The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Optionality

constrained — Solvency II caps deployable capital to the surplus; ~EUR 1.8T of managed money is third-party fiduciary (cannot be redeployed). Own general account is liability-matched.

med confidence · as of 2026-07-26 · about Allianz

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  • Wikipedia — Allianz ~EUR 1.8T third-party fiduciary vs own general account; Solvency II regime

    2025-12 med


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