Hmm I don’t want to criticise a good DD but - no, insurance businesses are not investment banks. First of all, they invest their own funds even if these are gained from customers and have to be used for risk retention / payouts. Second you leave out the entire passive side of the balance sheet. Acturial processes and reinsurance are not negligible effects but core issues of a good insurance company.

The days where you could basically ignore passive because rates are so high is still over even if you can get 3%er state debt again.

Actuallly many insurance businesses may have a better outlook now with rising interest rates - in the long run. In the short run there may be book losses in held debt titles. But many insurers are able to hold these titles to maturity which will lead to no actual losses … so. Difficult to assess an insurer without knowing more about its capital management and asset allocation.