Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 67

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 67
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 months ended March 31, 2025 as compared with the comparable 2024 period, reflecting the largely offsetting impacts of lower common stock returns and higher income from fixed income securities.

44

Investment Gains (Losses)

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

Three Months Ended March 3120252024(In millions)     Investment gains (losses):  Fixed maturity securities:  Corporate and other bonds$(9)$(17)States, municipalities and political subdivisions(1)Asset-backed1 (15)Total fixed maturity securities(9)(32)Non-redeemable preferred stock11 Derivatives, short-term and other(1)Total investment losses(9)(22)Income tax benefit2 5 Amounts attributable to noncontrolling interests1 1 Investment losses attributable to Loews Corporation$(6)$(16)

CNA’s pretax investment losses decreased $13 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, driven by lower net losses on disposals of fixed maturity securities and lower impairment losses, partially offset by the favorable change in fair value of non-redeemable preferred stock in the prior year quarter.

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.

Portfolio Quality

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

March 31, 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$3,043 $(309)$2,936 $(369)AAA3,080 (198)3,010 (217)AA6,227 (545)6,369 (567)A10,711 (288)10,260 (379)BBB17,077 (551)16,757 (729)Non-investment grade1,835 (80)1,779 (64)Total$41,973 $(1,971)$41,111 $(2,325)

As of March 31, 2025 and