(Bloomberg) U.S. life insurers underperformed most industries after taking risks that should have been left to Wall Street banks, McKinsey & Co. said in a report today.

Insurers were hurt by offering guaranteed returns on products linked to stocks and bonds to compete with banks, tying company profits to investment markets, McKinsey said. The firms are better suited to manage risks apart from capital markets, such as the chance that customers will die early, leading to life insurance payouts.

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