8 unchanged sentences
Interest Rate Risk
−Removed: Interest rate risk is the risk that a company will
−Removed: incur economic losses due to adverse changes in interest rates.
−Removed: Our exposure to interest rate changes primarily results from our significant
−Removed: holdings of fixed income securities.
+Added: Interest rate risk is the risk that a company
+Added: will incur economic losses due to adverse changes in interest rates.
+Added: Our exposure to interest rate changes primarily results from our
+Added: significant holdings of fixed income securities.
Fluctuations in interest rates have a direct impact on the fair value of these securities.
−Removed: We develop our investment strategies based on a number
−Removed: of factors, including estimated duration of reserve liabilities, short and long-term liquidity needs, general economic conditions, expected
−Removed: rates of inflation and regulatory requirements.
−Removed: The portfolio duration of the fixed income securities in our investment portfolio at December
−Removed: 31, 2023 was 4.52 years.
+Added: We develop our investment strategies based on
+Added: a number of factors, including estimated duration of reserve liabilities, short and long-term liquidity needs, general economic conditions,
+Added: expected rates of inflation and regulatory requirements.
+Added: The portfolio duration of the fixed income securities in our investment portfolio
+Added: at December 31, 2024 was 4.77 years.
These fixed income securities include U.S.
−Removed: government bonds, securities issued by government agencies, obligations
−Removed: of state and local governments and governmental authorities, and corporate bonds, most of which are exposed to changes in prevailing interest
−Removed: These fixed income securities may experience significant fluctuations in fair value resulting from changes in interest rates and
−Removed: are carried as available for sale.
−Removed: We manage the exposure to risks associated with interest rate fluctuations through active management
−Removed: and consultation with our outside fixed income portfolio manager.
−Removed: Higher interest rates, oftentimes correlated to inflation,
−Removed: reduce the carrying value of our fixed income and short-term investments, negatively impacting the Company’s book value in the short-term.
−Removed: Over the long-term, however, higher interest rates provide an incremental benefit to our net investment income over time as excess cash
−Removed: and proceeds of maturing bonds are reinvested at higher rates.
−Removed: We manage our exposure to interest rate increases by monitoring the duration
−Removed: within our investment portfolio and maintaining maturities that minimize forced sales within the portfolio.
+Added: government bonds, securities issued by government agencies,
+Added: obligations of state and local governments and governmental authorities, and corporate bonds, most of which are exposed to changes in
+Added: prevailing interest rates.
+Added: These fixed income securities may experience significant fluctuations in fair value resulting from changes
+Added: in interest rates and are carried as available for sale.
+Added: We manage the exposure to risks associated with interest rate fluctuations through
+Added: active management and consultation with our outside fixed income portfolio manager.
+Added: Higher interest rates, oftentimes correlated to
+Added: inflation, reduce the carrying value of our fixed income and short-term investments, negatively impacting the Company’s book value
+Added: in the short-term.
+Added: Over the long-term, however, higher interest rates provide an incremental benefit to our net investment income over
+Added: time as excess cash and proceeds of maturing bonds are reinvested at higher rates.
+Added: We manage our exposure to interest rate increases by
+Added: monitoring the duration within our investment portfolio and maintaining maturities that minimize forced sales within the portfolio.
Additionally, we hold certain fixed income securities
5 unchanged sentences
The table below shows the interest rate sensitivity
−Removed: of our fixed income securities measured in terms of fair value (which is equal to the carrying value for all of our investment securities
−Removed: that are subject to interest rate changes) at December 31, 2023 and 2022:
+Added: of our fixed income securities (including both continuing and discontinued operations) measured in terms of fair value (which is equal
+Added: to the carrying value for all of our investment securities that are subject to interest rate changes) at December 31, 2024 and 2023:
As of December 31, 2024
29 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.