Premiums & fees vs net investment income for the four largest North American life and annuity carriers. NII has become a growing share of revenue since 2023 as the higher-rate regime improved reinvestment yields. Manulife's 2023 premiums step-down reflects the LICAT reserve-method transition. Source: 10-K filings, MD&A.

Portfolio net investment yield (NII / average invested assets). The post-2022 rate normalization lifted yields from ~3.5% to ~4.5% across the cohort as runoff bonds rolled into higher-coupon replacements. MetLife consistently leads; Aflac trails because Japan's prolonged low-rate regime weighed on its yen portfolio. Sources: 10-K supplements.

Q4 2025 AUM / separate-account assets ($B). Prudential's PGIM and Manulife's wealth & asset management arms are the scale leaders — both manage substantial third-party money beyond the insurance general account. MetLife's MIM trails in scale but is growing the institutional-asset-management franchise. Source: Q4 2025 earnings supplements.

Adjusted operating ROE for 2024 and 2025. All four carriers cleared the 12% target hurdle in both years thanks to the elevated investment-yield regime. Manulife leads at 16-17% on the strength of its Asia pacific block and asset-management fee income. Source: Q4 earnings supplements.