Same thing applies. Keeping that amount of money unused means they can't think of anything worthwhile to invest in and earn with.
Much the same sort of thing as when companies spend good money on just buying back shares, instead of using that money on increasing production and sales.
> they can't think of anything worthwhile to invest in and earn with
Yeah I mostly agree with that (even though I believe their insurance business is backstopped with cash as part of their strategy), but this part isn't true because we're not talking about paper cash:
Inflation is nibbling that away by roughly 10% a year. (So about $16 billion evaporating away per year).
Currently "cash" yields over 5% and inflation is less than that, so nothing is evaporating away.
Also, there have been plenty of times in history where cash has outperformed the alternatives (the last couple years being an example).
Inflation is nibbling that away by roughly 10% a year. (So about $16 billion evaporating away per year).