16 unchanged sentences
Investments in fixed maturity securities include corporate securities, which account for 51% of our total fixed maturity securities at December 31, 2025 and are subject to credit/default risk.
−Removed: In a declining economic environment, corporate yields will usually increase, prompted by concern over the ability of corporations to make interest payments, thus causing a decrease in the price of corporate securities, and the decline in value of the corporate fixed maturity portfolio.
+Added: In a declining economic environment, corporate yields will usually increase, prompted by concern over the ability of corporations to make interest payments, thus causing a decrease in the price of corporate securities, and the decline in value of our corporate fixed maturity portfolio.
We manage this risk through fundamental credit analysis, diversification of issuers and industries and an average credit rating of our corporate fixed maturity portfolio of approximately “BBB.”
8 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 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.
−Removed: illiquid nature, we focus on 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
+Added: risk and market valuation risk, as public market valuations will form a basis for valuations for these investments.
+Added: Given their 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.
14 unchanged sentences
Changes in interest rates will affect the estimated fair value of these derivatives.
−Removed: As of December 31, 2024, we recorded a net liability of $142, the estimated fair value of the swaps at that date.
+Added: As of December 31, 2025, we recorded a net asset of $39, the estimated fair value of the swaps at that date.
We have evaluated the impact on the interest rate swaps’ fair value considering an immediate 100 basis point change in interest rates.
2 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.