To identify the activity that is not a way an insurance company deploys capital. Capital management involves both raising and deploying capital.

The question asks to identify the activity that is not a way an insurance company deploys capital. Capital management involves both raising and deploying capital.

Let's analyze each option:

• paying insurance policy dividends: This is a deployment of capital, as the company uses its funds to pay out to policyholders.
• building new insurance products: This involves investing capital in research, development, and marketing to create new offerings. This is a deployment of capital.
• issuing new shares of the company's stock: This is a method of raising capital, where the company sells ownership stakes to investors to generate funds. It is not a deployment of existing capital.
• expanding into a new state or province: This requires significant capital investment for licensing, infrastructure, and operational setup in a new market. This is a deployment of capital.

The activity that is not a deployment of capital is issuing new shares, as it is a way to raise capital.

The correct answer is issuing new shares of the company's stock.