Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 424

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 424
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 need for such adjustments is determined. These reviews have resulted in CNA’s identification of information and trends that have caused CNA to change its reserves in prior periods and could lead to CNA’s identification of a need for additional material increases or decreases in claim and claim adjustment expense reserves, which could materially affect our results of operations and equity and CNA’s business and insurer financial strength and corporate debt ratings positively or negatively. See Note 8 of the Notes to the Consolidated Financial Statements included under Item 8 for additional information about reserve development.

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The following table summarizes gross and net carried reserves for CNA’s Property & Casualty Operations:

December 3120242023(In millions)     Gross Case Reserves$6,589 $5,759 Gross IBNR Reserves15,093 14,184 Total Gross Carried Claim and Claim Adjustment Expense Reserves$21,682 $19,943  Net Case Reserves$5,573 $4,978 Net IBNR Reserves12,761 12,235 Total Net Carried Claim and Claim Adjustment Expense Reserves$18,334 $17,213 

The following table summarizes the gross and net carried reserves for other insurance businesses in run-off, including CNA Re and A&EP:

December 3120242023(In millions)     Gross Case Reserves$1,241 $1,353 Gross IBNR Reserves1,431 1,333 Total Gross Carried Claim and Claim Adjustment Expense Reserves$2,672 $2,686  Net Case Reserves$120 $129 Net IBNR Reserves268 239 Total Net Carried Claim and Claim Adjustment Expense Reserves$388 $368 

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Life & Group Policyholder Reserves

CNA’s Life & Group business includes its run-off long-term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Long-term care policies may provide benefits for nursing homes, assisted living facilities and home health care subject to various daily and lifetime caps. Generally, policyholders must continue to make periodic premium payments to keep the policy in force and CNA has the ability to increase policy premiums, subject to state regulatory approval.

CNA maintains future policy benefit reserves for its long-term care policies. Future policy benefit reserves for long-term care policies relate to policyholders that are currently receiving benefits, including claims that have been incurred