Risk Factors Update Summary
- Number of independent agents reduced from 450 to 390, impacting distribution network efficiency.
- Cybersecurity risks increased due to evolving threats, including advanced hacking tools and techniques.
- A. M. Best upgraded the FSR from A- to A with Stable outlook, impacting financial strength.
- Cyber incidents could result in damages, lawsuits, and financial liability, impacting the company's reputation.
- Investment portfolio decreased from 50% to 44%, and fixed maturity securities decreased from 60% to 53%.
- Failure to maintain data security could lead to theft, loss, or misuse of data, harming the company's reputation.
- Goodwill decreased from $9 million to $8 million, affecting intangible assets valuation.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=64996&owner=exclude
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