21 unchanged sentences
A 100 basis point increase in interest rates would result in an approximate $1,414 decrease in fair value, whereas a 100 basis point decrease in interest rates would result in an approximate $1,497 increase in fair value.
−Removed: While we classify our fixed maturity securities as “available-for-sale” for accounting purposes, we believe our
−Removed: cash flows and the duration of our portfolio should allow us to hold securities to maturity, thereby avoiding the recognition of losses should interest rates rise significantly.
+Added: While we classify our fixed maturity securities as “available-for-sale” for accounting purposes, we believe our cash flows and the duration of our portfolio should allow us to hold securities to maturity, thereby avoiding the recognition of losses should interest rates rise significantly.
Our equity portfolio is comprised of large capitalization and small capitalization domestic equities, foreign equities, exchange-traded funds and index mutual funds.
4 unchanged sentences
These investments are also indirectly subject to market valuation risk, as public market valuations will form a basis for valuations for these investments.
−Removed: Given their illiquid nature, we focus on appropriate sizing of these investments relative to our liquidity needs and risk tolerance.
+Added: Given their illiquid nature, we focus on
+Added: appropriate sizing of these investments relative to our liquidity needs and risk tolerance.
Our risk tolerance is formed by the level of illiquidity and short-term price movements from market valuation risk we are willing to accept relative to the higher long-term expected returns over the life of these investments.
4 unchanged sentences
Long-Term Debt
−Removed: Our total long-term debt at December 31, 2022 consisted of senior unsecured notes, convertible debentures, commercial paper and subordinated surplus notes issued by one of our insurance subsidiaries.
+Added: Our total long-term debt at December 31, 2023 consisted of senior unsecured notes and subordinated surplus notes issued by one of our insurance subsidiaries.
At December 31, 2023, the carrying value and estimated fair value of our long-term debt was $24,895 and $23,569, respectively.
12 unchanged sentences
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.