Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 19

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 the Company’s results of operations and/or equity. Catastrophe losses, net of reinsurance, of $41 million and $143 million were recorded for the three months ended September 30, 2025 and 2024 and $200 million and $313 million were recorded for the nine months ended September 30, 2025 and 2024. Catastrophe losses for the three and nine months ended September 30, 2025 were driven by severe weather related events. Catastrophe losses for the three and nine months ended September 30, 2024 were driven by severe weather related events, including $55 million for Hurricane Helene. 

22

Liability for Unpaid Claim and Claim Adjustment ExpensesThe following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.Nine Months Ended September 3020252024(In millions)     Reserves, beginning of year:  Gross$24,976 $23,304 Ceded5,713 5,141 Net reserves, beginning of year19,263 18,163  Net incurred claim and claim adjustment expenses:Provision for insured events of current year5,011 4,706 Increase (decrease) in provision for insured events of prior years191 26 Amortization of discount29 30 Total net incurred (a)5,231 4,762  Net payments attributable to:Current year events(659)(655)Prior year events(3,463)(3,189)Total net payments(4,122)(3,844) Foreign currency translation adjustment and other165 35  Net reserves, end of period20,537 19,116 Ceded reserves, end of period5,988 5,442 Gross reserves, end of period$26,525 $24,558 (a)Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.Net Prior Year DevelopmentChanges in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable.Favorable net prior year loss reserve development of $1 million and $5 million for the three months