Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 131

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 131
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 Although such hypothetical revisions are not currently required or anticipated, CNA believes they could occur based on past variances in experience and its expectations of the ranges of future 

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experience that could reasonably occur. Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below. The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.

September 30, 2025Estimated Reduction to Pretax Income(In millions)   Hypothetical revisions Morbidity:  2.5% increase in morbidity$300 5% increase in morbidity620 Persistency:5% decrease in active life mortality and lapse$180 10% decrease in active life mortality and lapse350 Premium rate actions:25% decrease in anticipated future premium rate increases$30 50% decrease in anticipated future premium rate increases50 

The following table summarizes policyholder reserves for CNA’s Other Insurance Operations:

September 30, 2025Claim and claim adjustment expensesFuture policy benefitsTotal(In millions)Long-term care$13,546 $13,546 Structured settlements and other$538 538 Total538 13,546 14,084 Ceded reserves77 77 Total gross reserves$615 $13,546 $14,161 

December 31, 2024(In millions)Long-term care$13,158 $13,158 Structured settlements and other$541 541 Total541 13,158 13,699 Ceded reserves81 81 Total gross reserves$622 $13,158 $13,780 

As part of the annual reserve review, statutory long-term care reserve adequacy is evaluated by premium deficiency testing, by comparing carried statutory reserves with best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of carried reserves over best estimate reserves. As of September 30, 2025, statutory long-term care margin increased to $1.5 billion from $1.4 billion.

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Boardwalk Pipelines

A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors as discussed in our Annual Report on Form 10-K for the year