Investment Preferences of Insurance Companies

ABC Insurance Company is reviewing its investment portfolio, which includes a diverse range of assets aimed at meeting its policyholder liabilities. The insurance company primarily focuses on generating stable income while maintaining sufficient liquidity to cover claims. In evaluating its investment strategy, the chief investment officer notes that the company's obligations are categorized based on the duration of the policies they underwrite.

Which of the following asset classes would most likely be favored by an insurance company like ABC to align with its investment objectives?