When interest rates rise, it does not raise the amount available for dividends right away. Insurance company will invest the excess premiums into Us government bonds and corporate bonds. At minumum there wont be any income for the next 6 months until the st coupon payment is due. Moreover, insurance companies try to maximise return over long run so it is common for them to buy a long term bonds with the coupon payments for the first few years already stripped. That also means dont expect any increase in the amount available for dividends anytime soon. There may be another long term play here which is Covid. If as reported Covid accelerates deaths in the senior market because of missed medical treatments for the last 2 years, it would put stress for the life insurers cash flow. They wont be in a hurry to raise divedends.