The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Optionality

constrained — JGB liability-matching + policyholder-bound (mutual, surplus owed to members); Japanese solvency-margin regime. Offshore M&A shows more latitude than pure constraint, but the core account is locked to liabilities.

med confidence · as of 2026-07-26 · about Nippon Life

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