Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 121

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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 insurance claims and provides investment returns which are an important part of CNA’s overall profitability.

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 Ended March 3120252024(In millions)     Fixed income securities:  Taxable fixed income securities$496 $472 Tax-exempt fixed income securities34 38 Total fixed income securities530 510 Limited partnership and common stock investments54 68 Other, net of investment expense20 31 Net investment income$604 $609 

Effective income yield for the fixed income securities portfolio4.8 %4.7 %Limited partnership and common stock return for the period2.0 %2.9 %

CNA’s net investment income decreased $5 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, reflecting the largely offsetting impacts of lower common stock returns and higher income from fixed income securities.

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Investment Gains (Losses)

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

Three Months Ended March 3120252024(In millions)     Investment gains (losses):  Fixed maturity securities:  Corporate and other bonds$(9)$(17)States, municipalities and political subdivisions(1)Asset-backed1 (15)Total fixed maturity securities(9)(32)Non-redeemable preferred stock11 Derivatives, short-term and other(1)Total investment losses(9)(22)Income tax benefit2 5 Amounts attributable to noncontrolling interests1 1 Investment losses attributable to Loews Corporation$(6)$(16)

CNA’s pretax investment losses decreased $13 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, driven by lower net losses on disposals of fixed maturity securities and lower impairment losses, partially offset by the favorable change in fair value of non-redeemable preferred stock in the prior year quarter.

Further information on CNA’s investment gains and losses is set forth in Note 2 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Portfolio Quality

The following table presents the estimated fair value and net unrealized gains (losses) of