22 unchanged sentences
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.
−Removed: Our equity portfolio is comprised of large capitalization and small capitalization domestic equities, foreign equities, exchange-traded funds and index mutual funds.
+Added: Our equity portfolio is comprised of large capitalization and small capitalization exchange-traded funds, domestic equities, foreign equities and index mutual funds.
Our equity portfolio is subject to the volatility inherent in the stock market, driven by concerns over economic conditions, earnings and sales growth, inflation, and consumer confidence.
2 unchanged sentences
Our other invested assets, reported within our long-term investments, are primarily subject to private market exposures, including private equity and private credit investments.
−Removed: 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
−Removed: appropriate sizing of these investments relative to our liquidity needs and risk tolerance.
+Added: These investments are also subject to credit quality risk, interest rate risk and market valuation risk, as public market valuations will form a basis for valuations for these investments.
+Added: illiquid nature, we focus on 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.
19 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.