With artificial intelligence restructuring “all of the economy,” insurers are becoming in-demand asset investors, as deal makers look to tap their surplus capital for AI-related deals, Great-West Lifeco CEO David Harney said at an Economic Club of Canada event in Toronto. (The Logic)

Talking point: Canadian insurers had already been trying to put their cash to work in new sectors like real estate and private credit, particularly Sunlife, which has been pitching its asset management arm on Wall Street as a rival to Blackstone and Apollo. At last month’s Canada Investment Summit, Sunlife promised to back more domestic projects. Infrastructure investments are a particularly good fit for a long-term investor like a life insurer, CEO Kevin Strain said at Tuesday’s event, but the government will need to change the Insurance Companies Act to let insurers make big domestic deals. Harney also warned that the AI deal-making spree is contributing to inflation and higher interest rates.

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