Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 182

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 182
---
’s investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an important part of CNA’s overall profitability.

62

Net Investment Income

The significant components of CNA’s net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Fixed income securities:  Taxable fixed income securities$506 $490 $1,510 $1,446 Tax-exempt fixed income securities44 35 114 109 Total fixed income securities550 525 1,624 1,555 Limited partnership and common stock investments71 80 225 226 Other, net of investment expense17 21 55 72 Net investment income$638 $626 $1,904 $1,853 

Effective income yield for the fixed income securities portfolio4.8%4.8%4.8%4.8%Limited partnership and common stock return for the period2.5%3.1%8.3%9.4%

CNA’s net investment income increased $12 million and $51 million for the three and nine months ended September 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.

63

Investment Gains (Losses)

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

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Investment gains (losses):  Fixed maturity securities:  Corporate and other bonds$(6)$(17)$(55)$(38)States, municipalities and political subdivisions1 (1)(3)Asset-backed(5)(4)(12)(25)Total fixed maturity securities(10)(22)(67)(66)Non-redeemable preferred stock4 13 10 25 Derivatives, short-term and other(1)(1)(5)(1)Total investment losses(7)(10)(62)(42)Income tax benefit1 3 13 9 Amounts attributable to noncontrolling interests1 4 3 Investment losses attributable to Loews Corporation$(