What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2025-02-21 compared with 2024-02-23 · 1 added, 1 removed, 57 unchanged (3% of the section changed)

55 unchanged sentences

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, 2023, approximately 6.5% of the fair value of our investment portfolio (including cash and cash equivalents) was invested in ETFs and common stocks.

As of December 31, 2024, approximately 9.2% of the fair value of our investment portfolio (including cash and cash equivalents) was invested in common stocks and ETFs.

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.