Mil. of U.S. $
line 11
Other loans and advances 		Q4 2025 0 Millions of U.S. Dollars 0 Millions of U.S. Dollars 0 Millions of U.S. Dollars Mil. of U.S. $
line 12
Mortgages 		Q4 2025 105,109 Millions of U.S. Dollars 99,612 Millions of U.S. Dollars 86,894 Millions of U.S. Dollars Mil. of U.S. $
line 13
Corporate equities 		Q4 2025 674,551 Millions of U.S. Dollars 696,273 Millions of U.S. Dollars 666,868 Millions of U.S. Dollars Mil. of U.S. $
line 14
Mutual fund shares 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 15
Trade receivables 		Q4 2025 52 Millions of U.S. Dollars 51 Millions of U.S. Dollars 42 Millions of U.S. Dollars Mil. of U.S. $
line 16
Life insurance reserves 		Q4 2025 0 Millions of U.S. Dollars 0 Millions of U.S. Dollars 0 Millions of U.S. Dollars Mil. of U.S. $
line 17
Pension entitlements 		Q4 2025 857 Millions of U.S. Dollars 852 Millions of U.S. Dollars 797 Millions of U.S. Dollars Mil. of U.S. $
line 18
Miscellaneous assets 		Q4 2025 252,000 Millions of U.S. Dollars 243,432 Millions of U.S. Dollars 201,447 Millions of U.S. Dollars Mil. of U.S. $
line 19
Total liabilities 		Q4 2025 3,521,845 Millions of U.S. Dollars 3,490,891 Millions of U.S. Dollars 3,248,921 Millions of U.S. Dollars Mil. of U.S. $
line 20
Trade payables 		Q4 2025 54 Millions of U.S. Dollars 53 Millions of U.S. Dollars 44 Millions of U.S. Dollars Mil. of U.S. $
line 21
Life insurance reserves 		Q4 2025 521,142 Millions of U.S. Dollars 521,792 Millions of U.S. Dollars 517,291 Millions of U.S. Dollars Mil. of U.S. $
line 22
Pension entitlements 		Q4 2025 2,590,067 Millions of U.S. Dollars 2,572,159 Millions of U.S. Dollars 2,401,839 Millions of U.S. Dollars Mil. of U.S. $
line 23
Miscellaneous liabilities 		Q4 2025 410,582 Millions of U.S. Dollars 396,887 Millions of U.S. Dollars 329,747 Millions of U.S. Dollars Mil. of U.S. $
   

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