Life insurers' private credit binge won't end anytime soon, according to a survey out Friday from Moody's Ratings.

More than 40% of U.S. insurers polled by the ratings firm at the end of last year said they plan to increase their exposure to private debt. By Moody's estimates, private credit already accounted for 35% of life insurers' investments and 8% of property and casualty insurers' investments at the end of last year.

The survey also asked insurers about artificial intelligence-related holdings. It found that life and property insurers rated by Moody's hold roughly $8 billion and $2 billion respectively in data center-related assets. And they hold a further roughly $26 billion and $1 billion respectively in related energy projects.

Moody's estimates that the overall U.S. insurance sector has as much as $20 billion of exposure to data centers.