9 unchanged sentences
These funds are invested predominantly in high quality corporate, government and municipal bonds with relatively short durations.
−Removed: The investment portfolio has an average duration of approximately 4.0 years at December 31, 2021, and fixed maturity securities and preferred stock investments in the portfolio have an average rating by at least one nationally recognized rating organization of “AA-”.
+Added: Total invested assets and cash, excluding restricted cash, has an average duration of approximately 4.1 years at December 31, 2022, and fixed maturity securities and preferred stock investments in the portfolio have an average rating by at least one nationally recognized rating organization of “AA-”.
See Note 2 to the Notes to the Audited Consolidated Financial Statements for disclosure of contractual maturity dates of our fixed maturity portfolio.
−Removed: The changes in the estimated fair value of the fixed maturity portfolio classified as available-for-sale are presented as a component of shareholders’ equity in accumulated other comprehensive income, net of taxes.
+Added: The changes in the estimated fair value of the fixed maturity portfolio classified as available-for-sale are presented as a component of shareholders’ equity in accumulated other comprehensive (loss) income, net of taxes.
+Added: In 2022, the fair values of our fixed maturity securities were negatively impacted by higher interest rates.
+Added: For the year ended December 31, 2022, unrealized losses on fixed maturities of $193.0 million were recognized in other comprehensive loss.
We work to manage the impact of interest rate fluctuations on our fixed maturity and preferred stock portfolio.
2 unchanged sentences
Our investment manager employs a model to estimate the effect of interest rate risk on the fair values of our fixed maturity and preferred stock securities and our bank loan participations.
−Removed: Our bank loan participations are primarily floating-rate debt, so their fair values are less sensitive to changes in interest rates than our fixed maturity and preferred stock securities.
+Added: Our bank loan participations are primarily floating-rate debt and have limited exposure to interest rate risk with the majority resetting monthly.
+Added: Therefore, their fair values are less sensitive to changes in interest rates than our fixed maturity and preferred stock securities.
The model estimates the impact of interest rate changes on a wide range of factors, including duration and prepayment.
33 unchanged sentences
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, 2022.
−Removed: 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.
+Added: 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% in 1997 and (38.5%) in 2008.
The selected hypothetical changes do not indicate what could be the potential best or worst case scenarios.
8 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.