Company: L
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000060086-25-000166
Chunk: 64

Company: LOEWS CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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 net investment income increased $44 million and $39 million for the three and six months ended June 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, as well as favorable limited partnership and common stock returns.

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Investment Gains (Losses)

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

Three Months EndedSix Months EndedJune 30,June 30,2025202420252024(In millions)     Investment gains (losses):  Fixed maturity securities:  Corporate and other bonds$(40)$(4)$(49)$(21)States, municipalities and political subdivisions(2)(1)(2)Asset-backed(8)(6)(7)(21)Total fixed maturity securities(48)(12)(57)(44)Non-redeemable preferred stock6 1 6 12 Derivatives, short-term and other(4)1 (4)Total investment losses(46)(10)(55)(32)Income tax benefit10 1 12 6 Amounts attributable to noncontrolling interests2 2 3 3 Investment losses attributable to Loews Corporation$(34)$(7)$(40)$(23)

CNA’s pretax investment losses increased $36 million for the three months ended June 30, 2025 as compared with the comparable 2024 period, driven by higher net losses on disposals of fixed maturity securities and higher impairment losses, partially offset by the favorable change in fair value of non-redeemable preferred stock.

CNA’s pretax investment losses increased $23 million for the six months ended June 30, 2025 as compared with the comparable 2024 period, driven by higher net losses on disposals of fixed maturity securities and a lower favorable change in the fair value of non-redeemable preferred stock.

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:

June 30, 2025December 31, 2024 Estimated Fair ValueNet Unrealized Gains (Losses)Estimated Fair Value