For a third consecutive year, the U.S. insurance industry as a whole pulled back from hedge fund investments, by roughly $2bn in 2018 to $14.4bn. The the life/annuity segment reporting a year-over-year reduction of investments in hedge funds by more than 18%, making it the largest among the major industry segments to pull back. According to an AM Best special report, the life/annuity segment cut its hedge fund holdings to $5.8bn in 2018 from $7.0bn in the previous year, and from $14.2bn in 2015.