The Projection — a symmetric watercolor butterfly

The Projection

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corp L1 Insurance

Metlife

Sphere us
Pocket Insurance

Large constrained life/annuity general account (MIM); broad group-benefits reach.

The metrics — click any for its citations + threads

Posture low
expanding 1 src →
Capital · available high
~$22.7B cash & equivalents (Mar 2026) — RBC-constrained; deployable headroom is regulatory surplus, not free dry powder. The general account is liability-matched to policy obligations. 1 src →
Capital · operating high
~$77.1B/yr total revenue (2025, premiums + fees + net investment income); net income ~$3.17B; operating income ~$4.66B. 1 src →
Capital · deployed high
~$473.1B own general-account investment portfolio (the long-duration pile, Mar 2026); ~$741.7B total AUM via MIM (2025, incl. third-party). Total assets ~$743-745B. 3 src →
Capital · in high
Life/annuity + group-benefits premium inflows + MIM third-party management fees; ~$77B/yr total revenue. Group benefits gives a broad employer-channel inflow base. 1 src →
Capital · out med
Policy/annuity/group benefits & claims; investment allocation into the $473B general account; shareholder returns (MetLife runs sizable buybacks + dividends). Prior disposal: MetLife Auto & … 1 src →
Optionality high
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 … 1 src →
Gravity high
~$77B/yr GROSS revenue routed + broad group-benefits reach (employer-channel scale across the US) — thin vs the ~$742B AUM, but the group-benefits footprint gives real touchpoint gravity. … 1 src →

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