How agentic AI is reshaping value creation in closed-book life insurance  

DXC has completed a first-of-its-kind global study of closed-book life insurance markets, examining $2.3 trillion of transferred liabilities across the Americas, EMEA and APAC and the three buyer archetypes that now define the market. The headline finding: more than $200 billion of net present value is available from administration efficiencies alone, equivalent to roughly half the combined market capitalization of the five largest public life insurers, before any upside from investment and capital optimization.

The closed-book life insurance market has evolved into one of the most structurally attractive segments of the global insurance industry.

Global life insurance assets exceed $36 trillion. Yet penetration remains low. Only 12% of closed books have been transferred, representing roughly 1% of global life insurance liabilities.

For carriers retaining these portfolios, the economics are becoming increasingly challenging. Closed books run off at roughly 3% annually, while a large share of administrative infrastructure costs remains fixed. As a result, retained portfolios often operate with 20% to 40% higher administrative expense than platforms administering multiple portfolios at scale.

Closed-book transactions are becoming a strategic lever to optimize capital, reduce operational complexity and sharpen focus on growth segments.

As the market evolves, competition is shaped by three buyer archetypes: reinsurers, administration-scale operators, and capital-sponsored platforms. Each creates value through a distinct combination of capital efficiency, operational scale, and asset management capability.

Looking ahead, platform economics, transition capability and autonomous decisioning will define structural advantage. Agentic AI is central to this shift. By automating routine decisions and orchestrating workflows end to end, it enhances operating efficiency, improves scalability and expands the range of portfolios that can be managed profitably.

Closed books are no longer passive liabilities. Managed with the right platforms and operating models, they represent a significant and growing source of structural value creation. This article previews DXC’s full study of global closed-book markets.