Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 14

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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able to brokers on the Consolidated Condensed Balance Sheets.September 30, 2025December 31, 2024Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value Asset(Liability) Asset(Liability) (In millions)Without hedge designation:Equity markets:Options – purchased$95 $1 $268 $2 Futures – short1 167 1 Warrants1 1 1 1 Interest rate swaps474 300 4 Credit default swap index - purchased2,000 

17

In the fourth quarter of 2024, the Company entered into credit default swap index transactions that would potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprised the index. The position was closed during the second quarter of 2025. As of December 31, 2024, the notional value of the credit default swap index was $2 billion and the fair value was less than $1 million, which was recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position was measured using observable market inputs, including credit spreads. For the nine months ended September 30, 2025, Net investment income related to the position was $19 million.Investment Commitments

As 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 September 30, 2025, commitments to purchase or fund were approximately $1.8 billion and to sell were approximately $60 million under the terms of these investments. 

3. Fair Value

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.September 30, 2025Level 1 Level 2 Level 3Total (In millions)         Fixed maturity securities:    Corporate bonds and other$227 $24,780 $1,400 $26,407 States, municipalities and political subdivisions8,332 44 8,376 Asset-backed7,894 959 8,853 Fixed maturities available-for-sale227