Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 145

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 145
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12 million and $51 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.

63

Investment Gains (Losses)

The components of CNA’s investment gains (losses) are presented in the following table:

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Investment gains (losses):  Fixed maturity securities:  Corporate and other bonds$(6)$(17)$(55)$(38)States, municipalities and political subdivisions1 (1)(3)Asset-backed(5)(4)(12)(25)Total fixed maturity securities(10)(22)(67)(66)Non-redeemable preferred stock4 13 10 25 Derivatives, short-term and other(1)(1)(5)(1)Total investment losses(7)(10)(62)(42)Income tax benefit1 3 13 9 Amounts attributable to noncontrolling interests1 4 3 Investment losses attributable to Loews Corporation$(5)$(7)$(45)$(30)

CNA’s pretax investment losses improved $3 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.

CNA’s pretax investment losses increased $20 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, driven by a lower favorable change in the fair value of non-redeemable preferred stock and higher net losses on disposals of fixed maturity securities, partially offset by lower impairment losses.

Further information on CNA’s investment gains and losses is set forth in Note 2 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

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Portfolio Quality

The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution:

September 30, 2025December 31, 2024 Estimated Fair ValueNet Unrealized Gains (Losses)Estimated Fair Value Net Unrealized Gains (Losses)(In millions)         U.S. Government, Government agencies and Government-sponsored enterprises$3,261 $(251)$2,936 $(369)AAA4,128