What changed in this filing

/stocks — the workspaceLOADING

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2025-03-17 compared with 2024-03-15 · 88 added, 98 removed, 1032 unchanged (15% of the section changed)

13 unchanged sentences

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Investors Title Company

Chapel Hill, NC

To the Shareholders and the Board of Directors

Investors Title Company and Subsidiaries

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Investors Title Company and Subsidiaries (the “Company”) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the years then ended, and the related notes and schedules (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years then ended in conformity with accounting principles generally accepted in the United States of America.

We have audited the accompanying consolidated balance sheets of Investors Title Company and Subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, shareholders’ equity, and cash flows for each of the years then ended December 31, 2024, and the related notes and schedules (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years then ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 17, 2025, expressed an unqualified opinion thereon.

10 unchanged sentences

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current-period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

16 unchanged sentences

• We evaluated the reasonableness of the significant assumptions utilized by the Company in developing the reserve for claims.

/s/ FORVIS, LLP

/s/ Forvis Mazars, LLP

We have served as the Company’s auditor since 2004.

High Point, NC

Charlotte, North Carolina

March 17, 2025

10 unchanged sentences

To the Shareholders and Board of Directors

Investors Title Company

Chapel Hill, NC

Investors Title Company and Subsidiaries

Opinion on the Internal Control over Financial Reporting

3 unchanged sentences

(2013) issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of December 31, 2023 and 2022, and for each of the years then ended, and our report dated March 14, 2024, expressed an unqualified opinion on those consolidated financial statements.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of December 31, 2024 and 2023, and for each the years then ended, and our report dated March 17, 2025, expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

9 unchanged sentences

Definitions and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of reliable financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of reliable consolidated financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

/s/ FORVIS, LLP

High Point, NC

We have served as the Company’s auditor since 2004.

/s/ Forvis Mazars, LLP

Charlotte, North Carolina

March 17, 2025

28 unchanged sentences

Lease liabilities 6,356 6,449

Current income taxes payable 276 —

Deferred income taxes, net 4,095 3,546

20 unchanged sentences

Other investment income 2,600 3,752

Net investment gains (losses) 3,448 ( 11,226 )

Net investment gains 4,683 3,448

Other 947 991

20 unchanged sentences

Net income $ 31,073 $ 21,686

Other comprehensive income (loss), before income tax:

Other comprehensive (loss) income, before income tax:

Accumulated postretirement benefit obligation adjustment — 24

Unrealized gains (losses) on investments arising during the period 320 ( 4,342 )

Reclassification adjustment for sale of securities included in net income — 104

Unrealized (losses) gains on investments arising during the period ( 431 ) 320

Reclassification adjustment for write-down of securities included in net income 74 208

Other comprehensive income (loss), before income tax 552 ( 3,838 )

Other comprehensive (loss) income, before income tax ( 357 ) 552

Income tax expense related to postretirement health benefits — 5

Income tax expense (benefit) related to net unrealized gains (losses) on investments arising during the year 61 ( 921 )

Income tax expense related to reclassification adjustment for sale of securities included in net income — 22

Income tax (benefit) expense related to net unrealized (losses) gains on investments arising during the year ( 92 ) 61

Income tax expense related to reclassification adjustment for write-down of securities included in net income 18 48

Net income tax expense (benefit) on other comprehensive income (loss) 114 ( 812 )

Other comprehensive income (loss) 438 ( 3,026 )

Net income tax (benefit) expense on other comprehensive (loss) income ( 74 ) 114

Other comprehensive (loss) income ( 283 ) 438

Comprehensive Income $ 30,790 $ 22,124

16 unchanged sentences

Accumulated postretirement benefit obligation adjustment 19 19

Net unrealized loss on investments ( 3,206 ) ( 3,206 )

Net unrealized gain on investments 419 419

Balance, December 31, 2023

6 unchanged sentences

Share-based compensation expense related to stock appreciation rights 394 394

Accumulated postretirement benefit obligation adjustment 19 19

Net unrealized gain on investments 419 419

Net unrealized loss on investments ( 283 ) ( 283 )

Balance, December 31, 2024

9 unchanged sentences

Depreciation 3,320 2,760

(Accretion) amortization of investments, net ( 3,698 ) 271

Accretion of investments, net ( 3,424 ) ( 3,698 )

Amortization of other intangible assets, net 1,178 1,361

1 unchanged sentence

Net gains on disposals of property ( 221 ) ( 204 )

Net investment (gains) losses ( 3,448 ) 11,226

Net investment gains ( 4,683 ) ( 3,448 )

Net earnings from other investments ( 1,811 ) ( 3,206 )

Provision for claims 4,530 4,762

Benefit for deferred income taxes ( 4,234 ) ( 4,644 )

Provision (benefit) for deferred income taxes 624 ( 4,234 )

Changes in assets and liabilities:

Decrease in premium and fees receivable 5,709 3,906

(Increase) decrease in premium and fees receivable ( 2,716 ) 5,709

Decrease in other assets 2,635 621

Decrease (increase) in lease assets 404 ( 1,505 )

Decrease (increase) in current income taxes recoverable 93 ( 1,174 )

(Decrease) increase in lease liabilities

( 390 ) 1,510

(Decrease) increase in accounts payable and accrued liabilities ( 10,408 ) 3,410

Decrease in current income taxes payable — ( 3,329 )

Decrease in lease assets 147 404

Decrease in current income taxes recoverable 1,081 93

Decrease in lease liabilities ( 93 ) ( 390 )

Increase (decrease) in accounts payable and accrued liabilities 2,147 ( 10,408 )

Increase in current income taxes payable 276 —

Payments of claims, net of recoveries ( 4,617 ) ( 4,807 )

4 unchanged sentences

Purchases of short-term investments ( 115,924 ) ( 174,742 )

Purchase of subsidiary — ( 4,927 )

Purchases of other investments ( 5,654 ) ( 3,006 )

Proceeds from sales and maturities of fixed maturity securities 17,855 10,937

Proceeds from the sale of equity securities 30,216 20,785

Proceeds from sales of equity securities 13,215 30,216

Proceeds from sales and maturities of short-term investments 170,407 166,362

Proceeds from sales and distributions of other investments 6,775 4,499

Proceeds from sales of other assets — 29

Purchases of property, equipment and software ( 7,423 ) ( 9,186 )

Proceeds from disposals of property 275 529

Net cash used in investing activities ( 6,699 ) ( 28,746 )

Net cash provided by (used in) investing activities 1,747 ( 6,699 )

Consolidated Statements of Cash Flows, continued

5 unchanged sentences

Net cash used in financing activities ( 30,964 ) ( 12,007 )

Net Decrease in Cash and Cash Equivalents ( 11,280 ) ( 1,857 )

Net Increase (Decrease) in Cash and Cash Equivalents 623 ( 11,280 )

Cash and Cash Equivalents, Beginning of Period 24,031 35,311

4 unchanged sentences

Non Cash Investing and Financing Activities:

Non cash net unrealized (gain) loss on investments, net of deferred tax (expense) benefit of $( 109 ) and $ 860 for December 31, 2023 and 2022, respectively

Non cash net unrealized loss (gain) on investments, net of deferred tax benefit (expense) of $ 74 and $( 109 ) for December 31, 2024 and 2023, respectively

$ 283 $ ( 419 )

Adjustments to postretirement benefits obligation, net of deferred tax expense of $ 0 and $( 5 ) for December 31, 2024 and 2023, respectively

$ ( 19 ) $ ( 180 )

Non cash 1031 exchange proceeds receivable $ — $ ( 2,589 )

Changes in Financial Statement Amounts Related to Purchase of Subsidiaries, Net of Cash Received:

Goodwill and other intangibles acquired $ — $ ( 2,832 )

Title plant acquired — ( 637 )

Prepaid and other assets acquired — ( 121 )

Fixed assets acquired — ( 1,337 )

Purchase of subsidiary, net of cash received $ — $ ( 4,927 )

Refer to the Notes to the Consolidated Financial Statements.

6 unchanged sentences

The Company issues title insurance policies directly and through a network of agents in 22 states and the District of Columbia, primarily in the eastern half of the United States.

The majority of the Company’s title insurance business is concentrated in North Carolina, Texas, South Carolina and Georgia.

The majority of the Company’s title insurance business is concentrated in North Carolina, Texas, South Carolina, Georgia and Florida.

Investors Title Exchange Corporation (“ITEC”) acts as an intermediary in tax-deferred exchanges of property held for productive use in a trade or business or for investments, while Investors Title Accommodation Corporation (“ITAC”) provides services for accomplishing reverse exchanges when taxpayers decide to acquire replacement property before selling the relinquished property.

2 unchanged sentences

All intercompany balances and transactions have been eliminated in consolidation.

Reclassifications:

Certain amounts have been reclassified for consistency with the current period presentation.

The reclassifications were between revenue lines of the Consolidated Statements of Operations.

These reclassifications are not considered an accounting change and had no effect on the reported results of operations.

Significant Accounting Policies:

10 unchanged sentences

For available-for-sale fixed maturity securities in an unrealized loss position for which the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security, the Company evaluates the securities to determine whether the decline in the estimated fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors.

Any impairment that is not credit-related is recognized in other comprehensive income (loss), net of applicable taxes.

Any impairment that is not credit-related is recognized in other comprehensive (loss) income, net of applicable taxes.

Credit-related impairment is recognized as an allowance for credit losses (“ACL”) in the Consolidated Balance Sheets, limited to the amount by which the amortized cost basis exceeds the estimated fair value, with a corresponding adjustment to earnings.

8 unchanged sentences

Equity securities represent ownership interests held by the Company in entities for investment purposes.

Changes in the estimated fair value of equity security investments are reported in the Consolidated Statements of Operations.

Realized gains and losses on the sale of investment securities and changes in the estimated fair value of equity security investments are reported in the Consolidated Statements of Operations as net investment gains.

Realized investment gains and losses from sales are recorded on the trade date and are determined using the specific identification method.

6 unchanged sentences

Depreciation and other related expenses are recorded as an offset to the related rental income.

The Company monitors any events or changes in circumstances that may have had a significant adverse effect on the fair value of real estate investments and makes any necessary adjustments, with any reductions in the carrying amount of these investments recorded in net investment gains (losses) in the Consolidated Statement of Operations when recognized.

The Company monitors any events or changes in circumstances that may have had a significant adverse effect on the fair value of real estate investments and makes any necessary adjustments, with any reductions in the carrying amount of these investments recorded in net investment gains in the Consolidated Statement of Operations when recognized.

Lease rental income earned by the Company, which does not have a material impact on the Company's results of operations, is included with other revenues in the Consolidated Statements of Operations.

68 unchanged sentences

The fair value of the Company’s other intangible assets is principally based on values obtained from an independent third-party valuation service.

Assets with remaining useful lives will be amortized on a straight-line basis over those useful lives, which range from 3 months to 23 years as of December 31, 2023.

Assets with remaining useful lives will be amortized on a straight-line basis over those useful lives, which range from approximately 1 to 22 years as of December 31, 2024.

Other intangible assets are reviewed for impairment at least annually or when events or changes in circumstances indicate the carrying value may not be recoverable.

57 unchanged sentences

During 2025, the maximum distributions the insurance subsidiaries can make to the Company without prior approval from applicable regulators total approximately $ 24.8 million.

Fixed maturity securities with fair market values totaling approximately $ 6.7 million at December 31, 2023 and 2022, are deposited with the insurance departments of the states in which business is conducted.

Fixed maturity securities with fair market values totaling approximately $ 6.1 million and $ 6.7 million at December 31, 2024 and 2023, respectively, are deposited with the insurance departments of the states in which business is conducted.

Investments and Estimated Fair Value

65 unchanged sentences

The Company recorded $ 74 thousand and $ 201 thousand of impairment charges related to fixed maturity securities for the twelve-month periods ended December 31, 2024 and 2023, respectively.

Expenses related to impairments are recorded in net realized investment gains (losses) in the Consolidated Statements of Operations when recognized.

Expenses related to impairments are recorded in net investment gains in the Consolidated Statements of Operations when recognized.

Investments in Equity Securities

8 unchanged sentences

Total $ 22,981 $ 37,212

Unrealized holding gains and losses are recorded in net investment gains (losses) in the Consolidated Statements of Operations.

Changes in the estimated fair value of equity security investments are recorded in net investment gains in the Consolidated Statements of Operations.

Interest and Dividends

6 unchanged sentences

Interest and dividends $ 10,657 $ 9,055

Net Investment Gains (Losses)

Gross realized gains and losses on sales of investments and unrealized holding gains and losses for the years ended December 31 are summarized as follows:

Net Investment Gains

Gross realized gains and losses on sales of investments and changes in the estimated fair value of equity security investments for the years ended December 31 are summarized as follows:

(in thousands) 2024 2023

Gross realized gains from securities:

Corporate debt securities $ — $ —

Common stocks $ 5,525 $ 16,350

1 unchanged sentence

Gross realized losses from securities:

General obligations of U.S.

states, territories and political subdivisions $ — $ ( 353 )

Corporate debt securities — ( 104 )

Common stocks $ ( 363 ) $ ( 400 )

Impairment of securities ( 201 ) ( 172 )

Impairments of securities ( 74 ) ( 201 )

Total $ ( 437 ) $ ( 601 )

Net realized gains from securities $ 5,088 $ 15,749

Net realized other investment gains (losses):

Net realized other investment (losses) gains:

Impairments of other assets and investments $ ( 309 ) $ —

Gains on other investments 242 5

3 unchanged sentences

Changes in the estimated fair value of equity security investments $ ( 318 ) $ ( 12,183 )

Net investment gains (losses) $ 3,448 $ ( 11,226 )

Net investment gains $ 4,683 $ 3,448

Realized gains and losses are determined on the specific identification method.

4 unchanged sentences

The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or LLCs, as of December 31, 2024:

Type of Investment (in thousands) Balance Sheet Classification Carrying Value Estimated Fair Value Maximum Potential Loss *

Type of Investment (in thousands) Balance Sheet Classification Carrying Value Estimated

Fair Value Maximum Potential Loss *

Real estate LLCs or LPs Other investments $ 10,514 $ 11,404 $ 14,653

89 unchanged sentences

If any such investment is determined to be impaired, an impairment charge is recorded against such investment and reflected in the Consolidated Statements of Operations.

There were no impairments of such investments made during the twelve-month periods ended December 31, 2023 or 2022.

There were two impairments of such investments made during the twelve-month periods ended December 31, 2024 and no impairments during the twelve-month period ended December 31, 2023.

The following table presents assets measured at fair value on a non-recurring basis as of December 31, 2024 and 2023:

43 unchanged sentences

Movements in the reserve related to prior periods were primarily the result of changes to estimates to better reflect the latest reported loss data.

The increase in the provision for claims in 2023, compared to 2022, is primarily related to less favorable loss development and higher incurred claims in the current period.

The decrease in the provision for claims in 2024, compared to 2023, was primarily due to lower levels of favorable loss development in the current year period.

Due to variances between actual and expected loss payments, loss development is subject to significant variability.

The Company does not recognize claim recoveries until an actual payment has been received by the Company.

The Company realized claim recoveries of approximately $ 597 thousand and $ 1.0 million during 2023 and 2022, respectively.

The Company realized claim recoveries of approximately $ 332 thousand and $ 597 thousand during 2024 and 2023, respectively.

The provision for claims as a percentage of net premiums written was 2.2 % and 2.8 % in 2024 and 2023, respectively.

21 unchanged sentences

Diluted earnings per common share $ 16.43 $ 11.45

There were 24 thousand and 18 thousand potential shares excluded from the computation of diluted earnings per share in 2023 and 2022, respectively, due to the out-of-the-money status of the related share-based awards rendering them anti-dilutive.

There were 0 and 24 thousand potential shares excluded from the computation of diluted earnings per share in 2024 and 2023, respectively, due to the out-of-the-money status of the related share-based awards rendering them anti-dilutive.

The Company historically has adopted employee stock award plans under which restricted stock, options or stock appreciation rights ("SARs") exercisable for the Company's stock may be granted to key employees or directors of the Company.

5 unchanged sentences

During both 2024 and 2023, the Company issued share-settled SARs to directors of the Company.

During 2022, the Company also issued share-settled SARs to certain non-executive employees of the Company.

SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments.

10 unchanged sentences

SARs granted 5 160.94

SARs exercised ( 2 ) 93.87

SARs exercised/forfeited/expired ( 19 ) 170.21

Outstanding as of December 31, 2024 28 $ 154.71 3.90 $ 2,312

96 unchanged sentences

Amortization of lease assets 259 237

Interest on lease liabilities 22 24

Short-term leases (a) 141 214

Lease expense $ 2,931 $ 2,991

71 unchanged sentences

Interest cost on projected benefit obligation — ( 65 )

Actuarial gain 87 216

Actuarial (loss) gain ( 45 ) 87

Accrued postretirement benefit obligation at end of year $ ( 951 ) $ ( 906 )

29 unchanged sentences

The Company has two reportable segments, title insurance and exchange services.

The remaining immaterial segments have been combined into a group called “All Other.”

The remaining immaterial segments have been combined into a group called “All Other.” The Company’s chief operating decision makers (“CODMs”) are the Chief Executive Officer;

President, Chief Financial Officer, Chief Accounting Officer, and Treasurer;

and Executive Vice President and Secretary.

The CODMs use financial metrics such as consolidated operating margin and net income to assess financial performance and to make key operating decisions, such as resource allocation and the rate at which the Company invests in growth opportunities.

The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents.

9 unchanged sentences

Total revenues 255,333 11,104 12,970 ( 21,109 ) 258,298

Operating expenses 204,979 2,518 8,885 ( 17,862 ) 198,520

Commissions to agents 120,307 — — ( 12,964 ) 107,343

Provision for claims 4,530 — — — 4,530

Personnel expenses 64,138 2,425 5,950 — 72,513

Other 34,393 333 3,149 ( 3,426 ) 34,449

Total operating expenses 223,368 2,758 9,099 ( 16,390 ) 218,835

Income before income taxes $ 31,965 $ 8,346 $ 3,871 $ ( 4,719 ) $ 39,463

5 unchanged sentences

Insurance and other services revenues $ 207,140 $ 13,270 $ 7,800 $ ( 19,715 ) $ 208,495

Net investment (loss) income ( 2,678 ) 43 9 — ( 2,626 )

Net investment income 12,303 196 3,756 — 16,255

Total revenues 219,443 13,466 11,556 ( 19,715 ) 224,750

Operating expenses 264,952 2,666 8,557 ( 22,891 ) 253,284

Income (loss) before income taxes $ 27,221 $ 5,415 $ ( 1,046 ) $ ( 1,482 ) $ 30,108

Commissions to agents 98,170 — — ( 14,796 ) 83,374

Provision for claims 4,762 — — — 4,762

Personnel expenses 68,851 2,236 5,619 — 76,706

Other 33,196 282 3,266 ( 3,066 ) 33,678

Total operating expenses 204,979 2,518 8,885 ( 17,862 ) 198,520

Income before income taxes $ 14,464 $ 10,948 $ 2,671 $ ( 1,853 ) $ 26,230

Total assets $ 216,622 $ 5,534 $ 108,403 $ — $ 330,559

26 unchanged sentences

Business Concentration

The Company generates a significant amount of title insurance premiums in North Carolina, Texas, South Carolina and Georgia.

The Company generates a significant amount of title insurance premiums in North Carolina, Texas, South Carolina, Georgia and Florida.

In 2024 and 2023, these states generated the following percentage of total premiums written:

4 unchanged sentences

Georgia 7.6 % 6.8 %

Florida 7.2 % 4.0 %

Related Party Transactions

37 unchanged sentences

Beginning balance at January 1 $ 583 $ 55 $ 638

Other comprehensive income before calculations 259 19 278

Other comprehensive (loss) income before calculations ( 339 ) — ( 339 )

Amounts reclassified from accumulated other comprehensive income

Net current-period other comprehensive income 419 19 438

Net current-period other comprehensive (loss) income ( 283 ) — ( 283 )

Ending balance $ 300 $ 55 $ 355

4 unchanged sentences

Beginning balance at January 1 $ 164 $ 36 $ 200

Other comprehensive (loss) income before calculations ( 3,421 ) 180 ( 3,241 )

Other comprehensive income before calculations 259 19 278

Amounts reclassified from accumulated other comprehensive income

Net current-period other comprehensive (loss) income ( 3,206 ) 180 ( 3,026 )

Net current-period other comprehensive income 419 19 438

Ending balance $ 583 $ 55 $ 638

8 unchanged sentences

Net realized losses on investments $ —

Impairments ( 208 )

Total $ ( 208 ) Net investment gains (losses)

Impairments of securities ( 74 )

Total $ ( 74 ) Net investment gains

Tax 18 Provision for Income Taxes

9 unchanged sentences

Net realized losses on investments $ —

Impairments ( 172 )

Total $ ( 276 ) Net investment gains (losses)

Impairments of securities ( 208 )

Total $ ( 208 ) Net investment gains

Tax 48 Provision for Income Taxes

22 unchanged sentences

Net premiums written 204,264 171,158

Investment-related revenue (loss) 16,255 ( 2,626 )

Investment-related revenue 17,940 16,255

Other 947 991

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.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk