Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 74

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 74
---
567 $373 AAA1,830 283 AA4,257 730 A6,340 582 BBB11,548 980 Non-investment grade796 92 Total$27,338 $3,040 

65

The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life:

December 31, 2024Estimated Fair ValueGross Unrealized Losses(In millions)     Due in one year or less$1,390 $16 Due after one year through five years7,731 366 Due after five years through ten years7,762 910 Due after ten years10,455 1,748 Total$27,338 $3,040 

Commercial Real Estate

CNA’s investment portfolio has exposure to the commercial real estate sector primarily through its fixed maturity securities and mortgage loan portfolios. The performance of these assets is dependent on a number of factors, including the performance of the underlying collateral (which is influenced by cash flows from underlying property leases), changes in the fair value of collateral, refinancing risk, and the creditworthiness of tenants of credit tenant loan properties (where lease payments directly service the loan).

Within CNA’s fixed maturity securities portfolio, its exposure is primarily through the commercial mortgage-backed securities portfolio and the corporate and other bonds portfolio, which contains obligations of real estate investment trust (“REIT”) issuers. Commercial mortgage-backed securities include both single asset, single borrower collateral that is securitized independently and conduit collateral that is securitized in diversified pools. 

The following tables present the estimated fair value and net unrealized gains (losses) of CNA’s commercial mortgage-backed securities by property type and by ratings distribution:

December 31, 2024December 31, 2023Estimated Fair ValueNet Unrealized Gains (Losses)Estimated Fair ValueNet Unrealized Gains(Losses)(In millions)     Commercial mortgage-backed:Single asset, single borrower:Office$339 $(43)$306 $(70)Lodging271 (8)227 (23)Retail268 (10)283 (28)Multifamily50 (1)59 (3)Industrial42 (3)93 (4)Total single asset, single borrower970 (65)968 (128)Conduits (multi property, multi borrower pools