Optionality
constrained — RBC caps the life balance sheet; the general account (~$473B) is liability-matched; MIM's third-party AUM is fiduciary. Free corporate cash (~$23B) is a small slice of commanded capital.
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- stockanalysis.com + Wikipedia (free-vs-commanded ratio) Own cash $22.7B vs $741.7B AUM (~3%)
the working
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