The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Insurance

Capital · available

across 7 members — open each for the figure + sources

about Insurance

aggregate of member nodes

Aggregate of 7 member claims — each member's sourced figures are below.


the working

Basis

aggregate of member nodes

Member claims 7

This is an aggregate — its evidence is the members' own claims.

  • Berkshire Hathaway ~$381.7B cash + Treasury bills (FY2025) — the largest true dry powder on the board; plus …
  • Allianz Own general-account investments ~EUR 810B (~$890B) — but solvency-constrained, NOT free …
  • Ping An ~CN¥598B (~$83B) group cash & equivalents (Mar 2026) — but state-steered (NFRA) and split …
  • China Life No free dry powder — the pile is a liability-matched, state-directed life general account. …
  • Prudential Financial ~$15.9B cash & equivalents (Mar 2026) — but RBC-constrained; deployable headroom is …
  • Metlife ~$22.7B cash & equivalents (Mar 2026) — RBC-constrained; deployable headroom is regulatory …
  • Nippon Life No market cap (MUTUAL, policyholder-owned) and no free dry powder in the Berkshire sense — …

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Insurance.