Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 141

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 141
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 for unpaid claim and claim adjustment expenses: Property & Casualty Operations$18,334 Other Insurance Operations (a)929 Total net claim and claim adjustment expenses19,263  Reinsurance receivables: (b)Property & Casualty Operations3,348 Other Insurance Operations (c)2,365 Total reinsurance receivables5,713 Total gross liability for unpaid claims and claims adjustment expenses$24,976 (a)Other Insurance Operations amounts are related to unfunded structured settlements arising from short duration contracts.(b)Reinsurance receivables presented are gross of the allowance for uncollectible reinsurance and do not include reinsurance receivables related to paid losses.(c)The Other Insurance Operations reinsurance receivables are primarily related to A&EP claims covered under the A&EP loss portfolio transfer (“LPT”).

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The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.Year Ended December 31202420232022(In millions)       Reserves, beginning of year:   Gross$23,304 $22,120 $21,269 Ceded5,141 5,191 4,969 Net reserves, beginning of year18,163 16,929 16,300  Net incurred claim and claim adjustment expenses:Provision for insured events of current year6,330 5,667 5,181 Increase (decrease) in provision for insured events of prior years42 48 (32)Amortization of discount39 44 44 Total net incurred (a)6,411 5,759 5,193  Net payments attributable to:Current year events(1,093)(922)(821)Prior year events(4,096)(3,679)(3,481)Total net payments(5,189)(4,601)(4,302) Foreign currency translation adjustment and other(122)76 (262) Net reserves, end of year19,263 18,163 16,929 Ceded reserves, end of year5,713 5,141 5,191 Gross reserves, end of year$24,976 $23,304 $22,120 (a)Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting and uncollectible