(Bloomberg) -- Goldman Sachs's Mike Siegel, who oversees $220 billion for insurers at the bank's asset-management unit, said clients are planning to increase bets on loans and private equity, while scaling back on government debt.

"They're more optimistic on credit, and will be taking more credit risk," Siegel said at a briefing in New York, discussing a survey of more than 300 executives, representing over $10 trillion of insurance assets. "Companies think growth is going to continue. The recession is not a 2017 event, and therefore credit will be better behaved."

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