The COVID-19 Pandemic resulted in economic turmoil and substantial disruption to virtually every investment market in 2020. In many ways the recovery in the second half of 2020 and into 2021 was nearly as surprising to analysts. The areas of potential concern were overtaken by the end of 2021 by inflationary pressures. Rising measures of inflation were driven by supply chain problems and rising oil prices. Then, in February 2022, the Russian invasion of the Ukraine caused further economic disruptions and also led to significant economic sanctions imposed on Russia. In conjunction with an inflation rate that hit 8.5% in March 2022, there are now increasing concerns of a global recession. With all of this as a backdrop, U.S. insurance companies reported detailed information on their investments as of year-end 2021. This allows us to consider how investments may have changed for the different insurer types and how the continuing market volatility may have impacted those investments. It also gives us the opportunity to consider the year-end data in the context of what has happened to markets since then.