7 unchanged sentences
Interest rate risk also represents a market risk factor affecting our consolidated financial position due to our significant investment portfolio, consisting primarily of fixed maturity securities of investment-grade quality with a weighted average S&P credit rating of AA- at December 31, 2025.
−Removed: Our net unrealized loss position increased $89 million from a net unrealized loss position of $1.3 billion at December 31, 2023 to a net unrealized loss position of
−Removed: $1.4 billion at December 31, 2024.
+Added: Our net unrealized loss position decreased $562
+Added: million from a net unrealized loss position of $1.4 billion at December 31, 2024 to a net unrealized loss position of $0.8 billion at December 31, 2025.
At December 31, 2025, we had gross unrealized losses of $0.9 billion on our investment portfolio primarily due to an increase in market interest rates since the time the securities were purchased.
30 unchanged sentences
(a) As of December 31, 2025 and 2024, none of our investments had interest rates below 1%.
−Removed: (b) The interest rate under our senior notes, which represent 100% and 93% at December 31, 2024 and 2023, respectively, of total debt, is fixed, unaffected by changes in interest rates.
+Added: (b) The interest rate under our senior notes, which represents 100% at December 31, 2025 and 2024, respectively, of total debt, is fixed, unaffected by changes in interest rates.
We did not have any variable rate term loans at December 31, 2025 and December 31, 2024.
There were no borrowings outstanding under the credit agreement at December 31, 2025 or December 31, 2024.
−Removed: There was $871 million outstanding under our commercial paper program at December 31, 2023 with none outstanding at December 31, 2024.
−Removed: At December 31, 2023, our interest rates under our commercial paper program was not less than 1%.
+Added: There were no commercial paper outstanding under our commercial paper program at December 31, 2025 or December 31, 2024.
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.