Company: L
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000060086-25-000166
Chunk: 139

Company: LOEWS CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 8
Chunk 139
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16,757 (729)Non-investment grade1,702 (61)1,779 (64)Total$42,799 $(1,876)$41,111 $(2,325)

As of June 30, 2025 and December 31, 2024, 1% of CNA’s fixed maturity portfolio was rated internally. Additionally, as of June 30, 2025 and December 31, 2024, CNA assigned a AAA rating to $287 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. government agency or sponsored enterprise.

The following table presents CNA’s available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution:

June 30, 2025Estimated Fair ValueGross Unrealized Losses(In millions)     U.S. Government, Government agencies and Government-sponsored enterprises$2,086 $322 AAA1,608 280 AA4,234 735 A5,901 523 BBB9,531 787 Non-investment grade677 92 Total$24,037 $2,739 

63

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:

June 30, 2025Estimated Fair ValueGross Unrealized Losses(In millions)     Due in one year or less$1,198 $22 Due after one year through five years6,796 346 Due after five years through ten years5,990 683 Due after ten years10,053 1,688 Total$24,037 $2,739 

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