47 unchanged sentences
Equity Price Risk
−Removed: A portion of our portfolio is invested in equity securities, which have historically produced higher long-term returns relative to fixed maturities.
−Removed: We own preferred stocks, generally in the financial services industry, and common stocks.
−Removed: The changes in the estimated fair value of the equity securities portfolio are recognized in net income .
−Removed: At December 31, 2020, our equity securities portfolio was concentrated in terms of the number of issuers and industries.
+Added: A portion of our equity securities portfolio is invested in common stocks, which have historically produced higher long-term returns relative to fixed maturities.
+Added: The changes in the estimated fair value of the common stocks in our equity securities portfolio are recognized in net income .
+Added: At December 31, 2021, our common stock investments were concentrated in terms of the number of issuers and industries.
Such concentrations can lead to higher levels of price volatility.
−Removed: The following table summarizes our equity price risk and shows the effect of a hypothetical 35% increase or decrease in the fair value of our equity securities portfolio as of December 31, 2020.
+Added: The following table summarizes the equity price risk related to common stock and shows the effect of a hypothetical 35% increase or decrease in the fair value of the common stocks in our equity securities portfolio as of December 31, 2021.
We believe that this range represents a reasonably likely scenario, as the largest annual increases and decreases in the S&P 500 Index in the past twenty-five years were 31.0% (1997) and (38.5%) (2008), respectively.
6 unchanged sentences
($ in thousands)
−Removed: Equity securities $ 88,975 35% increase $ 120,116
+Added: Equity securities - common stock $ 44,798 35% increase $ 60,477
35% decrease 29,119
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.