Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 326

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 326
---
million in cash. Loews Hotels & CoDuring 2024, Loews Hotels & Co acquired all the remaining outstanding noncontrolling equity interests of two owned and consolidated hotels for $44 million.During 2024, Loews Hotels & Co received proceeds of $23 million for the sale of an owned hotel.During 2023, Loews Hotels & Co paid $46 million to acquire an additional equity interest in a previously unconsolidated joint venture property. The acquisition resulted in Loews Hotels & Co consolidating the joint venture property and recording a gain of $46 million ($36 million after tax). Upon acquisition, $232 million in assets and $120 million in liabilities were consolidated at fair value.

104

Note 3. Investments

Net investment income is as follows:Year Ended December 31202420232022(In millions)       Fixed maturity securities$2,050 $1,941 $1,787 Limited partnership investments271 177 (6)Short-term investments90 78 17 Equity securities (a)82 63 23 Income from trading portfolio (a)255 125 Other129 105 65 Total investment income2,877 2,489 1,886 Investment expenses(97)(94)(84)Net investment income$2,780 $2,395 $1,802 (a) Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of December 31, 2024, 2023 and 2022$93 $38 $3 As of December 31, 2024 and 2023, no investments in a single issuer exceeded 10% of shareholders’ equity, other than investments in securities issued by the U.S. Treasury and obligations of government-sponsored enterprises.

105

Investment gains (losses) are as follows:Year Ended December 31202420232022(In millions)       Fixed maturity securities:Gross gains$48 $75 $120 Gross losses(150)(166)(261)Investment losses on fixed maturity securities(102)(91)(141)Equity securities (a)21 4 (116)Derivative instruments(1)64 Short-term investments and other(11)(6)Gain on acquisition of a joint venture (see Note 2) 46 Investment losses$(81)$(53)$(199)(