Anant Bhalla is changing the insurance industry by starting a new kind of "merchant bank" that mixes insurance with investment management. After successfully transforming a traditional life insurer into a profitable private asset company, Bhalla now plans to manage USD10 to USD15 billion of insurance money, investing it in private credit and other alternative assets. He aims to offer higher returns to both policyholders and insurers. Bhalla’s approach draws on strategies pioneered by big players like Warren Buffett but also brings new scrutiny from regulators worried about risks. His goal is to help insurers earn more than the usual 1.5% return by taking on alternative investments that could require up to 3% to be financially sustainable.