Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 380

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 380
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 Plan assets at fair value:    Fixed maturity securities:    Corporate and other bonds$408 $5 $413 States, municipalities and political subdivisions6 6 Asset-backed113 8 121 Total fixed maturities$— 527 13 540 Equity securities44 15 59 Short-term investments59 59 Fixed income mutual funds40 40 Other assets2 2 Total plan assets at fair value$143 $544 $13 $700 Plan assets at net asset value: (a)Limited partnerships304 Total plan assets$143 $544 $13 $1,004 

151

December 31, 2023Level 1Level 2Level 3Total(In millions)         Plan assets at fair value:    Fixed maturity securities:    Corporate and other bonds$10 $1,041 $6 $1,057 States, municipalities and political subdivisions55 55 Asset-backed233 8 241 Total fixed maturities10 1,329 14 1,353 Equity securities154 6 160 Short-term investments114 114 Fixed income mutual funds26 26 Other assets11 11 Total plan assets at fair value$304 $1,346 $14 $1,664 Plan assets at net asset value: (a)Equity securities25 Limited partnerships385 Total plan assets$304 $1,346 $14 $2,074 (a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.The limited partnership investments held within the plans are recorded at fair value, which represents the plans’ shares of the net asset value of each partnership, as determined by the general partner. Limited partnerships comprising more than 99% and 93% of the carrying value as of December 31, 2024 and 2023 were invested in private debt and equity. Limited partnerships comprising less than 1% and 7% of the carrying value as of December 31, 2024 and 2023 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout,