SGX:YF8 8 December 2025 - 12 January 2026

April 11, 2026, 10:02 AM EDT. Dow, S&P 500, and Nasdaq futures edged lower as the financial sector suffered heavy losses, led by insurance stocks. Shares of Ares, Arthur J. Gallagher, Aon, and Willis Towers Watson dropped after a report from rating firm A.M. Best warned of growing risks tied to private credit in insurers' balance sheets. The report highlighted vulnerabilities in annuity products, which now often rely on lower-quality, less transparent issuers, including overseas affiliates. It noted a surge in private equity-backed insurers entering the annuity market, attracted by the spread between premia inflows and crediting rates fueled by private credit returns. Rising concerns about the quality and stability of private credit investments are prompting analysts to flag new financial system risks amid broader economic and geopolitical instability.