Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 25

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 effect of actual variances from expected experience. 

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The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)   Earned premiums$106 $110 $318 $329 Interest accretion185 185 555 554 The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.September 30,20252024(In millions)Expected future benefit and expense payments$31,582 $32,009 Expected future gross premiums5,048 5,305 Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.6 billion and $3.8 billion as of September 30, 2025 and 2024.The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of September 30, 2025 and 2024.  The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.September 30,December 31,202520242024Original locked in discount rate5.16 %5.20 %5.20 %Upper-medium grade fixed income instrument discount rate5.24 4.90 5.51 For the three and nine months ended September 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $65 million and $93 million. For the three and nine months ended September 30, 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $84 million and $128 million. For the three and nine months ended September 30, 2025, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $43 million and $54 million. For the three and nine months ended September 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $20 million and $28 million.

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