This Working Paper shows how the low-yield era of the 2010s shaped the behavior and profitability of non-bank financial intermediaries, identifying an income channel through which monetary policy transmits to life insurers. The authors demonstrate that monetary easing raises profitability, but its effect depends critically on the guaranteed yield spread: insurers relying on large margins between portfolio returns and guaranteed rates are significantly more exposed. The paper uncovers strong business-model heterogeneity: bancassurers reprice liabilities faster, sustain higher premium growth, and benefit from more diversified portfolios, giving them a structural advantage in low-yield environments. Pablo Aguilar-Perez