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While it's true that "…universal and variable life have shorter effective maturities than traditional life insurance products…", this does not mean the time horizon of the surplus portfolio (which is not related to the duration of the liabilities), should be shorter than the time horizon of the fixed-income portfolio (which must be matched to the duration of the liabilities). The maturity of the securities in the portfolio depends on the appropriate time horizon, not the other way around. Finally, the portfolios are "nominally separated", but not "for regulatory purposes"; each should have its own investment policy statement.