What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2023-02-24 compared with 2022-02-25 · 2 added, 2 removed, 52 unchanged (7% of the section changed)

50 unchanged sentences

Equity risk represents the potential economic losses due to adverse changes in equity security prices.

A portion of our portfolio is invested in ETF securities, which have historically produced higher long-term returns relative to fixed-maturity investments.

As of December 31, 2021, approximately 7.3% of the fair value of our investment portfolio (including cash and cash equivalents) was invested in ETF securities.

A portion of our portfolio is invested in ETF securities and common stock, which have historically produced higher long-term returns relative to fixed-maturity investments.

As of December 31, 2022, approximately 5.4% of the fair value of our investment portfolio (including cash and cash equivalents) was invested in ETF securities and common stocks.

We manage equity price risk of our equity portfolio primarily through asset allocation techniques.

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.