Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 327

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 327
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a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of December 31, 2024, 2023, and 2022$19 $14 $(75)Investment gains (losses) for the year ended December 31, 2022 in the table above include an $18 million net gain related to the novation of a coinsurance agreement on CNA’s legacy annuity business, which was transacted on a funds withheld basis and gave rise to an embedded derivative. The net gain of $18 million is comprised of a $62 million gain on the associated embedded derivative partially offset by a $44 million loss on fixed maturity securities supporting the funds withheld liability, transferred with the novation, to recognize unrealized losses which had been included in AOCI since the inception of the coinsurance agreement. Taken together, this net gain is the final recognition of changes in the valuation of the funds held assets and offsets previously recognized investment losses on the associated embedded derivative. The coinsurance agreement was novated in the fourth quarter of 2022.The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:Year Ended December 31202420232022(In millions)       Fixed maturity securities available-for-sale:   Corporate and other bonds$34 $33 $62 Asset-backed29 11 Impairment losses recognized in earnings$63 $44 $62 No losses were recognized on mortgage loans during the year ended December 31, 2024. For the years ended December 31, 2023 and 2022, there were $11 million and $8 million of losses related to mortgage loans primarily due to changes in expected credit losses.The net change in unrealized gains (losses) on fixed maturity securities, was $(352) million, $1.4 billion and $(7.9) billion for the years ended December 31, 2024, 2023 and 2022.

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The amortized cost and fair values of fixed maturity securities are as follows:December 31, 2024Cost or Amortized CostGross UnrealizedGainsGross UnrealizedLossesAllowancefor Credit Losses EstimatedFair Value(In millions)