2021 was generally a good year for investment markets after a tumultuous 2020. The S&P 500 reported an overall price gain of 26.9%. National indices of commercial real estate values recovered significantly. Bond defaults and rating agency downgrades moderated significantly. As insurance regulators head into 2022, and will soon start seeing financial statement filings from U.S. insurers for 2021, what are some of the market factors that are likely to have a material impact on insurers? For ease of reference, two tables showing U.S. insurer invested assets as of year 2019 and 2020 are appended to this report. The market data in this report was found in different publicly available sources including websites for the Federal Reserve Bank of St. Louis and the Securities Industry and Financial Markets Association.