Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 132

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 132
---
 $2 $202 $1 Futures - short167 1 116 Warrants1 1 84 3 Interest rate swaps300 4 300 13 Currency forwards13 $(1)Credit default swap index - purchased2,000 In the fourth quarter of 2024, the Company entered into credit default swap index transactions that potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprise the index. As of December 31, 2024 the notional value of the credit default swap index is $2 billion and the fair value is less than $1 million which is recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position is measured using observable market inputs, including credit spreads. For the year ended December 31, 2024, Net investment income related to the position was less than $1 million.Investment CommitmentsAs part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of December 31, 2024, commitments to purchase or fund were approximately $1.7 billion and to sell were approximately $30 million under the terms of these investments.Investments on DepositCash and securities with carrying values of approximately $3.1 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2024 and 2023.Cash and securities with carrying values of approximately $0.7 billion and $0.9 billion were deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations with various third parties as of December 31, 2024 and 2023.

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Note 4. Fair Value

Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable:•Level 1 – Quoted prices for identical instruments in active markets.•Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all