Analysis noting excess reserves fell from record 4.11B. Assets fell ~5.6B unrealized losses/outflows when adding quarterly operating profit. Stresses not a solvency event but a disclosure question. Buffer below end-2025 $6.3B level.
Analysis noting excess reserves fell from record 4.11B. Assets fell ~5.6B unrealized losses/outflows when adding quarterly operating profit. Stresses not a solvency event but a disclosure question. Buffer below end-2025 $6.3B level.