17 unchanged sentences
dollar yield curve.
−Removed: The Company has a portfolio of equity securities derived primarily from the investment activities of its insurance subsidiaries.
+Added: The Company has a portfolio of debt and equity securities derived primarily from the investment activities of its insurance subsidiaries.
This exposure is managed in a manner consistent with the Company’s market risk policies and procedures.
16 unchanged sentences
Composite $ 179 $ 213 $ 341 $ 313
−Removed: The Company’s daily VAR for the aggregate of all positions increased from a composite VAR of $200 million at December 31, 2021 to a composite VAR of $341 million at December 31, 2022.
−Removed: The interest rate VAR increased due to an increase in interest rate volatility.
−Removed: The equity securities VAR increased due to an increase in equity volatility and an increase in equity exposure.
−Removed: The foreign exchange VAR decreased due to a decrease in managed exposures.
−Removed: The commodities VAR increased due to an increase in managed exposures and an increase in commodity volatility.
+Added: The Company’s daily VAR for the aggregate of all positions decreased from a composite VAR of $341 million at December 31, 2022 to a composite VAR of $179 million at December 31, 2023.
+Added: The interest rate VAR decreased due to a decrease in interest rate volatility and a decrease 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 outstanding derivatives and bonds designated as hedging instruments.
+Added: The commodities VAR decreased due to a decrease in managed exposures and a decrease in commodity volatility.
See Note 20 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.