12 unchanged sentences
Exposures primarily relate to assets, liabilities and bonds denominated in foreign currencies, as well as economic exposure, which is derived from the risk that currency fluctuations could affect the dollar value of future cash flows related to operating activities.
−Removed: The largest exposures are denominated in European currencies, the Chinese yuan, the Japanese yen and the Thai baht, although exposures also exist in other currencies in Asia Pacific, Latin America, the Middle East, Africa, India and Canada.
+Added: The largest exposures are denominated in European currencies, the Chinese yuan, the Japanese yen and the Thai baht, although exposures also exist in other currencies in Asia Pacific, Canada, Latin America, the Middle East, Africa and India.
The main objective of interest rate risk management is to reduce the total funding cost to the Company and to alter the interest rate exposure to the desired risk profile.
21 unchanged sentences
Composite $ 200 $ 155 $ 194 $ 204
−Removed: The Company’s composite VAR for the aggregate of all positions increased from $137 million at December 31, 2019 to $194 million at December 31, 2020.
−Removed: The commodities VAR increased due to an increase in managed exposures and an increase in commodity volatility.
−Removed: The equity securities VAR increased due to an increase in equity volatility.
−Removed: The foreign exchange VAR decreased due to a decrease in managed exposures.
−Removed: The interest rate VAR increased due to an increase in interest rate volatility and an increase in interest rate exposure.
+Added: The Company’s daily VAR for the aggregate of all positions increased from a composite VAR of $194 million at December 31, 2020 to a composite VAR of $200 million at December 31, 2021.
+Added: The interest rate VAR increased due to an increase in interest rate exposure.
+Added: The equity securities VAR decreased due to a decrease in equity volatility and a decrease in equity exposure.
+Added: The foreign exchange VAR increased due to an increase in managed exposures.
+Added: The commodities VAR increased due to an increase in managed exposures.
See Note 22 to the Consolidated Financial Statements for further disclosure regarding market risk.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.