Vlad Barbalat
speaker
638 appearances
1 recordings
1 series
first heard Jun 2026
last heard 23 Jun
Vlad Barbalat’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
And so we have a very appropriate way we think about that at Liberty.
We say we want people and businesses to embrace today and confidently pursue tomorrow.
That's what the insurance part of our business does.
When we sell those promises, when we take in those premiums, we then move them to the other side of the balance sheet and we do something else that's really interesting for the economy and society.
We invest that float, as Buffett would say it, but ultimately invest our policyholders' premiums
in order to grow the economy, to support the economy, invest in critical infrastructure, fund entrepreneurs, create jobs.
And so where we sit in the economy is quite a unique place.
We do things on both sides of our business that allow us to protect and now create the foundation of commerce, and at the same time, grow the economy.
That's a unique spot.
120 is a snapshot.
I think that number will be bigger next time we talk a couple of years from now.
It was bigger than last time we talked.
Yes, exactly.
So let's talk about the 120.
You could probably think of it as roughly 70 to 75 billion of that is reserves.
That could be described as tightly managed.
Again, going back to this notion, of course, you want to make sure that whatever happens in the investment portfolio, you will always be in position to fulfill that sacred promise of writing an insurance policy to your policyholder.
Even there, we have quite a unique approach.
We are not just buying investment grade bonds, putting them in the drawer and waiting for that coupon to come once a quarter and then ultimately maturity.
That could be a sleepy, boring way, frankly, the way this type of capital pool was managed historically.
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