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      "text": "CUMULATIVE CAPITAL RETURN AS % OF MARKET CAP",
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      "text": "Having a large share buyback has essentially become table stakes for U.S. life insurers, with capital return being the primary, if not the only, factor investors care about for many companies. However, while the financial math looks compelling, buybacks have done little to help valuations, and lack of real growth is an issue for the sector.",
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