Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 184

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 184
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,367 248 AA3,765 633 A5,049 436 BBB7,846 627 Non-investment grade705 70 Total$20,691 $2,295 

65

The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life:

September 30, 2025Estimated Fair ValueGross Unrealized Losses(In millions)     Due in one year or less$799 $14 Due after one year through five years5,977 281 Due after five years through ten years5,478 594 Due after ten years8,437 1,406 Total$20,691 $2,295 

Duration

A primary objective in the management of CNA’s investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. CNA’s views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. CNA also continually monitors exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on its views of a specific issuer or industry sector.

A further consideration in the management of CNA’s investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long-term in nature, CNA segregates investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in Other Insurance Operations. The effective durations of CNA’s fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.

September 30, 2025December 31, 2024 Estimated Fair ValueEffective Duration (Years)EstimatedFair ValueEffective Duration (Years)(In millions of dollars)       Life & Group$15,679 9.8$14,915 9.8Property & Casualty and other30,754 4.628,779 4.3Total$46,433 6.3$